Reference no: EM132903243
Problem 1: For the year ended December 31, 2020, Talisay Company reported accounting profit of P9,500,000. Its taxable profit was P9,000,000. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 35% and Talisay made estimated tax payment during 2020 of P1,000,000. What should Talisay report as current tax payable as of December 31, 2020?
a. 3,150,000
b. 2,150,000
c. 3,325,000
d. 2,325,000
Problem 2: In arriving at its profit before tax for the year ended December 31, 2020, The Zeke Company has accrued royalties receivable of P200,000 and interest payable of P250,000. Both royalties and interest are dealt with on a cash basis in tax computations. What are Zeke's net temporary differences at December 31, 2020 according to PAS 12 Income Taxes?
a. Taxable temporary differences of 50,000
b. Deductible temporary differences of 450,000
c. Deductible temporary differences of 50,000
d. Taxable temporary differences of 450,000
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