Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Zeus company reported pretax financial income of P3,000,000 for the year ended december 31 2020 . The taxable income was P4,000,000. The difference is due
Zeus company reported pretax financial income of P3,000,000 for the year ended december 31 2020 . The taxable income was P4,000,000.
The difference is due to rental received in advance. Rental income is taxable when received.
Theincome tax rate is 30% and zeus company made estimated tax payment of P500,000 during the current year.
Required:
A. Prepare journal entries relating to income tax for 2020.
B. Compute the total income tax expense for 2020.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started