EL Co. reported net income for the current year 2021 at P560,000 before provision of income tax during the year. To compute the provision for income tax, the following data are provided: Tax depreciation in excess of financial statement amount - P 36,500 Interest income received - P 80,500 Rent received in advance - P175,000 Dividend income - P 91,700 Estimated tax payment in the current year - P65,000 Provision for bad debts not yet recognized for tax purposes on the current year - P48,300 Tax penalties due to late filing on tax return - P20,000 Corporate tax rate - 30% Required: 11. How much is the taxable income for the year? 12. How much is the current tax expense for the year? 13. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position?

EL Co. reported net income for the current year 2021 at P560,000 before provision of income tax during the year. To compute the provision for income tax, the following data are provided: Tax depreciation in excess of financial statement amount - P 36,500 Interest income received - P 80,500 Rent received in advance - P175,000 Dividend income - P 91,700 Estimated tax payment in the current year - P65,000 Provision for bad debts not yet recognized for tax purposes on the current year - P48,300 Tax penalties due to late filing on tax return - P20,000 Corporate tax rate - 30% Required: 11. How much is the taxable income for the year? 12. How much is the current tax expense for the year? 13. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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