orleans co., a cash-basis taxpayer, prepares accrual-basis financial statements. since year 1, orleans has applied fasb asc 740 - income taxes. in its year 3 balance sheet, orleans' deferred income- tax liabilities increased compared to year 2. which of the following changes would cause this increase in deferred income tax liabilities? i. an increase in pre-paid insurance. ii. an increase in rent receivable. iii. an increase in warranty obligations. i only. i and ii. ii and iii. iii only.

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leylaanderson1589 leylaanderson1589

10-12-2022
Business

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orleans co., a cash-basis taxpayer, prepares accrual-basis financial statements. since year 1, orleans has applied fasb asc 740 - income taxes. in its year 3 balance sheet, orleans' deferred income- tax liabilities increased compared to year 2. which of the following changes would cause this increase in deferred income tax liabilities? i. an increase in pre-paid insurance. ii. an increase in rent receivable. iii. an increase in warranty obligations. i only. i and ii. ii and iii. iii only.

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AarushiAanand AarushiAanand · Answer 1 · 2022-12-18T14:47:14+01:00

i. an increase in pre-paid insurance and ii. an increase in rent receivable are the changes would cause this increase in deferred income tax liabilities.

The term pre-paid insurance refers to payments that area unit created by people and businesses to their insurers prior to for insurance services or coverage. Premiums are usually paid a full year prior to, however in some cases, they'll cowl quite twelve months.

Rent receivable suggests that the cash paid or collectible to You for rent of the Premises, as well as service charges, rendered within the course of Your Activities at the Premises. The debit will increase the assets account, that is an asset that shows cash your tenant owes.

To learn more about rent receivable here

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