For the year ended December 31, 2021, THREE Company reported pre-tax financial income of P7,500,000. The taxable income was P6,500,000. The difference is due to accelerated depreciation for income tax purposed. The income tax rate is 30% and the entity made estimated tax payment of P900,000 during the current year.

For the year ended December 31, 2021, THREE Company reported pre-tax financial income of P7,500,000. The taxable income was P6,500,000. The difference is due to accelerated depreciation for income tax purposed. The income tax rate is 30% and the entity made estimated tax payment of P900,000 during the current year.

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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