Pepper Steak Company used accelerated depreciation for tax purposes (P340,000) and straight-line method for financial accounting purposes (P200,000). Assuming Garlic Pepper Steak Company had no other temporary difference, what is the pretax accounting income for 2020? *

Pepper Steak Company used accelerated depreciation for tax purposes (P340,000) and straight-line method for financial accounting purposes (P200,000). Assuming Garlic Pepper Steak Company had no other temporary difference, what is the pretax accounting income for 2020? *

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 4MC: Prior to and during 2019, Shadrach Company reported tax depreciation at an amount higher than the...

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Question

The Garlic Pepper Steak Company had taxable income of P1,200,000 during 2020. Garlic
Pepper Steak Company used accelerated depreciation for tax purposes (P340,000) and
straight-line method for financial accounting purposes (P200,000).
Assuming Garlic Pepper Steak Company had no other temporary difference, what is the pretax
accounting income for 2020? * ,

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