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Hut Co. has temporary taxable differences that will reverse during the next year and add to taxable income. These differences relate to noncurrent assets. Under U.S. GAAP, deferred income taxes based on these temporary differences should be classified in Hut's balance sheet as a:

a) Current asset.

b) Noncurrent asset.

c) Current liability.

d) Noncurrent liability.

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  • Category:- Accounting Basics
  • Reference No.:- M948919

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