How do I calculate deferred income tax? Total liabilities? Preferred shares? Common shares? Please provide only typed answer solution no handwritten solution needed allowed...Please do it correctly. Total assetsLiabilities and Shareholders' EquityCurrent liabilitiesAccounts payableNotes payableIncome taxes payableCurrent portion of long-term debtAccrued expensesTotal current liabilitiesLong-term debtDeferred income taxesTotal liabilitiesShareholders' equityPreferred shares, no par value (authorized 11,800 shares, issued3,300 shares for $17,881)Common shares, no par value (authorized 418,000 shares, issued29,000 shares)Total contributed capitalRetained earningsTotal Mutron Lock Inc. shareholders' equityNon-controlling interest in subsidiariesConsolidated shareholders' equityTotal liabilities and shareholders' equity$$$679,77489,0766,5197,3215,7937,454116,163125,60475,546323,1065,00143,935132,197224,471356,66838,736400,804679,774

A deferred income tax is a liability recorded on a balance sheet resulting from a difference in…

Answered: How do I calculate deferred income tax?

Business

Accounting

How do I calculate deferred income tax?

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

How do I calculate deferred income tax?

Total liabilities?

Preferred shares?

Common shares?

Please provide only typed answer solution no handwritten solution needed allowed...

Please do it correctly.

Total assets
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable
Notes payable
Income taxes payable
Current portion of long-term debt
Accrued expenses
Total current liabilities
Long-term debt
Deferred income taxes
Total liabilities
Shareholders' equity
Preferred shares, no par value (authorized 11,800 shares, issued
3,300 shares for $17,881)
Common shares, no par value (authorized 418,000 shares, issued
29,000 shares)
Total contributed capital
Retained earnings
Total Mutron Lock Inc. shareholders' equity
Non-controlling interest in subsidiaries
Consolidated shareholders' equity
Total liabilities and shareholders' equity
$
$
$
679,774
89,076
6,519
7,321
5,793
7,454
116,163
125,604
75,546
323,106
5,001
43,935
132,197
224,471
356,668
38,736
400,804
679,774

Definition Definition Type of stock which is granted priority over dividend distributions as compared to common stockholders. Preferred stocks also do not carry any voting rights. Notably, in a case where a company is going to be liquidated, preferred stockholders have a priority claim on the value of assets of the company as quoted in the balance sheet, as compared to the common stockholders.

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