Libby_7e_MBA_Companion_Solutions

The tax 5472 6692 7344 meritsand includ ing us exp

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Unformatted text preview: ts) the Taxes ofsuM inority Interests benefit to be recognized is m easu red as186 largest amou nt of benefit that is greater than Foreign bsid iaries being realized u pon ultimate settlem ent. The Company ad opted this gu710 381 fifty p ercent likelying U.S. exp orts) id 6,692on its income tax 7,344 ance Domestic (includ of $ 5,472 $ $ $ 5,658 $ 7,402 7,725 positionssubsid iaries at the beginning of fiscal year 2008 w hich resulted in redu ctions of $148 million and $15 million to$op ening Foreign 186 710 381 retained earnings and minority interests, respectively. Income Tax Expense / (Benefit) $ 5,658 $ 7,402 $ 7,725 Current Income Tax Expense / (Benefit) Fed eral $ 1,278 $ 2,072 $ 2,368 State 195 366 303 Cu rrent Foreign 312 Fed eral 1,278 $ 362 2,072 $ 330 2,368 75 $ State 1,785195 2,800 366 3,001 303 Foreign 312 362 330 Deferred 1,785 2,800 3,001 Fed eral 296 (95) (118) State (32) (32) (9) Deferred Fed eral State 264296 2,049 (32) $ $ (127) (95) 2,673 (32) Components of Deferred Tax Assets and Liabilities Deferred tax assets Accru ed liabilities Components of Deferred Tax Assets and Liabilities Foreign su bsidiaries Equity­based comp ensation Deferred tax assets Minority interest net op erating losses Accru ed liabilities $ Foreign su bsid iaries assets Total d eferred tax Equity­based comp ensation Deferred tax liabilities Minority interest net op and other prop Depreciable, amortizable erating losses erty (2,083) (626) (409) $ (328) (2,083) (626) (3,446) $ (1,35...
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This homework help was uploaded on 03/27/2014 for the course ACCOUNTING 151 taught by Professor Chinn during the Spring '12 term at Lehigh University .

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