Solution-What amount should be reported as total tax expense

What amount should be reported as total tax expense

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Reference no: EM133102047

Problem - In 2021, Joliette Company reported pretax financial income of P3,500,000. Included in the pretax financial income are P620,000 of nontaxable life insurance proceeds received as a result of the death of an officer, P950,000 of estimated warranty expense accrued at year-end, and P140,000 of life insurance premium for a policy for an officer. No income tax was previously paid during the year and the income tax rate is 30%.

Required -

1. What amount should be reported as income tax payable at year-end?

2. What amount should be reported as total tax expense?

Reference no: EM133102047

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What amount should be reported as total tax expense

Reference no: EM133102047

Reference no: EM133102047

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