To compute the provision for income tax, the following The entity made corporate estimated tax payment in the 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? 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 Rent received in advance Corporate tax rate 360,000 160,000 280,000 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 pavable 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
To compute the provision for income tax, the following The entity made corporate estimated tax payment in the 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? 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 Rent received in advance Corporate tax rate 360,000 160,000 280,000 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 pavable 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
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 48P
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Transcribed Image Text: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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