Deferred tax assets= $7,731 Million Deferred tax liabilities= $1,142 Million Net
ID: 373246 • Letter: D
Question
Deferred tax assets= $7,731 Million
Deferred tax liabilities= $1,142 Million
Net deferred tax assets= $6,589 Million
2. Net deferred tax assets at fiscal year-end 2016 are due to pension plans= $5197 Million
3. The additional contribution in benefit plans for employees which creates deferred tax assets are increases projected benefit obligation which extent to increase beyond the contribution which further increases the value of deferred tax assets.
5. pension expense for the fiscal year 2016= $902 million
Explanation / Answer
Obtain the Lockheed Martin (LMT) 2016 Annual Report online (amounts in annual report and in questions are in $M)
1.What is the total amount of deferred taxes (assets and/or liabilities) at year end 2016?
2.How much of the net deferred tax assets at fiscal year-end 2016 are due to pension plans?
3.Explain why deferred taxes might result due to benefit plans.
4.Prepare the journal entry to record income tax expense for fiscal year 2016 (present any deferred tax asset and any deferred tax liability as a net amount in the journal entry)
5.How much was pension expense for fiscal year 2016?
6.How much did LMT contribute to its defined benefit plans for fiscal year 2016?
7.Are LMT’s defined benefit pension plans over-funded or under-funded at year-end 2016? Show your reasoning.
8.How much is the asset gain or loss (unexpected asset gain or loss) for 2016?
9.How much is the liability gain or loss (unexpected liability gain or loss) for 2016?
10.How much of the liability gains or losses are amortized into pension expense for 2016?
11.Suppose that after preparation of the 2016 financial statements, it was discovered that the ending inventory for 2016 had been understated by $1,350 Furthermore, the ending inventory for 2015 had been understated by $900. What is the proper amount that should be shown for Retained Earnings for 2016 (assume the income tax rate is equal to the effective tax rate for 2016)?
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