Giada Foods reported $940 million in income before income taxes for 2009, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $100 million. The company also had non-tax-deductible expenses of $80 million relating to non-temporary differences. The income tax rate for 2009 was 35%, but the enacted rate for years after 2009 is 40%. The balance in the deferred tax liability in the December 31, 2009, balance sheet is:

40 million

Explanation:

Calculation for The balance in the deferred tax liability in the December 31, 2009 balance sheet

Using this formula

Deferred tax liability=Exceeded Tax depreciation*Enacted tax rate

Let plug in the formula

Deferred tax liability=$100 million x 40%

Deferred tax liability= $40 million

Therefore The balance in the deferred tax liability in the December 31, 2009 balance sheet is:$40 million

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