In 2021, XYZ Company, a domestic corporation, recorded other income as follows: Realized foreign exchange gain, P26,337,740 Dividend from PLDT, P17,213,965 Foreign exchange gain resulting from offsetting of accounts, P8,445,934 Gain on sale of real properties subjected to CGT, P1,000,000 Gain on sale of shares of stock subjected to CGT, P250,000 Gain on sale of shares of stock subjected to OPT, P100,000 Reversal of prior year provision for bad debts due to over recording in prior year (not claimed as deduction in previous year), P250,000 Interest income – Peso deposits – gross of 20% FWT, P5,000,000 Interest income – foreign currency deposits – gross of 15% FWT, P3,500,000 Interest income from deposits abroad, P1,450,000 Interest income on loans to affiliates, P584,116 Share in equity earnings of Mabuhay Services, Inc., a local subsidiary, P6,188,779 Royalties already subjected to 20% FWT (Gross), P5,661,784 Insurance proceeds on casualty losses (recovery of lost profit), P2,358,226 How much is the total income not subject to regular corporate income tax in 2021?

In 2021, XYZ Company, a domestic corporation, recorded other income as follows: Realized foreign exchange gain, P26,337,740 Dividend from PLDT, P17,213,965 Foreign exchange gain resulting from offsetting of accounts, P8,445,934 Gain on sale of real properties subjected to CGT, P1,000,000 Gain on sale of shares of stock subjected to CGT, P250,000 Gain on sale of shares of stock subjected to OPT, P100,000 Reversal of prior year provision for bad debts due to over recording in prior year (not claimed as deduction in previous year), P250,000 Interest income – Peso deposits – gross of 20% FWT, P5,000,000 Interest income – foreign currency deposits – gross of 15% FWT, P3,500,000 Interest income from deposits abroad, P1,450,000 Interest income on loans to affiliates, P584,116 Share in equity earnings of Mabuhay Services, Inc., a local subsidiary, P6,188,779 Royalties already subjected to 20% FWT (Gross), P5,661,784 Insurance proceeds on casualty losses (recovery of lost profit), P2,358,226 How much is the total income not subject to regular corporate income tax in 2021?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter13: Marketable Securities And Derivatives

Section: Chapter Questions

Problem 27P

See similar textbooks

Similar questions

Cullumber Corporation reported the following information for 2021: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale securities Cash dividends received on the securities $1034000 For 2021, Cullumber would report comprehensive income of $241956. $237820. $200596. O $41360. 723800 113740 41360 4136
Sunland Company reported the following information for 2025: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale debt securities Cash dividends received on the securities O $490300. O $404600. $480700. $2420000 O $85700. 1754000 271000 85700 For 2025, Sunland would report comprehensive income (ignoring tax effects) of 9600
The following information pertains to BT21 Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?
The following information pertains to BTS Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?
Won Hae Hyo Company, an investment entity, provided the following income and expenses for the current year: Dividend income from investments- P9,200,000; Distribution income from trusts- P500,000; Interest income on deposits- P700,000; Income from bank treasury bills- P100,000; Unrealized gain on derivative contract P400,000; Income from dealing in securities and derivatives held for trading- P600,000; Write-down of securities and derivatives held for trading- P150,000; Other income- P50,000; Finance cost- P300,000; Administrative staff costs- P3,800,000; Sundry administrative costs- P1,200,000 interest expense- P1,700,000. What is the total comprehensive income for the current year? A. P3,800,000 B. P4,200,000 C. P4,400,000 D. P9,200,000
10. The following information relates to the Smith Company for 2021: $ 1,600 Cash dividend declared for 2021 Retained earnings, January 1, 2021 Net income for 2021 4,680 1,920 Retained earnings, December 31, 2021 ? What was the December 31, 2021, balance of retained earnings? a. $4,360 b. $4,680 c. $5,000 d. $8,200 11. The method of valuation under the US GAAP is 1. accounts receivable at net realizable value. 2. short-term marketable securities at fair value. 3. inventories at current cost if current cost is higher than historical cost. a. b. C. d. 1 and 2 2 and 3 1 and 3 1, 2, and 3
Use the following information for the next two questions:The following items were presented for the purpose of determining comprehensive income. Profit for the year 2,000Increase in revaluation surplus 1,000Remeasurements of the net defined benefit liability (asset) - loss (200)Net change in translation of foreign operation (400)Dividends declared (100)Stock rights 300 a. How much is the other comprehensive income?b. How much is the total comprehensive income?
Waterway Corporation reported the following for 2025: net sales $1,227,300, cost of goods sold $734,700, selling and administrative expenses $332,700, and an unreallized holding gain on available-for-sale debt securities $16,800. Prepare a statement of comprehensive income using the one statement format. (Ignore income taxes and earnings per share) WATERWAY CORPORATION Statement of Comprehensive Income MA S
SBP Co. provided these data for 2020: Income from continuing operations Unrealized gain on financial asset at FVPL Unrealized gain on equity investment at FVOCI Unrealized loss on debt investment at FVOCI Loss on credit risk of a financial liability at FVPL unrealized gain on futures contract designated as cash flow hedge NET remeasurement gain on a defined benefit plan Translation loss on foreign operation Income from discontinued operations Revaluation surplus P4,000,000 800,000 1,000,000 1,200,000 300,000 400,000 600,000 200,000 500,000 2,500,000 How much should be reported as net income for 2020?
Q44. The following information pertains to Junction Ltd Corporation: Income from continuing operations: $1,273,000 Loss from discontinued operations: $140,000 Gain on sale from discontinued operations: $31,400 Net foreign exchange gain (loss) on translation of foreign operation: $33,380 Net gain (loss) relating to cash flow hedges: $10,270 Actuarial losses on net defined-benefit plans: $24,500 Revaluation gains: $14,000 Required:Prepare a partial continuous statement of comprehensive Income for Junction Ltd. Calculate the tax for each required component (include income tax as a separate item for the components to which they relate using a tax rate of 30%).
The following is from the 2021 annual report of Kaufman Chemicals, Inc.: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $25, ($13), and $22 in 2021, 2020, and 2019, respectively Other Total comprehensive income Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Accumulated other comprehensive income, 2020 365 8,777 7,857 119 $17,118 Accumulated other comprehensive income, 2021 Years Ended December 31 2019 365 8,777 7,301 84 $16,527 ($ in millions) 2021 $922 38 (3) Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2021 2020 $957 2020 $752 (24) (1) $727 $607 Required: 4. From the information provided, determine how Kaufman calculated the $119 million accumulated other comprehensive income in 2021. (Negative…
BT21 Co. provided the following information on selected transactions during 2021:· Purchases of inventory - P950,000· Purchases of treasury shares- P250,000· Loans made to affiliated corporations- P350,000· Dividends paid to preference shareholders- P200,000· Proceeds from issuing preference share- P500,000· Proceeds from sale of equipment- P50,000· Purchase of land by issuing bonds- P250,000· Proceeds from issuing bonds- P800,000How much is the net cash provided by financing activities during 2021?