ABC received $17164 of cash that was included in revenues in its 2017 financialstatements, $12014.8 of this will not be taxable until 2018.ABC's enacted tax rate is 23% for 2017, and 27% for 2018.What amount should ABC report in its 2017 balance sheet for deferred income taxliability?Answer:

Solution: Deferred tax liability is created for taxable temporary differences that results in future…

Answered: s enacted tax rate is 23% for 2017, and…

s enacted tax rate is 23% for 2017, and 27% for 2018. mount should ABC report in its 2017 balance sheet for deferred incor ?

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

ABC received $17164 of cash that was included in revenues in its 2017 financial
statements, $12014.8 of this will not be taxable until 2018.
ABC's enacted tax rate is 23% for 2017, and 27% for 2018.
What amount should ABC report in its 2017 balance sheet for deferred income tax
liability?
Answer:

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