An entity reported pretax financial income of P8,000,000 for the current year. The taxable income was P7,000,000 for the current year. The difference is due to accelerated depreciation for income tax purpose. The income tax rate is 30% and the entity made estimated tax payment of P500,000 during the current year. What amount should be reported as income tax payable at year-end? 1,600,000 2,100,000 2,400,000 1,900,000

Q: reported the following: Earnings (loss) Depreciation (assets have a cost of $360,000) CCA…

A: Accounting Income:Accounting income, also known as book income or financial income, is used for…

Q: P3,000,000. Of this total, P500,000 relates to current items. The entity also had deductible…

A: Tax expenses for a particular year is reported as :   CURRENT TAX DEFERRED TAX

Q: EL Co. reported net income for the current year 2021 at ₱560,000 before provision of income tax…

A: Income that is taxable is used to determine how much tax an individual or business will owe the…

Q: A. At the end of the first year of operations, an entity had taxable temporary differences totaling…

A: Net temporary differences = deductible temporary differences - taxable temporary differences =…

Q: An entity computed its pre-tax income in its GAAP compliant books at 2,450,000 while its income per…

A: Given information is: An entity computed its pre-tax income in its GAAP compliant books at 2,450,000…

Q: or the year ended Dec. 31, 201X, CACA Co. reported pre-tax financial income of 9,500,000. Its…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: Required: Assuming a tax rate of 21%, what will be Yebo’s net income? What will Yebo report in the…

A:

Q: EL Co. reported net income for the current year 2021 at ₱560,000 before provision of income tax…

A: Particulars Amount Accounting income per book  P560000 Permanent differences :…

Q: xable income is only $115,000. At the beginning of the year, no temporary differences existed.…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: . Prepare the journal entry(s) to record income taxes during the period.  b.How much will income…

A: It has been given in the question that a deductible temporary difference has been recognized of the…

Q: An entity reported taxable income of P 8,000,000 during 2019. Its first year of operations. The…

A: Deferred Tax The purpose of creating deferred tax which is any kind of excess amount which are…

Q: Integrity Company computed a pre-tax financial income of P2,200,000 for its first year of operations…

A: According to the given question, we are required to compute the total income tax expense in 2021.…

Q: For the current year, LNS corporation reported the following taxable income at the end of its first,…

A: Tax rules can have a significant effect on a person's income. This is because taxes are typically…

Q: An entity reported pretax financial income of P8.000,000 for the current year. The taxable income…

A: Income tax is paid on the taxable income. Taxable income is calculated after making the adjustments…

Q: What amount should be reported as current tax expense for the current year?   a. 2,250,000 b.…

A: 1. The current income tax would include the amount that would be payable based on taxable income.…

Q: For the year ended December 31, 20x1, Tyre Co. reported pretax financial statement income of…

A: Formula: Current tax expense for 20x1 = Taxable income x tax rate

Q: An entity reported pretax accounting income of P5,000,000 for the current year. The taxable income…

A: The tax expense is calculated on the taxable income instead of accounting income. The tax expense is…

Q: Bluth, Inc. reported the following financial information: Taxable income for current year $200,000…

A: Income tax expenses refer to the amount of money a business or an individual needs to set aside or…

Q: Rent income received in advance 150,000 Interest income on time deposit 200,000 Depreciation…

A: 1. Statement of computation of Taxable income: Particulars Amount(P) Income before provision…

Q: Required: a. Compute the current year tax savings from the deduction assuming that Company K's…

A: Taxable Income before deduction  $71600As income less than $75000 applicable tax rate is 7%Tax…

Q: Integrity Company reported pre-tax financial income of P400,000 for 2022. In the computation of…

A: >Current Liability is a liability that is to be paid within a short period of time, say within a…

Q: Umasa Corporation reported the following information for the current year: Pretax financial income…

A: Taxable income = Pretax financial income - exempt income + rent received in advance - depreciation =…

Q: Alvis Corporation reports pretax accounting income of $300,000, but due to a single temporary…

A: Since taxable income is less than pre tax income, a future taxable amount will occur once the…

Q: Required Prepare the tax-related journal entries for Year 3 to Year 7. Aberdeen Corporation believes…

A: To prepare the tax-related journal entries for Year 3 to Year 7, we need to calculate the income tax…

Q: Acer, Inc. reported a taxable income of P8,000,000 in its Form 1702 for its first year of…

A: Income tax actual paid and income tax expenses some time differ because of deferred income tax.…

Q: reported pretax book Kumara also reports an increase in the taxable temporary differences of…

A: Deferred Tax Assets / Deferred tax Liability : are to be calculated when there is a temporary…

Q: At the end of the year, a deductible temporary difference of $40 million has been recognised due to…

A: The temporary difference arises when the taxable income according to the accounting record is…

Q: . Pine Corporation’s books showed pretax income of P600,000 for the year ended December 31, 20x1. In…

A: Income tax liability will be calculated on the taxable income of the business. There may be some…

Q: P8.000,000 for the current year. The taxable income was P7,000,000 for the current year. The…

A: Tax expenses for a particular year is reported as :   CURRENT TAX DEFERRED TAX

Q: For the year ended December 31, 2021, Jocelyn Company reported pretax financial income of…

A: Total Current tax expense for the current year = Pretax accounting income x tax rate

Q: Alvis Corporation reports pretax accounting income of $360,000, but due to a single temporary…

A: Answer to Part-(1):- Income before tax = $360,000 Taxable income = $220,000 Taxable temporary…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.