At December 31, 2016, Flint Company had a net deferred tax liability of $373,300. An explanation of
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At December 31, 2016, Flint Company had a net deferred tax liability of $373,300. An explanation of the items that compose this balance is as follows.
In analyzing the temporary differences, you find that $32,800 of the depreciation temporary difference will reverse in 2017, and $131, 100 of the temporary difference due to the installment sale will reverse in 2017. The tax rate for all years is 40%.
Indicate the manner in which deferred taxes should be presented on Flint Company's December 31, 2016, balance sheet.
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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