The Chief Financial Officer of ABC Company has presented the following information in line with the 2020 audit of ABC's financial statements: Pre-tax financial income: P9,700,000 Interest income on tax-exempt municipal bonds: 300,000 Depreciation claimed on the tax return in excess of financial depreciation: 500,000 Warranty expense reported in the income statement: 200,000 Actual warranty costs paid: 50,000 Income tax rate is 30%. At the beginning of the current year, the entity reported a deferred tax asset is zero and the deferred tax liability at P90,000. How much is the total tax expense for the current year? *

The Chief Financial Officer of ABC Company has presented the following information in line with the 2020 audit of ABC's financial statements: Pre-tax financial income: P9,700,000 Interest income on tax-exempt municipal bonds: 300,000 Depreciation claimed on the tax return in excess of financial depreciation: 500,000 Warranty expense reported in the income statement: 200,000 Actual warranty costs paid: 50,000 Income tax rate is 30%. At the beginning of the current year, the entity reported a deferred tax asset is zero and the deferred tax liability at P90,000. How much is the total tax expense for the current year? *

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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