How much cash was paid for income taxes during the year

Assignment Help Accounting Basics
Reference no: EM133063032

Question - For the year 2020, Tonkatsu Company reported income tax expense of P110,000. Income tax payable at the end of 2019 was P90,000 and at the end of 2020 was P100,000. The deferred tax liability that resulted from the use of accelerated depreciation for tax purposes and the straight-line method for financial reporting purposes increased from P105,000 at the beginning of 2020 to P130,000 at the end of 2020. How much cash was paid for income taxes during the year?

Reference no: EM133063032

Questions Cloud

Opportunity cost and unemployment : During the economic downturn of 2008-2009 in the country of Genovia, the unemployment rate increased to nearly 10%. At the same time, the price of college tuiti
What amount does the firm need to deposit today : Kelowna Inc. reports a $67,500 liability to be paid four years from today. What amount does the firm need to deposit today
Per the law of demand : 1. Per the Law of Demand, what happens to the quantity consumers buy when the price goes down?
How many of profiles are spe : Assignment: Two players play a game the goal of which is to divide five identical objects between them. (The objects cannot be split into pieces so that any div
How much cash was paid for income taxes during the year : Question - For the year 2020, Tonkatsu Company reported income tax expense of P110,000. How much cash was paid for income taxes during the year
Develop a list of sensible reasons : Explain how you would design an effective and fair trade policy to benefit both an "infant industry" and society as a whole.
How many units should berry produce for the last quarter : The finished goods inventory on hand on October 1 is 4,000 units. How many units should berry produce for the last quarter
What factors might influence the ultimate outcome : Advise Albert about his options, liabilities and what factors might influence the ultimate outcome of any decision he takes. Your advice should consider
What is the equilibrium farm price : Suppose the consumer demand curve for flour is P=$0.50 - 0.002Q. Suppose the cost of turning wheat into flour is $0.20 per pound of retail-equivalent wheat.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd