In 2020, R and R Company received an advance payment of Php1,000,000, which was subject to tax but not reported in accounting income until 2021. The income statement and tax return showed the following: 2020 2021 Income before tax per income statement 6,000,000.00 9,000,000.00 Income before tax per tax return 7,000,000.00 8,000,000.00 Income tax rate 30% 32%

In 2020, R and R Company received an advance payment of Php1,000,000, which was subject to tax but not reported in accounting income until 2021. The income statement and tax return showed the following: 2020 2021 Income before tax per income statement 6,000,000.00 9,000,000.00 Income before tax per tax return 7,000,000.00 8,000,000.00 Income tax rate 30% 32%

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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