ABC's pre-tax financial income is P1,800,000. Current income tax rate is 30%. In ABC Company's books and tax returns, the following differences have been noted: Fines paid for late payment of taxes, P15,500 Premiums paid on life insurance policy on officers, P200,000. Beneficiary is ABC Company. Impairment of goodwill: P90,000 Excess of tax depreciation over book depreciation: P30,000 Excess of warranty expense over actual warranty expenditures: P27,000 Excess of estimated uncollectible accounts for financial reporting over the actual write-offs for tax reporting: P12,000 Rent collected in advance for period earned: P35,000 How much is the taxable income?

ABC's pre-tax financial income is P1,800,000. Current income tax rate is 30%. In ABC Company's books and tax returns, the following differences have been noted: Fines paid for late payment of taxes, P15,500 Premiums paid on life insurance policy on officers, P200,000. Beneficiary is ABC Company. Impairment of goodwill: P90,000 Excess of tax depreciation over book depreciation: P30,000 Excess of warranty expense over actual warranty expenditures: P27,000 Excess of estimated uncollectible accounts for financial reporting over the actual write-offs for tax reporting: P12,000 Rent collected in advance for period earned: P35,000 How much is the taxable income?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Q.47 Using the repeatability assumption, what is the PW of Alternative Y? O. $22,436 O. $58,192 O. $7,740 O. $12,385 Q. 48 Using coterminated assumption, what is the FW of Alternative X? O. $12,385 O. $7.740 O. $22,436 O. $58,192 Q. 49 Using the coterminated assumption, what is the FW of Alternative Y? O. $22,436 O. $58,192 O. $12,385 O. $7,740 Q. 50 Which alternative is selected? O. Alternatíve X O. Alternative Y O. neither X nor Y is economically attractive O. X and Y are equally attractive
7.Explain briefly on the misconception about Riba
7. Explain the M&M Proposition I and II using your own words.
8. Transform 2 into an improper fraction. 10 a. 28/5 b. 5/14 C. 14/5 d. 14/10
1 . S u p p o s e t h a t s o m e o n e s t o l e y o u r A T M c a r d a n d w i t h d r e w P 5 0 , 0 0 0 . 0 0 f r o m y o u r c h e c k i n g a c c o u n t . H o w m u c h m o n e y c o u l d y o u l o s e i f y o u r e p o r t e d t h e s t o l e n c a r d t o t h e b a n k : a ) T h e d a y t h e c a r d w a s st o l e n b ) 6 d a y s a f t e r t h e t h e f t c ) 7 5 d a y s a f t e r r e c e i v i n g y o u r p e r i o d i c s t a t e m e n t 2 . Y o u ' r e g e t t i n g m a r r i e d a n d a r e u n h a p p y w i t h y o u r p r e s e n t b a n k . D i s c u s s y o u r s t r a t e g y f o r c h o o s i n g a n e w b a n k a n d o p e n i n g a n a c c o u n t . C o n s i d e r t h e f a c t o r s t h a t a r e i m p o r t a n t t o y o u i n s e l e c t i n g a b a n k - s u c h a s t h e t y p e a n d o w n…
5) Explain why we de-lever and re-lever the PL.
37. Choices: a. P7,092,000, P1,110,130, and P756,130 b. P9,616,000, P1,791,610, and P1,437,610 c. P9,616,000, P1,653,370, and P756,130 d. P9,104,000, P1,653,370, and P1,299,370
7-3 A
18 pts Multiple Functions 88 MULTIPLE CHOICE Question 2 ◄ Listen When f(x)=-3x-6 and g(x) = x²-x-6, what is ? A B C f 54 g = 3 fg = -3 x-3x=3 f 51 g = -2x+2; x=1
Kingcade Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below: Hours 18.3 Wait time Process time Move time Queue time 1. 1 Inspection time 0.1 2.0 9.1 The manufacturing cycle efficiency (MCE) was closest to: (Round your intermediate calculations to 1 decimal place.)
#11 only
Num.10