CASE 4

Question 1

Correct

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Problem Solving. Compute the taxable income (Round off your answer to the nearest peso)

Answer:

10,910,000

Question 2

Correct

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Problem Solving. Compute the current tax expense (Round off your answer to the nearest peso)

Answer:

3,273,000

Question 3

Correct

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Problem Solving. Compute the deferred tax liability (Round off your answer to the nearest peso)

Answer:

1,035,000

Question 4

Correct

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Problem Solving. Compute the deferred tax asset (Round off your answer to the nearest peso)

Answer:

108,000

Question 5

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Problem Solving. Determine the total income tax expense (Round off your answer to the nearest peso)

Answer:

4,200,000

Question 6

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Problem Solving. Net deferred tax expense (Round off your answer to the nearest peso)

Answer:

927,000

Question 7

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Problem Solving. Net income for the year (Round off your answer to the nearest peso)

Answer:

11,400,000