S Corp. received cash of P200,000 that was included in revenues in 5 point: its 2002 financial statements, of which P120,00o will not be taxable until 2003. S's enacted tax rate for 2002 and 2003 is 32%. What amount should S report in its balance sheet as deferred income tax liability?
S Corp. received cash of P200,000 that was included in revenues in 5 point: its 2002 financial statements, of which P120,00o will not be taxable until 2003. S's enacted tax rate for 2002 and 2003 is 32%. What amount should S report in its balance sheet as deferred income tax liability?
Chapter3: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 21DQ
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![S Corp. received cash of P200,000 that was included in revenues in
5 points
its 2002 financial statements, of which P120,000 will not be taxable
until 2003. S's enacted tax rate for 2002 and 2003 is 32%. What
amount should S report in its balance sheet as deferred income tax
liability?
# 11
Your answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F300ac685-3441-4f25-bf75-747af5bed025%2F168a0c88-31ef-49e3-877d-2b0e2f4bd454%2Fgmcwp1n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:S Corp. received cash of P200,000 that was included in revenues in
5 points
its 2002 financial statements, of which P120,000 will not be taxable
until 2003. S's enacted tax rate for 2002 and 2003 is 32%. What
amount should S report in its balance sheet as deferred income tax
liability?
# 11
Your answer
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