Focusing on the third table in Note 23, Net Deferred Tax Asset/(Liability), calculate the change in net
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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?
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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 | ) |
Related Book For
Comparative international accounting
ISBN: 978-0273703570
9th Edition
Authors: Christopher nobes, Robert parker
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