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: 14. What is the total income tax expense for the year? 15. What is the net income after tax?

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: 14. What is the total income tax expense for the year? 15. What is the net income after tax?

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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