"03-22M351 Notes-Class 23 Taxes day 3

"03-22M351 Notes-Class 23 Taxes day 3 - Notes for...

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Notes for Class 23 A. Presentation of Deferred Taxes on the Balance Sheet 1. Individual Deferred Tax Assets and Liabilities are reported as current or noncurrent based on the classification of the related asset or liability (for example, the Deferred Tax Liability associated with depreciation expense is a long term liability because depreciable assets are noncurrent assets). 2. For the balance sheet calculate a net current amount (sum current deferred tax assets and liabilities reporting the net amount) and a net noncurrent amount (sum noncurrent deferred tax assets and liabilities reporting the net amount). See (ask students to open their books to page 1011) illustrations 19-39 and 19-40 on pages 1012-1013. B. Presentation of Income Tax Expense 1. Ask Students to open the book to the numbered items at the bottom of page 1013. 2. Note the items in the list at the top of page 1015 and the inclusion of those items in the PepsiCo disclosure in Illustration 19-41 on page 1014. 3.
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"03-22M351 Notes-Class 23 Taxes day 3 - Notes for...

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