6. Scott Corp. received cash of P20,000 that was included inrevenues in its 20x4 financial statements, of which P12,000 willnot be taxable until 20x5. Scott's enacted tax rate is 30% fo20x4, and 25% for 20x5. What amount should Scott report inits 20x4 balance sheet for deferred income tax liability?d. 3,600b. 2,400с. 3,000a. 2,000(AICPA)

Answer: Given Revenue reported in 20X4 = P 20000 Not taxed until 20X5= P 12000 Tax rate for 20X4=…

revenues in its 20x4 financial statements, of which P12,000 will 6. Scott Corp. received cash of P20,000 that was included in revenues in its 20x4 financial statements, of which P12.000 tuin not be taxable until 20x5. Scott's enacted tax rate is 30% 20x4, and 25% for 20x5. What amount should Scott report in its 20x4 balance sheet for deferred income tax liability? d. 3,600 a. 2,000 b. 2,400 с. 3,000 ICPA)

revenues in its 20x4 financial statements, of which P12,000 will 6. Scott Corp. received cash of P20,000 that was included in revenues in its 20x4 financial statements, of which P12.000 tuin not be taxable until 20x5. Scott's enacted tax rate is 30% 20x4, and 25% for 20x5. What amount should Scott report in its 20x4 balance sheet for deferred income tax liability? d. 3,600 a. 2,000 b. 2,400 с. 3,000 ICPA)

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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