For the year ended December 31, 2021, White Company reported pretax financial income of P5,000,000, while It’s taxable income amounts to P4,928,000. For the year 2021, the company’s book depreciation was P 268,000, while for tax purposes, the depreciation taken was P340,000. This temporary difference will reverse over the years 2022 through 2024 as follows: 2022-P28,000; 2023-P 25,000; 2024- P19,000. The enacted tax rates are as follows: 2021: 30% 2022: 32% 2023: 34% 2024: 36% How much deferred tax asset/deferred tax liability was reported by White Company on December 31, 2021?

Q: An engineer borrowed a sum of money under the following terms: P650 000.00 paid in 90 days, or P600…

A: Sol: 51% is the equivalent annual rate of simple interest  Let I= interest, r = interest rate, t=…

Q: The inventory records of Yellow Corporation show the following purchases during its first quarter of…

A: First in First out method of inventory is a method where first purchases will be sold first ,…

Q: you need $8,000 four years from now for a down payment on your future house. How much money must you…

A: The formula for compound interest: Final amount (A)=Initial principal balance (P)×1+ratetime

Q: how does it became an over applied OH? how will you know that it is under or over applied OH?

A: Lets understand the basics. When applied overhead is more than actual overhead then it is known as…

Q: Sierra Mountain Mining paid $607,000 for the right to extract mineral assets from a 350,000-ton…

A: Cost related to the assets purchased , which has been incurred before the asset put in use will be…

Q: Questions 2 and 3 are based on the following: Several years ago, Roel and Jek formed RJ Partnership.…

A:

Q: Discuss how an organisation can effectively manage their cash flow during a project

A: Answer:-  Cash flow meaning:- The net amount of cash and cash equivalents coming into and going out…

Q: On November 1, the company rented space to another tenant for $2,627 per month. The tenant paid five…

A: Total 5 months rent is paid in advance. Rent paid in advance relating to the year = 2 months…

Q: A plant engineer wishes to know which of two types of lightbulbs should be used to light a…

A: Given that,       Duration of old bulb = 14,500 hours       usage per day = 20 hours      MARR (i) =…

Q: Fair Inc. has operating income for the year of $50,000, 000, and 25% flat tax rate. Its total…

A: Lets understand the basics. As the name suggest EVA denotes to economic value added. It is a profit…

Q: The balance of stockholders equity at the beginning of the year and the end of the year was $70,000…

A: In the given question, we need to compute the net income or loss for the year using the following…

Q: 10. A, B, and C are partners and share profits and losses as follows: Salaries of P40,000 to A:…

A: As per the given information: Net income before salaries and bonus - P140,000Salaries - P40,000 to…

Q: Based on the following data, what is the amount of quick assets? Accounts payable $30,200…

A: Quick Assets - Quick Assets are the assets which can be converted into cash very quickly. Those…

Q: A) Can the government tax its own agencies or instrumentalities? Explain. PHILIPPINE GOVERNMENT

A: Since there is no constitutional prohibition against the government taxing itself, it may tax…

Q: The following questions relate to the apparent divergence in view between the standard setters and…

A: Historical cost takes into account the item's original price at the time and place of purchase. In…

Q: BSF Co., which produces and sells skiing equipment, is financed as follows: Bonds payable, 10%…

A: Earning per share is the amount of earning which is earned by per share of common stock. It is…

Q: Break-even sales and sales to realize operating income For the current year ended March 31,…

A: The variable cost per unit must be deducted from the selling price per unit in order to calculate…

Q: JaJa m Manufacturing incurs annual fixed costs of P250,000 in producing and selling a single…

A: The break even sales are the sales where business earns no profit no loss during the period.

Q: What is the interest rate used to accumulate an amount of P10,000 (principal and interest earned)…

A: Interest is the amount charged or received on amount borrowed or invested for the particular period…

Q: Suppose this information is available for PepsiCo, Inc. for 2025, 2024, and 2023. (in millions)…

A: Days in Inventory - Days in Inventory ratios show the time required to sell the inventory lying in…

Q: The cost of goods sold and total operating expenses of a merchandising company are both understated…

A: The income statement shows the net income or net loss that is calculated by deducting the expenses…

Q: What are the proceeds of a $125,000 loan at the end of 4 years if the simple discount rate is 9%?

