Reference no: EM132564345
Question - Details of CPA Company are as follows:
Sales 5,000,000
Cost of Goods Sold 2,000,000
Interest Income reported 5,000
Operating Expense per PFRS 1,500,000
Warranty Expense 250,000
Actual Warranty Paid 200,000
Depreciation Expense per PFRS 200,000
Depreciation Expense per BIR 150,000
Doubtful Accounts 100,000
Accounting Income 400,000
Tax Rate 30%
Required -
1. How much is the Financial Income subject to Income Tax?
2. How much is the Taxable Income subject to Income Tax?
3. How much is the Permanent Difference?
4. How much is the Total Temporary Difference?
5. How much is the Income Tax Expense?
6. How much is the Income Tax Payable (Current Tax Expense)?
7. How much is the Deferred Tax Asset?
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