(Answered) Question - like most corporations kroger co has significant

Accounting

Question - Like most corporations, Kroger Co. has significant deferred tax assets and liabilities. Using Edgar or the company's website check the company's annual report for the year ending January 29, 2011.

Required:

1. From the income statement, determine the income tax expense for the most recent year. What are the current portion and the deferred portion of the expense? (See the "Taxes Based on Income" note int he Notes to Consolidated Financial Statements.) Why is the income tax expense from the income statement different from the "provision for income taxes" in the disclosure note?

2. How are the deferred taxes classified in Kroger's balance sheet? (See the "Taxes Based on Income" note in the Notes to Consolidated Financial Statements." What amounts are reported amount current assets or liabilities and among noncurrent assets or liabilities? Why?

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