13. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position?14. What is the total income tax expense for the year?15. What is the net income after tax? Please answer in good accounting form. Thank you! EL Co. reported net income for the current year 2021 at P560,000 before provision of income tax during theyear. 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 - P 175,000• Dividend income -P 91,700• Estimated tax payment in the current year -P 65,000• Provision for bad debts not yet recognized for tax purposes on the current year - P 48,300• Tax penalties due to late filing on tax return - P 20,000• 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?14. What is the total income tax expense for the year?15. What is the net income after tax?

Deferred tax asset is the amount that represents the overpayment or the advance payment of tax, the…

Answered: EL Co. reported net income for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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13. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position?
14. What is the total income tax expense for the year?
15. What is the net income after tax?

Please answer in good accounting form. Thank you!

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 - P 175,000
• Dividend income -P 91,700
• Estimated tax payment in the current year -P 65,000
• Provision for bad debts not yet recognized for tax purposes on the current year - P 48,300
• Tax penalties due to late filing on tax return - P 20,000
• 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?
14. What is the total income tax expense for the year?
15. What is the net income after tax?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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