ABC reported a pretax financial income of P6M for the year 2021. Among the items reported in the 2021 profit or loss are: interest on time deposit, P240,000; proceeds received from life insurance on death of officer, P1.2M Assuming the income tax rate is at 32% for all years and that there are no timing or permanent differences in prior years, what amount should ABC report as deferred tax liability on Dec. 31, 2021? None 76.8k 78.6k 384k 460.8k

Q: A company's income statement reported net income of $88,500 during 2019. The income tax return…

A: INTRODUCTION: A tax rate is the percentage of a person's or corporation's income that is taxed. The…

Q: MWF Company had the following transactions during the quarter ended March 31, 2021: • Loss…

A: Expenses - Expenses are the amount incurred in the financial year to earn revenue. Expenses are as…

Q: Kingbird Corporation had the following tax information. Year   Taxable Income   Tax Rate   Taxes…

A: Statement for computation of the effect of the loss carryback Net Operating Loss Carryback…

Q: KAY Co. reported net income for the current year 2021 at ₱4,180,000 before taxes. Included in the…

A: Deferred tax asset: The deferred tax asset is created when the taxes to be paid as per income tax…

Q: what is the amount of income tax payable for 2022?

A: Income tax payable is the payable or the amount due on the taxable income of the business which has…

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

A: Taxable income  = Pretax financial income - Excess of depreciation as per tax over booksIncome tax…

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: A company had pretax financial income of $612,000 in 2021. During 2021, the following items cause…

A: The following computations are done to show the changes in the taxable income in 2021.

Q: In 2020, ABC Company reported pretax financial income of P5,000,000. Included in the pre-tax…

A: Pretax financial income refers to the income generated by a company or an individual before…

Q: Discord Inc. income tax return shows taxes currently payable for 2020 of $85,000. The company…

A: Deferred tax asset is a non-current asset which shows an advance payment of tax and has a debit…

Q: NINE Company reported a pre-tax financial income of $8,584,950 for the year ended December 31, 2021.…

A: The deferred tax asset decreases the tax liability in future periods because it is a balance sheet…

Q: In 2021, the company accrued wages payable $68,000 and will make the payment in 2022.   Taxable…

A: Adjusted taxable income=Taxable income-Accrued wages=$600,000-$68,000=$532,000

Q: A company reports 2021 pretax accounting income of $10 million, but because of a single temporary…

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A: a) Journal Entries for 2023 and 2024:For 2023, assuming that only 20% of the carry-forward benefit…

Q: J-Matt, Inc., had pretax accounting income of $329,000 and taxable income of $372,000 in 2021. The…

A: Accounting income is the total amount of money that a business has made using defined accounting…

Q: In 2020, R and R Company received an advance payment of Php1,000,000, which was subject to tax but…

A: Deferred tax refers to the difference in the income as per company and as per income tax. These…

Q: CASE IV JKL Company provided the following information to its accountant to determine the tax due…

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Q: Calculate the amount of any temporary differences for 2023. Temporary differences GA 56,000

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A: Preparation of the required journal entry with the given details is provided below:ABCD1Account…

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A: Tax payable: The amount of tax required to be paid by the taxpayer every year is called tax payable.…

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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…

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

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A: Net loss carried forward refers to the practice of applying the current year's losses to offset…

Q: r the year ended December 31, 2019, Nelson Co.’s income statement showed income of $425,000 before…

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Q: Hurricane Ltd reports financial income of $100,000 for 2019. The following items cause taxable…

A: Income tax: Income tax refers to the direct tax levied on individual person or business and…

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

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

Q: Sunland Company reports pretax financial income of $74,100 for 2020. The following items cause…

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A: Solution Given Warranty expense in books of account exceeds the warranty expense as per tax by…

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Q: Sherrod, Inc., reported pretax accounting income of $76 million for 2021. The following information…

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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.