This paper circulates around the core theme of Ignoring operating expenses, what deferred tax liability would Isaac report in its year-end 2013 balance sheet? together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 45. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Isaac Inc. began operations in January 2013. For certain of its
property sales, Isaac recognizes income in the period of sale for
financial reporting purposes. However, for income tax purposes, Isaac
recognizes income when it collects cash from the buyer’s installment
In 2013, Isaac had $600 million in sales of this type. Scheduled collections for these sales are as follows:
Assume that Isaac has a 30% income tax rate and that there were no
other differences in income for financial statement and tax purposes.
Ignoring operating expenses, what deferred tax liability would Isaac report in its year-end 2013 balance sheet?