After Applying the Balance Sheet Method to Determine the GAAP

question 18

Essay

After applying the balance sheet method to determine the GAAP income tax expense of Cutter Inc., the following account balances are found. Determine the balance sheet presentation of these amounts. Hint: Which of the accounts should you combine for the final balance sheet disclosure? $$\begin{array} { l c } \text { Deferred tax assets, current } & \$ 100,000 \\\text { Deferred tax liabilities, current } & 415,000 \\\text { Deferred tax assets, noncurrent } & 120,000 \\\text { Deferred tax liabilities, noncurrent } & 30,000\end{array}$$

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