User Account

All Pages

What is the deferred tax balance in respect of the asset

Assignment Help Accounting Basics
Reference no: EM132903245

Problem 1: The Sasha Company has a noncurrent asset which had a carrying amount in the financial statements of P18,000 at December 31, 2020. Its tax written down value (the tax base) at that date was P9,000. The tax rate is 30%. In accordance with PAS 12 Income taxes, what is the deferred tax balance in respect of this asset at December 31, 2020?

a. 9,000 asset

b. 2,700 liability

c. 2,700 asset

d. 9,000 liability

Problem 2: When substantially all of the risks and rewards incident to ownership remain with the lessor, the arrangement is treated as

a. An operating lease

b. A finance lease

c. A sale and leaseback

d. A non-lease, rental arrangement

Reference no: EM132903245

Questions Cloud

What challenges may verzion have encountered : What challenges may Verzion have encountered (or is likely to encounter) in terms of incorporating ethics into financial management practices.
Describe manual and automated systems of accounting : Describe manual and automated systems of accounting. Suggest one accounting software the company can use. Explain the reasons for choosing it
Which statements is correct regarding deferred taxes : Which statements is correct regarding deferred taxes under PAS 12? Income tax payable plus or minus change in deferred income taxes equals income tax expense.
Define the terms EVA and NOPAT : Question - Define the terms EVA and NOPAT and describe the meaning of NOPAT breakeven and NOPAT breakeven revenues
What is the deferred tax balance in respect of the asset : The tax rate is 30%. In accordance with PAS 12 Income taxes, what is the deferred tax balance in respect of this asset at December 31, 2020?
Eradicate extreme poverty and hunger : One of the intended outcomes of the Millennium Development Goals was to "eradicate extreme poverty and hunger" in the world.
What should talisay report as current tax payable as of dec : Talisay made estimated tax payment during 2020 of P1,000,000. What should Talisay report as current tax payable as of December 31, 2020?
Describe and explain paradigm of innovation : Describe and Explain Paradigm of innovation for the live-streaming company "Twitch".
What the impact of revaluation on the asset revaluation is : Current reporting date by P200,000. If the company rate of tax is 30%, the impact of this revaluation on the asset revaluation surplus account is

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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