For the year ended December 31, 2021, Jocelyn Company reported pretax financial income of P7,500,000. The taxable income was P6,500,000. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 30% and the entity made estimated tax payment of P900,000 during the current year. What amount should be reported as current tax expense for the current year? O 1,050,000 O 1,950,000 O 2,250,000 O 1,350,000

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Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…

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A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

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Q: For the year ended December 31, 2021, Irene Company reported pretax accounting income of P6,000,000.…

A: Total income tax expense for the current year = Pretax accounting income x tax rate

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A:

Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting…

A: Step 1 For the computation of net income after tax in accounting purpose, there is no consideration…

Q: Integrity Company computed a pre-tax financial income of P2,200,000 for its first year of operations…

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Q: For the year 2020, Tonkatsu Company reported income tax expense of P110,000. Income tax payable at…

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Q: Headland Corporation began operations in 2020 and reported pretax financial income of $226,000 for…

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Q: The books of Chicharon Bulaklak Company for the year ended December 31, 2020 showed pretax income of…

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Q: The ABC Company has determined that its taxable income for the year 2021 is P3,000,000.   The…

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A: hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: At 30 June 2019, ABC Ltd had the following deferred tax balances: Deferred tax liability $18,000…

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Q: Sheridan Corporation began operations in 2020 and reported pretax financial income of $234,000 for…

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Q: The ABC Company has determined that its taxable income for the year 2021 is P3,000,000.   The…

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Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting…

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Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting…

A: Following are the answers to given questions

Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability…

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Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting…

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Q: KAY Co. reported net income for the current year 2021 at P4,180,000 before taxes. Included in the…

A:

Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting…

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Q: Indigo Corporation began operations in 2020 and reported pretax financial income of $234,000 for the…

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Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…

A: Answer 1 (a): Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: For the year 2020, Tonkatsu Company reported income tax expense of P110,000. Income tax payable at…

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Q: What amount shall be reported as current tax liability?

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Q: Corning-Howell reported taxable income in 2021 of $120 million. At December 31, 2021, the reported…

A: Since we only answer up to 3 sub-parts, we’ll answer the first three. Please resubmit the question…

Q: Probi KAY Co. reported net income for the current year 2021 at P4,180,000 before taxes. Included in…

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Q: In 2020, Sandhill Corporation had pretax financial income of $172,000 and taxable income of…

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.