Because Gene Co. uses different methods to depreciate buildings for financial statement and income tax purposes, Gene
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Question:
Because Gene Co. uses different methods to depreciate buildings for financial statement and income tax purposes, Gene has temporary differences that will reverse during the next year and reduce taxable income. Deferred income taxes that are based on these temporary differences should be classified in Gene’s balance sheet as a:
a) Noncurrent liability.
b) Current liability.
c) Noncurrent asset.
d) Current asset.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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