Accounting For

income levy Accounting for Income taxation 1. Hilton Company reported pre revenue pecuniary income of P6,200,000 for the calendar family 2010. Included in the income section of the income arguing was P200,000 of elicit tax incomeation from government bonds held by the entity. The income statement also include disparagement expense of P500,000 for a machine that cost P3,000,000. The income tax try reported P600,000 as depreciation on the machine. The enacted tax count is 30% for 2010 and emerging course of studys. What is the accepted tax expense for 2010? a. 1,860,000 b. 1,800,000 c. 1,770,000 d. 1,830,000 2. setting Company began operations on January 1,2010. AT the end of the world-class category of operations, Tantrum reported P6,000,000 income before income tax in its income statement notwithstanding only P5,100,00 taxable income in its tax give. Analysis of the P900,000 diversion revealed th at P500,000 was a steadfast difference and P400,000 was a temporary tax liability difference related to a current asset. The enacted tax rate for 2010 and future years is 30%. What is the total income tax expense to be reported in the 2010 income statement? a. 1,800,000 b. 1,530,000 c. 1,650,000 d. 1,950,000 3.

Aris Company computed a pretax account statement income of P5,000,000 for its first year of operations ended December 31,2010. In preparing the income tax return for 2010, the following differences are noted between accounting income and taxable income. Nondeductible Expenses200,000 Nontaxable Revenue500,000 Gross Income on initiation Sales Reported in ! Accounting Income but not In ratable Income1,000,000 Provision for Doubtful Accounts100,000 Income Tax Rate30% What is the current tax expense? a. 1,140,000 b. 1,410,000 c. 1,500,000 d. 1,110,000 4. Viking Companys income statement for the year ended December 31,2010 shows pretax income of P1,000,000. The...If you want to get a replete(p) essay, order it on our website: OrderEssay.net

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