Question

Kent Inc.’s reconciliation between financial statement and taxable income for 2014 follows:


The enacted tax rate was 35% for 2013 and 40% for 2014 and years thereafter.

Required:
1. In its December 31, 2014, balance sheet, what amount should Kent report as its deferred tax liability?
2. In its 2014 income statement, what amount should Kent report as the current portion of income taxexpense?


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  • CreatedSeptember 10, 2014
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