How much is the current tax expense

Assignment Help Accounting Basics

Reference no: EM132784836

Problem 1: Ball Company reported pre-tax financial income of P6,200,000 for the calendar year 2019. Included in the other income section of the income statement was P200,000 of interest revenue from government bonds held by the entity which is non-taxable. The income statement also included depreciation expense of P500,000 for a machine that cost P3,000,000. For tax purposes, the depreciation for this machine is P600,000. The tax rate is 30% for 2019. How much is the current tax expense for 2019?

Reference no: EM132784836

Questions Cloud

What amount should be credited to share premium : The share dividend was distributed on March 25 when the market price was P16 per share. What amount should be credited to share premium for the share dividend?

When are vpns used today : When are VPN's used today? Do you use a corporate or individual VPN? If so what are the benefits? Be sure to find at least one article (academic or business).

What is the balance of lease liability on december : What is the balance of lease liability on December 31, 2020? Live Company entered into a lease agreement for the use of a new machine on January 1, 2020.

What amount be reported as unearned revenue on december : What amount should be reported as Unearned Revenue on December 31, 2019, following the ruling by the Department of Trade and Industry

How much is the current tax expense : For tax purposes, the depreciation for this machine is P600,000. The tax rate is 30% for 2019. How much is the current tax expense for 2019?

Calculate average length of stay for Okaloosa Osteopathic : Calculate average length of stay for Okaloosa Osteopathic Hospital, given the following data: Inpatient days = 19882 and Licensed beds = 23

What is the total financial revenue to be recognized : The present value of an ordinary annuity of 1 at 11% for 10 years is 5.889. What is the total financial revenue to be recognized over the lease term?

What role does religion play in life : 1. "Religion is a private matter that does not belong in the workplace." Do you agree or disagree with this statement? Why or why not?

What is the amount of interest revenue : The lease is appropriately recorded as sales-type lease. What is the amount of interest revenue that Helium should record for the year ended December 31, 2018?

User Account

All Pages