Answered: If plotted on a graph (X-axis: time;…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hi! I find these two difficult. Can you please answer both of them for me? You can add an explanation if you want. Thank you! I would really appreciate it.

If plotted on a graph (X-axis: time; Y-axis: ₱), the depreciation charges under the straight-line method would show

a. a downward line sloping to the left.

b. an upward line sloping to the right.

c. a curvilinear line sloping here and there.

d. a straight-line.

At the end of the period, Entity A has taxable temporary difference of ₱100,000. Entity A’s income tax rate is 30%. Entity A’s statement of financial position would report which of the following?

a. 30,000 income tax expense

b. 30,000 deferred tax liability

c. 30,000 deferred tax asset

d. 30,000 deferred tax expense

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