2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Interest Income, net of 20% final tax Cost of Sales 24,000 300,000 Salary Expense 120,000 Interest Expense 60,000 Compute for the total itemized deduction. Rent Expense Advertising Expense Depreciation Expense NOLCO P 24,000 6,000 5,000 50,000

2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Interest Income, net of 20% final tax Cost of Sales 24,000 300,000 Salary Expense 120,000 Interest Expense 60,000 Compute for the total itemized deduction. Rent Expense Advertising Expense Depreciation Expense NOLCO P 24,000 6,000 5,000 50,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

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A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% 1. How much is the taxable income?A. 950,000B. 750,000C. 850,000D. 700,0002. How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000Thank you.
A company reported in the income statement for the current year P900,000 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% Required: 1. How much is the taxable income?2. How much is the accounting income subject to tax?3. How much is the permanent difference?4. How much is the net temporary differences?
Nina Corporation, with the total assets of P15,000,000 (MSME), shows the following data during taxable year: Sales Interest Income, net of 20% final tax Cost of Sales Salary expense Interest expense Rent expense Advertising expense Depreciation expense What is the correct amount of itemized deduction?
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. 220,000
Consider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan = $22,500 Loan Principal Payment = $5,926 Loan Interest Payment = $2,400 MACRS Depreciation Deduction = $16,665 Which of the following is closest to the Taxable Income? a. −$2,491. b. −$91. c. $3,435. d. $14,174
A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000
Umasa Corporation reported the following information for the current year: Pretax financial income Income from exempt municipal bonds Rent received in advance P 9,000,000.00 2,000,000.00 1,500,000.00 Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes Estimated tax payment for current year Income tax rate 1,000,000.00 500,000.00 30% 21. What amount of current tax liability should be reported at the year-end? B. P2,250,000 A. P1,750,000 C. P2,750,000 D. P2,850,000 22. What is the total tax expense? A. P2,700,000 B. P2,100,000 C. P2,250,000 D. P1,600,000
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Azure Company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000 Interest income on time deposit 200,000 Depreciation deducted for income tax purposes in excess of financial depreciation P100,000 Income tax rate 30% How much is the permanent difference?A. 200,000B. 100,000C. 150,000D.350,000
An entity provided the following net of tax figures for the current year: Net income 7,700,000 Net remeasurement loss on defined benefit plan 300,000 Unrealized gain on FA@FVOCI 1,500,000 Reclassification adjustment for gain on sale of 250,000 FA@FVOCI included in the net income Share warrants outstanding 400,000 Cumulative effect of change in accounting 500,000 policy - credit Interest revenue 100,000 Equity in associate's earnings 300,000 Prior period error - underdepreciation 200,000 What is the comprehensive income for the current year? A. 8,650,000 B. 8,900,000 C. 8,950,000 D. 9,050,000
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