Moss,Inc. uses the accrual method of accounting for financial reporting purposes and appropriately uses the installment method of accounting for income tax purposes. It will collect $250,000 of installment income in the following years when the enacted tax rates are as indicated. collection of income enacted tax rates 2007 $25,000 35% 2008 50,000 30 2009 75,000 30 2010 100,000 25 The installment income is the firm's only temporary difference. What amount should be included as the deferred income tax liability in Moss's December 31, 2007 balance sheet.
Paper#6435 | Written in 18-Jul-2015Price : $25