Grapes Company’s P190,000 net income for the quarter ended September 30, 2014 included the following after tax items: A P120,000 gain on disposal of equipment realized on April 30, 2014 was allocated equally to the 2 nd , 3 rd and 4 th quarters. A P32,000 cumulative effect loss resulting from a change in inventory valuation method was recognized on August 4, 2014. In addition, the entity paid P 96,000 on February 1, 2014, for calendar-year property tax. Of this amount, P 24,000 was allocated to the third quarter of 2014. What is the net income for the quarter ended September 30, 2015?
Grapes Company’s P190,000 net income for the quarter ended September 30, 2014 included the following after tax items: A P120,000 gain on disposal of equipment realized on April 30, 2014 was allocated equally to the 2 nd , 3 rd and 4 th quarters. A P32,000 cumulative effect loss resulting from a change in inventory valuation method was recognized on August 4, 2014. In addition, the entity paid P 96,000 on February 1, 2014, for calendar-year property tax. Of this amount, P 24,000 was allocated to the third quarter of 2014. What is the net income for the quarter ended September 30, 2015?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 4BCRQ
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Grapes Company’s P190,000 net income for the quarter ended September 30, 2014 included the
following after tax items:
A P120,000 gain on disposal of equipment realized on April 30, 2014 was allocated equally to
the 2 nd , 3 rd and 4 th quarters.
A P32,000 cumulative effect loss resulting from a change in
recognized on August 4, 2014.
In addition, the entity paid P 96,000 on February 1, 2014, for calendar-year property tax. Of this
amount, P 24,000 was allocated to the third quarter of 2014.
What is the net income for the quarter ended September 30, 2015?
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