BBS Corporation is a Resident Foreign Corporation, compute the Taxable Income and the Income Tax Due.
Q: dger turo
A: Explanation of Concept Ledger Posting : is the step in the process of preparing the books accounts…
Q: rporation recently reported the the following 2019 balance sheet and 2019 income statement (in…
A:
Q: 30) If no-par stock is issued without a stated value, then A) the par value is automatically $1 per…
A: There are no par value stock shares issued that do not have a par value mentioned on the face of the…
Q: In a liquidating distribution Ann receives cash of $3,000, inventory in which the partnership's…
A: In case of liquidating distribution, partner basis must be reduced to zero in all cases. In case of…
Q: Hours Wait time 19.5 Process time 2.3 Inspection time 1.3 Move time 3.2 Queue time 10.3 The delivery…
A: The total amount of time from when an order is being received from the customer to when the…
Q: On April 2 a corporation purchased for cash 6,000 shares of its own $12 par common stock at $27 a…
A: Treasury stocks are repurchased shares of the company. The firm can reissue these stocks at a…
Q: Identify which category of shareholder's equity is affected by each item and briefly explain how it
A: Shareholders equity is one of the important element of balance sheet of the business. It shows total…
Q: In the eBook, NetSolutions calls their revenue earned from providing services __________________.…
A: Solution: Service revenue are the revenue earned by a business for providing services. It can be…
Q: 3. Buildz Manufacturing currently produces 1,000 tables per month. The following per unit data for…
A: Total variable cost per table = 50+10+15 = £75
Q: For each of the following statements indicate if the statement is true or false. In your answer book…
A:
Q: Organization should use scanners and other physical counting technology for small tool inventory…
A: Managing the inventory is a big deal for may organisations because these organisations may have high…
Q: On January 1, 2020, ABC Company enters into a 4-year lease of office equipment. The rent in 2020 is…
A: As per IFRS 16, practical expedient is used when the measurement of Right of use of the asset on…
Q: nd
A: Control Environment. The phrases "control environment" and "internal control environment" are…
Q: X is a supplier of premium coffee beans. B approached X to buy 100 kilos of the premium coffee…
A: Partnership refers to the contractual agreement among two or more persons who came together to carry…
Q: Problem No. 6 (Reversing Entries) Same details from Fallen Moon Legal Service Adjusted Trial…
A: Reversal Entries: At the end of the accounting period after the adjusted Trial Balance is created,…
Q: What's the cash balance at the end of the month?
A: Budgets are the mainly called the estimates made for future period of time. Cash budget is one of…
Q: 30) If no-par stock is issued without a stated value, then A) the par value is automatically S1 per…
A: No par value stock means the shares are issued without having a face value. The investor can…
Q: If the corporation intends to shorten its life, what is the remedy of the corporators? Amend the…
A: Corporation means a large company or groups of companies authorized to act as a single entity. Every…
Q: ABC Company leased into a ten-year non-cancelable lease requiring year-end payments of P1,200,000 on…
A: Lease Payment: P1,200,000 Implicit interest rate: 10% Initial direct cost: P150,000 Amount financed…
Q: s $1,800, and land in whic as $25,000. s on the distribution?
