Question
Integrity Company reported pre-tax financial income of P400,000 for 2022. In the computation of income taxes, the following data were gathered: Non-taxable gain - P175,000
Integrity Company reported pre-tax financial income of P400,000 for 2022. In the computation of income taxes, the following data were gathered:
- Non-taxable gain - P175,000
- Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes - P25,000
- Tax payment made during 2022 - P27,500
- Enacted tax rate - 35%
What amount shall be reported as current tax liability?
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
