Roses and Thorns Inc. involved in selling chocolate bar. During 2016, 100,000 bars were sold for a unit price of P12.00. This amount of sales generated earnings before interest and taxes of P200,000. Supposed that the 2016 degree of operating leverage is 3.2 times, what should be reported by Roses and Thorns Inc. as variable expenses in the CVP income statement?

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.