A company reports an income tax expense of $16,000 for year 20x1 and the income taxes payable of $10,000 What is the amount of the deferred tax asset or liability Deferred tax asset of $6,000 Deferred tax liability of $10,000 Deferred tax asset of $10,000 Deferred tax liability of $6,000 A company ...

Q1 Answer is Deferred tax liability of 6000 Income tax expense ...

A company reports an income tax expense of $16,000 for year 20x1 and the income taxes payable

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A company reports an income tax expense of $16,000 for year 20x1 and the income taxes payable of $10,000. What is the amount of the deferred tax asset or liability?

Deferred tax asset of $6,000
Deferred tax liability of $10,000
Deferred tax asset of $10,000
Deferred tax liability of $6,000

A company reports the following deferred tax liability at the end of 20x3 of $4,000; deferred tax liability at the beginning of 20x3of $6,000; current tax expense (income tax payable) of $18,000. Which is this company’s total income tax expense for 20x3?

$2,000
$10,000
$16,000
$18,000

A company estimates its warranty liability at the beginning of 20x1 to be $100,000 and the warranty liability at the end of the year to be $110,000on a general accepted accounting principal (GAAP) basis. The company actually paid $20,000 cash in warranty claims during the year. The company’s tax rate is 20%. How much of the w2rarranty expense is deductible for tax purposes in 20x1?