Students name Institution Date of submission Introduction Taxation is a compulsory payment to the state without direct benefit from it. CITATION Sha14 \l 1033 (Shano .M and Gabriel W 2014).every organization is obliged to pay taxes when it falls due and without compliance with the rules laid down by the revenue collection authority concerning tax will lead to payment of penalty imprisonment terms or both. According to GAAP ASC 740 tax liability and tax asset of an organization results because of either the temporary differences that arise when providing for taxes both in accounting and in the tax system. In accounting for the charges a firm may present for more than what the tax authority demands. Description firm realized during the period when multiplied by the effective tax rate which is 6.2% as per the. Source: https://www.stock-analysis-on.net. Deferred tax on the other hand included deferred tax asset as well as deferred tax liabilities. Deferred tax assets Deferred tax liabilities Dealers and customer allowance and claims 1442 Benefit from employees 5293 Research expenditure 577 Foreign deferred taxes 1591 Leasing transaction 4049 Depreciation and amortization 2624 References BIBLIOGRAPHY Shano .M and Gabriel W. (2014). INTRODUCTION TO TAXATION. Nairobi: East Africa publishers. ASC 740 Accounting Standards Codification 740 Income Taxes https://www.stock-analysis-on.net. Colley R. Rue J. Valencia A. & Volkan A. (2012). Accounting for deferred taxes: time for a change. Journal of Business & Economics Research (Online) 10(3) 149. [...]
Read the SEC 10-K for Ford Motor Company. Alternatively, you can use Securities and Exchange Commission's (SEC) Edgar filing system to view this information. Write a 350- to 700-word paper describing the amounts of current and deferred income taxes. Explain the items that affect both these classifications. Provide details of the current and long-term portion of the deferred taxes. Be sure to list the Note number where you found your information. Format your paper consistent with APA standards. Submit your assignment to the Assignment Files tab.