1.

Indicate the type of Deferred Tax account created by Prepaid Expenses and Accrued Revenues, respectively.

Select one:

a.

Asset, Asset

b.

Liability, Liability

c.

Asset, Liability

d.

Liability, Asset

2.

At December 31, Bren Co. had the following deferred income tax items:

A deferred income tax asset of $15,000 related to a current liability

A deferred income tax asset of $3,000 related to a noncurrent liability

A deferred income tax liability of $8,000 related to a noncurrent asset

What item(s) should be reported in the asset section(s) of the December 31st balance sheet?

Select one:

a.$15,000 Current Asset

b.$18,000 Noncurrent Asset

c.$15,000 Current Asset, $3,000 Noncurrent Asset

d.$15,000 Current Asset, $11,000 Noncurrent Asset

e.$10,000 Noncurrent Asset