A: Time value of money :— According to this concept, value of present money is greater than the value…

Q: 2.     The Coldmarket government is considering several excise taxes on wool. They need to generate…

A: Consumer Buying Decision Process - The consumer buying choice process often referred to as the buyer…

Q: Witter House is a calendar-year firm with 470 million common shares outstanding throughout 2021 and…

A: Given: - Net income: - For 2021=$320                        For 2022=$330 Number of outstanding…

Q: Qualified accountants have superior knowledge of tax and financial reporting What sort of power do…

A:

Q: The following transactions of Jaya Mart occurred during the month of September 2021: Transactions…

A: a) Date Account Debit (RM) Credit (RM) 2021-09-01 Cash 10,000…

Q: The Cash Receipts Journal of the Denver Nuggets Company shows the following accounts and account…

A: Cash receipt journal: Cash receipt journal are used to record all the transaction which involves…

Q: Robertson and Lloyd are partners. Their capital accounts during 2020 were as follows: Robertson…

A: Partnership comes into existence when two or more persons agree to do the business together and…

Q: Since overhead costs are indirect costs, Group of answer choices they require some process of…

A: Overhead costs refer to those costs which are not directly attributed to the creation of a product…

Q: North Coast Petroleum holds huge reserves of oil assets. Assume that at the end of 2024, North Coast…

A: DEPLETION  This Method is Specially Suited to mines, Oil wells, Quarries, Sandpits and Similar…

Q: Problem 4 The Blue Ridge Café's budget for next year indicates the following: $765,000 Revenues…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: You are given the following information about a corporation. • The project will require an initial…

A: According to the given question, we are required to compute the free cash flow for the years 2019,…

Q: On 1/1/22 Big Co acquired 100% of Little Co voting stock for $500,000. On that date Little's book…

A: Lets understand the basics. When investment in other entity made then either goodwill or capital…

Q: Brown Corporation owns an office building and leases the offices under a one-year rental agreement.…

A: The idea behind accrual basis accounting is to document income as it is generated and outlays as…

Q: How do you think accounting standards should be set? Is that the approach currently taken by the…

A: Solution The most feasible way may be to be aware of both the politics of the environment and the…

Q: Requirements 1. and 2. Calculate and enter the adjustment amounts directly in the Adjustments…

A: A trial balance is a statement that contains ledger balances. The sum of debit and credit of the…

Q: What are the adjusting entry in this problem?

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: You have heard the saying CASH "not profit" is KING". However in this course, you will read that the…

A: Simply said, the phrase "cash is king, not profit" indicates that cash reigns supreme. The adage…

Q: Sunland Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per unit.…

A: The question is based on the concept of Cost Accounting. Weighted average cost is calculated by…

Q: 3. On July 1, 2020, the partnership recorded a P100,000 additional capital contribution by Jek. Roel…

A: Distribution of Share to Partners A distribution is a transfer of money or other assets from a…

Q: What is the Goods amount finished in January? Including goods in process January 1st 63,500 units.…

A: Finished goods are the products which has been completed during the year. This includes opening work…

Q: Capital balances in the WXY partnership are W. Capital P 60,000; X Capital P 50,000 and Y. Capital…

A: A partnership is an agreement between two or more partners where partners are agreed to work…

Q: Assume the following information:   Milling Department Units Percent Complete Materials Conversion…

A: Weighted average method is one of the method used in area of process cost accounting. Under this…

Q: 9. On January 1, 2016, AB and QR agreed to form a partnership. The following are their assets and…

A: Computation of AB's net total investment:

Q: Questions 4 and 5 are based on the following: For several years, Peejay and Joshua have been…

A: According to the given question, we are required to compute the required figures. Partnership: The…

Q: On July 1, 2021, X, Y and Z formed a partnership with X as an industrial partner Y and Z contributed…

A: Distribution of Profit & Loss Between the Partners in Partnership Firm  in Partnership Firm…

Q: During 2020, Bramble Furniture Limited purchased a railway carload of wicker chairs. The…

A:

Q: How can a system ensure that those who benefit most from an accounting standard requiring certain…

A: Free-riders are those who utilise information once it is openly accessible.Information can be sold…

Q: Daniel deposits $2,000 per year at the end of the year for the next 15 years into an IRA account…

A: Each Year Deposited Amount (PMT) = $2,000 Number of Period (n) = 15 years Interest rate per period…

Q: After reading an article about activity-based costing in a trade journal for the furniture industry,…

A: The overhead is applied to the production on the basis of the predetermined overhead rate.  The…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.