Deferred Tax Assets | Deferred tax Liabilities | CPA EXAM FAR | Intermediate Accounting

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Thank you. Here's a list for my intermediate accounting courses: farhatlectures.pathwright.com/library/?category=Intermediate+Accounting

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I swear to God I would be so lost without your lectures!!! I really appreciate that you have updated the material to reflect the latest version of intermediate accounting book. please do not stop supporting student. I wish your life gets happier and easier just like you have made mine!

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Thank you so much Professor Farhat, though I am preparing for CMA, your CPA lectures have been very useful for me. It would be very kind of you if you can share more insights about how to crack CMA and also where can I access more multiple choice questions for the same.

[@omaraissa318]

For Delany has Extra revenue for book purposes 180,000-150,000 =30,000 .(Extra income = Extra Tax) Delany has liability for coming year of 30,000 *0.35 = 10500 called deferred Tax liability .the 30,000 it could be Account Receivable depend how it gonna be recognized for next years for Tax purposes for example when it s payed by customer it s gonna increase our tax liability (more income for Tax purposes = more Tax ) now Tax liability > Tax Expenses the difference gonna offset our deferred Tax liability repeatedly through coming years till initial All extra Revenue 30,000 turn to cash.

[@priyvrattripathi3641]

these were good introductory exercises!

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[@bilbojumper]

problem at 20:00 and 24:00 were good.

[@omaraissa318]

For Maureen :
Current Tax Expense =200,000 *0.45 = 90,000
Deferred Income Tax Expense = 300,000 *0.45 =135,000
Tax Liability =90,0000
Deferred Tax Liability =135,000
if 300,000 reverse next year :
Deferred Tax Liability 135,000
Tax Liability 135,000
Translation to English :
The owner : I have Tax expense of 225,000 (500,000 *0.45), I owe 90,000 for this year (current) and 135,000 (Deferred or Long Term)
The Owner Next year (Tax reverse) : I have to pay Extra 135,000 for this year so 135,000 is no more long Term it is become short Tern or current . I cancel out Deferred tax 135,000 and I Create current Tax liability 135,000