1. Prepare journal entries to record the income tax and2. Present the income tax expense in the income statementProblem 16-3 (ACP)In 2021, Argentina Company received an advance paymentof P1,000,000, which was subject to tax but not reported inaccounting income until 2022.The income statement and tax return showed the following:20212022Income before tax per income statementIncome before tax per tax returnIncome tax rate6,000,0007,000,0009,000,0008,000,00025%25%Required:1. Prepare journal entries to record the income tax adeferred tax for 2021 and 2022.for 2021 and 2022.

Routine transactions, such as customer billings and supplier invoicing, should not be recorded using…

1. Prepare journal entries to record the income tax and 2. Present the income tax expense in the incone statement The income statement and tax return showed the following: 2021 2022 Income before tax per income statement Income before tax per tax return Income tax rate 6,000,000 7,000,000 9,000,000 8,000,000 25% 25% Required: 1. Prepare journal entries to record the income tax ane deferred tax for 2021 and 2022. for 2021 and 2022.

1. Prepare journal entries to record the income tax and 2. Present the income tax expense in the incone statement The income statement and tax return showed the following: 2021 2022 Income before tax per income statement Income before tax per tax return Income tax rate 6,000,000 7,000,000 9,000,000 8,000,000 25% 25% Required: 1. Prepare journal entries to record the income tax ane deferred tax for 2021 and 2022. for 2021 and 2022.

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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Music Media Ltd. prepares statements quarterly. Port Ai Required: 1. Based on 2019 results, Music's estimated tax liability for 2020 is $303,960. Music will accrue 1/18 of this amount at the end of each month (assume the installments are paid the next day) Prepare the entry on January 31, 2020, to accrue the tax liability and on February 1 to record the payment. View transaction list Journal entry worksheet 1
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a. Compute for Daniel's pre-tax accounting profit for the years 2020, 2021, 2022, and 2023. b. Compute for the belance of deferred tax liability at the end of 2020, 2021, 2022, and 2023. c. Prepare journal entries for current income taxes and deferred income taxes for years 2020, 2021, 2022, and 2023.
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GIVEN: Tax due P1,500 Tax due date April 15,202A Date of filing and payment August 15, 202A COMPUTE: Total tax due and payable including compromise penalty.a. 2,500b. 2,560c. 2,935.16d. 2,950.21