FACTS / DATA / GIVEN: . Тахрауer: Taxable period: Expenses/payments during the period: Resident citizen 2nd quarter Description 1st quarter expenses paid in 2nd quarter 2nd quarter expenses paid in 2nd quarter 3rd quarter expenses paid in 2nd quarter 1st quarter expenses incurred but unpaid 2nd quarter expenses incurred but unpaid Amount P15,000 20,000 5,000 8,000 11,000 COMPUTE: Expenses in the 2nd quarter using ACCRUAL basis A. 25,000 О в. 31,000 C. 35,000 O D. 36,000 о
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- FACTS / DATA / GIVEN: Тахрауer: Taxable period: Expenses/payments during the period: Resident citizen 2nd quarter Description 1st quarter expenses paid in 2nd quarter 2nd quarter expenses paid in 2nd quarter 3rd quarter expenses paid in 2nd quarter 1st quarter expenses incurred but unpaid 2nd quarter expenses incurred but unpaid Amount P15,000 20,000 5,000 8,000 11,000 COMPUTE: Expenses in the 2nd quarter using CASH basis A. 20,000 B. 25,000 C. 35,000 D. 40,000FACTS / DATA / GIVEN: . Тахрауer: • Taxable period: Receipts/earnings/balances during the period: Resident citizen 2nd quarter Description Collections for services rendered in 2nd Amount P50,000 quarter Collections for services rendered in 1st 20,000 quarter Collections for services to be rendered in the 3rd quarter Uncollected billings-1st quarter Uncollected billings-2nd quarter 30,000 10,000 15,000 COMPUTE: Taxable income in the 2nd quarter using CASH basis A. 50,000 В. 60,000 О С. 80,000 D. 100,000FACTS / DATA / GIVEN: Тахраyer: Taxable period: • Receipts/earnings during the period: Resident citizen 2nd quarter Description Collections for services rendered in 2nd Amount P50,000 quarter Collections for services rendered in 1st 20,000 quarter Collections for services to be rendered in the 3rd quarter Uncollected billings in 1st quarter Uncollected billings in 2nd quarter 30,000 10,000 15,000 COMPUTE: Taxable income in the 2nd quarter using ACCRUAL basis A. 80,000 В. 95,000 ОС. 100,000 D. 115,000
- *see attached What amount of permanent difference between accounting income and taxable income existed at year-end?a. P 520,000b. P 360,000c. P 800,000d. P 280,000Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000B. 9,000,000C. 11,000,000D. 12,000,000*see attached What is the interest income for the current year? a. 1,297,905b. 1,357,905c. 900,000d. 870,168
- What is the corrected net income before tax for the current year? A. 4,450,000B. 5,000,000C. 5,150,000D. 5,700,000CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 lossHow much is the gross income under accrual basis? * A. 2019:P1,400,000; 2020: P1,200,000 B. 2019: P1,400,000; 2020: P1,720,000 C. 2019: P500,000; 2020: P720,000 D. 2019: P800,000; 2020: P920,000
- Answer is complete but not entirely correct. Amount a. Taxable income $ 60,500 b. Taxable income SA $ 30,100 c. Taxable income d. Taxable income $ $ 7,070 SA 0 ☑The unadjusted net income for the year 2019 is: A. P1,540,200B. P1,458,200C. P1,482,200D. P1,421,000What amount of current income tax liability should be reported at year end? a. ₱ 1,780,000 b. ₱ 2,280,000 c. ₱ 2,880,000 d. ₱ 2,580,000