What amount should be reported as deferred tax liabilityAn entity reported the following assets and liabilities at year-end:Carrying amountТах base10,000,0007,000,0004,000,0004,000,0003,000,0005,500,000LandMachinery and equipmentInventoryAccounts receivableLiabilities5,000,0002,500,0002,500,0006,000,000The entity had made a provision for inventory obsolescence of P1,500,000. Further, an impairmentloss against accounts receivable of P500,000 has been made. The tax rate is 30%.Your answer

Deferred Tax Liability A liability for paying the taxes in the future is denoted by Deferred tax…

What amount should be reported as deferred tax liability An entity reported the following assets and liabilities at year-end: Carrying amount Таx base Land Machinery and equipment Inventory Accounts receivable 10,000,000 5,000,000 2,500,000 2,500,000 7,000,000 4,000,000 4,000,000 3,000,000 5,500,000 Liabilities 6,000,000 The entity had made a provision for inventory obsolescence of P1,500,000. Further, an impairment loss against accounts receivable of P500,000 has been made. The tax rate is 30%.

What amount should be reported as deferred tax liability An entity reported the following assets and liabilities at year-end: Carrying amount Таx base Land Machinery and equipment Inventory Accounts receivable 10,000,000 5,000,000 2,500,000 2,500,000 7,000,000 4,000,000 4,000,000 3,000,000 5,500,000 Liabilities 6,000,000 The entity had made a provision for inventory obsolescence of P1,500,000. Further, an impairment loss against accounts receivable of P500,000 has been made. The tax rate is 30%.

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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A-7
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