Examlex
The financial reporting carrying value of Boze Music's only depreciable asset exceeded its tax basis by $150,000 at December 31, 2009. This was a result of differences between straight line depreciation for financial reporting purposes and MACRS for tax purposes. The asset was acquired earlier in the year. Boze has no other temporary differences. The enacted tax rate is 30% for 2009 and 40% thereafter. Boze should report the deferred tax effect of this difference in its December 31, 2009, balance sheet as:
Net Income
The net income that a company earns, calculated by deducting all expenses and taxes from the total revenue.
Net Sales
The total revenue from sales transactions after deducting returns, allowances for damaged or missing goods, and discounts.
Return on Total Assets
A financial ratio that measures a company's efficiency in generating profit from its assets, calculated by dividing net income by total assets.
Net Income
Refers to the profit that remains after all operating expenses, interest, taxes, and preferred stock dividends have been deducted from total revenues.
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