What is the amount of total current liabilities? Bell Company provided the following trial balance on December 31, 2019 which had been adjusted except for incometax expense:Cash600,000Accounts receivableInventoryProperty, plant and equipment (net)Accounts payable and accrued liabilities2,800,0002,000,00010,500,0001,800,000Income tax payableDeferred tax liabilityShare capitalShare premiumRetained earnings, January 1Net sales and other revenue1,500,000700,0002,500,0003,000,0003,500,00015,000,000Costs and expenses10,000,0002,100,00028,000,000Income tax expense28,000,000The accounts receivable included P1,000,000 due from a customer and payable in quarterly installments of P125,000.The last payment is due December 30, 2021.During the year, estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30%.On December 31, 2019, what amount should be reported as:8. Total current liabilities?

Bell Company provided the following trial balance on December 31, 2019 which had been adjusted except for income tax expense: Cash 600,000 2,800,000 2,000,000 Accounts receivable Inventory Property, plant and equipment (net) Accounts payable and accrued liabilities Income tax payable Deferred tax liability 10,500,000 1,800,000 1,500,000 700,000 2,500,000 3,000,000 Share capital Share premium Retained earnings, January 1 Net sales and other revenue 3,500,000 15,000,000 Costs and expenses 10,000,000 2,100,000 28,000,000 Income tax expense 28,000,000 The accounts receivable included P1,000,000 due from a customer and payable in quarterly installments of P125,000. The last payment is due December 30, 2021. During the year, estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30%. On December 31, 2019, what amount should be reported as: 8. Total current liabilities?

Bell Company provided the following trial balance on December 31, 2019 which had been adjusted except for income tax expense: Cash 600,000 2,800,000 2,000,000 Accounts receivable Inventory Property, plant and equipment (net) Accounts payable and accrued liabilities Income tax payable Deferred tax liability 10,500,000 1,800,000 1,500,000 700,000 2,500,000 3,000,000 Share capital Share premium Retained earnings, January 1 Net sales and other revenue 3,500,000 15,000,000 Costs and expenses 10,000,000 2,100,000 28,000,000 Income tax expense 28,000,000 The accounts receivable included P1,000,000 due from a customer and payable in quarterly installments of P125,000. The last payment is due December 30, 2021. During the year, estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30%. On December 31, 2019, what amount should be reported as: 8. Total current liabilities?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4BCRQ

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Prior to and during 2019, Shadrach Company reported tax depreciation at an amount higher than the amount of financial depreciation, resulting in a book value of the depreciable assets of 24,500 for financial reporting purposes and of 20,000 for tax purposes at the end of 2019. In addition, Shadrach recognized a 3,500 estimated liability for legal expenses in the financial statements during 2019; it expects to pay this liability (and deduct it for tax purposes) in 2023. The current tax rate is 30%, no change in the tax rate has been enacted, and the company expects to be profitable in future years. What is the amount of the net deferred tax liability at the end of 2019? a. 300 b. 450 c. 1,050 d. 1,350
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
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