STARS Company reported net income for the current year 2021 before taxes is P4,288,000. The following differences were noted between the financial reporting and tax reporting: Financial Тах Interest on depository accounts 53,000 Warranty expense 260,000 P 115,000 319,000 125,000 Revenue from installment sales 584,000 Advance collections from customers Provision for probable losses Insurance premiums on senior managers' life insurance 406,000 182,000 The income tax rate is 30% and is not expected to change in the future. Estimated tax payments for the last three quarters amounted to P920,000.
STARS Company reported net income for the current year 2021 before taxes is P4,288,000. The following differences were noted between the financial reporting and tax reporting: Financial Тах Interest on depository accounts 53,000 Warranty expense 260,000 P 115,000 319,000 125,000 Revenue from installment sales 584,000 Advance collections from customers Provision for probable losses Insurance premiums on senior managers' life insurance 406,000 182,000 The income tax rate is 30% and is not expected to change in the future. Estimated tax payments for the last three quarters amounted to P920,000.
STARS Company reported net income for the current year 2021 before taxes is P4,288,000. The following differences were noted between the financial reporting and tax reporting: Financial Тах Interest on depository accounts 53,000 Warranty expense 260,000 P 115,000 319,000 125,000 Revenue from installment sales 584,000 Advance collections from customers Provision for probable losses Insurance premiums on senior managers' life insurance 406,000 182,000 The income tax rate is 30% and is not expected to change in the future. Estimated tax payments for the last three quarters amounted to P920,000.
What is the adjusted balance of income tax payable to be reflected in the 2021 statement of financial position?
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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