Deferred Tax Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account. Deferred tax asset When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account. Deferred tax liability When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account. To determine: The net deferred tax amount of AF at December 31, 2015.

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Answer 1

Question

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

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Answer 2

Question

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

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Answer 3

Question

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

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Answer 4

Question

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

Expert Solution & Answer

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Answer 5

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

Answer 6

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

Answer 7

Chapter 16, Problem 1CCIFRS

1.

To determine

Deferred Tax

Deferred tax account shows the amount of reconciliation, which occurs due to the difference between the income tax expense account and the income tax payable account.

Deferred tax asset

When the Income Tax Expense account i.e. the estimated income tax amount is more than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be debited to Deferred Tax Asset account.

Deferred tax liability

When the Income Tax Expense account i.e. the estimated income tax amount is less than the outstanding amount of income tax i.e. the Income Tax Payable account, the difference is to be credited to Deferred Tax Liability account.

To determine: The net deferred tax amount of AF at December 31, 2015.

Answer 8

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

Answer 9

2.

To determine

To explore: The consistency of policy with U.S. GAAP.

Answer 10

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

Answer 11

3.

To determine

To explore: The consistency of policy with U.S. GAAP.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 16 - Prob. 16.1Q Ch. 16 - A deferred tax liability (or asset) is described...Ch. 16 - Prob. 16.3Q Ch. 16 - Prob. 16.4Q Ch. 16 - Temporary differences result in future taxable or...Ch. 16 - Identify three examples of differences with no...Ch. 16 - The income tax rate for Hudson Refinery has been...Ch. 16 - Suppose a tax reform bill is enacted that causes...Ch. 16 - A net operating loss occurs when tax-deductible...Ch. 16 - Prob. 16.10Q

Solution Summary: The author explains that AF used substantively enacted policy, which is not permissible, to determine the net deferred tax amount at December 31, 2015.

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