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Business Accounting Intermediate Accounting

The amount of deferred tax assets and liabilities. Given information: Receivables from installment sales are a current account and treated as a liability is of $55,000. Depreciation on equipment is a non current account and treated as an asset of $64,000. Expense on warranty liability is a current account and treated as a liability of $2,000. Carry forward of net operating loss is a non current and treated as an asset of $120,000

The amount of deferred tax assets and liabilities. Given information: Receivables from installment sales are a current account and treated as a liability is of $55,000. Depreciation on equipment is a non current account and treated as an asset of $64,000. Expense on warranty liability is a current account and treated as a liability of $2,000. Carry forward of net operating loss is a non current and treated as an asset of $120,000

Solution Summary: The author explains the calculation of deferred tax assets and liabilities. Receivables from installment sales and depreciation on equipment are current accounts and treated as assets.

Intermediate Accounting

Intermediate Accounting

3rd Edition

ISBN: 9780136912644

Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella

Publisher: Pearson Education (US)

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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 autho…

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Chapter 17, Problem 17.26BE

To determine

To calculate: The amount of deferred tax assets and liabilities.

Given information:

Receivables from installment sales are a current account and treated as a liability is of $55,000.

Depreciation on equipment is a non current account and treated as an asset of $64,000.

Expense on warranty liability is a current account and treated as a liability of $2,000.

Carry forward of net operating loss is a non current and treated as an asset of $120,000

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Chapter 17, Problem 17.25BE

Chapter 17, Problem 17.27BE

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Chapter 17 Solutions

Intermediate Accounting

Ch. 17 - Prob. 17.1Q Ch. 17 - When will income tax expense and income taxes...Ch. 17 - Will permanent differences cause the effective tax...Ch. 17 - When do permanent differences arise?Ch. 17 - How are deferred tax assets and deferred tax...Ch. 17 - Prob. 17.6Q Ch. 17 - Prob. 17.7Q Ch. 17 - Prob. 17.8Q Ch. 17 - Prob. 17.9Q Ch. 17 - How does a firm determine the need for a valuation...

Ch. 17 - Prob. 17.11Q Ch. 17 - Prob. 17.12Q Ch. 17 - Prob. 17.13Q Ch. 17 - How does an entity account for uncertain tax...Ch. 17 - Prob. 17.15Q Ch. 17 - Prob. 17.16Q Ch. 17 - Do U.S. GAAP and IFRS classify deferred tax...Ch. 17 - Prob. 17.18Q Ch. 17 - Prob. 17.1MC Ch. 17 - Prob. 17.2MC Ch. 17 - Prob. 17.3MC Ch. 17 - Prob. 17.4MC Ch. 17 - Prob. 17.5MC Ch. 17 - Prob. 17.6MC Ch. 17 - Prob. 17.7MC Ch. 17 - Prob. 17.1BE Ch. 17 - Income Taxes Payable. Limmox Company has...Ch. 17 - Permanent Differences. Simmox Company's income...Ch. 17 - Permanent Differences. Plimmox Company's income...Ch. 17 - Permanent Differences, Reconciliation of Statutory...Ch. 17 - Prob. 17.6BE Ch. 17 - Prob. 17.7BE Ch. 17 - Prob. 17.8BE Ch. 17 - Prob. 17.9BE Ch. 17 - Prob. 17.10BE Ch. 17 - Temporary Differences, Deferred Tax Liability....Ch. 17 - Temporary Differences. Deferred Tax Asset....Ch. 17 - Temporary Differences, Deferred Tax Asset. Using...Ch. 17 - Prob. 17.14BE Ch. 17 - Realizability of Deferred Assets. Maves, Inc....Ch. 17 - Prob. 17.16BE Ch. 17 - Prob. 17.17BE Ch. 17 - Change in Tax Rates, IFRS. Use the same...Ch. 17 - Prob. 17.19BE Ch. 17 - Prob. 17.20BE Ch. 17 - Prob. 17.21BE Ch. 17 - Prob. 17.22BE Ch. 17 - Prob. 17.23BE Ch. 17 - Prob. 17.24BE Ch. 17 - Prob. 17.25BE Ch. 17 - Prob. 17.26BE Ch. 17 - Prob. 17.27BE Ch. 17 - Prob. 17.1E Ch. 17 - Prob. 17.2E Ch. 17 - Prob. 17.3E Ch. 17 - Prob. 17.4E Ch. 17 - Temporary Differences, Deferred Tax Assets and...Ch. 17 - Temporary Differences, Deferred Tax Assets and...Ch. 17 - Prob. 17.7E Ch. 17 - Prob. 17.8E Ch. 17 - Change in Tax Rates, Permanent Difference,...Ch. 17 - Prob. 17.10E Ch. 17 - Prob. 17.11E Ch. 17 - Net Operating Loss, Carryback. Phlash Photo Labs,...Ch. 17 - Net Operating Loss, Carryforward. Loggins Lumber...Ch. 17 - Prob. 17.14E Ch. 17 - Prob. 17.15E Ch. 17 - Net Operating Loss, Carryforward, Tax Rate Change....Ch. 17 - Prob. 17.17E Ch. 17 - Prob. 17.18E Ch. 17 - Prob. 17.19E Ch. 17 - Prob. 17.20E Ch. 17 - Uncertain Tax Positions. Lewis Eagle Corporation...Ch. 17 - Uncertain Tax Positions. Based on the information...Ch. 17 - Prob. 17.23E Ch. 17 - Prob. 17.24E Ch. 17 - Prob. 17.1P Ch. 17 - Temporary Differences, Deferred Tax Liabilities,...Ch. 17 - Prob. 17.3P Ch. 17 - Prob. 17.4P Ch. 17 - Temporary Differences, Deferred Tax Liabilities,...Ch. 17 - Prob. 17.6P Ch. 17 - Prob. 17.7P Ch. 17 - Prob. 17.8P Ch. 17 - Prob. 17.9P Ch. 17 - Prob. 17.10P Ch. 17 - Prob. 17.11P Ch. 17 - Prob. 17.12P Ch. 17 - Prob. 17.13P Ch. 17 - Prob. 17.14P Ch. 17 - Prob. 17.15P Ch. 17 - Prob. 1JC Ch. 17 - Prob. 1FSC Ch. 17 - Prob. 1SSC Ch. 17 - Prob. 2SSC Ch. 17 - Scene 1: The concept of the deferred tax liability...Ch. 17 - Basis for Conclusions Case 2: Uncertain Tax...

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