Ottorino Manufacturing Company provided the following balances in its deferred tax accounts at the end of the
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Deferred Tax Asset (one year warranty) ………………………………………$ 3,000
Deferred Tax Asset (advance collection for three year subscription)…………. 90,000 Deferred Tax Liability (excess tax depreciation) ……………………………..225,000
Assuming a single taxing jurisdiction, classify the deferred tax balances that Ottorino will report on its balance sheet.
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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