Section A – External Financial Reporting
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“” Garnett Company’s year-end income statement shows the following.
1-Revenues $5,000,000 2-Selling and general expenses (including
depreciation expense of $200,000)
3,800,000 3-Interest expense 50,000 4-Gain on sale of equipment 40,000 5-Income tax expense (including long-term
deferred tax expense of $30,000)
<u> 320,000</u> 6-Net income $ 870,000
During the year, Garnett’s noncash current assets rose by $100,000, and current liabilities increased by $150,000. On its statement of cash flows, Garnett would report Cash Provided by Operating Activities of “”
this is Question from test bank ID: ICMA 13.P2.2055 (Topic: The Indirect Method)
from information # 5 it show Increase in long-term deferred tax liability
what is the key word to distinguish what ever increase or decrease in deferred tax
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