(Solved by Humans)-Zimt AG presents its financial statements in accordance with US GAAP. In 2007, Zimt discloses a...
Question
Zimt AG presents its financial statements in accordance with US GAAP. In 2007, Zimt discloses a valuation allowance of $1,101 against total deferred tax assets of $19,201. In 2006, Zimt disclosed a valuation allowance of $1,325 against total deferred tax assets of $17,325. Th e change in the valuation allowance most likely indicates that Zimt’s: A. deferred tax liabilities were reduced in 2007. B. expectations of future earning power has increased. C. expectations of future earning power has decreased.
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