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Unformatted text preview: of 40%, how much will appear on the December 31, Year 2, balance sheet for Income tax payable if the company has made estimated tax payments of $36,500 for Year 2? $3,500 . 7. An increase in the Deferred Tax Liability account on the balance sheet is recorded by a _____ ( debit , credit) to the Income Tax Expense account. 8. An income statement that reports current tax expense of $82,000 and deferred tax benefit of $23,000 will report total income tax expense of $59,000 . 9. A valuation account is needed whenever it is judged to be more likely than not that a portion of a deferred tax asset _____ (will be, will not be ) realized. 10. If the tax return shows total taxes due for the period of $75,000 but the income statement shows total income tax expense of $55,000, the difference of $20,000 is referred to as deferred tax _____ (expense, benefit )....
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- Spring '09
- Financial Accounting