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Analyzing and Interpreting Tax Footnote (Financial Statement Effects Template) Snapchat inc. reports total tax expense of $2.547 thousands on its income statement for year ended December 31, 2018, and paid cash of $3.958 thousand for taxes and decreased taxes payable by 5755 thousand. The tax footnote in the company's 10 filing reports the following deferred tax assets and liabilities information The domestic and foreign components of pre-tax loss were as follows: Year Ended December 31 thousands 2017 Domestic 390.223 503.027500 foron 35.000 Loss before income tas $15.9541 51.463.000 2018 The significant components of net deferred tax balances were as follows December 15 thousands 2017 2018 Deferred taxat Accrud expenses 51054 52056 Deferred 2.142 970 Intantes 140.771 140494 Stod based compensation 39.604 254 255 Net operating losses 47110 tax credit carrydorward 13407 235.300 Property and current 201 Other 2015 922 Total eferred taxat SL1925 11.501.530 Property and went Todeled axbote 5.82 Towered to be one wionowance 1.1433711500830 1.502.0 Tolleferred to Total deferred taxists before valuation allowance 1414331 1.501,030 Valuation allowance 11.144540 1.502.146 Net deferred tawe $11.172) 3516 Snapchat's gross deferred tax assets increased in 2018. By what amount did Snapchat's gross deferred tax assets increase 352.576 thousands Explain how the valuation allowance affected 2018 net income. Snapchat's valuation allowance account increased during the year, which means net income increased Snapchat's valuation allowance account decreased during the year, which means net income increased Snapchat's valuation allowance account increased during the year, which means net income decreased Snapchat's valuation allowance account decreased during the year, which means net income decreased. Use the financial statement effects Template to record income tax expense for fiscal year 2018 along with the changes in both deferred tax assets and liabilities and the valuation allowance Use negative signs with answers, when appropriate Balance Sheet Income Statement Noncash Contributed Earned Net Transaction Cash Asset Assets Liabilities Capital Capital Revenue Expenses Income Record tax expense changes in accounts OX 352.576) 5.883 1352,525) Ow (552578) 392576 x Book Print Question 3 Party.com Mark4.00 of 10.00 PH Analyzing and Interpreting Tax Footnote (Financial Statement Effects Template) Snapchat Inc. reports total tax expense of $2,547 thousands on its income statement for year ended December 31, 2018, and paid cash of 51.958 thousand fortwes and decreased taxes payable by $755 thousand. The tax footnote in the company's 10 filling reports the following deferred tax assets and abilities information The domestic and foreign components of pre-tax loss were as follows: Year Ended December 31(sthousands 2018 Domestic 1968.022) 27,500 Foreign (283.4423 425.1.20 Loss before income taxes $1252364) 534634080 2017 The significant components of niet deferred tax balances were as follows: December 31sthousands) 2017 Deferred tax assets Accrued expenses 510934 521.056 Deferred revenue 2122 Intangible assets 40.730 14491 Stock-based compensation 396.504 2563 Net operating 43110 1100.224 Tax credit carryforwards 134078 25300 Property and equipment 20 Other 2015 32 Total deferred tax assets 511425 51501.30 Deferred ability Type here to search TAM G o . SH Totale deterred to assets before in town 110.371 1503230 Valuston Wande (1.144540026 Nedeledes St.1721 3516 Snapchat's gross deferred tax assets increased in 2018. By what amount did Snapchat's gross deferred tax assets increase? $352,576 thousands) Explain how the valuation allowance affected 2018 net income Osnapchat's valuation allowance account increased during the year, which means net come increased Osnapchat's valuation allowance account decreased during the year, which means net income increased Snapchat's valuation allowance account increased during the year, which means net income decreased Osnapchat's valuation allowance account decreased during the year, which means net income decreased Use the financial statement effects template to record income tax expense for fiscal year 2018 along with the changes in both deferred to assets and abilities and the valuation allowance Use negative signs with answers, when appropriate Balance Sheet income Statement Non cash Contributed Earned Net Cash Asset Transaction Assets Liabilities Capital Revenue COM Esperas OM 56 OV 5.683 Record tapse changes in accounts 