true or false? amoung the three major financial states, tax formation of the firm can be...

true or false?

amoung the three major financial states, tax formation of the firm can be found in the balance sheet?

Expert Solution

False .Tax information can be found in three financial statements.

ie Balance sheet, Income statement , Cash flow statement

Taxes appear in some form in all three of the major financial statements: the balance sheet, the income statement, and the cash flow statement. Deferred income tax liabilities can be included in the long-term liabilities section of the balance sheet. Deferred tax liability is a liability that is due in the future. Specifically, the company has already earned the income, but it will not pay taxes on that income until the end of the tax year. Long-term liabilities are payable in more than 12 months.

The income statement, or profit and loss statement, also lists expenses related to taxes. The statement will determine pre-tax income and subtract any tax payments to determine the net income after taxes. Using this method also allows companies to estimate their income tax liabilities.

The cash flow statement also includes information on tax expenses. It is listed as "taxes payable" and includes both long-term and short-term tax liabilities. When taxes are paid during the cash flow period reflected in the statement, then this change is shown as a decrease in taxes payable.

* I assumes financial state as financial statement *

ekkarill92 answered 1 year ago

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