nalyzing Tax Expense The following is an excerpt from Walmart’s Form 10‑K for the fiscal year ended January 31, 2019. A summary of the provision for income taxes is as follows ($ millions): Current:   U.S. federal $2,763 U.S. state and local 493 International 1,495 Total current tax provision $4,751 Deferred:   U.S. federal $(361) U.S. state and local (16) International (93) Total deferred tax expense (benefit) $(470)

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Q: GYV Ltd has the following deffered tax balances as at 30 June 2019 DTA        $900000 DTL.…

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A: Account titleDrCrIncome tax Expense$6800Income tax payable($20800*3.0%)96240Deferred tax…

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Q: At the end of 2019, Sentry Company reported a deferred tax liability of $6,120 based on an income…

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A:

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Q: Extracts from trial balance at 31 March, 2019 GH¢ Current tax credit balance 1,600,000 Deferred tax…

A:

Deferred Tax

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 authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.