Solution-Record a valuation allowance for deferred tax

Record a valuation allowance for deferred tax assets

Assignment Help Accounting Basics

Reference no: EM131752217

Question: Access the financial statements and related disclosure notes of Google Inc. from its website at

https://www.sec.gov/Archives/edgar/data/1288776/000119312511032930/d10k.htm#toc120214_b.

In Google's balance sheet, deferred income taxes in 2010 are reported as both a current asset ($259 million) and a noncurrent asset ($265 million) but none among liabilities.

Required: Explain why deferred income taxes can be reported as both an asset and a liability. Is that the case for Google in 2010?

Note 15 in the disclosure notes indicates that deferred tax assets are $1,221 million in 2010 and deferred tax liabilities are $405 million. How can that be explained in light of the two amounts reported in the balance sheet?

Does Google feel the need to record a valuation allowance for its deferred tax assets?

Reference no: EM131752217

Questions Cloud

Organizations deal with discrimination against older workers : How might this sort of discrimination manifest itself in organizations? How should organizations deal with discrimination against older workers?

Study on advertising effectiveness of salam air in oman : A study on advertising effectiveness of Salam air in Oman - Summarise any theory and evidence relevant to your research objective

How will your new knowledge of the sociological perspective : How will your new knowledge of the sociological perspective change, has your understanding of this social problem changed? How so?

Evaluate organizational change-levels of hierarchy : Evaluate organizational change, levels of hierarchy, employee rewards, conflicts, and other issues that are important to the company you are analyzing.

Record a valuation allowance for deferred tax assets : In Google's balance sheet, deferred income taxes in 2010 are reported as both a current asset ($259 million) and a noncurrent asset ($265 million).

Charge of coding compliance at hospital : If you were in charge of coding compliance at your hospital, what are some key components of the coding compliance plan that you would include?

Putting together problem-solving team : Would these factors be different if you were putting together a problem-solving team?

Differences between the core documentation standards : What are the similarities and differences between the core documentation standards for inpatients versus outpatients? Please provide detail explanation.

What can auditors do in order to combat the deficiencies : According to the Information about 2016 Inspections, the PCAOB states, Audit areas where deficiencies have been identified in previous inspection cycles.

User Account

All Pages

Record a valuation allowance for deferred tax assets

Reference no: EM131752217

Reference no: EM131752217

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT