The following information is available about acompany:($ thousands)Deferred taxassetsDeferred taxliabilitiesEarnings beforetaxesIncome taxpayable2013200-4504,0001,0002012160-3603,800900The company's 2013 income tax expense (inthousands) is closest to:$1,250$950$1,050

1. Income tax Expense of the company for the year will include both Normal income tax and deferred…

Answered: со thousands) is closest to: ax expense

Business

Accounting

со thousands) is closest to: ax expense

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

100%

The following information is available about a
company:
($ thousands)
Deferred tax
assets
Deferred tax
liabilities
Earnings before
taxes
Income tax
payable
2013
200
-450
4,000
1,000
2012
160
-360
3,800
900
The company's 2013 income tax expense (in
thousands) is closest to:
$1,250
$950
$1,050

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Step 1 Introduction (For your reference)

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Step 2 Calculation of Deferred tax expense / Income for the year

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Step 3 Calculation of Deferred tax Expense for the year 2013

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