Answered: Taxpayer for the Gross sales Cost of…

Taxpayer for the Gross sales Cost of sales Sales discounts granted (for timely payments) Discounts granted to senior citizens and PWDs axable period: P3,200,0 1,900,0 100,0 80.0

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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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

How much is the net taxable income using itemized deductions? a. 1,070,000 b. 1,550,000 c. 1,550,000 d. 2,000,000

Data of an individual taxpayer for the current taxable period:
Gross sales
Cost of sales
Sales discounts granted (for timely payments)
Discounts granted to senior citizens and PWDs
Incidental income (operating)
Other income (non-operating)
Operating expenses
P3,200,000
1,900,000
100,000
80,000
200,000
150,000
400,000

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