Question
Company F is preparing their income tax returns to be filed to BIR. The following are the details of their transactions that transpired in 2020.
Company F is preparing their income tax returns to be filed to BIR. The following are the details of their transactions that transpired in 2020.
Accounting Income/Net incom 5,000,000.00
Unearned income 650,000.00
BIR penalties 45,000.00
Depreciation expense, straight-line5,000.00
Depreciation expense, Double-Declining 10,000.00
Required:
How much is the deferred tax asset and deferred tax liability?
Step by Step Solution
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Step: 1
To determine the deferred tax asset and deferred tax liability we need to calculate the taxable inco...
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Taxation Of Individuals And Business Entities 2021
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
12th Edition
1260247139, 978-1260247138
