Sheridan Corporation reported $230000 in revenues in its 2021 financial statements, of which $91100 will not be included in the tax return until 2022. The enacted tax rate is 40% for 2021 and 35% for 2022. What amount should Sheridan report for deferred income tax liability in its balance sheet at December 31, 2021? O $55560 O $48615 O $36440 O $31885
Sheridan Corporation reported $230000 in revenues in its 2021 financial statements, of which $91100 will not be included in the tax return until 2022. The enacted tax rate is 40% for 2021 and 35% for 2022. What amount should Sheridan report for deferred income tax liability in its balance sheet at December 31, 2021? O $55560 O $48615 O $36440 O $31885
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Sheridan Corporation reported $230000 in revenues in its 2021 financial statements, of which $91100 will not be included in the tax
return until 2022. The enacted tax rate is 40% for 2021 and 35% for 2022. What amount should Sheridan report for deferred income
tax liability in its balance sheet at December 31, 2021?
O $55560
O $48615
O $36440
O $31885](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb6a357f-ed8d-445d-bed3-3dcb89f97090%2Fca30dda7-d73a-44e2-8749-93a820b13354%2Ftoe8oiv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sheridan Corporation reported $230000 in revenues in its 2021 financial statements, of which $91100 will not be included in the tax
return until 2022. The enacted tax rate is 40% for 2021 and 35% for 2022. What amount should Sheridan report for deferred income
tax liability in its balance sheet at December 31, 2021?
O $55560
O $48615
O $36440
O $31885
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