Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.
Only the portion of it that is due within the next 12 months is current. The balance is a deferred or non-current liability.
The income tax expense on the income statement is the sum of the income taxes payable for the year and the changes in deferred tax asset or liability balances for the year.
There are two sides to the entry, upon cash receipt you debit cash, credit deferred income. To apply the deferred income, the entry is debit deferred income and credit revenue.
Deferred Expenses are on the asset side of the balance sheet, not the liability side. Long Term relates to anything beyond the next twelve months, but a long term deferred expense would probably be listed as "Other Assets". The deferred expenses are correctly represent the Assets of the company. But, if a company has not paid its rent & its due in next 12 month or may be due on virtual payment basis in 2-3 years, then such expense (deferred rent) is required to be shown on Liability side of the B/S. Furthermore, such payments to be made in next 12 months are to be presented as Current Liability & payments to be expelled in more than 12 months are to be shown as Non-Current Liability Section.
Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.
Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.
Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.
Yes, deferred revenue is a current liability. It means that the revenue has yet to be earned, therefore it is still owed to the business or company.
If that is what the amount is that you may owe and that is what you want to call it YES it would be your deferred income tax amount.
yes
Only the portion of it that is due within the next 12 months is current. The balance is a deferred or non-current liability.
depreciation expense
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
There are several important journal entries for the sale of a subsidiary. These include: Fixed assets, current assets, current liability, deferred tax liability, and goodwill.
The income tax expense on the income statement is the sum of the income taxes payable for the year and the changes in deferred tax asset or liability balances for the year.
There are two sides to the entry, upon cash receipt you debit cash, credit deferred income. To apply the deferred income, the entry is debit deferred income and credit revenue.