What amount of deffered income tax liability

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Reference no: EM131202712

Simth company reported $ 350,000 in book income before income tex during 2015, its first year of operation. The tax depreciation exceeded its book depreciation by $ 30,000. The tax rate for 2015 and future years was 4%.

1- what amount of deffered income tax liability should Smith report in its Dec 31,2015 balance sheet?

2- If Smith paid the estimated taxes, what amount of income tax payable should Smith report in its Dec 31,2015 balance sheet?

3-What would be the income tax expense reported on the income statement for the year ending in Dec 31, 2015?

Reference no: EM131202712

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