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- 2. Advanced Learning Institute, an educational institution, provided the following data for the current taxable year: Income from tuition fees School Miscellaneous Fees Dividend Income: Domestic Corporation Foreign Corporation Rent Income (Net of 5% withholding tax) Operating Expenses Compute the tax payable of the school. P 3,500,000 1,500,000 2,000,000 2,000,000 1,900,000 4,000,000 21. Faye Faye Corporation's statement of financial performance for the year ended December 31, 20X2, shows pretax income of P 1,000,000. The following items are treated differently on the tax return and in the accounting records. Tax Return Accounting Records Rent income P 70,000 P 120,000 Depreciation Expense 280,000 220,000 Premiums on officers' life insurance 90,000 Faye Faye's rate for 20X2 is 30%. How much is the current tax expense for 20X2?A domestic corporation, in its third year of operations, had: Gross Income P2,100,000 Expenses and Losses 800,000 REQUIRED: Compute for the Income tax if: Choosing Itemized Deductions Using Optional Standard Deduction
- 1. If a corporation’s tax return shows taxable income of $98,300 for Year 2 and a tax rate of 40%, how much will appear on the December 31, Year 2, balance sheet for “Income taxes payable” if the company has made estimated tax payments of $35,600 for Year 2? 2. An income statement that reports current tax expense of $81,800 and deferred tax benefit of $23,700 will report total income tax expense of $? If total tax expense is $47,500 and deferred tax expense is $64,900, then the current portion of the expense computation is referred to as current tax expense of $ ?To compute the provision for income tax, the following 3. What amount of income tax payable should be reported? 4. What amount of total tax expense should be reported: Fecorino Company had pretaxr financial income of P2,500,00g The entity made corporate estimated tax payment in the Tax depreciation in excess of financial statement amount 160,000 Problem 16-30 in the current year. amount of 180, 000 during the current year. information was provided: S60,000 Interest income received Tax depreciation in excess of financial statement amount 280,000 S0% Rent received in advance Corporate tax rate 1. What amount of permanent difference between boo 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 reporer a. 498,000 b. 606,000 c. 330,000 d. 570,000 a. 714,000 b. 726,000 c. 642,000 d. 594,000The statements of financial position of Nedburg include the following extracts: Statements of financial position as at 30 September 20X2 20X1 $m $m Non-current liabilities Deferred tax 310 140 Current liabilities Taxation 130 160 The tax charge in the statement of profit or loss for the year ended 30 September 20X2 is $270 million. What amount of tax was paid during the year to 30 September 20X2?
- 1. If a company has a pre - tax accounting income of $1, 000, with interest revenue from municipal bonds totaling S500, and operates under a 20% tax rate, how would you record the journal entry?A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?A. 225,000B. 270,000C. 230,000D. 220,000QUARTERLY INCOME TAX RETURNS 2-8. The following cumulative balances during the year on income and expenses were provided by Juan Dela Cruz, a resident citizen: 1st Q P300,000 120,000 20,000 2nd Q P650,000 262,000 20,000 3rd Q P910,000 P1,200,000 405,890 30,000 Year Gross Profit from Sales Business expenses Dividends-domestic corp. Interest income from BPI UCPB Metro Bank 426,700 30,000 4,000 8,000 5,000, 150,000 Selling price-P600,000; Cost-P450,000 8,000 12,000 10,000 150,000 12,000 16,000 15,000 150,000 16,000 18,000 30,000 150,000 Capital gain on sale of Land: REQUIRED: Using above information, compute the following 1. Income tax payable, first quarter 2. Income tax payable, second quarter 3. Income tax payable, third quarter 4. Income tax payable, fourth quarter 5. Total final taxes (for the year) on passive income 6. Total capital gains tax
- 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 57010. Faye Faye Corporation's statement of financial performance for the year ended December 31, 20X2, shows pretax income of P 1,000,000. The following items are treated differently on the tax return and in the accounting records. Tax Return Accounting Records Rent income P 70,000 P 120,000 Depreciation Expense 280,000 220,000 Premiums on officers' life insurance 90,000 Faye Faye's rate for 20X2 is 30%. How much is the income tax expense for 20X2?Crypto Corporation recognizes net income of $150,000 along with an other comprehensive gain of $32,400 (pre-tax) for the current year ended December 31. The prior year December 31 balance in accumulated other comprehensive income is $68,400 (credit balance), and the balance in retained earnings is $48,000 (credit balance). Assume a tax rate of 25%. a. Prepare a statement of comprehensive income for the current year, and what is the AOCI account balance.
