At December 31, 2013, Control enterprises had the following deferred income taxitems:Deferred income tax liability of $24 million related to current assetsDeferred income tax asset of $18 million related to a current liabilityDeferred income tax liability of $40 million related to noncurrent assetDeferred income tax asset of $12 million related to a noncurrent liabilityControl Enterprises should report in the current section of its December31, 2013, balance sheet a:a. Noncurrent asset of $30,000 and a noncurrent liability of $64,000b. Current asset of $6,000c. Noncurrent asset of $28,000 and a noncurrent liability of 15,000d. Noncurrent liability of $10,000In its first four years of operations Cordelli Resorts reported the followingoperating income (loss) amounts:2010$300,0002011200,0002012(850,000)2013900,000There were no other deferred income taxes in any year, Cordelli elected tocarry back its operating loss. The enacted income tax rate was 40%. In its2013 income statement, what amount should Cordelli report as incometax expense?a. $160,000b. $220,000c. $340,000d. $360,000

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2013 income statement, what amount should Cordelli report as income tax expense?

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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Question

At December 31, 2013, Control enterprises had the following deferred income tax
items:
Deferred income tax liability of $24 million related to current assets
Deferred income tax asset of $18 million related to a current liability
Deferred income tax liability of $40 million related to noncurrent asset
Deferred income tax asset of $12 million related to a noncurrent liability
Control Enterprises should report in the current section of its December
31, 2013, balance sheet a:
a. Noncurrent asset of $30,000 and a noncurrent liability of $64,000
b. Current asset of $6,000
c. Noncurrent asset of $28,000 and a noncurrent liability of 15,000
d. Noncurrent liability of $10,000
In its first four years of operations Cordelli Resorts reported the following
operating income (loss) amounts:
2010
$300,000
2011
200,000
2012
(850,000)
2013
900,000
There were no other deferred income taxes in any year, Cordelli elected to
carry back its operating loss. The enacted income tax rate was 40%. In its
2013 income statement, what amount should Cordelli report as income
tax expense?
a. $160,000
b. $220,000
c. $340,000
d. $360,000

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