Joined: 24 Feb 2011
Online Status: Offline Posts: 1
Posted: 24 Feb 2011 at 20:47 | IP Logged
My client had booked a deferred tax liability for $6,000 last year and income taxes payable for $9,000 which did not materialize. This year they have a loss. The entry that I am proposing for them is
Dr Income Taxes Payable $9,000
Dr Deferred Tax Liability $6,000
Cr Deferred Tax Income $15,000 on income statement. Can someone confirm if that entry is correct?
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot delete your posts in this forum You cannot edit your posts in this forum You cannot create polls in this forum You cannot vote in polls in this forum
Active Topics 
Memberlist 
Search 
Help
Register 
Login
Topic: Reversing Entry for Deferred Tax Liabilit
Topic Closed)
