What is the income tax payable on december

Assignment Help Financial Accounting
Reference no: EM132920819

Problem 1: In 2010, Truman Co. reported pretax financial income of P5,000,000 which includes P900,000 nontaxable life insurance proceeds received as a result of the death of an officer, P1,200,000 of estimated warranty expenses accrued as of December 31, 2010, and P200,000 of life insurance premiums for a policy of an officer. No income tax was previously paid during the year and the income tax rate is 30%. What is the income tax payable on December 31, 2010?

Reference no: EM132920819

Questions Cloud

What is the price of the stock : What is the (expected) price of the stock, at time 1, right before the dividend is paid when all shareholders are individuals (P c i (1))
What are the mean and standard deviation : 68% of the marks in a test are between 50 and 65. Assuming this data is normally distributed, what are the mean and standard deviation
Windshield survey : How closely do you believe you have noticed the details of your environment and surroundings?
Calculate the gross margin : Assuming 10,000 products were produced and sold, calculate the gross margin, gross margin ratio, and net income for the month
What is the income tax payable on december : No income tax was previously paid during the year and the income tax rate is 30%. What is the income tax payable on December 31, 2010?
Different generic strategies : Briefly define the five different generic strategies, which one of these best describes the company for which you are currently employed.
How much is the deferred tax asset on december : Under the new law, tax rate for 20x2 is 32% and tax rate in 20x3 and years thereafter is 35%. How much is the deferred tax asset on December 31, 20x1?
How much is the fringe benefits tax : The zonal value of the property is P32,000,000 while its fair market value. How much is the fringe benefits tax
How much is the income tax expense for frey corporation : How much is the deferred tax expense (benefit) for 2002? How much is the income tax expense for 2002? How much is the current tax expense for 2002?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the amount of the firm ebit

Depreciation of $384,254; cost of goods sold of $2,934,562; and interest expense of $185,202. what is the amount of the firm's EBIT?

  Determine the intrinsic value of a ten-year bond

Determine the intrinsic value of a ten-year bond with a maturity value of Php 50,000. The coupon rate of the bond is 7% with a required rate of return

  Compute the investment balance in hayde company

Hayde reported net income of P10,500,000 and paid cash dividend of P6,000,000. Compute the investment balance in Hayde Company on December 31, 2015

  What is the notes effective interest rate

On January 1, 2016, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2017. What is the note's effective interest rate?

  Determine the effective annual rate of interest on factoring

Accounts receivable to a factor at 4% discount. If the average collection period is 2 months, determine the effective annual rate of interest on the factoring.

  What is market or purchase price of bonds upon acquisition

What is the market or purchase price of the bonds upon acquisition? QUATRO Company purchased 5-year bonds with a face amount of ? 2,250,000.

  Record the following transactions in the general

record the following transactions in the general journal.3107invested 20000 in cash and 5000 of equipment in the

  What is the firm cost of equity for kimberly

Kimberly uses $500,000 of 12.0% debt, and the cost of equity to an unlevered firm in the same risk class is 16.0%. What is the firm's cost of equity?

  How you lower tax rates but not amount of revenue collected

How do you lower tax rates but not the amount of revenue collected by the Treasury. If the tax rates are lowered does that not mean that the amount received by the Treasury would also be lowered?

  What are the implications of questioning a leader direction

What are the implications of questioning a leader's directions, knowing that most leaders prize unquestioning followership and loyalty?

  What balance do begin making payment of dollar forty or less

Assume that you have a balance of $2000 on your Discover credit card. On what balance do you begin making payments of $40 or less?

  Most airlines offer frequent flier mileage awards

Most airlines offer frequent flier mileage awards where a passenger who accumulates enough miles can turn those miles in for an airline ticket at very little extra cost. How should the airlines handle the accumulated mileage at the end of each year?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd