Analyzing Tax Expense Crestview Holdings reported the following in its 2015 financial statements. $ millions Total deferred tax assets Total deferred tax liabilities 2015 2014 $843 $764 4,211 3,126 Current provision for income taxes 1,427 134 Compute the deferred tax expense for the company for 2015. $ 1,164 x million

Analyzing Tax Expense Crestview Holdings reported the following in its 2015 financial statements. $ millions Total deferred tax assets Total deferred tax liabilities 2015 2014 $843 $764 4,211 3,126 Current provision for income taxes 1,427 134 Compute the deferred tax expense for the company for 2015. $ 1,164 x million

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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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

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Analyzing Tax Expense
Crestview Holdings reported the following in its 2015 financial statements.
$ millions
Total deferred tax assets
Total deferred tax liabilities
2015 2014
$843 $764
4,211 3,126
Current provision for income taxes 1,427 134
Compute the deferred tax expense for the company for 2015.
$
1,164
x million

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