A: Given as, Received amount= $3,000, Inventory Partnership basis= $1,800, Land partnership basis=…
Q: Which of the following considerations would not be relevant in determining the entity's functional…
A: As per IAS 21 , Effects of changes in foreign exchange rates The entity should measure its assets,…
Q: The following data are provided by Coach Sarah Company: Assets at book value P750,000 Assets at…
A: Introduction:- According to accounting Deficiency denotes negative or loss of money. Estimated…
Q: explain .After documenting internal control in an audit engagement, the auditor may perform tests on…
A: The following tests that the auditor might perform are presented in the order of the evidence that…
Q: The the chart of accounts for Roth Co. includes the following accounts: Cash, Accounts Receivable,…
A: Solution: Double entry accounting system is system of accounting which ensures that every financial…
Q: A corporation incurred liabilities to its suppliers. The suppliers filed a case against the board of…
A: Lets understand the basics. Company or corporation kind of structure are structure in which company…
Q: Ann receives cash of $3,000, invent , and land in which the partnership's basis 0
A: Given as, Received amount= $3,000, Inventory Partnership basis= $1,800, Land partnership basis=…
Q: Supposed you want to buy a used car but your savings is not enough. To do this, you borrow P60,000…
A: Loan amortization is the process of scheduling out a fixed-interest rate loan into scheduled…
Q: True or False: Borrowing money and repaying debt results in changes in Net Worth. Select one: O True…
A: The present balance of your assets and debts is your net worth. To calculate your net worth, remove…
Q: Which of the following statements is incorrect? Cash that is restricted and not available for use…
A: balance sheet is prepared by the company at the end of the year in order to find the financial…
Q: Choose a major publicly traded corporation, then go to the corporation's site and retrieve the…
A: The company that I have selected is Starbucks Corporation. The company was founded in the year…
Q: During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss…
A: Journal Entry: A journal entry refers to the logging of a operations into accounting items of…
Q: Calculate Days in Accounts Receivable. Total accounts receivable over 90 days: $18,105.50 A/R :…
A: Days in Accounts receivable is calculated by dividing total Receivables, net of credit by daily…
Q: What is the process of transferring the debits and credits from the journal entries to the accounts…
A: Journal are the initial records of the transactions which are then posted into ledgers to every…
Q: How to help improve or increase the current ratio of a rural bank? How to increase ROA and ROE?
A: Current ratio tells about the liquidity status of the organization, it can be ascertained…
Q: Arthoney Ircis trial balance cortairs the fallowing balances: Cash $535 Accounts Payable $344…
A: Introduction: Trial Balance: All the final ledger accounts balances are posted in Trial balance to…
Q: a) Prepare the absorption costing and marginal costing income statements for 1st quarter, 2021 b)…
A: a) Income Statement under absorption costing method for the first quarter: Particulars Amount…
Q: E) change in the cash balance for the cu
A: Cash flow represents the in and out of the money and helps in determining the financial condition of…
Q: an internal control over cash receipts and disbursements, should be prepared on a monthly basis and…
A: cash and cash equivalent cash, Bank balance, marketable security commercial paper and other…
Q: a. Break down the material cost variance into different related variances: price variance, usage…
A:
Q: Using the following accounts and balances, prepare the stockholders' equity section of the balance…
A: The amount of assets remaining after all liabilities have been paid is referred to as stockholders'…
Q: A Worker's wage for a guaranteed 44-hour per week is $0.75 per hour. Estimated time to produce one…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Assembly Department at the end of the year just ended
A: Nafth Company has an Equipment Services Department that performs all needed maintenance work on the…
Q: C) majority and mino:
A: Stockholders are the people associated with the company but have a separate entity so they are…
Q: Dee and Co. is a small manufacturing company which has prepared the following monthly budgeted…
A: Solution:- 1)Calculation of sales revenue in value required to make a target profit of GH¢ 80,000 as…
Q: Product-Costing Accuracy, Corporate Strategy, ABCAutotech Manufacturing is engaged in the production…
A: Gross margin is defined as the difference between revenue and cost of goods sold, divided by…
Q: Problem 3 The October 1, 2019, ABC Corp. enters a contract to build a sports arena which it…
A: The gross profit or loss is calculated as difference between revenue and expenses incurred during…
Q: prts the following transactions for the 2020 tax year. The trustee accum come from a business…
A: The taxable income refers to the sum value of income gained by an entity that is subject to the…
Q: What is the purpose of the statement of cash flows? What are the three types of cash flow…
A: The statement of cash flows is one of the financial statements that shows the net result of changes…
Q: Read the case study below and answer the questions that follow. Hendry Limited produces a…
A: Calculation of product costs under absorption costing: Direct materials 12.00…
Q: A company has purchases a new machine for $7,500, and the machine is expected to have a residual…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
For the year 2021, BBS Corporation earned a gross income of P6,000,000 from the Philippines and another P5,000,000 from Malaysia. Business expenses incurred is P4,000,000 in the Philippines and P3,000,000 from Malaysia. BBS Corporation also sold a land it acquired in 2019 costing P1,000,000 for a total amount of P3,000,000 paying the
Step by step
Solved in 2 steps
- Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an International Carrier.Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a Joint Venture formed for the undertaking of construction projects or exploration under service contracts with the government Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Non-resident Foreign Corporation.Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an non-resident owner or lessor of vessels Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a resident foreign corporation
- Magdalene made the following computations of her annual financial savings from employment, her sole source of income: Salaries, net of P59,000 withholding tax and P12,000 mandatory payroll deductions Expenses: Load expenses Medical expenses Transportation expenses Food, rent & utilities Bank loan repayments Miscellaneous expenses Net savings for 2020 P 321,000 A P 10,000 8,000 25,000 100,000 20,000 15,000 P 143,000 What is Magdalene's taxable compensation income in 2021? a. P 280,000 c. P 380,000 b. P 321,000 d. P 392,000 lead stilldeleb of strump)The Tacurong Company has the following business income and expenses in year 2020: Gross Income From Philippine sources: From business P450,000 Dividends from domestic corporation 80,000 From Other Countries Saudi Arabia 180,000 Australia 75,000 Japan 190,000 Total Foreign Income Tax paid is P60,000 and Philippine quarterly income tax paid is P42,000. A. Compute for the income tax still due and payable if Tacurong is a domestic corporation. B. Compute for the tax still due and payable if Tacurong is a resident foreign corporation.Dynasty Corp, just completed its third year of operations. It has the following financial information: Ws Philippines China Gross Income P1,250,000 P800,000 Deductions 950,000 500,000 a. Assuming that the taxpayer is a domestic corporation, what is the taxable income for the taxable year 2021? b. Using the data on (a), what is the tax due? C. Assuming that the taxpayer is a resident foreign corporation, what is the taxable income for the taxable year 2013? d. Using the data on (c), what is the tax due? e. Assuming that the taxpayer is a non-resident foreign corporation, what is the taxable income for the taxable year 2021? Using the data on (e), what is the tax due? f.
- BUT PTE Singapore in Semarang obtained net income in 2021 as follows: Domestic Fiscal income IDR 400.000.000 Income from Deviden in Singapore (15% tax rate) IDR 100.000.000 Income from Loan in Vietnam (20% tax rate) IDR 250.000.000 Income from Royalti in Malaysia (35% tax rate) IDR 200.000.000 Loss Income from India (17% tax rate) (IDR 100.000.000) (Financial information of BUT PTE Singapore that Gross Income is Rp. 35.000.000.000 and Fiscal Costs are Rp 31.000.000.000) Calculate Tax Payable!Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Gross income P400,000 Deductions P300,000 200,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Government-owned and Controlled Corporation. Total 150,000 P700,000ABC Corporation earned the following income in 2019 (gross of withholding tax): Interest on bank deposit, BPI Manila P100,000 Interest, US Dollar deposit, BPI Manila $ 50,000 Dividend Income from a Domestic Co. P100,000 Royalty, Philippines P600,000 Royalty, US P200,000 Exchange rate: P50:$1 1. How much is the total final withholding taxes if ABC Corporation is a resident foreign corporation? a. 327,500 b. 240,000 c. 515,000 d. 525,000 2. How much is the total final withholding tax if ABC Corporation is a domestic corporation? a. 525,000 b. 515,000 c. 240,000 d. 327,500
- Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Non-profit Entity.A resident foreign corporation has the following income and expenses for the year: Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000 1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?The income and expenses for an Armenian Co (Ararat) for the 2022 tax year (the same as a calendar year) are: trading income – AMD 235,000,000; gross rent income from Armenian company – AMD 200,000; dividend income from its Armenian subsidiary – AMD 3,500,000; salary expenses – AMD 25,000,000; raw materials expenses – AMD 35,000,000; fuel and utilities expenses – AMD 10,000,000; representative expenses – AMD 6,000,000; accounting depreciation expenses – AMD 8,150,000; tax depreciation expenses – AMD 5,700,000; tax interest and penalty expenses – AMD 950,000; property tax expenses – AMD 500,000; penalty expenses charged by clients – AMD 750,000, prepayments provided to the suppliers AMD 23,000,000, loans received from the bank AMD 10,000,000.• The accumulated tax loss for previous three years was AMD 15,400,000. Please asses the corporate profit tax for 2022