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ABC Company has the following data for the three succeeding taxable years:
Gross income
Net income (loss)
Permanent difference
Interest income subject to 20% final tax
Dividends received from Jollibee Foods Corporation
Insurance premium paid for the CEO (beneficiary is the company)
Donations paid (allowed, P1500)
Temporary difference
Interest earned
Interest collected
Rent paid
Rent expense
Depreciation expense, acctg.
Depreciation expense, tax
Tax rate
DTA, beg.
DTL, beg.
2014
100,000
20,000
2015
110,000
10,000
400
1,000
200
2,000
200
500
200
1,000
2,000
4,000
50,000
30,000
10,000
20,000
30%
1,500
960
2,000
1,000
10,000
30,000
10,000
12,000
30%
?
?
20,000
10,000
(400)
(1,000)
200
500
19,300
2,000
(20,000)
(10,000)
(8,700)
(200)
(500)
200
9,500
(5,000)
(1,000)
20,000
(2,000)
(8,700)
12,800
2014
2015
3,840
(600.00)
(2,610.00)
1,500.00
300.00
2,610.00
6,000.00
3,000.00
5,790
(6,000.00)
600.00
2,850
-
20,000
5,790.00
5,790.00
14,210
10,000
3,840.00
(990.00)
2,850.00
7,150
2014
Debit
2015
Credit
Credit
3,840.00
9,000.00
3,000.00
3,840.00
9,000.00
3,000.00
Debit
Not applicable
5,400.00
5,400.00
3,210.00
3,210.00
4,410.00
4,410.00
1,500
1-Jan-14
JE No. 5
31-Dec-14
Unearned
Interest
Income
NOLCO
Total
1,500
600
600
2,610
2,610
1,500
3,210
4,710
5,000
5,000
30%
1,500
2,000
2,000
30%
600
8,700
8,700
30%
2,610
15,700
15,700
30%
4,710
1-Jan-15
31-Dec-15
Equipment
6,000
6,000
Prepaid
Rent
20,000
20,000
30%
6,000
Equipment
50,000
30,000
20,000
30%
6,000
Unearned
Interest
Income
NOLCO
Total
1,500
(1,500)
-
600
(300)
300
2,610
(2,610)
-
4,710
(4,410)
300
30%
-
1,000
1,000
30%
300
30%
-
1,000
1,000
30%
300
JE No. 6
3,000
3,000
6,000
Warranty
Liability
960
Prepaid
Expense
3,200
3,200
30%
960
1-Jan-14
JE No. 3
JE No. 2
31-Dec-14
Rent
Payable Equipment
Total
960
3,000
9,000
12,960
Total
73,200
30,000.00
43,200
30%
12,960
January 1, 2015
Change in 2015
December 31, 2015
6,000
(6,000)
-
6,000
600
6,600
Prepaid
Rent Equipment
30%
-
40,000
18,000
22,000
30%
6,600
Prepaid
Expense
960
960
Prepaid
Expense
3,200
Total
12,960
(5,400)
7,560
Total
43,200
18,000.00
3,200
25,200
30%
30%
960
7,560