* Interest on bank deposits, P4,500;* Capital gain on sale of land, P138,000;* Fines and penalties for violation of law, P90,000;* Premiums on life insurance for officers and employees (the company is the beneficiary), P50,000;* Impairment on Goodwill, P45,000; and* Actual charitable contributions, P160,000.How much is Nagpapanggap's financial income subject to tax during the year?A. P2,314,500В. Р2,346,500С. Р2,418,500D. P2,474,500Activate Wine 30. Nagpapanggap Inc. had a pretax accounting income of P2,400,000 while the taxable net income beforecharitable contribution is P2,560,000 during the year. Below are items seen on the records of NagpapanggapInc.:* Gain from settlement of life insurance of officers and employees where the corporation is named thebeneficiary, P50,000;* Dividend revenue received from a Manhid Corp., a domestic corporation, P78,000;* Dividend revenue received from a Pusong Bato Co., a foreign corporation, P56,000;

Taxable Income Calculation of taxable income which can be determined by the net income after…

* Interest on bank deposits, P4,500; * Capital gain on sale of land, P138,000; * Fines and penalties for violation of law, P90,000; • Premiums on life insurance for officers and employees (the company is the beneficiary), P50,000; • Impairment on Goodwill, P45,000; and * Actual charitable contributions, P160,000. How much is Nagpapanggap's financial income subject to tax during the year? A. P2,314,500 B. P2,346,500 C. P2,418,500 D. P2,474,500

* Interest on bank deposits, P4,500; * Capital gain on sale of land, P138,000; * Fines and penalties for violation of law, P90,000; • Premiums on life insurance for officers and employees (the company is the beneficiary), P50,000; • Impairment on Goodwill, P45,000; and * Actual charitable contributions, P160,000. How much is Nagpapanggap's financial income subject to tax during the year? A. P2,314,500 B. P2,346,500 C. P2,418,500 D. P2,474,500

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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Question

* Interest on bank deposits, P4,500;
* Capital gain on sale of land, P138,000;
* Fines and penalties for violation of law, P90,000;
* Premiums on life insurance for officers and employees (the company is the beneficiary), P50,000;
* Impairment on Goodwill, P45,000; and
* Actual charitable contributions, P160,000.
How much is Nagpapanggap's financial income subject to tax during the year?
A. P2,314,500
В. Р2,346,500
С. Р2,418,500
D. P2,474,500
Activate Wine

30. Nagpapanggap Inc. had a pretax accounting income of P2,400,000 while the taxable net income before
charitable contribution is P2,560,000 during the year. Below are items seen on the records of Nagpapanggap
Inc.:
* Gain from settlement of life insurance of officers and employees where the corporation is named the
beneficiary, P50,000;
* Dividend revenue received from a Manhid Corp., a domestic corporation, P78,000;
* Dividend revenue received from a Pusong Bato Co., a foreign corporation, P56,000;

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