Question

Moss Inc. uses the accrual method of accounting for financial reporting purposes and appropriately uses the installment method of accounting for income tax purposes. It will collect $250,000 of installment income in the following years when the enacted tax rates are as indicated.


The installment income is the firm’s only temporary difference.

Required:
What amount should be included as the deferred tax liability in Moss’s December 31, 2013, balancesheet?


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  • CreatedSeptember 10, 2014
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