For the year ended December 31, 2020, Talisay Company reported accounting profit of P9,500,000. Its...
70.2K
Verified Solution
Link Copied!
Question
Accounting
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. P3,150,000 c. P3,325,000 b. P2,150,000 d. P2,325,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
