Tetra Corp, an IFRS reporter, has the deferred tax assets and liabilities presented below: Item Classification on the Balance Sheet of Related Account Deferred Tax Associated with Item Excess of warranty expense over warranty deductions Current $69,000 Asset Accelerated depreciation for tax purposes Noncurrent $79,000 Liability Installment sales receivable Current $39,000 Liability Contingent liability Current $29,000 Asset What will the company report for deferred taxes on the balance sheet? Group of answer choices noncurrent assets: deferred tax asset $20,000 noncurrent liabilities: deferred tax liability $20,000 current assets: deferred tax asset $59,000; noncurrent liabilities: deferred tax liability $79,000 Companies do not report deferred taxes on the balance sheet under IFRS.
Tetra Corp, an IFRS reporter, has the deferred tax assets and liabilities presented below: Item Classification on the Balance Sheet of Related Account Deferred Tax Associated with Item Excess of warranty expense over warranty deductions Current $69,000 Asset Accelerated depreciation for tax purposes Noncurrent $79,000 Liability Installment sales receivable Current $39,000 Liability Contingent liability Current $29,000 Asset What will the company report for deferred taxes on the balance sheet? Group of answer choices noncurrent assets: deferred tax asset $20,000 noncurrent liabilities: deferred tax liability $20,000 current assets: deferred tax asset $59,000; noncurrent liabilities: deferred tax liability $79,000 Companies do not report deferred taxes on the balance sheet under IFRS.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 1P: Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are...
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Tetra Corp, an IFRS reporter, has the deferred tax assets and liabilities presented below:
What will the company report for deferred taxes on the balance sheet?
| Item | Classification on the |
Deferred Tax Associated with Item |
| Excess of warranty expense over warranty deductions | Current | $69,000 Asset |
| Accelerated depreciation for tax purposes | Noncurrent | $79,000 Liability |
| Installment sales receivable | Current | $39,000 Liability |
| Current | $29,000 Asset |
Group of answer choices
noncurrent assets: deferred tax asset $20,000
noncurrent liabilities: deferred tax liability $20,000
current assets: deferred tax asset $59,000; noncurrent liabilities: deferred tax liability $79,000
Companies do not report deferred taxes on the balance sheet under IFRS.
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