At December 31, 2020, RR Inc. had a deferred tax asset of P30,000. At December 31, 2019, the deferred tax asset is P59,000. The company’s 2020 current tax expense is P61,000. What amount should RR report as total 2020 tax expense?
At December 31, 2020, RR Inc. had a deferred tax asset of P30,000. At December 31, 2019, the deferred tax asset is P59,000. The company’s 2020 current tax expense is P61,000. What amount should RR report as total 2020 tax expense?
At December 31, 2020, RR Inc. had a deferred tax asset of P30,000. At December 31, 2019, the deferred tax asset is P59,000. The company’s 2020 current tax expense is P61,000. What amount should RR report as total 2020 tax expense?
At December 31, 2020, RR Inc. had a deferred tax asset of P30,000. At December 31, 2019, the deferred tax asset is P59,000. The company’s 2020 current tax expense is P61,000. What amount should RR report as total 2020 tax expense?
Definition Definition Estimated future tax made while preparing accounts. Deferred tax is estimated based on past and present transactions from financial statements. It is not the actual tax that needs to be paid or is refundable from the revenue authority; it is an accounting entry. It is necessary to account for deferred tax due to difference between accounting profits and taxable profits.
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