Please put all of the necessary information and computations for better understanding. Thanks ? 6. Scott Corp. received cash of P20,000 that was included in revenues in its 20x4 financialstatements , of which P12,000 ill not be taxable until 20x5. Scott's enacted tax rate is 30%for 20x4, and 25% for 20x5.What amount should Scott report in its 20x4 balance sheet for deferred income tax liability?

Deffered tax liability is the liability which is not paid in current year and have been calculated…

Answered: formation an

Business

Accounting

formation an

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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Please put all of the necessary information and computations for better understanding. Thanks ?

6. Scott Corp. received cash of P20,000 that was included in revenues in its 20x4 financial
statements , of which P12,000 ill not be taxable until 20x5. Scott's enacted tax rate is 30%
for 20x4, and 25% for 20x5.
What amount should Scott report in its 20x4 balance sheet for deferred income tax liability?

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