Tommy Corporation reported a pretax financial income of P5,000,000 for the year ended December 31, 2019. The following items are included in the determination of the financial income: Provision for litigation loss which will become tax deductible when settled in the future, P300,000; Realized revenue that has yet to be received, P400,000; Other unearned revenue, P150,000; Dividend received from a domestic corporation, P100,000. If the tax rate is 32% for all years, what amount if total tax expense and current tax expense should Tommy report, respectively?

Tommy Corporation reported a pretax financial income of P5,000,000 for the year ended December 31, 2019. The following items are included in the determination of the financial income: Provision for litigation loss which will become tax deductible when settled in the future, P300,000; Realized revenue that has yet to be received, P400,000; Other unearned revenue, P150,000; Dividend received from a domestic corporation, P100,000. If the tax rate is 32% for all years, what amount if total tax expense and current tax expense should Tommy report, 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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