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?

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: 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: Prey ltd accountant has estimated current tax of 50 000 based on the current profit. The income tax…

A: Lets understand the basics.When taxable temporary difference arise between book profit and taxable…

Q: Feagler Company's current income taxes payable related to its taxable income for 2020 is $460,000.…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: At December 31, 2025, Whispering Inc. had a deferred tax asset of $31,600. At December 31, 2026, the…

A: When there is taxable temporary difference arise between accounting profit and tax profit then…

Q: Tokwa't Baboy Company prepared the following reconciliation of income per books with income per tax…

A: Note:  income tax provision is created on taxable income.   Total provision for income tax =…

Q: At December 31, 2017, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2018, the…

A: The tax expense to be recognized in any year is the sum total of current and deferred tax expense.…

Q: FIFO -Equivalent Production The equivalent production of 22,000 units under the average costing is…

A: Solution: Equivalent production under FIFO = Units completed from beginning WIP * % completed during…

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

A: Deferred tax is calculated on the Temporary differences. Income tax is paid on the taxable income.…

Q: Jenkins Corporation had $675,000 of taxable income for 2018 and $575,000 for 2019. What is the…

A: Tax is the mandatory contribution by the taxpayer to the government. The tax is paid as a percentage…

Q: At 30 June 2019, ABC Ltd had the following deferred tax balances: Deferred tax liability $18,000…

A: Deferred Tax Liability: The amount of tax that a company has paid less than that of the actual tax.…