On January 1, 2014, Bedrock Company Began Recognizing Revenues from All

question 83

Multiple Choice

On January 1, 2014, Bedrock Company began recognizing revenues from all sales under the accrual method for financial reporting purposes and under the installment sales method for income tax purposes. Bedrock reported the following gross margin on sales for 2014 and 2015:


The enacted tax rate for both 2014 and 2015 was 30%. Assuming there are no other temporary differences, Bedrock's December 31, 2015 balance sheet would report a deferred tax liability of

• A) $ 60,000
• B) $120,000
• C) $180,000
• D) $450,000

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