Solution-Should company x create a deferred income tax

Should company x create a deferred income tax liability

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Reference no: EM132808929

Problem 1: If Company X defers a revenue/gain for tax purposes and recognizes it immediately on its income statement, Should Company X create a deferred income tax liability?

Problem 2: Ringer company realizes a $400 gain on its income statement for the present year, however, it will not be recognized on its tax return until the following year. True or false: Ringer company should recognize a deferred tax liability of $120 for the present year, assuming the tax rate for the company is 30% for the current year.

Reference no: EM132808929

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Should company x create a deferred income tax liability

Reference no: EM132808929

Reference no: EM132808929

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