WEB Company had pretax financial income of P 2,500,000 in the current year. The entity made corporate estimated tax payment in the amount of P 180,000 during the current year. To compute the provision for income tax, the following information was provided: Interest income received 360,000 160,000 Tax depreciation in excess of Accounting depreciation Rent received in advance Corporate income tax 280,000 25%
WEB Company had pretax financial income of P 2,500,000 in the current year. The entity made corporate estimated tax payment in the amount of P 180,000 during the current year. To compute the provision for income tax, the following information was provided: Interest income received 360,000 160,000 Tax depreciation in excess of Accounting depreciation Rent received in advance Corporate income tax 280,000 25%
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter18: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 16P
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*see attached
What amount of permanent difference between accounting income and taxable income existed at year-end?
a. P 520,000
b. P 360,000
c. P 800,000
d. P 280,000
Transcribed Image Text:WEB Company had pretax financial income of P 2,500,000 in the current year.
The entity made corporate estimated tax payment in the amount of P 180,000
during the current year.
To compute the provision for income tax, the following information was
provided:
Interest income received
360,000
160,000
Tax depreciation in excess of
Accounting depreciation
Rent received in advance
Corporate income tax
280,000
25%
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