Question: At December 31, 2012, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2013, the deferred tax liability is $42,000. The corporations

At December 31, 2012, Appaloosa had a deferred tax liability of $25,000. At December 31, 2013, the deferred tax liability is $42,000. The corporation’s 2013 current tax expense is $48,000. What amount should Appaloosa report as total 2013 income tax expense?

Step by Step Solution

★★★★★

3.59 Rating (185 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Deferred tax liability 123113 42000 De... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

51-B-A-I-T (89).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

At December 31, 2014, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2015, the deferred tax liability is $42,000. The corporation's 2015 current tax expense is...

At December 31, 2020, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2021, the deferred tax liability is $42,000. The corporations 2021 current tax expense is $48,000....

At December 31, 2010, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2011, the deferred tax liability is $42,000. The corporations 2011 current tax expense is $48,000....

Current Attempt in Progress X Your answer is incorrect. At December 31, 2020, Waterway Corporation had a deferred tax liability of $24,900. At December 31,2021 , the deferred tax liability is...

PLEASE SHOW WORK!! At December 31, 2025, Swifty Corporation had a deferred tax liability of $26,800. At December 31,2026 , the deferred tax liability is $42,800. The corporation's 2026 current tax...

BE 1 8 . 4 ( LO 1 , 2 ) At December 3 1 , 2 0 2 5 , Appaloosa Corporation had a deferred tax liability of $ 2 5 , 0 0 0 . At December 3 1 , 2 0 2 6 , the deferred tax liability is $ 4 2 , 0 0 0 . The...

At December 3 1 , 2 0 2 5 , Appaloosa Corporation had a deferred tax liability of $ 2 5 , 0 0 0 . At December 3 1 , 2 0 2 6 , the deferred tax liability is $ 4 2 , 0 0 0 . The corporation's 2 0 2 6...

Data: As of December 31, 2012, ABC Inc. had a deferred tax liability of $25,000. As of December 31, 2013, the deferred tax liability is $42,000. The current tax expense is $48,000 in 2013. 1- What...

(L01,2) At December 31, 2017, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2018, the deferred tax liability is $42,000. The corporations 2018 current tax expense is...

Find Io in the network shown using source transformation Io 18 lmA

Surface temperatures on the Earth's moon (a) Estimate the surface temperature of our moon at the point nearest the sun by a quasi-steady-state radiant energy balance, regarding the lunar surface as...

In Panel b describe the position of the economy at income level Y2. Is the economy in a deflationary or inflationary gap? Would inflation or unemployment be a bigger problem in this economy? What...

Q6: write a program to find total number of alphabetic letters (A-Z or a-z) and numeric numbers (0-9) in a string. Example: Enter a String ? In the above example, variable name indicates an array of...

Part A (1 of 2) Draw the curved arrows for Step 2 of this mechanism. Arrow-pushing Instructions H CH3 CH3 Step 2 H. H H3C, H2 CH2 H3C Next (1 of 2) Previous Nex Recheck

Describe how you would perform a critical analysis of the policy. Include the relevant internal and external factors, the research you have conducted and the input from stakeholders. (80 words)

A proton of velocity 10 7 m/s is projected at right angles to a uniform magnetic induction field of 0.15 T. (a) How much is the particle path deflected from a straight line after it has traversed a...

Annotate the IR Spectrum (including the C-Cl stretch and everything after finger-print region) 74 72 4000 3800 3600 3400 3200 3000 2800 2600 2400 2200 2000 1800 1600 1400 1200 1000 800 Wavenumbers...

Conversion factors are (a) Never written in fractional form (something over something else). (b) Used to eliminate all units from a calculation. (c) Used to improve accuracy and precision of a...

A flood recently destroyed many of the financial records of Yak Manufacturing Company. Management has hired you to re-create as much financial information as possible for the month of July. You are...

The Atlas Company sells product T. During a move to a new location, the inventory records for product T were misplaced. The bookkeeper has been able to gather some information from the sales records...

You are one of the seven members of the FASB. The FASB was recently criticized in a cover story in a major newsmagazine. The topic was accounting for environmental liabilities. The main point of the...

which of the following is NOT one of the steps in the budget preparation pricess? a.between 15 and 19 months in advance , omb issues a call for estimate to all agencies requesting their projection...

Q1 - You (hypothetically) plan to retire at the age of 72. Assume youll live another 25 years beyond that just to be safe. How much will you need to have saved at 72 if you want to spend $100,000 per...

Axel Telecommunications has a target capital structure that consists of 70% debt and 30% equity. The company anticipates that its capital budget for the upcoming year will be $1,000,000. If Axel...