Question 1 of 6>-/ 1View PoliciesCurrent Attempt in ProgressCoronado Corporation has temporary differences at December 31, 2020, that result in the following deferred taxes.Deferred tax liability related to depreciation difference$38,500Deferred tax asset related to warranty liability63,800Deferred tax liability related to revenue recognition104,000Deferred tax asset related to litigation accruals24.900Indicate how these balances would be presented in Coronado's December 31, 2020, balance sheet.Coronado CorporationBalance Sheet (Partial)II%24

Total Deferred Tax Asset = $63,800 + $24,900 = $88,700 Total…

Coronado Corporation has temporary differences at December 31, 2020, that result in the following deferred taxes. Deferred tax liability related to depreciation difference $38,500 Deferred tax asset related to warranty liability Deferred tax liability related to revenue recognition Deferred tax asset related to litigation accruals 63,800 104,000 24.900 Indicate how these balances would be presented in Coronado's December 31, 2020, balance sheet. Coronado Corporation Balance Sheet (Partial) %24

Coronado Corporation has temporary differences at December 31, 2020, that result in the following deferred taxes. Deferred tax liability related to depreciation difference $38,500 Deferred tax asset related to warranty liability Deferred tax liability related to revenue recognition Deferred tax asset related to litigation accruals 63,800 104,000 24.900 Indicate how these balances would be presented in Coronado's December 31, 2020, balance sheet. Coronado Corporation Balance Sheet (Partial) %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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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