Company showed equipment with an original cost pf P379,000 and P344,000 with accumulated depreciation of P153,000 and P128,000, respectively. During 2021, the company purchased equipment costing P50,000 and sold equipment with a book value of P9,000

Q: Sheridan's net income is O 27500. O 30000. O $ 98000. O $46000.

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A: Accounting for depreciation

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Q: Hardev

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Q: am.106.

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A:

Q: The December 31, 2020 and 2019 comparative financial statements of ABC Company showed equipment with…

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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.