The income tax rate for 2011 was 35 but the enacted rate, Ask an Expert

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Giada Foods reported $940 million in income before income taxes for 2011, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $100 million. The company also had non-tax-deductible expenses of $80 million relating to permanent differences. The income tax rate for 2011 was 35%, but the enacted rate for years after 2011 is 40%.determine The balance in the deferred tax liability in the December 31, 2011, balance sheet ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M965739

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