Question: How much is the total creditable input tax for 1st Quarter?
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Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…
A: Tax liability = Taxable income x tax rate = $84,000 x 30% = $25,200
Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…
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Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…
A:
Q: GYV Ltd has the following deferred tax balances as at 30 June 2019. Deferred tax asset $900000…
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Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…
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Q: On December 31, 2019, an entity reported a deferred tax liability of P600,000 and a deferred tax…
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Q: A company's trial balance at 31 December 2021 shows a debit balance of GHS700,000 on current tax and…
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Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…
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Q: GYV Ltd has the following deferred tax balances as at 30 June 2019. Deferred tax asset $9 00 000…
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Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…
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Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…
A:
Q: In 2020, NB Incorporated’s federal taxable income was $254,000. Compute the required installment…
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Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…
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XYZ Corp., a VAT-registered taxpayer, disclosed the following information for the year 2019:
Quarter Period Capital Goods Input Tax
January Php 2,000,000 Php 240,000
February Php 1,000,000 Php 120,000
1st
March Php 1,000,000 Php 120,000
Total Php 4,000,000 Php 480,000
April Php 2,000,000 Php 240,000
May Php 2,000,000 Php 240,000
2nd
June. Php 2,000,000 Php 240,000
Total Php 6,000,000 Php 720,000
The capital goods (
Question: How much is the total creditable input tax for 1st Quarter?
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- A taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet:Asset – Php 500,000Liability – Php 100,000Stockholders' Equity – Php 400,000 Income Statement:Gross sales – Php 10,000,000Cost of sales – Php 3,000,000Operating Expenses – Php 1,000,000 How much is the income tax due under CREATE Law if? the taxpayer is a domestic corporationa. 1,200,000b. 70,000c. 1,800,000d. 1,500,000A taxpayer registered in 2020 made available the following financial information for TY2021 : Balance Sheet: Asset - Php 500.000 Liability - Php 100.000 Stockholders' Equity - Php 400,000 Income Statement : Gross sales - Php 10.000.000 Cost of sales - Php 8.000.000 Operating Expenses - Php 5,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation ? Php 300.000 Php0 Php 600,000 Php 200.000B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.Required:Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.
- EL Co. reported net income for the current year 2021 at ₱560,000 before provision of income tax during theyear. To compute the provision for income tax, the following data are provided:• Tax depreciation in excess of financial statement amount - ₱ 36,500• Interest income received - ₱ 80,500• Rent received in advance - ₱ 175,000• Dividend income - ₱ 91,700• Estimated tax payment in the current year - ₱ 65,000• Provision for bad debts not yet recognized for tax purposes on the current year - ₱ 48,300• Tax penalties due to late filing on tax return - ₱ 20,000• Corporate tax rate – 30% Required: 14. What is the total income tax expense for the year?15. What is the net income after tax?EL Co. reported net income for the current year 2021 at ₱560,000 before provision of income tax during theyear. To compute the provision for income tax, the following data are provided:• Tax depreciation in excess of financial statement amount - ₱ 36,500• Interest income received - ₱ 80,500• Rent received in advance - ₱ 175,000• Dividend income - ₱ 91,700• Estimated tax payment in the current year - ₱ 65,000• Provision for bad debts not yet recognized for tax purposes on the current year - ₱ 48,300• Tax penalties due to late filing on tax return - ₱ 20,000• Corporate tax rate – 30% Required: How much is the current tax expense for the year?What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position?GYV Ltd has the following deffered tax balances as at 30 June 2019 DTA $900000 DTL. $700000 The above balances were calculated when rhe tax rate, was 20 percent. On 1 December 2019 the government raises the corporate tax rate to 25 percent Required Provide the journal entries to adjust the carry forward balances of The DTA and DTL.
- GYV Ltd has the following deferred tax balances as at 30 June 2019. Deferred tax asset $900000 Deferred tax liability $700000 The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent. Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.EL Co. reported net income for the current year 2021 at ₱560,000 before provision of income tax during theyear. To compute the provision for income tax, the following data are provided:• Tax depreciation in excess of financial statement amount - ₱ 36,500• Interest income received - ₱ 80,500• Rent received in advance - ₱ 175,000• Dividend income - ₱ 91,700• Estimated tax payment in the current year - ₱ 65,000• Provision for bad debts not yet recognized for tax purposes on the current year - ₱ 48,300• Tax penalties due to late filing on tax return - ₱ 20,000• Corporate tax rate – 30% Required:11. How much is the taxable income for the year?12. How much is the current tax expense for the year?13. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position?EL Co. reported net income for the current year 2021 at ₱560,000 before provision of income tax during the year. To compute the provision for income tax, the following data are provided: • Tax depreciation in excess of financial statement amount - ₱ 36,500 • Interest income received - ₱ 80,500 • Rent received in advance - ₱ 175,000 • Dividend income - ₱ 91,700 • Estimated tax payment in the current year - ₱ 65,000 • Provision for bad debts not yet recognized for tax purposes on the current year - ₱ 48,300 • Tax penalties due to late filing on tax return - ₱ 20,000 • Corporate tax rate – 30% Required: 11. How much is the taxable income for the year? 12. How much is the current tax expense for the year? 13. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position? 14. What is the total income tax expense for the year? 15. What is the net income after tax?
- 66. ABC Corp., a VAT-registered taxpayer, disclosed the following information: Quarter Period Gross Sales VAT Purchases VAT Paid 1st January Php 2,000,000 1,500,000 60,000 February Php 1,000,000 600,000 48,000 March Php 1,000,000 500,000 60,000 Total Php 4,000,000 2,600,000 168,000 2nd April Php 2,000,000 1,800,000 24,000 May Php 2,000,000 1,600,000 48,000 June Php 2,000,000 3,000,000 0 Total Php 6,000,000 6,400,000 72,000 3rd July Php 2,000,000 2,500,000 0 August Php 1,000,000 500,000 60,000 September Php 1,000,000 300,000 0 Total Php 4,000,000 3,300,000 60,000 4th October Php 2,000,000 1,000,000 120,000 November Php 2,000,000 2,500,000 0 December Php 2,000,000 1,500,000 0 Total Php 6,000,000 5,000,000 120,000 Note: DO NOT ASSUME THAT THE AMOUNTS ARE WRONG. How much is the CORRECT total VAT still due…JAY Co. reported net income for the current year 2021 at ₱2,395,000 before taxes. Included in the determinationof the said net income were:Non-deductible expenses ₱ 319,200Accrued warranty expenses ₱ 54,000Rental payments made in advance ₱ 210,000Advance collections from customers ₱ 171,500Non-taxable income ₱ 125,800Provision for probable losses ₱ 65,000The income tax rate is 30% and is not expected to change in the future. Required: 4. What is the total deferred tax liability to be presented in the 2021 Statement of Financial Position?5. Assuming that the expected income tax rate for the following year is 32%, what is the total taxexpense?6. Assuming that the expected income tax rate for the following year is 32%, what is the total deferredtax liability?A company's trial balance at 31 December 2021 shows a debit balance of GHS700,000 on current tax and a credit balance of GHS8,400,000 on deferred The directors have estimated the provision for income tax for the year at GHS4.5m and the required deferred tax provision is GHS5.6m, GHS1.2m of which relates to a property revaluation. What is the profit or loss income tax charge for the year ended 31 December 2021?