In 2020, Sunland Corporation had pretax financial income of $185,000 and taxable income of $117,000. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 20%. Compute the amount to be reported as income taxes payable at December 31, 2020. Income taxes payable at December 31, 2020   $enter the amount to be reported as income taxes payable at December 31, 2017

Q: Sunland, Inc. had pre-tax accounting income of $3300000 and a tax rate of 20% in 2021, its first…

A: Income tax: It is the tax levied by the federal government on the income earned by individuals,…

Q: Lee Company's current income taxes payable related to its taxable income for 2020 is $320,000. In…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: Cullumber, Inc. had pre-tax accounting income of $3900000 and a tax rate of 20% in 2021, its first…

A: Pre-tax Accounting Income 3,900,000   Add: Received rent from Jane, Co. for 2022 to be taxed in…

Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…

A: Income tax Payable: It refers to the amount which is required to be paid by an entity on the taxable…

Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…

A: Bad debts also called Uncollectible accounts expense is monetary expense which is due on creditor of…

Q: For the year ended December 31, 2020, Theodore Corporation reported a pretax financial income of…

A: Temporary difference =Rental received in advance = P8,000,000 - P6,000,000 = P2,000,000

Q: The book basis of depreciable assets for Erwin Co. is $900,000, and the tax basis is $700,000 at the…

A: Deferred tax liability: The deferred tax liability is the excess, over received, or received in…

Q: For the year 2020, Sistar Company reported income tax expense of P110,000. Income tax payable at the…

A: Income tax liability for 2020 = income tax expense - ending deferred tax liability + beginning…

Q: On December 31, 2020, La Puendia Company reported the following: Income before tax for accounting…

A: Deferred tax: When accounting income is different from income under tax laws, it is called as…

Q: On its December 31, 2020 balance sheet, U Company had income tax payable of P520,000 and a current…

A: Deferred tax liability = Beganning deferred tax asset - Ending deferred tax asset balance = P800,000…

Q: Shamrock Corporation reported the following income for each of the years indicated. For each year,…

A: What is meant by journal entries? It is the first step to record the financial transactions in the…

Q: Larkspur Corporation began operations in 2020 and reported pretax financial income of $206,000 for…

A: Depreciation expense is a kind of operating expense that is reported at the end of the periodic…

Q: EL Co. reported net income for the current year 2021 at P560,000 before provision of income tax…

A: Particulars Amount Accounting income per book  P560000 Permanent differences :…

Q: Integrity Company computed a pre-tax financial income of P2,200,000 for its first year of operations…

A: According to the given question, we are required to compute the total income tax expense in 2021.…

Q: Feagler Company's current income taxes payable related to its taxable income for 2020 is $460,000.…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: Bonita Company reports pretax financial income of $76,500 for 2020. The following items cause…

A: Taxable income: It is the income calculated as per the tax laws and on which the applicable tax…

Q: In 2020, Amirante Corporation had pretax financial income of $168,000 and taxable ­income of…

A:

Q: During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss…

A: Journal Entry: A journal entry refers to the logging of a operations into accounting items of…

Q: KreamyKeyk Company, in its first year of operations, has the following difference between the…

A: 1. Deferred tax liability to be reported in KreamyKeyk's statement of financial position at December…

Q: EL Co. reported net income for the current year 2021 at ₱560,000 before provision of income tax…

A: Particulars Amount Accounting income per book  P560000 Permanent differences :…

Q: Splish Company reports pretax financial income of $65,800 for 2020. The following items cause…

A: Taxable income for a corporation, we have to begin with the financial income as determined under…

Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting…

A:

Q: Bonita Inc. reports the following pretax income (loss) for both book and tax purposes. Pretax Year…

A: The income tax is an expense for business entity which is charged on the generated income for each…

Q: EL Co. reported net income for the current year 2021 at P560,000 before provision of income tax…

A: Particulars Amount Accounting income per book  P560000 Permanent differences :…

Q: At December 31, 2017, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2018, the…

A: The tax expense to be recognized in any year is the sum total of current and deferred tax expense.…

Q: Regine Company computed a pre-tax financial income of P6,000,000 for the year ended December 31,…

A: Income subject to tax =  pre-tax financial income -  Nontaxable revenue + Nondeductible expense =…

Q: At December 31, 2020, Novak Company had a net deferred tax liability of $445,000. An explanation of…

A: Temporary Differences      (Asset) Liability Classification Depreciation    188000 Non Current…

Q: henron, Inc. had pre-tax accounting income of P1,350,000 and a tax rate of 40% in 2020, its first…

A: PARTICULARS    AMOUNT IN (P) Pre-Tax Accounting income           P1,350,000…

Q: Bramble Corp. follows IFRS and began operations in 2020 and reported accounting income of $274,000…

A: Deferred tax Deferred tax which are described as the tax difference between the current tax and any…

Q: For calendar 2020, Marvel Corporation, Inc., reported depreciation expense of $900,000 on its income…

A: Deferred tax liability is a tax obligation that accumulated in one year but is due to be adjusted in…

Q: What is the amount of taxable temporary difference? 2. What is the amount of total deductible…

A: hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: At 30 June 2019, ABC Ltd had the following deferred tax balances: Deferred tax liability $18,000…

A: Deferred Tax Liability: The amount of tax that a company has paid less than that of the actual tax.…

Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting…

A: Following are the answers to given questions

Q: KAY Co. reported net income for the current year 2021 at P4,180,000 before taxes. Included in the…

A:

Q: s pretax financial income of $68,400 for 2020. The following items cause taxable income to be…

A: The answers have been mentioned below.

Q: Teal Company reports pretax financial income of $72,600 for 2020. The following items cause taxable…

A: Taxable income = Pretax financial income + Excess rent collected + Fine paid for pollution

Q: In 2017, Amirante Corporation had pretax financial income of $168,000 and taxable income of…

A: Tax:   A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization…

Q: Sherrod, Inc., reported pretax accounting income of $70 million for 2021. The following information…

A: A deferred tax liability is a tax that is assessed or is due for the current period but has not yet…

Q: Teal Corporation began operations in 2020 and reported pretax financial income of $224,000 for the…

A: Deferred Tax Liability=Excess of tax depreciation over book depreciation×Tax rate

Q: The books of Chicago Company for the year ended December 31, 2020 showed pretax income of P720,000.…

A: Current tax liability shall be measured at the amount expected to be paid to the taxation…

Q: osh Company reports pretax financial income of P700,000 for 2020. The following caused taxable…

A: Solution: Taxable income for 2020 = Pretax income - Depreciation on the tax return is greater than…

Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…

A: Answer 1 (a): Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: For the year 2020, Tonkatsu Company reported income tax expense of P110,000. Income tax payable at…

A: Income tax liability for 2020 = income tax expense - ending deferred tax liability + beginning…

Q: What amount shall be reported as current tax liability?

A: An entity makes tax payments after availing all the deduction or benefits provided by the act and…

Q: EL Co. reported net income for the current year 2021 at P560,000 before provision of income tax…

A: Particulars Amount Accounting income per book  P560000 Permanent differences :…

Q: The book basis of depreciable assets for Erwin Co. is$900,000, and the tax basis is $700,000 at the…

A:

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.