For the year 2020, Tonkatsu Company reported income tax expense of P110,000. Income tax payable at the end of 2019 was P90,000 and at the end of 2020 was P100,000. The deferred tax liability that resulted from the use of accelerated depreciation for tax purposes and the straight-line method for financial reporting purposes increased from P105,000 at the beginning of 2020 to P130,000 at the end of 2020. How much cash was paid for income taxes during the year? *

For the year 2020, Tonkatsu Company reported income tax expense of P110,000. Income tax payable at the end of 2019 was P90,000 and at the end of 2020 was P100,000. The deferred tax liability that resulted from the use of accelerated depreciation for tax purposes and the straight-line method for financial reporting purposes increased from P105,000 at the beginning of 2020 to P130,000 at the end of 2020. How much cash was paid for income taxes during the year? *

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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