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Question - UML Inc. began operations in January 2021. For some property sales, UML recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, UML recognizes income when it collects cash from the buyer's installment payments.
In 2021, Isaac had $600 million in sales of this type. Scheduled collections for these sales are as follows:
2021 $100 million
2022 100million
2023 100million
2024 150 million
2025 150million
$600 million
Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes.
Ignoring operating expenses, what deferred tax liability would UML report in its year-end 2021 balance sheet?
a. -$125 million.
b. -$135 million.
c. -$150 million.
d. -$500 million.
Financial Statement Analysis and Preparation
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Computation of Free Cash Flow
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