Reference no: EM132809734
Tala Corp. reported net income for the current year 2019 at P10,000,000 before taxes. Included in the determination of the said net income were:
Permanent differences:
Non-deductible expenses P100,000
Non-taxable income 500,000
Temporary differences:
Accrued warranty expenses 250,000
Rental payments made in advance 400,000
Advance collections from customers 500,000
Provision for probable losses 900,000
Income tax rate is 40% and is not expected to change in the future.
Problem 1: How much is the current tax expense?
Problem 2: How much is the total tax expense?
Problem 3: What is the total deferred tax asset to be presented in the 2019
Problem 4: What is the total deferred tax liability to be presented in the 2019 Statement of Financial position?
Problem 5: Assuming that the expected income tax rate for the following year is 35%, what is the total tax expense?
Problem 6: Assuming that the expected income tax rate for the following year is 35%, what is the total tax asset?
Problem 7: Assuming that the expected income tax rate for the following year is 35%, what is the total tax liability?
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