X's Year 2005 Income statement per GAAP reported a net income before tax =P6,000,000. The following are included in the above reported income: dividend income (exempt from income tax) Income that would be taxable only in next 2 years 1,200,000 upon collection P500,000 11) The total income tax expense of X for vear 2000 at 35% income tax is a. 1,505,000 b.1,760,000 C. 1,925,000 d. 2,000,000
X's Year 2005 Income statement per GAAP reported a net income before tax =P6,000,000. The following are included in the above reported income: dividend income (exempt from income tax) Income that would be taxable only in next 2 years 1,200,000 upon collection P500,000 11) The total income tax expense of X for vear 2000 at 35% income tax is a. 1,505,000 b.1,760,000 C. 1,925,000 d. 2,000,000
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 4BCRQ
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Transcribed Image Text:X's Year 2005 Income statement per GAAP reported a net income before
tax =P6,000,000. The following are included in the above reported
%3D
income:
dividend income (exempt from income tax)
Income that would be taxable only in next 2 years 1,200,000 upN
collection
P500,000
11)
The total income tax expense of X for year 2000 at 35% income tax
is
a. 1,505,000
b.1,760,000
C. 1,925,000
d. 2,000,000
X's books showed pre-tax income of P800,000 for the year ended
December 31, 1999. In the computation of income taxes, the following
data were considered:
Proceeds from life insurance of the company president where the
company is the beneficiary
Depreciation deducted for tax purposes in excess of
depreciation deducted for book purposes.
• Estimated tax payments in 1999.
P350,000
50,000
70,000
...30%
Income tax rate.
What amount should X report as its current income tax liability on
12)
its December 31, 1999 balance sheet?
a. 50,000
b. 65,000
C. 120,000
d. 135,000
Tar Code to renort denreciation expense of
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