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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Balance Sheet Presentation Thiel Company reports the following deferred tax items at the end of 2019:
Required:
Show how the preceding deferred tax items are reported on Thiel’s December 31, 2019, balance sheet.
Explain the manner of reporting deferred tax items in the balance sheet of Company T.
Deferred tax asset When the Income Tax Expense account is more than the Income Tax Payable account, this difference is known as Deferred Tax Asset.
Deferred tax liability When the Income Tax Expense account is less than the Income Tax Payable account, this difference is known as Deferred Tax Liability.
Prepare balance sheet of Company T as on December 31, 2019:
| Company T | |
| Balance sheet (partial) | |
| As on December 31, 2019 | |
| Assets | Amount |
| Current liabilities: | Â |
| Deferred tax liability (1) | $500 |
| Â | Â |
| Non- Current liabilities: | Â |
| Deferred tax liability (2) | $4,900 |
| Total liabilities | $5,400 |
Table (1)
Thus, the total liabilities as on December 31, 2019 for Company T are $5,400...
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