ax depreciation in excess of financial statement amount 160,000 he entity made corporate estimated tax payment in the ecorino Company had pretax financial income of P2,500,000 o compute the provision for income tax, the following roblem 16-30 (IFRS) the current year. mount of 180,000 during the current year. aformation was provided: aterest income received 360,000 ent received in advance orporate tax rate 280,000 30% - 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?
ax depreciation in excess of financial statement amount 160,000 he entity made corporate estimated tax payment in the ecorino Company had pretax financial income of P2,500,000 o compute the provision for income tax, the following roblem 16-30 (IFRS) the current year. mount of 180,000 during the current year. aformation was provided: aterest income received 360,000 ent received in advance orporate tax rate 280,000 30% - 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?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 28P
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Transcribed Image Text: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
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