Sheridans tax rate for 2017 and years thereafter is 30 in


Question - Sheridan Corporation began operations in 2017 and reported pretax financial income of $214,000 for the year. Sheridan's tax depreciation exceeded its book depreciation by $33,000. Sheridan's tax rate for 2017 and years thereafter is 30%. In its December 31, 2017, balance sheet, what amount of deferred tax liability should be reported?

Solution Preview :

Prepared by a verified Expert
Accounting Basics: Sheridans tax rate for 2017 and years thereafter is 30 in
Reference No:- TGS02740775

Now Priced at $20 (50% Discount)

Recommended (93%)

Rated (4.5/5)