Prepare journal entries to record the income tax

Assignment Help Accounting Basics
Reference no: EM132998078

Question - In 2020, argentina company received an advance payment of P1,000,000, which was subject to tax but not reported in accounting income until 2021. The income statement and tax return showed the following:

Income before tax per income statement:

2020 - 6,000,000

2021 -9,000,000

Income before tax per tax return:

2020 - 7,000,000

2021 - 8,000,000

Income tax rate

2020 - 30%

2021 - 30%

Required - Prepare journal entries to record the income tax and deferred tax for 2020 and 2021.

Reference no: EM132998078

Questions Cloud

Explain corporate social responsibility : What a some ways that businesses can monitor their actions and impacts to ensure they uphold their corporate social responsibility?
How much would be available to live on each quarter : If the same total calculated above was to be saved, but no interest earned whatsoever, how much would be available to live on each quarter?
Determine the double-declining-balance rate : Double-Declining-Balance Depreciation A building acquired at the beginning of the year. Determine the double-declining-balance rate
Identify three warning signs : Identify three warning signs from the list below that would need to be displayed in an early childhood service?
Prepare journal entries to record the income tax : Question - In 2020, argentina company received an advance payment of P1,000,000, Prepare journal entries to record the income tax
How much interest will be earned : How much interest will be earned? How much will they have saved by their child's 18th birthday now that they have increased their payments?
Outline five characteristics-personality traits for workers : List and briefly describe 4 jobs in each of the five tourism sectors. For each job outline the career paths within the industry. Include the following:
How much money will have in the account by the child : How much money will they have in the account by their child's 18th birthday? Today Dante and Sharon had their first child and they want to begin savings.
Huge upsides and downsides to ai : What are the huge upsides and downsides to AI that could either allow the world to flourish or to perish?

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