* [DELTA][DLP.sub.it] =
noncurrent liability of the firm i in time t + 1 less
noncurrent liability of the firm i in time t.
A business entity that presents a classified statement of financial position shall classify the liability for an underfunded plan as a current liability, a
noncurrent liability, or a combination of both.
The $13,600 tax liability attributable to the partnership loss is reported as a
noncurrent liability. Since there is no book-tax difference, the credit cannot be applied to the deferred tax liability account so it is applied to a noncurrent taxes payable account for an uncertain tax position.
In the retail field, as indicated, there was a lack of agreement whether the deferred tax credit should be shown as a current or
noncurrent liability when the installment sales receivable was shown as a current asset.
Ten percent--or $15,000 plus interest--is listed as a current liability on each year's balance sheet, leaving the remainder as a future or
noncurrent liability. Some current liabilities include payroll taxes, accrued expenses, deferred income and accounts payable.
* A current or
noncurrent liability, based on the timing of the related cash flows;
A business entity that presents a classified statement of financial position must classify the liability for an underfunded plan as a current liability, a
noncurrent liability, or a combination of both.