An entity reported pretax financial income of P8.000,000 for the current year. The taxable income was P7,000,000 for the current year. 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 P500,000 during the current year. What amount should be reported as income tax payable at year-end?

Q: Alvis Corporation reports pretax accounting income of $320,000, but due to a single temporary…

A:

Q: Sherrod, Incorporated, reported pretax accounting income of $96 million for 2024. The following…

A: Tax liability and incomeThe amount of money paid by the government on the income or gains earned by…

Q: reported the following: Earnings (loss) Depreciation (assets have a cost of $360,000) CCA…

A: Accounting Income:Accounting income, also known as book income or financial income, is used for…

Q: P3,000,000. Of this total, P500,000 relates to current items. The entity also had deductible…

A: Tax expenses for a particular year is reported as :   CURRENT TAX DEFERRED TAX

Q: The ABC Corporation has net income reported on its books of $120,500. For the current year, the…

A: The taxable income of a corporation is the portion of its earnings that is subject to taxation by…

Q: A. At the end of the first year of operations, an entity had taxable temporary differences totaling…

A: Net temporary differences = deductible temporary differences - taxable temporary differences =…

Q: 4,000,000. The difference is due to rental received in advance. Rental income is taxable when…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: KAY Co. reported net income for the current year 2021 at ₱4,180,000 before taxes. Included in the…

A: Deferred tax asset: The deferred tax asset is created when the taxes to be paid as per income tax…

Q: An entity computed its pre-tax income in its GAAP compliant books at 2,450,000 while its income per…

A: Given information is: An entity computed its pre-tax income in its GAAP compliant books at 2,450,000…

Q: Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary…

A: Calculate the net income of Company Alvis’s:

Q: the current year, LNS corporation reported the following taxable income at the end of its first,…

A: Annualized Income Method -Self-employed taxpayers normally pay their anticipated tax in four equal…

Q: IT Company reported the following results for the year ended December 31, 2020, its first year of…

A:

Q: or the year ended Dec. 31, 201X, CACA Co. reported pre-tax financial income of 9,500,000. Its…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

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

Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…

A: Lets understand the basics.When any temporary difference arise between the taxable income and…

Q: 1)Roberts Corp. reports pretax accounting income of $200,000, but due to a single temporary…

A: The deferred tax liability is created when the income tax liability (income tax expense) as per the…

Q: For each of the following transactions, indicate wheth-er a special adjustment must be made in…

A: E & P is Earnings and Profit. It is the measure of the ability of the corporation to make…

Q: For the current year, LNS corporation reported the following taxable income at the end of its first,…

A: Taxable income comprises all forms of remuneration, whether cash or services, as well as property.…

Q: The information below pertains to Mondavi Corporation: (a.) For the current year temporary…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: xable income is only $115,000. At the beginning of the year, no temporary differences existed.…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: . Prepare the journal entry(s) to record income taxes during the period.  b.How much will income…

A: It has been given in the question that a deductible temporary difference has been recognized of the…

Q: An entity reported taxable income of P 8,000,000 during 2019. Its first year of operations. The…

A: Deferred Tax The purpose of creating deferred tax which is any kind of excess amount which are…

Q: NINE Company reported a pre-tax financial income of $8,584,950 for the year ended December 31, 2021.…

A: Deferred tax asset: The deferred tax asset is created when the taxes to be paid as per income tax…

Q: Differences between pretax accounting income and taxable income were as follows during 2021:…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

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

A: Taxable income = pretax income - excess of depreciation + excess of income  = 720000-32000+24000 =…

Q: Lanzones Corp. began operations at the beginning of the current year. At the end of the first year…

A: Solution 1:  Accounting or financial income subject to tax =  Income before income taxes - Permanent…

Q: Willow Corp. (a C corporation) reported taxable income before the net operating loss deduction (NOL)…

A: Taxable Income: $100,000 NOL Carryover: $90,000 Amount of tax in 2020: ? Amount of NOL carryover in…

Q: Nalad Corp. provided the following data related to accounting and taxable income: Pre-tax accounting…

A: Dear student, the following guidelines have been provided to assist you in approaching your…

Q: Pumpkin Company recorded Income tax payable equal to $10M, increased the Deferred Tax Asset by $2M,…

A: Net income: It refers to the income earned by the business after deducting all the expenses incurred…

Q: Revenues Expenses Pre-tax income For tax purposes, the following income tax differences existed: a.…

A: SOLUTION TAXABLE INCOME IS THE AMOUNT OF INCOME THAT IS USED TO CALCULATE THE TAXES OWNED BY…

Q: 4. For the year ended December 31, 20x1, Tyre Co. reported pretax financial statement income of…

A: The question is related to the Accounting for taxes on income. Current tax expenses  is the amount…

Q: BC Corporation computed a pretax financial income of $6,000,000 for the year ended December 31,…

A: solution  given The tax rate for year 2019 = 32% we need to use the current tax rate for determining…

Q: At December 31, 2025, Whispering Inc. had a deferred tax asset of $31,600. At December 31, 2026, the…

A: When there is taxable temporary difference arise between accounting profit and tax profit then…

Q: 1. What is taxable income? 2. What is the total tax expense on the financial statement? 3. What is…

A: 1. Taxable Income:   Taxable Income = Book Income - M&E Disallowance + Excess Tax Depreciation…

Q: lue Inc. (BBI) listed the following items to prepare a reconciliation between book and taxable…

A: Concept of Taxes on income has been applied here,  Concept implied that there are certain items…

Q: EFG & Co. started its business at the beginning of the current year. By end of first year…

A: Deferred tax liability = future taxable amount x tax rate = P400,000 x 30% = P120,000

Q: On its year 1 financial statements, Seatax Corporation, an accrual-method taxpayer, reported federal…

A: As per the given information: Amount reported as federal income tax expense in financial statements…

Q: Cris Company reported the following results for the year ended December 31, 2020, its first year of…

A: If Taxable income  is greater than  income  as per books of accounts then it will result  in…

Q: An entity reported pretax accounting income of P5,000,000 for the current year. The taxable income…

A: The tax expense is calculated on the taxable income instead of accounting income. The tax expense is…

Q: Problem Pecorino Company had pretax financial income of P2,500,00 in the current year. The entity…

A: The deferred tax asset or liability arises when the pretax financial income and the taxable income…

Q: Bluth, Inc. reported the following financial information: Taxable income for current year $200,000…

A: Income tax expenses refer to the amount of money a business or an individual needs to set aside or…

Q: At the end of the first year of operations. an entity had taxable temporary differences totaling…

A: Calculation of Deferred tax expense / Deferred tax benefit :- Deferred tax expense =  taxable…

Q: Grand Corporation reported pretax book income of $627.500. Tax depreciation exceeded book…

A: Income tax refers to the amount charged by the government to individuals and organizations on the…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.