Analysis of the assets and liabilities of Someday Corporation on December 31, 2019 disclosed assets with a tax basis of P1,000,000 and a book basis of P1,300,000. There was no difference in the liability basis. The difference in asset basis arose from temporary difference that would reverse in the following years: 2020 - P80,000 2021 - 70,000 2022 - 72,000 2023 - 40,000 2024 - 38,000 1. The enacted tax rates are 30% for the years 2019 – 2022 and 32% for the years 2023 – 2024. What is the total deferred tax liability at December 31, 2019?

Q: Lax Company at the end of 2019, its first year of operations, prepared a reconciliation between…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: res

A: Cost of Property plant and Equipment 4000000 Estimated useful life 8 Years Estimated Residual…

Q: ABC Company reported pretax financial income of P 6,500,000 and P 8,200,000 for years 2019 and 2020,…

A: Deferred tax laibility is the amount of tax a company owes to the…

Q: ass corporation as defined) with a 31 March 2022 year of assessment. Calculate the tax inv(loss) for…

A: Capital Gains/ Losses: When a company or individual sold or disposed off the capital assets more or…

Q: Pole Co. at the end of 2019, its first year of operations, prepared a reconciliation between pretax…

A: The deferred tax asset is the over-payment or payment of taxes in advance. It is created when a…

Q: Cullumber Corp. has a deferred tax asset account with a balance of $70,400 at the end of 2019 due to…

A: Increase in Deferred Tax asset = Deferred Tax asset 2020 - Deferred Tax asset 2019 = ($405,000*20%)…

Q: ABC Company reported pretax financial income of P 6,500,000 and P 8,200,000 for years 2019 and 2020,…

A:

Q: A reconciliation of Kent Corp.'s 2021 pretax accounting income and taxable income is below: Pretax…

A: The tax payable are computed on the  taxable income. However, income tax expenses are computed…

Q: Dario Corp. is a publicly accountable entity with a December 31 year end. The deferred income tax…

A: Deferred tax expense occurs when there is temporary difference.   Calculation of temporary…

Q: ABC Company reported pretax financial income of P 6,500,000 and P 8,200,000 for years 2019 and 2020,…

A: The extra amount paid as taxes i.e. advance payment for next year or over payment of the amount due…

Q: The following information is taken from Brilliant Company’s 2020 financial records: Pretax…

A: Solution: Deferred tax asset = Excess accrued warranty * tax rate of 2021  = 24500*32%  = 7,840

Q: An entity reported taxable income of P 8,000,000 during 2019. Its first year of operations. The…

A: Deferred Tax The purpose of creating deferred tax which is any kind of excess amount which are…

Q: Sweet and Sour Company had pretax accounting income of P2,400,000 during 2020. Sweet and Sour…

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

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: (b) Assuming that it is more likely than not that $13,600 of the deferred tax asset will not be…

A: Deferred Tax Asset is an item which is shown in the balance sheet that reduces the company future…

Q: The books of Chicharon Bulaklak Company for the year ended December 31, 2020 showed pretax income of…

A: Taxable income = pretax income - excess of depreciation + excess of income  = 720000-32000+24000 =…

Q: The following information is available for Pearl Corporation for 2019 (its first year of…

A: There can be difference in accounting income and taxable income of business due to different…

Q: (a) Prepare a table of future taxable and deductible amounts. (b) Prepare the journal entry to…

A:

Q: Compute taxable income for 2019. Taxable income   $enter Taxable income in dollars     (b)…

A: Deferred tax asset is the tax asset which the company has paid in advance to the government during…

Q: Grouper Corp. has a deferred tax asset account with a balance of $71,600 at the end of 2019 due to a…

A: Solution:-a The following journal entry required for record income tax payable, income tax expense…

Q: ABC Company reported pretax financial income of P 6,500,000 and P 8,200,000 for years 2019 and 2020,…

A: A deferred tax liability or asset represents the increase or decrease in taxes payable or refundable…

