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    Argosy University/ Phoniex University/
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Category > Accounting Posted 26 Sep 2017 My Price 10.00

Cascade Company

(Three Differences, Classify Deferred Taxes) At December 31, 2012, Cascade Company had a net deferred tax liability of $450,000. An explanation of the items that compose this balance is as follows.

Temporary Differences

Resulting Balances in Deferred Taxes

1. Excess of tax depreciation over book depreciation

$200,000

2. Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2013. The loss will be deducted on the tax return when paid.

(50,000)

3. Accrual method used for book purposes and installment-sales method used for tax purposes for an isolated installment sale of an investment.

300,000
 

$450,000

In analyzing the temporary differences, you find that $30,000 of the depreciation temporary difference will reverse in 2013, and $120,000 of the temporary difference due to the installment sale will reverse in 2013.The tax rate for all years is 40%.

Instructions

Indicate the manner in which deferred taxes should be presented on Cascade Company’s December 31, 2012, balance sheet.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 08:09 PM My Price 10.00

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