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Chris has been experiencing a number of problems on the job.In order to get away from his problems for a while,Chris regularly drinks heavily in the evening,after work.We can be explain this behavior as a form of
Deferred Tax Asset
An accounting term representing taxes paid or carried forward but not yet recognized in the income statement.
Income Tax Expense
represents the cost to a company of the taxes it must pay on its income, reflecting both current and deferred tax charges.
Profit and Loss Summary
A financial statement that summarizes the revenues, costs, and expenses incurred during a specific period, typically a fiscal quarter or year.
Retained Earnings
The portion of net income left over for the business after it has paid out dividends to its shareholders.
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