Q: The following information has been obtained for Tamarisk Corporation. 1.   Prior to 2020, taxable…

A: The bottom income statement starts with income before tax and it is adjusted by some additional…

Q: At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $125 million…

A: The answer is as fallows

Q: Sure Ako Corporation reported pretax income of P4,500,000 for the year ended December 31, 2022. The…

A: Taxable income can be computed as per the following Pretax Income…

Q: The following information is available for Blue Corporation for 2019 (its first year of operations).…

A: Compute taxable income for 2019 as shown below:

Q: The following information has been obtained for Sheridan Corporation. 1. Prior to 2020, taxable…

A: Introduction:- Individuals or enterprises (taxpayers) pay an income tax depending on their earnings…

Q: Ayres Services acquired an asset for $116 million in 2018. The asset is depreciated for financial…

A: Ayres Services is using MACRS for tax purposes and straight-line depreciation for the asset. As the…

Q: CC corporation (a calendar-year  C corporation) has a net operating loss (NOL) carryover to 2021 in…

A: calculation of taxable income and tax rate are as follows.

Q: Pole Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax…

A:

Q: At December 31, 2018 PT ABC reported a deferred tax liability of Rp90.000 which was attributable to…

A: please like the answer your resp[onse matters   Income tax expense = Rp300,000 * (0.4-0.3) =Rp30,000

Q: Bridgeport Inc. incurred a net operating loss of $578,700 in 2020. Combined income for 2017, 2018,…

A: A journal entry is the first step in the accounting cycle. A journal details all financial…

Q: Oriole Co. at the end of 2020, its first year of operations, prepared a reconciliation between…

A: Deferred tax asset can be defined as a balance sheet item which shows the tax expenses that are…

Q: Sheridan Co. at the end of 2020, its first year of operations, prepared a reconciliation between…

A: Income taxes payable = taxable income * tax rate

Q: An entity was organized on January 1, 2021. The entity had pretax accounting income of P5,000,000…

A: >Most of the time, there exist a difference between Pretax financial income and taxable income as…

Q: ABC Company reported pretax financial income of P 6,500,000 and P 8,200,000 for years 2019 and 2020,…

A: In Straight Line Method of depreciation the depreciation is calculated by…

Q: Analysis of the assets and liabilities of Beef Brisket Corporation on December 31, 2019 disclosed…

A: Deferred tax liability = temporary difference X enacted tax rates

Q: 1. Prepare the journal entry(s) to record Payne’s income taxes for 2021, assuming it is more likely…

A: Given information is: At the end of 2020, Payne Industries had a deferred tax asset account with a…

Q: Lax Company at the end of 2019, its first year of operations, prepared a reconciliation between…

A: Income Tax is a form of indirect tax. It is the tax payable on the amount of income earned during a…

Q: Determine the tax base of the depreciable property as of the end of the year 2021.

A: Tax is the amount which is charged on the taxable income of the taxpayer. There are deductions like…

Q: The following information has been obtained for Sheridan Corporation. 1. Prior to 2020, taxable…

A: Solution Income statement is a financial statement thats shows you the company's income and…

Q: Teal Corp. has a deferred tax asset account with a balance of $73,600 at the end of 2019 due to a…

A:

Q: The Jets company recorded a deffered tax liability in the amount of $18,750 on December 2020 due to…

A: The deferred tax liability of $18,750 has been computed by multiplying the difference of the book…

Q: December 31, 2021, ABC has earned financial income before tax of P3,240,850. The tax rate applicable…

A: Depreciation under financial accounting as per straight line method =(cost of the asset - salvage…

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: The following information is taken from Brilliant Company’s 2020 financial records: Pretax…

A: Deferred tax assets (P24500 * 32%) = P7,840

Q: On December 31, 2019, an entity reported a deferred tax liability of P600,000 and a deferred tax…

A: Increase in deferred tax liability = Ending deferred tax liability - Beginning deferred tax…

Q: Sweet and Sour Company had pretax accounting income of P2,400,000 during 2020. Sweet and Sour…

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

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.