The following questions pertain to Canadian Tire's income taxes: a. What amount did Canadian Tire report as

Question:

The following questions pertain to Canadian Tire's income taxes:
a. What amount did Canadian Tire report as its income tax expense in the years ended December 31, 2011 and January 1, 2011? What portion was classified as a current expense and what portion was a deferred income tax expense? How much did Canadian Tire owe government for income taxes on December 31, 2011? How much did the company actually pay in income taxes to government during 2011? Why is this amount different from the current income tax expense?
b. What amount does Canadian Tire report on its December 31, 2011 for deferred income taxes? What does this amount represent?
c. What was Canadian Tire's combined statutory income tax rate in fiscal 2010 and 2011? What is Canadian Tire's actual (effective) income tax rate based on the income tax expense in fiscal 2010 and 2011? What is Canadian Tire's tax rate based on its current income tax expense in fiscal 2010 and 2011?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...