The income before taxes of LVY Company in 2015 is equal to P350,900.00. Income tax rate is 30% of the income before taxes. LVY Company will pay 70% of the income tax expense in 2015 and the balance will be paid in 2016. What is the income tax rate and income tax payable of LVY Company? A P245,630 & P171,941, respectively P245,630 & P73, 689, respectively P105,270 & P73,689, respectively P105,270 & P31,581, respectively

The income before taxes of LVY Company in 2015 is equal to P350,900.00. Income tax rate is 30% of the income before taxes. LVY Company will pay 70% of the income tax expense in 2015 and the balance will be paid in 2016. What is the income tax rate and income tax payable of LVY Company? A P245,630 & P171,941, respectively P245,630 & P73, 689, respectively P105,270 & P73,689, respectively P105,270 & P31,581, respectively

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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