Homework Help is Here – Start Your Trial Now!
Business
Accounting
iability differ Cournal entry

iability differ Cournal entry

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
and P600,000 was temporary difference to a current asset. At the end of 2019, the accumulated temporary tax liability difference related to future years is P1,100,000. The enacted tax rate is 30% for 2018 and 2019. The journal entry to adjust the deferred tax liability at the end of 2019 should include a A. debit to Deferred tax liability of P150,000 C. debit to Deferred tax asset of P150,000 B. credit to Deferred tax liability of P150,000 D. credit to Deferred tax liability P330,000
Transcribed Image Text:and P600,000 was temporary difference to a current asset. At the end of 2019, the accumulated temporary tax liability difference related to future years is P1,100,000. The enacted tax rate is 30% for 2018 and 2019. The journal entry to adjust the deferred tax liability at the end of 2019 should include a A. debit to Deferred tax liability of P150,000 C. debit to Deferred tax asset of P150,000 B. credit to Deferred tax liability of P150,000 D. credit to Deferred tax liability P330,000
23. Nasaktan Inc. began operating January 1, 2018. At the end of the first year of operations, Nasaktan reported P7,500,000 income before income taxes in the income statement but only P700,000 taxable income on its tax return. Analysis of the P6,800,000 difference revealed that P6,200,000 was a permanent difference
Transcribed Image Text:23. Nasaktan Inc. began operating January 1, 2018. At the end of the first year of operations, Nasaktan reported P7,500,000 income before income taxes in the income statement but only P700,000 taxable income on its tax return. Analysis of the P6,800,000 difference revealed that P6,200,000 was a permanent difference
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS