A corporation which started in 2016 reported the following date in 2020: Total gross income 3,000,000 Regular allowable deductions 1,600,000 Special allowance deductions 400,000 How much is the income tax due?
Q: List the functions needs to be done on the part of auditor to verify freehold land and building of a...
A: In the course of an audit, an auditor will do various procedures to conduct the audit with verificat...
Q: Age of Customer Debt Amounts owed Estimate of % that (including GST) will not be collected. 1-30 day...
A: Answer a (i) Journal Entry Account Titles and Explanations Debit Credit Bad Debts Expe...
Q: What is the taxable income of Mr. Pamplona subject to regular income tax?
A: Tax is the amount which the taxpayer has to pay on the taxable income and which is determined as per...
Q: A review of the ledger of Flint Co. at December 31, 2022, produces the following data pertaining to ...
A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current pe...
Q: ulie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only oth...
A: Taxable income is the portion of a person's or a company's income that is used to calculate how much...
Q: Sara Computer Sales (SAS) has supplied the following list of transactions for his business. The acco...
A: solution cash flow statement comprises of -cash flow from operating activities ...
Q: Johnson’s Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the acc...
A: Adjusting entries are those journal entries which are recorded at the end of accounting period for t...
Q: The transactions of Belle Company's appear below. 1. D. Belle created a new business and invested $6...
A: Cash Reference Number Amount Amount Reference Number 1 $ 6,400 $ 5,300 2 5 ...
Q: The following amortization and interest schedule reflects the issuance of 10-year bonds by Cullumber...
A: Bonds Payable - Bonds is an promissory notes that the issuer paid along with interest on maturity.
Q: On December 1, 2021, ABC Company acquired all the assets and liabilities of XYZ Inc. issuing 100,000...
A: Purchase consideration for business combination = Fair value of shares of ABC Company issued ...
Q: . State and explain briefly five (5) factors or reasons that may influence a country’s decision to a...
A: IFRS or international financial reporting standards are the set of standards that now used by most o...
Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...
A: Goodwill or gain on bargain purchase is a gap between the consideration paid and net identifiable as...
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: Consolidated financial statements are those statements which are prepared for the consolidation of t...
Q: АВС Со (carrying amounts) (fair values) 9,600,000 XYZ Inc Combined entifiable assets 6,400,000 16,00...
A: In case of acquisition, goodwill to be recognise in the books of account if purchase consideration i...
Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...
A: solution given Number of ABC co’s share 60000 Par value per share 40 Fair value of i...
Q: Q 8: King Kong Limited acquired a piece of land for setting up a factory for Rs. 15 million on 1st O...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: Inventory Prepaid Insurance Non Current Assets 6,300 5,200 800 38,761 260 26.217 Office Furniture 3,...
A: The ratio analysis helps to analyze the financial statements of the business with respect to assets,...
Q: A for-profit hospital opened a new ER Clinic and the clinic completed the following transactions dur...
A: Cash is one of the current asset of the business, which is used for payment of various expenses and ...
Q: Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Mo...
A: The equivalent units are calculated on the basis of percentage of the work completed during the peri...
Q: BC paid finder's fees of P80,000, legal fees of P26,000, audit fees related to stock issuance of P20...
A: solution concept as per the provision of IFRS 3 The direct and indirect cost related to business acq...
Q: 1. Use the following information for the next five questions:On January 1, 2021, ABC Co. acquired al...
A:
Q: Chipman Inc. produces water pumps. Overhead costs have been identified as follows: Activity Pool ...
A: Overheads: Overheads or Overheads cost alludes to a continuous cost of working a business. Overheads...
Q: EQUIRED: 1. Prepare adjusting entries to record the above transactions 2. Prepare a worksheet 3. Pre...
A: The first step in recording entries is preparing journal entries. The journal entries are then poste...
Q: Here are selected transactions of Mason Consulting Service. Post the transactions into the appropria...
A: Ledger accounts are prepared by the amounts/entries posted from the journal entries. For understandi...
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: This question is related to a business combination. We have to determine first the Goodwill or gain ...
Q: Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during...
A: The variance is the difference between standard and actual production of the business.
Q: 1. Journal Entries 2. Cost of Production Report for Department 1 and 2 for the month of June 2021 3....
A: The question provides us with the data of units and the costs incurred under various elements in bot...
Q: 12. An industrial salesperson has weekly earnings of $572. He is married and claims four withholding...
A: Calculation of Net Pay For Calculating the Net pay of the individual who has working in the factory ...
Q: ,420 ₹ 25,097 136% 3.51% Vendor C ₹ 41,270 ₹ 94,000 ₹ 77,720 ₹ 23,937
A: The vendor is given as,
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: In a consolidated financial statement, the current asset of subsidiary company is recorded at fair v...
Q: d. income 18. The source for preparing the schedule of accounts payable is the a. purchase invoices....
A: 18. A schedule of accounts payable constitutes the balance owed by the entity to various suppliers ...
Q: XYZ Company prepares monthly interim financial statements. The company needs to estimate the month-e...
A: Solution: Sales made during June = collection made in June + ending accounts receivable - beginning ...
Q: In 2018, SoundSmart Company started its production, specialising in nanufacturing motorcycle helmets...
A: SOLUTION CALCULATION OF MANUFACTURING COST- INDIRECT MATERIALS RM5 *120000 RM600000 FACTORY EQ...
Q: xes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child (age 14) who ...
A: Child tax credit refers to the benefit provided to the guardian of the children in order to decline ...
Q: Adriana Graphic Design receives $2,450 from a client billed in a previous month for services provide...
A: As per accrual concept an income or expense is recorded when they are earned or incurred and not whe...
Q: 6. ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On Janua...
A: Solution Requirements how much is the Goodwill arising from this Business Combination how much is th...
Q: You found that opening your own cake shop is a worthwhile project. After scouting around you found o...
A: The concept of Net benefit in cash flows from a project is used to either select or reject a project...
Q: Required information Exercise 5-19 (Algo) Prepaid expenses—insurance LO 10 Skip to question [The ...
A: Prepaid insurance: It implies to the insurance payment made in advance before incurring the expenses...
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: The cost of acquisition is the purchase consideration paid i.e. P 14,00,000 Net assets taken over ...
Q: We have set up the new production facility in an old warehouse that we stopped using a year ago. Pri...
A: GIVEN we had considered selling the building and it had been valued at E$100,000 on 30 June 2021....
Q: if the value implied by the purchase price of an acquired company exceeds the fair values of the ide...
A: Acquisition refers to purchase of a company by another company by paying purchase consideration in e...
Q: Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance: ...
A: A bank reconciliation statement is prepared at a certain time period. It is used to match the book b...
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: solution given Purchase price 40000 Fair value of current assets of XYZ 26000 Fair v...
Q: 16. A source document prepared by the seller that lists the the a. sales invoice. b. purchase invoic...
A: solution note Dear student as per the Q&A guideline we are required to answer the first question...
Q: In the Invoice Lookup, when view
A: Answer: SAGE 50 is the accounting software that is used by many business to record their day to day ...
Q: E11-2 Recording note payable transactions [5–10 min] Record the following note payable transactions ...
A: Journal entries are the initial step of accounting cycle process, under which atleast one account is...
Q: EB8. LO 8.6Prepare the journal entry to reconcile the bank statement in Exercise 8.7.(Previous que...
A: Bank reconciliation is a statement prepared to check what are the items that has caused a difference...
Q: Shear Co.'s Year 1 financial statements included profit from an installment sale of $2,600 that was ...
A: Answer - “Deferred Tax Expense” is created due to the difference in the timing of book profit and t...
Q: Laval produces lighting fixtures. Budgeted information for its two production departments follows. T...
A: 1. Estimated Overhead CostEstimated Direct Labour Hours=$1,810,000*452,500=$4 per direct labour hour...
Q: P Corporation acquired an 80% interest in S Company on January 1, 2020 for P425,000. On this date, t...
A: Calculation of Goodwill recognized at January 1, 2020: Amount (P) Share capital 175,000 Ret...
Step by step
Solved in 2 steps
- Using the 2020 corporate tax rate: a. What are the tax liability, the marginal tax rate, and the average tax rate for a corporation with $248,300 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a corporation with $39,253,000 taxable income?Red Velvet Corporation, a domestic corporation has the following data. 2021 2022 Gross Income 3,500,000.00 2,400,000.00 Taxable Income 125,000.00 500,000.00 The income tax payable for 2021 is 31,250 40,000 35,000 37,500The following facts relate to a company for 2021: Income tax payable $150,200 Income tax expense 242,700 Taxable income 448,000 Pretax financial income 873,000 What is the effective income tax rate for 2021? Very important: Please present your answer in percentage format, and round the percentage amount to 2 decimal places if necessary. For example, your answer should look like 23.45% or 23.45 (the percentage sign, %, is optional), not 0.2345.
- Le Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT First P200,000 P160,000 P40,000 Second 240,000 500,000 60,000 Third 500,000 150,000 80,000 Fourth 300,000 200,000 70,000 Additional information: Excess MCIT from 2020: P60,000 Excess tax credits from 2020: P20,000 1.) How much was the income tax payable for the first quarter? a. 200,000 b. 160,000 c. 120,000 d. 80,000 2.) How much was the income tax payable for the second quarter? a. 660,000 b. 460,000 c. 200,000 d. 160,000 3.) How much was the annual income tax payable? a. 1,260,000 b. 390,000 c. 230,000 d. 930,000How much is the excessive tax benefits to be credited to tax expense on January 2, 2019 according to the ASU 2016-09? Answer is $90 million. Please explain the reasoning and calculationsExplain what this means in terms of the Statement of Financial Position: Income tax payable as of 31 December 2022 has been included under Provisions, and the amount was $2,950,000.
- 14. Leslie Inc. has correctly determined the following information related to operations for 2018: Revenue from sales Expenses Income before income taxes P7,000,000 4,000,000 P3,000,000 In reviewing the records, you discovered the following items: During 2018, the company discovered an error in depreciation in 2017. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2017 of P200,000. During 2018, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000.REQUIRED 1. How much is the income tax payable for FY 2021 and 2022? 2. How much is the excess minimum corporate income tax for FY 2023? 3. How much is the income tax payable for FY 2023?Using the Corporated Federal Income Tax Rate (2006), calculate the federal income tax that should be paid by a company that has a gross income of $250,000, expenses of $70,000, and depreciation of $20,000 O a. $22,250 O b. $160,000 Oc $45,650 O d. $62,400
- A domestic corporation started its operations in year 2008. The following data on income taxes during the years 2012 to 2019 were made available: YEAR RCIT MCIT 2012 25,000 100,000 2013 100,000 150,000 2014 300,000 190,000 2015 250,000 300,000 2016 100,000 50.000 2017 70,000 50.000 2018 5.000 40.000 2019 85,000 60,000 How much is the income tax payable for the year 2018 and 2019, respectively? O 50,000 : 70.000 O 40,000 ; 85,000 O 40,000: 50,000 O None of the choicesUsing the 2019 corporate tax rate: a. What are the tax liability, the marginal tax rate, and the average tax rate for a corporation with $248, 300 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a corporation with $39,253,000 taxable income? (Create a problem similar to the one above and give multiple choice answer)1. soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and Revenues: TL3.375.000. How much is the Tax Payable if the business prepaid income tax of TL15.000 during the accounting period? a.TL30.000 b.TL15.000 c.TL45.000 d.TL60.000