In 2021 XY corporation is subject to MCIT has the following records Sales: net of discounts and allowances php 9,500,000 cost of sales php 5,000,000 gain on sale of building php 150,000 allowable deductions php 4,420,000 Compute the income tax payable of XYZ Corporation
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In 2021 XY corporation is subject to MCIT has the following records
| Sales: net of discounts and allowances | php 9,500,000 |
| cost of sales | php 5,000,000 |
| gain on sale of building | php 150,000 |
| allowable deductions | php 4,420,000 |
Compute the income tax payable of XYZ Corporation
- P46,000
- P46,500
- P76,000
- P95,000
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Solved in 2 steps
- FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,00016. Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? a. P1,920,000 b. P2,240,000 c. P2,500,000 d. P1,980,000FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. 1. What is deductible expense if the company uses OSD? 2. Using the problem above, what is the income tax payable?
- Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? P2,240,000 P1,920,000 P1,980,000 P2,500,000Delta has interest receivable which has a carrying amount of $75,000 in its statement of financial position at 31 December 2020. The related interest revenue will be taxed on a cash basis in 2021. Delta has trade receivables that have a carrying amount of $105,000 in its statement of financial position at 31 December 2020. The related revenue has been included in its statement of profit or loss for the year to 31 December 2020. Required: According to HKAS 12 ‘Income Taxes’, what is the total tax base of interest receivable and trade receivables for Delta at 31 December 2020? A. $105,000 B. $75,000 C. Nil D. $180,000Le 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. 930,000
- 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?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:1. How much is the current tax expense?2. How much is the total tax expense?3. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position?Bridgeport Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: Year 2018 2019 2020 2021 (a) Accounting Income 2019 (Loss) $131.000 2020 2021 97,000 (306,000) 223.000 The tax rates listed were all enacted by the beginning of 2018. Bridgeport reports under the ASPE future/deferred income taxes method. 2018 Deferred Tax Expense Tax Rate 25 % Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) de 25 % 30 % 30 % Prepare the journal entries for each of the years 2018 to 2021 to record income tax Assume the tax loss is first carried back, and that at…
- A company makes the following journal entry for 2021: Dr. Income Tax Expense xxxx Dr. Deferred Tax Asset 62,000 Cr. Deferred Tax Liability 11,000 Cr. Income Tax Payable 536,000 On the income statement, the current portion of income tax expense for 2021 appears as: _______________.11. In 2021, ABC Corporation which is subject to MCIT has the following records: Sales: net of discounts and allowances 9,500,000 Cost of sales 5,000,000 Gain on sale of building 150,000 Allowable deductions 4,420,000 Compute the MCIT of ABC Corporation. P46,000 P46,500 P93,000 P95,000Given the following information, how much is the total income tax credit available for deduction from the regular corporate income tax due? Quarterly income tax payments P320,000.00 Creditable withholding taxes withheld by customers P 80,000.00 Net operating loss carry-over from 2021 P150,000.00 MCIT excess credits from 2020 P 50,000.00 Group of answer choices P50,000.00 P600,000.00 P450,000.00 P400,000.00