14 QuestionWhat is the income tax payable for 2020? (Apply the pre-CREATE law rulings)M&M Company's income statement for the year ended December 31, 2020 (considered as the fifth yearof operations), shows pretax income of P3,000,000. The company's tax rate for 2020 is 30%. The followingitems are treated differently on the tax return and in the accounting records:Tax ReturnP140,000Accounting RecordsRent revenueP240,000Depreciation expensePremium on officers' life insurance and the familyis the beneficiaryThe records also show that the net sales are P60M; cost of goods sold is P29M; sales returns andallowances, P550,000; & sales discounts, P650,000. What is the income tax payable for 2020? (Appły thepre-CREATE law rulings)560,000440,000280,000

Solution: taxable income = pretax financial income - excess revenue under accounting records -…

M&M Company's income statement for the year ended December 31, 2020 (considered as the fifth ye of operations), shows pretax income of P3,000,000. The company's tax rate for 2020 is 30%. The followi tems are treated differently on the tax return and in the accounting records: Tax Return P140,000 560,000 Accounting Records P240,000 Rent revenue Depreciation expense Premium on officers' life insurance and the family is the beneficiary The records also show that the net sales are P60M; cost of goods sold is P29M; sales returns a allowances, P550,000; & sales discounts, P650,000. What is the income tax payable for 2020? (Apply i areCREATE law rulinest 440,000 280,000

M&M Company's income statement for the year ended December 31, 2020 (considered as the fifth ye of operations), shows pretax income of P3,000,000. The company's tax rate for 2020 is 30%. The followi tems are treated differently on the tax return and in the accounting records: Tax Return P140,000 560,000 Accounting Records P240,000 Rent revenue Depreciation expense Premium on officers' life insurance and the family is the beneficiary The records also show that the net sales are P60M; cost of goods sold is P29M; sales returns a allowances, P550,000; & sales discounts, P650,000. What is the income tax payable for 2020? (Apply i areCREATE law rulinest 440,000 280,000

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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