To compute the provision for income tax, the following3. What amount of income tax payable should be reported?4. What amount of total tax expense should be reported:Fecorino Company had pretaxr financial income of P2,500,00gThe entity made corporate estimated tax payment in theTax depreciation in excess of financial statement amount 160,000Problem 16-30in the current year.amount of 180, 000 during the current year.information was provided:S60,000Interest income receivedTax depreciation in excess of financial statement amount280,000S0%Rent received in advanceCorporate tax rate1. What amount of permanent difference between booincome and taxable income existed at year-end?a. 520,000b. 360,000c. 800,000d. 280,0002. What amount of current tax expense should be reported?a. 786,000b. 510,000c. 750,000d. 678,0003. What amount of income tax pavable should be reporera. 498,000b. 606,000c. 330,000d. 570,000a. 714,000b. 726,000c. 642,000d. 594,000

The deferred tax asset or liability arises when the pretax financial income and the taxable income…

Problem Pecorino Company had pretax financial income of P2,500,00 in the current year. The entity made corporate estimated tax payment in the amount of 180,000 during the current year. To compute the provision for income tax, the following information was provided: Interest income received Tax depreciation in excess of financial statement amount Rent received in advance Corporate tax rate 1. What amount of permanent difference between book income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 $60,000 160.000 250,000 30% 2. What amount of current tax expense should be reported? a. 786,000 b. 510,000 c. 750,000 d. 678,000 3. What amount of income tax payable should be reported? a. 498,000 b. 606,000 c. 330,000 d. 570,000 4. What amount of total tax expense should be reported? a. 714,000 b. 726,000 c. 642,000 d. 594,000

Problem Pecorino Company had pretax financial income of P2,500,00 in the current year. The entity made corporate estimated tax payment in the amount of 180,000 during the current year. To compute the provision for income tax, the following information was provided: Interest income received Tax depreciation in excess of financial statement amount Rent received in advance Corporate tax rate 1. What amount of permanent difference between book income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 $60,000 160.000 250,000 30% 2. What amount of current tax expense should be reported? a. 786,000 b. 510,000 c. 750,000 d. 678,000 3. What amount of income tax payable should be reported? a. 498,000 b. 606,000 c. 330,000 d. 570,000 4. What amount of total tax expense should be reported? a. 714,000 b. 726,000 c. 642,000 d. 594,000

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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