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Because of an increase in the price of wheat, an important ingredient in the production of bread, combined with an increase in the number of people consuming bread:
Pretax Financial Income
Income of a company calculated before taxes are deducted, often compared to taxable income for tax planning.
Deferred Tax Asset
A tax benefit that arises from temporary differences between the tax and accounting treatment of assets and liabilities, to be utilized in future periods.
Income Taxes Payable
This account reflects the amount of income taxes a company owes to the government but has not yet paid, representing a liability on the balance sheet.
Income Tax Expense
The cost incurred by businesses or individuals due to earnings, calculated according to government tax rates and laws.
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