Please answer Number 14 Items 10 to 14:T Company reports the following revenues and expenses in its pretax financial income for theyear ended December 31, 2003:RevenuesExpensesPretax financial incomeP229,600(160,100)P 69,500The revenues included in pretax financial income are the same amount as the revenuesincluded in the company's taxable income. A reconciliation of the expenses reported forpretax financial income to the expenses reported for taxable income, however, reveals fourdifferences:a. Depreciation deducted for financial reporting exceeded depreciation deducted for incometaxes by P11,000.b. Percentage depletion deduction for income taxes exceeded depletion deducted forfinancial reporting by P15,600.c. Warranty costs deducted for income taxes exceeded warranty expenses deducted forfinancial reporting by P8,900.d. Legal expense of P9,800 was deducted for financial reporting, it will be deducted forincome taxes when paid in a future year.The company expenses its percentage depletion to exceed its cost depletion in each of thenext 5 years by the same amount as in 2000. At the end of 2000, the other three expensesare expected to result in total future taxable or deductible amounts as follows:TotalsFuture taxable amountsDepreciation expense differenceP63,000Future deductible amountsWarranty expense differenceLegal expense difference48,4009,800At the beginning of 2003, the company had a deferred tax liability of P22,200 related to thedepreciation difference and a deferred tax asset of P17,190 related to the warrantydifference. The income tax rate for 2003 is 35%, but in 2002 Congress enacted a 30% ratefor 2004 and thereafter.P65,8001r18,900.ucT IS uie uelemeu lax liabmcyD17 AC1...ow muc20032(C) P19,400(u) rzu,00014. How much is the net income after income tax provision at December 31, 2003?(b) P46,470(a) P69,500(c) P50,040(d) P65,930 C

It is the income earned by an entity after incurring all the expenses. It is the net revenue left…

T Company reports the following revenues and expenses in its pretax financial income for the year ended December 31, 2003: Revenues Expenses Pretax financial income P229,600 (160,100) P 69,500 The revenues included in pretax financial income are the same amount as the revenues included in the company's taxable income. A reconciliation of the expenses reported for pretax financial income to the expenses reported for taxable income, however, reveals four differences: a. Depreciation deducted for financial reporting exceeded depreciation deducted for income

T Company reports the following revenues and expenses in its pretax financial income for the year ended December 31, 2003: Revenues Expenses Pretax financial income P229,600 (160,100) P 69,500 The revenues included in pretax financial income are the same amount as the revenues included in the company's taxable income. A reconciliation of the expenses reported for pretax financial income to the expenses reported for taxable income, however, reveals four differences: a. Depreciation deducted for financial reporting exceeded depreciation deducted for income

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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