At December 31, 20X4, MJB Co. had the following deferred income tax items: • • A deferred income tax liability of $15,000 related to a noncurrent asset A deferred income tax asset of $3,000 related to a current liability A deferred income tax liability of $8,000 related to a current asset Which of the following should MJB report in the noncurrent section(s) of its December 31, 20X4 balance sheet? a. DTL of $8,000 in Noncurrent Liabilities, DTA of $3,000 in Noncurrent Assets b. Net DTA of $3,000 in Noncurrent Assets c. Net DTA of $5,000 in Noncurrent Assets d. Net DTL of $20,000 in Noncurrent Liabilities e. Net DTL of $5,000 in Noncurrent Liabilities

Moonligh Bay Resorts will report a Non-current liability of $126 million

Explanation:

The step is to determine the classification of the items in the balance sheet

This is done as follows

Description                                                                           Amount ($)

Total Deferred Tax liability (168 million + 120 million)        288 million

(Deferred tax liabilities related to

both current and non-current assets)

Total Deferred tax asset (102 million + 60 million)              (162 million)

The net deferred tax liability                                               126 million

Since, under the International Financial Reporting Standards Deferred Tax Liability is a Non-current liability, it means Moonligh Bay Resorts will report a Non-current liability of $126 million

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o