Question: Focusing on the third table in Note 23, Net Deferred Tax Asset/(Liability), calculate the change in net deferred tax asset/liability. To what extent did you
Focusing on the third table in Note 23, Net Deferred Tax Asset/(Liability), calculate the change in net deferred tax asset/liability. To what extent did you account for this change in the journal entry you prepared in the question above? What are some possible causes for any difference?
| Net Deferred Tax Asset/(Liability) (millions) | February 3, 2018 |
| January 28, 2017 |
| ||
| Gross deferred tax assets: |
|
| ||||
| Accrued and deferred compensation | $ | 262 |
| $ | 455 |
|
| Accruals and reserves not currently deductible | 256 |
| 328 |
| ||
| Self-insured benefits | 109 |
| 178 |
| ||
| Prepaid store-in-store lease income | 164 |
| 258 |
| ||
| Other | 42 |
| 62 |
| ||
| Total gross deferred tax assets | 833 |
| 1,281 |
| ||
| Gross deferred tax liabilities: |
|
| ||||
| Property and equipment | (1,292 | ) | (1,822 | ) | ||
| Inventory | (130 | ) | (182 | ) | ||
| Other | (91 | ) | (102 | ) | ||
| Total gross deferred tax liabilities | (1,513 | ) | (2,106 | ) | ||
| Total net deferred tax liability | $ | (680 | ) | $ | (825 | ) |
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