Reference no: EM133091584
Question 1 - MYRRH Company reported P9,000,000 income before provision for income tax. The following data are provided for the current year: Rent received in advance P 1,600,000 Interest income from depository accounts Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes Estimated tax payment for the current year 2,000,000 1,000,000 500,000 Enacted corporate income tax rate 30%
1. What amount of current income tax liability should be reported at year end?
2. How much is the total income tax expense for the year?
Question 2 - FRANKINCENSE Corporation has a defined contribution retirement plan that covers its seventy- five existing employees. The terms of the plan require FRANKINCENSE to contribute 7.5% of the annual employees' salaries to the retirement plan of each year. The payroll records show the average quarterly salaries as follows: 2020 1,275,850 2021 1,390,675
1. How much is the annual retirement benefit expense for the year ended December 31, 2021?
Question 3 - SNOWMAN Company leased office premises to JACK FROST Inc. for a 5-year term beginning January 2, 2021. Under the terms of the operating lease, rent for the first year is P80,000 and rent for years 2 through 5 is P125,000 per annum. However, as an inducement to enter the lease, SNOWMAN granted JACK FROS the first six months of the lease rent-free. JACK FROST also paid a lease bonus of P60,000.
1. In its December 31, 2021 income statement, what amount should SNOWMAN report as rental income?
2. How much rent receivable should be recognized by SNOWMAN in 2021?
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