Warriors Company reported taxable income of Php8,000,000 in the income tax return for the first year of operations. The enacted income tax rate is 30% for the current and future years. Temporary differences between financial income and taxable income for the year are: Tax depreciation in excess of book depreciation Accrual for product liability claim in excess of 800,000.00 actual claim 1,200,000.00 Reported installment sales income in excess of taxable installment sales income 2,600,000.00

Tax rates other than the current tax rate may be used to calculate the deferred income tax amount for financial statement reporting if O it is probable that a future tax rate change will occur. O it appears likely that a future tax rate will be greater than the current tax rate. O it appears likely that a future tax rate will be less than the current tax rate. O the enacted tax rate is expected to apply in future years.

0 How are deferred tax assets and deferred tax liabilities reported in a classified balance sheet?

Sales tax payable, accounts payable, payroll liabilities and unearned revenue are all examples of: Group of answer choices long-term liabilities unknown liabilities current assets current liabilities

what types of taxes are deductible in full or in part?

Define the term payroll taxes.

Why is the income tax payable not the same as income tax expense?

How are deffered tax adjustments recorderd in the profit and loss account?

What about the tax return preparation?

Which is a factor in determining federal income tax withheld?       A. Level of wages       B. Marital status       C. Number of dependents       D. Pay period       E. All of the above