Using the facts of Problem 12, determine the 2016 end of year balance in Mini 's deferred tax asset and deferred tax liability balance sheet accounts Mini, Inc , earns pretax book net income of $750,000 in 2016 Mini deducted $20,000 in bad debt expense for book purposes This expense is not yet dedu...

Using the facts of Problem 12, determine the 2016 end-of-year balance in Mini's deferred tax asset and

Question:

Using the facts of Problem 12, determine the 2016 end-of-year balance in Mini's deferred tax asset and deferred tax liability accounts.
Mini, Inc., earns pretax book net income of $750,000 in 2016. Mini deducted $20,000 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes. Mini records no other temporary or permanent differences. Assuming that the pertinent U.S. tax rate is 35%, compute Mini's total income tax expense, current income tax expense, and deferred income tax expense.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...