S Corp. received cash of P200,000 that was included in revenues in its 2002 financial statements, of which P120,000 will not be taxable until 2003. S’s enacted tax rate for 2002 and 2003 is 32%. What amount should S report in its balance sheet as deferred income tax liability?
S Corp. received cash of P200,000 that was included in revenues in its 2002 financial statements, of which P120,000 will not be taxable until 2003. S’s enacted tax rate for 2002 and 2003 is 32%. What amount should S report in its balance sheet as deferred income tax liability?
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 16DQ
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S Corp. received cash of P200,000 that was included in revenues in its 2002 financial statements, of which P120,000 will not be taxable until 2003. S’s enacted tax rate for 2002 and 2003 is 32%. What amount should S report in its balance sheet as
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