What amount shall be reported as current tax liability?

Q: Calculate income taxes paid in 2023 and discuss the related disclosure requirements under IFRS, if…

A: ParticularsAmountIncome tax Expense in the year 20232,520Add:Deferred tax asset created during the…

Q: (a) Calculate income taxes paid in 2023 and discuss the related disclosure requirements under IFRS,…

A: Entities are obliged to disclose important judgments and estimates used in establishing income tax…

Q: Sherrod, Incorporated, reported pretax accounting income of $96 million for 2024. The following…

A: Tax liability and incomeThe amount of money paid by the government on the income or gains earned by…

Q: Cullumber, Inc. had pre-tax accounting income of $3900000 and a tax rate of 20% in 2021, its first…

A: Pre-tax Accounting Income 3,900,000   Add: Received rent from Jane, Co. for 2022 to be taxed in…

Q: During 2024, its first year of operations, Baginski Steel Corporation reported a net operating loss…

A: When a business has a net operating loss (NOL) for a given tax year, it indicates that its taxable…

Q: The books of Angry Men Company for the year ended December 31, 2023, showed pretax GAAP (book)…

A: Timing differences occur when certain transactions or events are recognized differently for…

Q: 4,000,000. The difference is due to rental received in advance. Rental income is taxable when…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: Kingbird Corporation had the following tax information. Year   Taxable Income   Tax Rate   Taxes…

A: Statement for computation of the effect of the loss carryback Net Operating Loss Carryback…

Q: Sheridan Corporation began operations in 2020 and reported pretax financial income of $212,000 for…

A: Taxable income  = Pretax financial income - Excess of depreciation as per tax over booksIncome tax…

Q: or the year ended Dec. 31, 201X, CACA Co. reported pre-tax financial income of 9,500,000. Its…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: For the year ended 30 June 2022, Chilli Ltd had a taxable profit of $460 000. The following…

A: The journal entry for the difference in the deferred tax assets over year are debited, whereas,…

Q: Novak SpA reports pretax financial income of €74,100 for 2022. The following items cause taxable…

A: Part 2: Prepare the journal entry to record income tax expense, deferred income taxes, and income…

Q: Discord Inc. income tax return shows taxes currently payable for 2020 of $85,000. The company…

A: Deferred tax asset is a non-current asset which shows an advance payment of tax and has a debit…

Q: For the year 2020, Sistar Company reported income tax expense of P110,000. Income tax payable at the…

A: Income tax liability for 2020 = income tax expense - ending deferred tax liability + beginning…

Q: Eccentricity, Incorporated had $300,000 in 2018 taxable income. Using the tax schedule from Table…

A: Eccentricity taxable Income = $300,000 Total Income tax = 22,250 + ( 300,000 - 100,000)*39% = $…

Q: Tamarisk Inc. had pretax financial income of $139,400 in 2025. Included in the computation of that…

A: One sort of accounting recognition for taxes that are due in the future but have not yet been…

Q: ounting profit before tax of Lindfield Ltd for the year as $150,000, including the following items…

A: Journal entries are those entries that include daily transactions or events and are stated in the…

Q: In 2020, R and R Company received an advance payment of Php1,000,000, which was subject to tax but…

A: Deferred tax refers to the difference in the income as per company and as per income tax. These…

Q: Integrity Company computed a pre-tax financial income of P2,200,000 for its first year of operations…

A: According to the given question, we are required to compute the total income tax expense in 2021.…

Q: Aquafena Inc. recognized taxable income of $140,000 for the year ended December 31, 2020. Aquafena…

A: Introduction: Journal entries should not be used to record routine transactions such as customer…

Q: In 2025, Kingbird Corporation had pretax financial income of $164,000 and taxable income of…

A: Lets understand the basics.Income tax is a tax levied on an individual’s income (taxable income). It…

Q: Zurich Company reports pretax financial income of $70,000 for 2020. The following items cause…

A: a. Compute taxable income and income taxes payable for 2020.Taxable income = Pretax financial income…

Q: Skysong Corporation began operations in 2020 and reported pretax financial income of $244,000 for…

A: Deferred tax liability is the liability for tax which is not yet due. This will due in future tax…

Q: Alvis Corporation reports pretax accounting income of $440,000, but due to a single temporary…

A: Accounting income is the income computed as per books of accounts. Taxable income is the income…

Q: For the year ended December 31, 2023, Crane Ltd. reported income before income taxes of $82,000. In…

A: First of all we have to understand that certain deductions in income tax are not allowed although we…

Q: An entity reported pretax financial income of P8.000,000 for the current year. The taxable income…

A: Income tax is paid on the taxable income. Taxable income is calculated after making the adjustments…

Q: During 20X1, a company reported an increase in the deferred tax liability account of $47,790, a…

A: Lets understand the basics.When temporary difference arise between the book profit and taxable…

Q: STARS Company reported net income for the current year 2021 before taxes is P4,288,000. The…

A: Tax payable: The amount of tax required to be paid by the taxpayer every year is called tax payable.…

Q: What amount should be reported as current tax expense for the current year?   a. 2,250,000 b.…

A: 1. The current income tax would include the amount that would be payable based on taxable income.…

Q: Pumpkin Company recorded Income tax payable equal to $10M, increased the Deferred Tax Asset by $2M,…

A: Net income: It refers to the income earned by the business after deducting all the expenses incurred…

Q: Brush Company has the following income before income tax and estimated effective annual income tax…

A: Income Statement:- It is a statement where expenses and revenue incurred during the period recorded.…

Q: BC Corporation computed a pretax financial income of $6,000,000 for the year ended December 31,…

A: solution  given The tax rate for year 2019 = 32% we need to use the current tax rate for determining…

Q: Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $25 million and…

A: Solution: Income taxes payable = Taxable income * Tax rate Income tax expense = Income tax payable -…

Q: STARS Company reported net income for the current year 2021 before taxes is #4,288,000. The…

A: Profit before tax 4288000 Less: interest on depository account (53000) Add : warranty expenses…

Q: 1. Prepare the journal entry to recognize Baginski's 2025 tax expense or tax benefit. 2. Show the…

A: When a business has a net operating loss (NOL) for a given tax year, it means that its taxable…

Q: Splish Company reports pretax financial income of $65,800 for 2020. The following items cause…

A: Taxable income for a corporation, we have to begin with the financial income as determined under…

Q: Bluth, Inc. reported the following financial information: Taxable income for current year $200,000…

A: Income tax expenses refer to the amount of money a business or an individual needs to set aside or…

Q: Sunland Corporation began operations in 2020 and reported pretax financial income of $212,000 for…

A: Solution: Introduction: Deferred tax is an item on the balance sheet of the entity, for excess…

Q: Caramel Corp's 2023 income statement showed pretax accounting income of $2,500,000. To compute the…

A: Taxable income refers to the portion of an individual's income that is subject to income tax. It is…

Q: Caramel Compnay's 2023 Income Statement shpwed pretax accounting income of $2,500,000. To compute…

A: The corporation has to pay income taxes. Income tax is paid on the taxable income using the…

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.