NINE Company reported a pre-tax financial income of P8,584,950 for the year ended December 31, 2021. The following items were also noted: Insurance premium on life of an officer with NINE Company as the beneficiary Tax depreciation Financial depreciation Penalties due to late filing of income tax returns Dividend received Estimated litigation loss accrued for financial accounting purposes deductible when settled in the future 175,000 785,900 572,150 80,650 348,250 275,875 Estimated doubtful accounts expense Estimated tax payments 197,745 500,500 Income tax rate Cash received for rent of which P486,280 will be recognized as income by the company on the next year 35% 589,125
NINE Company reported a pre-tax financial income of P8,584,950 for the year ended December 31, 2021. The following items were also noted: Insurance premium on life of an officer with NINE Company as the beneficiary Tax depreciation Financial depreciation Penalties due to late filing of income tax returns Dividend received Estimated litigation loss accrued for financial accounting purposes deductible when settled in the future 175,000 785,900 572,150 80,650 348,250 275,875 Estimated doubtful accounts expense Estimated tax payments 197,745 500,500 Income tax rate Cash received for rent of which P486,280 will be recognized as income by the company on the next year 35% 589,125
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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