Final answer:
DTL, DTA, and valuation allowance are classified as contra accounts on the Balance Sheet.
Step-by-step explanation:
DTL (Deferred Tax Liability), DTA (Deferred Tax Asset), and any Valuation Allowance are classified as contra accounts on the Balance Sheet.
A contra account is a type of account that is used to offset the balance of another account. In this case, DTL, DTA, and Valuation Allowance are used to offset the balance of income tax payable or receivable accounts.
For example, if a company has a DTL of $10,000, it would be recorded as a liability on the Balance Sheet, and it would offset the balance of the income tax payable account.