4. Given: Operating Income (or EBIT) Dividends Income Dividends Distributed to Shareholders Interest Expenses Interest Income $500,000 100,000 125,000 220,000 30,000 50,000 Net Realized Capital Gain Calculate the taxable income given the above information, assume that adjusted taxable income is the same as the taxable income. <...>
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- The following are deductions from items of income, except: * Cost of sales or service Regular allowable deductions Net Operating Loss Carry-Over Net Capital Loss Carry-Over1. What amount of unrealized gain/loss should be shown as component of other comprehensive income in the 2021 statement of comprehensive income? 26,455 16,455 20,562 10,000 2. What amount of unrealized gain/loss should be shown as component of other comprehensive income in the 2022 statement of comprehensive income? 19,340 1,222 14,393 18,500 3. What amount of unrealized gain/loss should be shown as component of other comprehensive income in the 2023 statement of comprehensive income? 8,358 26,500 10,982 9,792 4. What amount of unrealized gain/loss should be shown in the 2023 statement of changes in equity? 26,455 10,982 16,883 25,233Statement 1: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes if the company paying it is the beneficiary. Statement 2: Life insurance premiums shall be reported as a deductible expense for taxation purposes if the company paying it is the beneficiary. Statement 3: The total income tax expense can be computed as financial income multiplied by the tax rate. Statement 4: Future taxable amounts should be deducted in determining the taxable income which will yield the deferred tax asset. Statement 5: Future deductible amounts should be deducted in determining the taxable income. Which statement/s are true?
- Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: ($ in millions) Temporary Differences Reported First on: The Income Statement Revenue The Tax Return Expense $29 Revenue Вхрense 1. 2. $29 3. $29 4. $29 5. 6. 7. 8. 24 29 29 29 24 24 19 19 24 29 14 Required: For each situation, determine taxable income, assuming pretax accounting income is $190 million. (Enter'your answers in millions (I.e., 10,000,000 should be entered as 10).) Situations Taxable Income 1 4. 5. 6. 8The numerator of the return on total assets is a. net income b. net income plus tax expense c. net income plus interest expense d. net income minus preferred dividendsIf taxable income is Of the A tax rate schedule is given in the table. If x equals taxable income and y equals the tax due, construct a function y = f(x) for the tax schedule. The tax is this But not Plus this % excess over over amount over 7,550 30,700 7,550 30,700 74,300 0.00 755.00 + 74.300 4,227.50 + 14.691.50 10% 15% 24% 31% 7,550 30.700 74,300 + 0.1x if 0 74,300
- *see attached What amount of permanent difference between accounting income and taxable income existed at year-end?a. P 520,000b. P 360,000c. P 800,000d. P 280,000Which of the following statements best describes the income tax expense recognised in an entity’s income statement according to IAS 12? a. The income tax related to the accounting profit (pre-tax) for the period b. The income tax related to the taxable profit for the period c. The income tax paid in cash during the period d. The product of the applicable tax rate and the taxable profit for the periodCapital expenditures are ______ on the proforma but are ________ for income tax purposes. Group of answer choices 1) expensed, amortized 2) amortized, amortized 3) expensed, expensed 4) amortized, expensed
- MC: Topic: Income Taxation Statement 1: Proceeds of life insurance received by the beneficiary of the insured is a return on capital. Statement 2: The excess of proceeds over total premiums paid which is received by the beneficiary of the insured decedent is gross income and is taxable. * Both statements are true Both statements are false Only statement 1 is true Only statement 2 is trueWhich of the following items affect taxable income? Select one or more: a. Realized Gains and Losses b. Unrealized Gains and Losses c. Interest Income PreviousSave AnswersFinish attempt ...Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts ($ in millions). Temporary Differences Reported First on: The Income Statement The Tax Return Revenue Expense Revenue Expense 1. $20 2. $20 3. $20 4. $20 5. 15 20 6. 20 15 7. 15 20 10 8. 15 20 5 10 Required: For each situation, determine taxable income, assuming pretax accounting income is $100 million.