The books of Chicharon Bulaklak Company for the year ended December 31, 2020 showed pretax income of P720,000. In computing the taxable income for income tax purposes, the following temporary differences were taken into account. Depreciation deducted for tax purposes in excess of depreciation recorded in the books- P32,000 Income from installment sales reportable for tax purposes in excess of income recognized in the books- P24,000 What amount should Chicharon Bulaklak Company record as current income tax liability at December 31, 2020 assuming a corporate income tax rate of 30%.

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

A: Tax liability = Taxable income x tax rate = $84,000 x 30% = $25,200

Q: or the year ended Dec. 31, 201X, CACA Co. reported pre-tax financial income of 9,500,000. Its…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: For the year ended December 31, 2021, Irene Company reported pretax accounting income of P6,000,000.…

A: Total income tax expense for the current year = Pretax accounting income x tax rate

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

A: a. Determine the taxable income and income tax payable for the year to 30 June 2020.

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

A:

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

A: Step 1 For the computation of net income after tax in accounting purpose, there is no consideration…

Q: pretax accounting income

A: Pretax accounting income = Taxable income + Accumulated depreciation for tax purpose - Accumulated…

Q: Scarlet Company had pretax accounting income of P2,400,000 during 2020. Scarlet Company’s temporary…

A: Solution Given Pre tax accounting income of 2020 2,400,000 Sales made in 2019 recorded in…

Q: ABC Company reported in its 2019 current tax expense at P 5,530,000. The following changes in ABC…

A: The Total Incone tax expense will be P5,650,000.

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

A:

Q: The following taxable income data is available for ACME Incorporated: Year Taxable Income Tax Rate…

A: Income statement- The Income Statement is one of a company’s heart fiscal statements that…

Q: a) Determine the taxable income and income tax payable for the year to 30 June 2020.  b) Determine…

A: Income: Income includes all the income that belong to the taxpayer, both taxable and non-taxable.…

Q: BC Corporation computed a pretax financial income of $6,000,000 for the year ended December 31,…

A: solution  given The tax rate for year 2019 = 32% we need to use the current tax rate for determining…

Q: For the year ended December 31, 20x1, Tyre Co. reported pretax financial statement income of…

A: Formula: Current tax expense for 20x1 = Taxable income x tax rate

Q: Cris Company reported the following results for the year ended December 31, 2020, its first year of…

A: If Taxable income  is greater than  income  as per books of accounts then it will result  in…

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

A: The following computations are done in the records of the Landmark Company.

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

A:

Q: Sunland Corporation began operations in 2020 and reported pretax financial income of $212,000 for…

A: Solution: Introduction: Deferred tax is an item on the balance sheet of the entity, for excess…

Q: Determine the taxable income and income tax payable for the year to 30 June 2020. (2.5 Marks)…

A:

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: Determine the taxable income and income tax payable for the year to 30 June 2020? Prepare the…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

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: 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: ZMAN Company reported a taxable income of $400,000 for 2019. The cumulative taxable temporary…

A: The temporary difference is the difference between the taxable income and pretax income of a…

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: Buffalo Wings Company reports taxable income of P1,658,000 on its income tax return for the year…

A: Solution: Financial income subject to tax = taxable income - Excess book depreciation - Accrual of…

Q: The ABC Company has determined that its taxable income for the year 2021 is P3,000,000.   The…

A: Net deferred tax assets on 12/31/2021 = (Taxable temporary differences - Deductible temporary…

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

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: At December 31, 2019, Sunland Company had a net deferred tax liability of $361,200. An explanation…

A: Deferred tax assets are the assets which would lead to reduction in tax liability in future years.…

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

A:

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

A: Deferred Tax Liabilities are the additional tax payable when the tax as per authorities is higher…

Q: Buffalo Wings Company reports taxable income of P1,658,000 on its income tax return for the year…

A: taxable income of P1,658,000

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

A:

Q: In 2020, Sunland Corporation had pretax financial income of $185,000 and taxable income of $117,000.…

A: Financial Income is immaterial. TaxableIncome                  $117,000 Effective Taxrate…

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

A: a) Tax entries for 30th June 2020 are as follows: Date Particulars Debit Credit 30-06-2020…

Q: What are the balances of the deferred tax liability and deferred tax asset at 30 June 2020?

A: Calculate the balances of the deferred tax liability and deferred tax asset at 30 June 2020.…

Q: Ayayai Corporation began operations in 2020 and reported pretax financial income of $230,000 for the…

A: Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes…

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

A:

Q: Sandhill Corporation began operations in 2020 and reported pretax financial income of $226,000 for…

A: Answer :- Journal entry to record the income tax expense, deferred income taxes, and income taxes…

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

A: Deferred tax can be a notional asset or liability to think about corporate pay tax assessment a…

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

A:

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

A: Deferred tax can be a notional asset or liability to think about corporate pay tax assessment 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.