What is the amount of income tax payable for 2019? ABC Company's income statement for the year ended December 31,2019 shows pretax incomeof P 2,000,000. The company's tax rate for 2019 IS 30%. The following items are treateddifferently in the tax return and in the accounting records:Tax returnAccounting recordsRent RevenueP 2,180,000P 240,000Depreciation expense560,000440,000Premiums on officer's life insurance180,000

Income tax is a form of direct tax which is to be paid by the individual on income earned during the…

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What is the amount of income tax payable for 2019?

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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Question

What is the amount of income tax payable for 2019?

ABC Company's income statement for the year ended December 31,2019 shows pretax income
of P 2,000,000. The company's tax rate for 2019 IS 30%. The following items are treated
differently in the tax return and in the accounting records:
Tax return
Accounting records
Rent Revenue
P 2,180,000
P 240,000
Depreciation expense
560,000
440,000
Premiums on officer's life insurance
180,000

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