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1 and 2 Finance 313 - Handout #15 Deferred Tax Entry on Balance Sheet...

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Finance 313 - Handout #15 Deferred Tax Entry on Balance Sheet Assume the firm reports a deferred tax liability of $14 on its balance sheet dated December 31, 2017. 1. For 2019, the firm's tax liability on its tax return was $294. Its reported tax liability was $336. What is the deferred income tax entry on the balance sheet dated December 31, 2018? Will it be an asset or ability 2. For 2019, the firm's tax liability on its tax return is $350. Its reported tax 11 ability is $252. What is the deferred income tax entry on the balance sheet dated December 31, 2019? Will it be an asset or a liability

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