0 52.572X 357576 52.576 M Analyzing and Interpreting Tax Footnote (Financial Statement Effects Template) Snapchat inc. reports total tax expense of $2.547 thousands on its income statement for year ended December 31, 2018, and paid cash of $3.958 thousand for taxes and decreased taxes payable by 5755 thousand. The tax footnote in the company's 10 filing reports the following deferred tax assets and liabilities information The domestic and foreign components of pre-tax loss were as follows: Year Ended December 31 thousands 2017 Domestic 390.223 503.027500 foron 35.000 Loss before income tas $15.9541 51.463.000 2018 The significant components of net deferred tax balances were as follows December 15 thousands 2017 2018 Deferred taxat Accrud expenses 51054 52056 Deferred 2.142 970 Intantes 140.771 140494 Stod based compensation 39.604 254 255 Net operating losses 47110 tax credit carrydorward 13407 235.300 Property and current 201 Other 2015 922 Total eferred taxat SL1925 11.501.530 Property and went Todeled axbote 5.82 Towered to be one wionowance 1.1433711500830 1.502.0 Tolleferred to Total deferred taxists before valuation allowance 1414331 1.501,030 Valuation allowance 11.144540 1.502.146 Net deferred tawe $11.172) 3516 Snapchat's gross deferred tax assets increased in 2018. By what amount did Snapchat's gross deferred tax assets increase 352.576 thousands Explain how the valuation allowance affected 2018 net income. Snapchat's valuation allowance account increased during the year, which means net income increased Snapchat's valuation allowance account decreased during the year, which means net income increased Snapchat's valuation allowance account increased during the year, which means net income decreased Snapchat's valuation allowance account decreased during the year, which means net income decreased. Use the financial statement effects Template to record income tax expense for fiscal year 2018 along with the changes in both deferred tax assets and liabilities and the valuation allowance Use negative signs with answers, when appropriate Balance Sheet Income Statement Noncash Contributed Earned Net Transaction Cash Asset Assets Liabilities Capital Capital Revenue Expenses Income Record tax expense changes in accounts OX 352.576) 5.883 1352,525) Ow (552578) 392576 x Book Print Question 3 Party.com Mark4.00 of 10.00 PH Analyzing and Interpreting Tax Footnote (Financial Statement Effects Template) Snapchat Inc. reports total tax expense of $2,547 thousands on its income statement for year ended December 31, 2018, and paid cash of 51.958 thousand fortwes and decreased taxes payable by $755 thousand. The tax footnote in the company's 10 filling reports the following deferred tax assets and abilities information The domestic and foreign components of pre-tax loss were as follows: Year Ended December 31(sthousands 2018 Domestic 1968.022) 27,500 Foreign (283.4423 425.1.20 Loss before income taxes $1252364) 534634080 2017 The significant components of niet deferred tax balances were as follows: December 31sthousands) 2017 Deferred tax assets Accrued expenses 510934 521.056 Deferred revenue 2122 Intangible assets 40.730 14491 Stock-based compensation 396.504 2563 Net operating 43110 1100.224 Tax credit carryforwards 134078 25300 Property and equipment 20 Other 2015 32 Total deferred tax assets 511425 51501.30 Deferred ability Type here to search TAM G o . SH Totale deterred to assets before in town 110.371 1503230 Valuston Wande (1.144540026 Nedeledes St.1721 3516 Snapchat's gross deferred tax assets increased in 2018. By what amount did Snapchat's gross deferred tax assets increase? $352,576 thousands) Explain how the valuation allowance affected 2018 net income Osnapchat's valuation allowance account increased during the year, which means net come increased Osnapchat's valuation allowance account decreased during the year, which means net income increased Snapchat's valuation allowance account increased during the year, which means net income decreased Osnapchat's valuation allowance account decreased during the year, which means net income decreased Use the financial statement effects template to record income tax expense for fiscal year 2018 along with the changes in both deferred to assets and abilities and the valuation allowance Use negative signs with answers, when appropriate Balance Sheet income Statement Non cash Contributed Earned Net Cash Asset Transaction Assets Liabilities Capital Revenue COM Esperas OM 56 OV 5.683 Record tapse changes in accounts 0 52.572X 357576 52.576 M
