Smith company reported pretax book income of $417,000. included in the computation were favorable temporary differences of $53,400, unfavorable temporary differences of $21,700, and favorable permanent differences of $41,700. smith's deferred income tax expense or benefit would be:

deferred income tax expense 31,700

Explanation:

book income                  417,000

permanent differences: (41,700)

book taxable income    375,300

temporary difference

favorable                      (53,400)

unfavorable                  21, 700  

net                                  (31,700)

Taxable income        343,600

As currently has a favorable difference, when this diffrence balance it will have deferred tax expense in the future for this amounts.

explanation: i am going to tell you a lie dont know i just wanted to answer lol

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"