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Beneco is a holder of franchise to distribute and sell electricity. In a particular quarter, its gross receipts amounted to P2,000,000 from distribution and sale of electricity. It has also receipts from the lease of its auditorium and theater amounting to P600,000.
The value-added tax or percentage tax due for the quarter is
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- A VAT registered person engages in both VAT and VAT exempt business. During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts toP200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200. The creditable input tax isXYZ Corporation, a manufacturer, has a gross sales of P190M for CY 2021, its 2nd year of operation. Its total assets amounted to P50M, net of the value of the land of P6M where its manufacturing plant and business operations are situated. Its cost of sales and allowable operating expenses amounted to P100M and P85M, respectively. Compute for its Income Tax Due for CY 2021.Burnham Company collected rent of $3,800 during Year 1. For income tax reporting, the rent is taxed when collected. For financial reporting, the rent is recognized as income in the period earned. At the end of Year 1, the unearned portion of the rent collected during the year amounted to $440. Burnham had no temporary differences at the beginning of the current year. Assume an income tax rate of 30%. What is the amount of the deferred tax asset that should be recognized at the end of Year 1? deferred tax asset
- A supplier imported goods and then sold them to a distributor for a value of 920,000 riyals inclusive of tax, then the distributor sold them to a store for a value of 1,035,000 riyals inclusive of tax, and the entire merchandise was sold to consumers for an amount of 1,150,000 riyals.Required :1- Calculating the value of the value-added tax that must be transferred to the General Authority of Zakat and Income and who will transfer it? (If you know that the tax rate is 15%)2- What is the amount of VAT transferred by the distributor to the direct authority?3- Write the journal entries in the distributor's accounts?A VAT registered person is engages in both VAT and VAT exempt During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts to P200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200 The creditable input tax is:Lefty Inc. sells its products to customers residing in Country X and Country Y. Both foreign jurisdictions have a 20 percent corporate income tax. This year, Lefty made more than $30 million of sales in both Country X and Country Y. However, it paid income tax only to Country X. What factors could account for this result?
- Niceville Company pays property taxes of $100,000 in the second quarter of the year. Which of the following statements is true with respect to the recognition of property tax expense in interim financial statements?a. Under U.S. GAAP, the company would report property tax expense of $100,000 in the second quarter of the year.b. Under IFRS, the company would report property tax expense of $100,000 in the second quarter of the year.c. Under U.S. GAAP, the company would report property tax expense of $33,333 in each of the second, third, and fourth quarters of the year.d. Under IFRS, the company would report property tax expense of $25,000 in the first quarter of the year.Tennis Pro is headquartered in Virginia. Assume it has a state income tax base of $240,000 after making the appropriate adjustments. Of this amount, $60,000 was non-business income.The non- business income included the following: $8,000 of dividend income, $15,000 of interest income, $37,000 of royalty income for an intangible used in Maryland. Tennis Pro has the following sales, payroll and property factors: Virginia Maryland Sales 40% 20% Payroll 80% 5% Property 90% 5% Assume that Virginia uses an equally weighted three-factor formula. Assuming a Virginia corporate tax rate of 6 percent, what is Tennis Pro's Virginia state tax liability? (Round your answer to the nearest whole number.)Goose Industries faces the following tax schedule. Last year the company realized $15,000,000 in operating income (EBIT). Its annual interest expense is $7,500,000. (1) Compute the company’s income taxes payable? Use the tax rate table below. (2) What was the company’s net income for the year? If a corporation's taxable income is It pays this amount on the base of the bracket Plus this percentage on the excess over the base (marginal rate) Average tax rate at top of bracket Up to $50,000 $0 15% 15.0% $50,000 – $75,000 $7,500 25% 18.3% $75,000 – $100,000 $13,750 34% 22.3% $100,000 – $335,000 $22,250 39% 34.0% $335,000 – $10,000,000 $113,900 34% 34.0% $10,000,000 – $15,000,000 $3,400,000 35% 34.3% $15,000,000 – $18,333,333 $5,150,000 38% 35.0% Over $18,333,333 $6,416,667 35% 35.0% (1) $2,436,000 (2) $4,950,000 (1) $2,550,000 (2) $4,950,000 (1) $2,550,000 (2)…
- Acme Pest Control has sales of $13,500, cost of goods sold of $4,000, selling expenses of $3,500, depreciation of $2,000, interest expense of $2,000, and a tax rate of 34%. What is Acme's taxable income and tax expense?The market value(P) of a property is $833,333.33 in a jurisdiction in which the assessment ratio is 60%. The property owner has just been granted a homestead exemption of $50,000. The property is in a jurisdiction in which the current budget is $9 billion of which 80% derives from property taxes. The gross assessed value of all taxable properties is $684,000,000,000. Calculate the owner’s property tax for the yearTrade receivables have a carrying amount of P4,000. The related revenue has already been included in taxable profit (tax loss). How much is the tax base of the asset? The tax rate is 40%.