Plutonic Inc. had $400 million in taxable income for the current year. Plutonic also had an increase in deferred tax liabilities of $50 million and recognized tax expense of $80 million. The company is subject to a tax rate of 40%. The change in deferred tax assets (ignoring any valuation allowance) was a/an:
A) increase of $30 million.
B) increase of $130 million.
C) decrease of $30 million.
D) decrease of $130 million.
Correct Answer:
Verified
Q36: Which of the following differences between financial
Q37: The following information relates to Franklin Freightways
Q38: Brady's listing of deferred tax assets and
Q39: Which of the following differences between financial
Q40: In the statement of cash flows, by
Q42: Alamo Inc. had $300 million in taxable
Q43: A deferred tax asset represents a:
A) Future
Q44: At the end of the current year,
Q45: Using straight-line depreciation for financial reporting purposes
Q46: Which of the following usually results in
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents