Mavic Enterprises Post-Closing Trial Balance Dec. 31, 20X1 (in Philippine Peso) TITLE Dr Cr Petty Cash Fund Cash in Bank Accounts Receivable Allowance for Bad Debts Unused Supplies Prepaid Insurance Rental Deposit Office Equipment Accumulated Depreciation • Office Equipment Laboratory Equipment Accumulated Depreciation · Laboratory Equipment Expenses Payable Accounts Payable Loans Payable Withholding Taxes Payable SSS/EC Premiums Payable HDMF Premiums Payable Philhealth Premiums Payable Mavic Perez, Capital Mavic Perez, Drawings TOTALS P 5,000 146,400 175,000 P 12,000 135,000 2,000 150,000 70,000 4,500 400,000 5,000 2,000 65,000 100,000 14,500 4,900 2,000 3,500 1,120,000 P 250,000 P 1,333,400 P 1,333,400 Required: Statement of Financial Position (a) Report Form (b) Account Form E:countancy, Business, and Management: Basic Accounting 2

Q: Explain how a change in tax rates affects the measurement of deferred tax amounts.

A: Deferred Tax Asset Items on a company's balance sheet that may be used to reduce taxable income in…

Q: What is meant by a tax shelter?

A: Tax shelter is a provision for tax payer to deduct the taxable income. This provision gives certain…

Q: 1. What is Capital Gains Tax? 2. What is Documentary Stamp Tax ?

A: The answer is provided below:

Q: How are deferred tax assets and deferred tax liabilities reported in a classified balance sheet?

A:

Q: Explain why someone might owe a tax balance

A: The objective of this question is to understand the reasons why an individual might owe a tax…

Q: What is the logic behind allowing tax loss carrybacks/carryforwards?

A: Logic behind allowing tax loss carrybacks and carryforwards: A tax loss carryback permits a company…

Q: deferred tax assets and deferred tax liabilities

A: The deferred tax assets and deferred tax liabilities arise due to the tax effect of timing…

Q: What is the difference between tax reliefs and tax credits?

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: What is an unrecognized tax benefit and how does it affect a company's current income tax expense?

A: The Meaning of Income Tax: FASB defines income tax as a tax on earnings. It is measured in terms of…

Q: How are deferred tax assets and deferred tax liabilitiesreported on the balance sheet?

A:

Q: In computing the deferred tax asset or liability, w. tax rate is used? a. Current tax rate b.…

A: Deferred  tax asset or liability  arises  due to temporary differences

Q: What is a deferred tax asset and how is the value created?

A: Deferred tax asset: When Income Tax Expense account is more than the Income Tax Payable account,…

Q: What is the sales tax? Is it an expense or a liability?

A: Sales tax is the tax on sales which is levied by the government. However, sales tax is an indirect…

Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…

A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…

Q: What Accounting periods and accounting methods available to individuals for tax purposes?

A: Internal Revenue Service (IRS) advises that each taxpayer (individual) must figure taxable income on…

Q: Explain the difference between tax reliefs and tax credits

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: How are deferred tax assets and deferred tax liabilities reported on the statement of financial…

A: Deferred tax accounts has to be reported on the balance sheet of a business. It must be classified…

Q: What is the difference between a progressive tax, a proportional tax, and a regressive tax?

A: Tax is an important concept in the area of finance. The United states has three types of taxes…

Q: What are the distinctions between deferred tax assets and deferred tax liabilities?

A:

Q: What are the benefits or advantages of filing a consolidated income tax return?

A: The consolidated tax return represents the single tax return of the affiliated group of companies.…

Q: how to calculate someones adjusted basis in tax

A: Adjusted basis refers to the amount of gain or loss earned on selling the property. It includes the…

Q: What is a deferred tax asset?

A: Deferred tax asset: When the Income Tax Expense account is more than the Income Tax Payable account,…

Q: Define Deferred tax liability.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…