18 Analysis of the assets and liabilities of Beef Brisket Corporation on December 31, 2019disclosed assets with a tax basis of P1,000,000 and a book basis of P1,300,000. There was nodifference in the liability basis. The difference in asset basis arose from temporary differencethat would reverse in the following years:2020P80,000202170,000202272,00040,0002023202438,000The 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? *

Soluiton: Total deferred tax liability at Dec 31, 2019 = Reversible amounts*tax rates

Analysis of the assets and liabilities of Beef Brisket 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 difference in the liability basis. The difference in asset basis arose from temporary differ that would reverse in the following years: 2020 P80,000 2021 70,000 72.000 40,000 38,000 2022 2023 2024 The enacted tax rates are 30% for the years 2019 – 2022 and 32% for the years 2023 – 2

Analysis of the assets and liabilities of Beef Brisket 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 difference in the liability basis. The difference in asset basis arose from temporary differ that would reverse in the following years: 2020 P80,000 2021 70,000 72.000 40,000 38,000 2022 2023 2024 The enacted tax rates are 30% for the years 2019 – 2022 and 32% for the years 2023 – 2

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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