PROBLEMS/DISCUSSION QUESTIONS Moss Inc. follows GAAP for financial reporting purposes and appropriately uses the installment method of accounting for income tax purposes. It reported $250,000 of pre-tax income under GAAP, but it will report the corresponding taxable income in the following years. The enacted tax rate is 21%. P14-1 Calculating deferred tax amounts (LO 14-2, LO 14-4) AICPA ADAPTED The installment income is the firm's only temporary difference. Required: What amount should be included as the deferred tax liability in Moss's December 31, 20X1, balance sheet? 20X1 20X2 20X4 Taxable Income $ 25,000 50,000 75,000 100,000

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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.