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Question - Colombo Company included in 2020 a deferred income on installment sale of P500,000 in accounting income.
This deferred income is expected to reverse for tax purposes in 2021.
Accounting income:
2020 - 5,500,000
2021 - 7,000,000
Taxable Income:
2020 - 5,000,000
2021 - 7,500,000
Income tax rate:
2020 - 30%
2021 - 30%
Required -
1. Prepare journal entries to record the income tax and deferred tax for 2020 and 2021.
2. Present the income tax expense in the income statement for 2020 and 2021.
Following are the amounts of the assets and liabilities of St. Kitts Travel Agency at December 31, 2010, the end of the current year, and its revenue and expenses for the year.
on december 31 2012 larrys used cars had balances in accounts receivable and allowance for uncollectible accounts of
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