Accounting For

income tax
Accounting for Income Tax

1. Hilton Company reported pretax financial income of P6,200,000 for the calendar family 2010. Included in the income section of the income statement was P200,000 of interest taxation from government bonds held by the entity. The income statement also included 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 future 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 but only P5,100,00 assessable income in its tax give. Analysis of the P900,000 difference revealed that P500,000 was a permanent 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 accounting 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: Ordercustompaper.com



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