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FINANCIAL ACCOUNTING
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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6. Scott Corp. received cash of P20,000 that was included in revenues in its 20x4 financial statements , of which P12,000 ill not be taxable until 20x5. Scott's enacted tax rate is 30% for 20x4, and 25% for 20x5. What amount should Scott report in its 20x4 balance sheet for deferred income tax liability?
Transcribed Image Text:6. Scott Corp. received cash of P20,000 that was included in revenues in its 20x4 financial statements , of which P12,000 ill not be taxable until 20x5. Scott's enacted tax rate is 30% for 20x4, and 25% for 20x5. What amount should Scott report in its 20x4 balance sheet for deferred income tax liability?
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