The Income Statement for the Month of June, 2015 of Camera

question 86

Multiple Choice

The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $\begin{array}{lr}\text { Revenues }&&\$7,000\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,500 \\\text { Advertising Expense } & 800 \\\text { Supplies Expense } & 300 \\\text { Insurance Expense } & 100\\\text { Total expenses }&&5,700\\\text { Net income }&&\$1,300\end{array}$ The entry to close the revenue account includes a

• A) debit to Income Summary for $1,300.
• B) credit to Income Summary for $1,300.
• C) debit to Income Summary for $7,000.
• D) credit to Income Summary for $7,000.

Analyze the impact of tax rate changes on deferred tax accounts.

Differentiate between the asset/liability and comprehensive/deferred tax allocation approaches.

Understand the implications of permanent differences on taxable and financial income.

Recognize the role of GAAP in tax allocation and the objectives behind income tax accounting.

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Definitions:

Repetitive Actions

Actions or behaviors that are performed over and over again, often as part of a learning process or habit formation.

Nursing

A healthcare profession focused on the care of individuals, families, and communities to maintain or recover optimal health and quality of life.

Rooting and Sucking Reflexes

Innate reflexes crucial for infant survival, enabling them to find and draw milk from the breast or bottle nipple.

Visually Guided Reaching

The ability to reach for objects guided by sight, integrating visual perception and motor coordination, often studied in infants and children.