Reference no: EM133046781
Question - The following information relates to Bless Company, a calendar year corporation.
i. Deferred tax liability at January 1, 2020, P150,000.
ii. Deferred tax asset at January 1, 2020, P90,000.
iii. Taxable profit for the year 2020, P3,000,000.
iv. Pre-tax accounting profit for the year ended December 31, 2020, P2,800,000.
v. Cumulative taxable temporary difference at December 31, 2020, P400,000.
vi. Cumulative deductible temporary difference at December 31, 2020, P200, 000.
REQUIRED -
a. Determine the income tax payable at December 31, 2020, assuming previous payments of P500,000 were made in 2020 relating to 2020 income tax.
b. Prepare entries for income tax, both current and deferred Portion. Previous payments aggregating P500,000 were Charged to Income Tax Expense.
c. Compute for the company's total income tax expense and profit (after income tax) for the year 2020.
Determine total cost of may raw material purchases
: Simple Manufacturing Company makes units that each requires 5 pounds of material at $4 per pound. Determine total cost of May raw material purchases
|
Determine how the company can maximize its revenue
: A table requires either 17 board feet of oak or 30 board feet of pine, Determine how the company can maximize its revenue
|
What would be the flexible budget for each month
: Typically, the production equipment operates between 4,000 and 7,000 hours per month. What would be the flexible budget for each month
|
Issues of global and social diversity
: As a college we have been asked to use the rubric that is attached to this assignment to reflect on issues of Global and Social Diversity. The list of questions
|
Prepare entries for income tax
: Prepare entries for income tax, both current and deferred Portion. Previous payments aggregating P500,000 were Charged to Income Tax Expense
|
Basic organization design issues at Unilever
: Case study: Unilever Matches Strategy and Structure - Identify the basic organization design issues at Unilever
|
What are the different it support levels
: What are the different IT Support Levels and why are they used?
|
Identify disorder and category of disorder
: -Brody cannot be told what to do. This 15-year-old's single mother has come to you for answers about what she terms as "above and beyond normal teenage disobedi
|
What is the corrected retained earnings balance at january
: Appropriated for treasury shares, P 600,000, in which the original balance is P 1,000,000. What is the corrected retained earnings balance at January
|