Case 1: The corporation income statement for the year ended December 31, 20x1 shows pre-tax income of P1,000,000. The following items are treated differently on the tax return and in the accounting records Tax Returns Accounting Records Rent Income P70,000 P120,000 Depreciation Expense 280,000 220,000 Premiums on 90,000 officers' life insurance The company's tax rate for 20x1 is 30% 1. How much is the income tax expense 2. How much is the current income tax expense 3. How much is the deferred tax expense / benefit

Case 1: The corporation income statement for the year ended December 31, 20x1 shows pre-tax income of P1,000,000. The following items are treated differently on the tax return and in the accounting records Tax Returns Accounting Records Rent Income P70,000 P120,000 Depreciation Expense 280,000 220,000 Premiums on 90,000 officers' life insurance The company's tax rate for 20x1 is 30% 1. How much is the income tax expense 2. How much is the current income tax expense 3. How much is the deferred tax expense / benefit

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.26E: Accounting concepts Match each of the following statements with the appropriate accounting concept....

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hey I need help figuring out the numbers for these accounting homework assignments. Clint M. Invests $30,000. Into Merle company. The effect to Liabilities would be: ( Type your numeric number) Clint M. Invests $30,000 into Merle Company. The effect to Equity would be: (Type your numeric number) Merle company purchases s piece of equipment for $5,000 on account. The effect to Assets would be: (Type your numeric answer) Merle company purchases a piece of equipment for $5,000. The effect to Liabilities would be: (Type your numeric answer) Merle Company purchases a piece of equipment for $5,000 on account. The effect to Equit would be: (type your numeric answer)
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close Get live help whenever you need from online tutors!Try bartleby tutor todayarrow_forward SEARCH ASK CHAT MATH SOLVER Question Mr. Y started a business with the Name YANKA INTERPRISES. The Company was stablished and duly registered at the Securities and Exchange Commission (SEC) in January 2020. The business maintains its accounting period using the calendar year.The following transactions ocurred during its business operation for the year 2020. 1. Mr. Y the owner invested an initial capital of cash, P500, 000. O0, office equipment P100, 000.00 respectively. 2. Paid rent in advance amounting toP75, 000 for the period of three (3) months. (Jan to March). 3. On October 1, Bought supplies P150,000 for 6 months on cash from A&B business ventures, the supplier. 4. Received P100,000 cash from customer for the service tendered. 5. Paid salaries to employees P50, 000 6. Paid light and water expenses for P30, 0007. Bought 3 units of computer on…
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