A company had $100,000 taxable income for the current year. It also reported a decrease in deferred tax assets of $2,000. Income tax expense was $15,000. Tax rate is 10% . What was the change in deferred tax liabilities?

A company had $100,000 taxable income for the current year. It also reported a decrease in deferred tax assets of $2,000. Income tax expense was $15,000. Tax rate is 10% . What was the change in deferred tax liabilities?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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