Refer to the financial statements and related notes of The Coca-Cola Company in Appendix A of this book.
Required
1. What was the total income tax expense relating to income before income taxes for 2004? How much of this was current? How much was deferred?
2. What were the total deferred tax assets at the end of 2004? Total deferred tax liabilities? Net deferred tax liability?
3. How much was the noncurrent deferred tax liability at the end of 2004 and where was it reported?
4. How much were the operating loss carryforwards at the end of 2004? Over what time periods must these be utilized?