To compute the provision for income tax, the following3. What amount of income tax payable should be reported?4. What amount of total tax expense should be reported:Fecorino Company had pretaxr financial income of P2,500,00gThe entity made corporate estimated tax payment in theTax depreciation in excess of financial statement amount 160,000Problem 16-30in the current year.amount of 180, 000 during the current year.information was provided:S60,000Interest income receivedTax depreciation in excess of financial statement amount280,000S0%Rent received in advanceCorporate tax rate1. What amount of permanent difference between booincome and taxable income existed at year-end?a. 520,000b. 360,000c. 800,000d. 280,0002. What amount of current tax expense should be reported?a. 786,000b. 510,000c. 750,000d. 678,0003. What amount of income tax pavable should be reporera. 498,000b. 606,000c. 330,000d. 570,000a. 714,000b. 726,000c. 642,000d. 594,000

The deferred tax asset or liability arises when the pretax financial income and the taxable income…

Problem Pecorino Company had pretax financial income of P2,500,00 in the current year. The entity made corporate estimated tax payment in the amount of 180,000 during the current year. To compute the provision for income tax, the following information was provided: Interest income received Tax depreciation in excess of financial statement amount Rent received in advance Corporate tax rate 1. What amount of permanent difference between book income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 $60,000 160.000 250,000 30% 2. What amount of current tax expense should be reported? a. 786,000 b. 510,000 c. 750,000 d. 678,000 3. What amount of income tax payable should be reported? a. 498,000 b. 606,000 c. 330,000 d. 570,000 4. What amount of total tax expense should be reported? a. 714,000 b. 726,000 c. 642,000 d. 594,000

Problem Pecorino Company had pretax financial income of P2,500,00 in the current year. The entity made corporate estimated tax payment in the amount of 180,000 during the current year. To compute the provision for income tax, the following information was provided: Interest income received Tax depreciation in excess of financial statement amount Rent received in advance Corporate tax rate 1. What amount of permanent difference between book income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 $60,000 160.000 250,000 30% 2. What amount of current tax expense should be reported? a. 786,000 b. 510,000 c. 750,000 d. 678,000 3. What amount of income tax payable should be reported? a. 498,000 b. 606,000 c. 330,000 d. 570,000 4. What amount of total tax expense should be reported? a. 714,000 b. 726,000 c. 642,000 d. 594,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

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4. What amount of total tax expense should be reported? To compute the provision for income tax, the following Pecorino Company had pretax financial income of P2,500,000 The entity made corporate estimated tax payment in the Problem 16-30 (IFRS) in the current year. amount of 180,000 during the current year. information was provided: Interest income received Tax depreciation in excess of financial statement amount 160,000 360,000 Rent received in advance Corporate tax rate. 280,000 30% 1. What amount of permanent difference between book income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 2. What amount of current tax expense should be reported? a. 786,000 b. 510,000 c. 750,000 d. 678,000 3. What amount of income tax payable should be reported a. 498,000 b. 606,000 c. 330,000 d. 570,000 a. 714,000 b. 726,000 c. 642,000 d. 594,000 570
The entity made corporate estimated tax payment in the To compute the provision for income tax, the following Tax depreciation in excess of financial statement amount 160,000 Pecorino Company had pretax financial income of P2,500,000 3. What amount of income tax payable should be reported? 4. What amount of total tax expense should be reported? Problem 16-30 (IFRS) in the current year. amount of 180,000 during the current year. information was provided: 360,000 Interest income received Tax depreciation in excess of financial statement amount Rent received in advance Corporate tax rate 280,000 30% 1. What amount of permanent difference between book income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 2. What amount of current tax expense should be reported? a. 786,000 b. 510,000 c. 750,000 d. 678,000 000,00 a: 498,000 b. 606,000 c. 330,000 d. 570,000 4. What amount of total tax expense should be repor0 a. 714,000 b. 726,000 c. 642,000 d. 594,000 570
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