Answered: . Adoptions and More drew on 8 annual…

. Adoptions and More drew on 8 annual notes totaling $250,000 to be paid upon completion of the office it is building. The company intends to pay $75,000 next year. What is that portion consider

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...

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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.

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b. Adoptions and More drew on 8 annual notes totaling $250,000 to be paid upon completion of the office it is building. The company intends to pay $75,000 next year. What is that portion considered?

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