Prey Ltd accountant has estimated current tax of P50 000 based on the current profit....
70.2K
Verified Solution
Link Copied!
Question
Accounting
Prey Ltd accountant has estimated current tax of P50 000 based on the current profit. The income tax value of the non- current assets are P75 000 and the carrying amount of non-current assets as at 31 December 2020 is P90 000.Tax rate is 22%. Using information given above, calculate the deferred tax for the year ended 31 December 2020. (2 marks) Calculate the figure of the tax expense that should appear in the statement of profit or loss (2 marks) State how should the deferred tax and current tax should be classified in the statement of financial position (1 mark)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
