Reporting the Provision for Income Taxes. Smith & Sons Company presented the following information in the...

 

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Reporting the Provision for Income Taxes. Smith & Sons Company presented the following information in the income tax footnote in its annual report: Note 13. Income Taxes Provision for income taxes includes the following (in thousands) End-of-year Current payable U.S...... Foreign Deferred U.S...... Foreign. Total... $4,028 438 2,880 (174) $7,172 How much tax expense did Smith & Sons report on its income statement for the year? How much of the reported income tax expense was paid currently and how much was deferred to a future period for payment? Reporting the Provision for Income Taxes. Smith & Sons Company presented the following information in the income tax footnote in its annual report: Note 13. Income Taxes Provision for income taxes includes the following (in thousands) End-of-year Current payable U.S...... Foreign Deferred U.S...... Foreign. Total... $4,028 438 2,880 (174) $7,172 How much tax expense did Smith & Sons report on its income statement for the year? How much of the reported income tax expense was paid currently and how much was deferred to a future period for payment?

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the income tax footnote Smith Sons reported a total tax expense of 7172 on its inco... View the full answer