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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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?
Transcribed Image Text: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?
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