Question
If answered within 30 minutes, will upvote. Thank you! - For the current year, Cross Company reported total income tax expense of P193,000. Income taxes
If answered within 30 minutes, will upvote. Thank you!
- For the current year, Cross Company reported total income tax expense of P193,000. Income taxes payable at the end of the prior year were P115,000 and at the end of the current year were P130,000. The deferred tax liability classified as noncurrent that resulted from the use of accelerated depreciation for tax purposes and straight-line depreciation for financial reporting purposes increased from P120,000 at the beginning of the current year to P123,000 at the end of the current year. How much cash was paid for income taxes during the year?
-Didde Company had pretax accounting income of P24,000 during 2020. Didde's only temporary difference for 2020 relates to a sale made in 2018 and recognized for accounting purposes at that time. However, Didde uses the installment sales method of revenue recognition for tax purposes. During 2020 Didde collected a receivable from the 2018 sale which resulted in P9,000 of income under the installment sales method. Didde's taxable income for 2020 would be
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