About This Chapter
Accounting for Corporate Income Taxes - Chapter Summary
The fun lessons in this online chapter offer a comprehensive overview of accounting for corporate income taxes, enabling you to quickly strengthen your understanding without setting foot in a traditional classroom. If your schedule is tight, you can easily boost your knowledge of inter-period tax allocation, pretax income and more via your computer or mobile device, whenever you have time. Use the quiz with each lesson to find out how much you comprehend about the topics it covers. Any questions that arise while reviewing this chapter can be sent to our experts. When you're finished, you will be able to:
- Calculate pretax financial income and corporate taxable financial income
- Understand deferred tax benefits and calculate corporate income tax payable
- Describe interperiod tax allocation and temporary and permanent differences between the effects of tax policy on financial reporting
1. Calculating Pretax Financial Income
In this lesson, we'll discuss how analysts calculate pre-tax financial income. We'll also walk through the calculation using Coca-Cola's 2015 and 2014 financial information.
2. How to Calculate Corporate Taxable Financial Income
This lesson addresses the calculation of a corporation's taxable income as determined under U.S. federal income tax principles and discusses the major inclusions, exclusions, and allowable deductions.
3. Calculating Corporate Income Taxes by Deferred Tax Benefits
This lesson discusses the derivation of deferred tax assets and deferred tax liabilities (DTAs and DTLs), from temporary differences (''deductible amounts''and ''taxable amounts''), as well as balance sheet presentation and the calculation of deferred tax expense.
4. Interperiod Tax Allocation: Permanent & Temporary Differences
This lesson discusses differences between GAAP and tax accounting - known in practice as permanent and temporary differences - and the interperiod tax allocation issue resulting from temporary differences.
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Other chapters within the Accounting 202: Intermediate Accounting II course
- Accounting for Fixed & Intangible Assets
- Accounting for Securities & Investments
- Accounting for Liabilities & Contingencies
- Accounting for Bonds & Notes Payable
- Accounting for Operating & Capital Leases
- Accounting for Shareholder Equity & Comprehensive Income
- Cash Flows & Disclosures
- Pensions & Post-Retirement Benefits
- Identifying & Correcting Errors in Accounting
- Studying for Accounting 202