Solution-Discuss the financial statement effects template

Discuss the financial statement effects template to record

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Reference no: EM131783594

Analyzing and Interpreting Tax Footnote (Financial Statement Effects Template)

Under Armour, Inc. reports total tax expense of $74,661 (in thousands) on its income statement for the year ended December 31, 2012, and paid cash of $57,739 (in thousands) for taxes. The tax footnote in the company's 10-K filing, reports the following deferred tax assets and liabilities information.

Deferred tax assets
Allowance for doubtful accounts and other reserves	$14,000	$9,576
Stock-based competition	13,157	11,238
Foreign net operating loss carryforward	12,416	11,078
Deferred Rent	6,007	4,611
Inventory obsolescence reserves	4,138	3,789
Tax basis inventory adjustment	3,581	4,317
State tax credits, net of federal tax impact	2,856	--
Foreign tax credits	2,210	1,784
Deferred compensation	1,170	1,448
Other	4,918	3,427
Total deferred tax assets	64,453	51,268
Less: valuation allowance	(3,966)	(1,784)
Total net deferred tax assets	60,487	49,484
Deferred tax liabilities Intangible asset	(610)	(341)
Prepaid expenses	(4,153)	(2,968)
Property, plant and equipment	(10,116)	(13,748)
Total deferred tax liabilities	(14,879)	(17,057)
Total deferred tax assets, net	$45,608	$32,427

e) Use the financial statement effects template to record Under Armour's income tax expense for the current fiscal year 2012 along with the changes in both deferred tax assets and liabilities. Assume that the amount needed to balance the tax transaction represents the amount payable to tax authorities.

Reference no: EM131783594

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Discuss the financial statement effects template to record

Reference no: EM131783594

Reference no: EM131783594

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