013.12 TF- MANK08 Corporate income taxes are based on the amount of revenue a corporation earns. a. True b. False
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- *see attached What amount of income tax payable should be reported?a. P 385,000b. P 498,000c. P 425,000d. P 305,00054. In relation to transaction #1, How much is the capital gains tax due, if any? A. PO C. P300,000 B. P360,000. D. P450,00010. One of the following is not the major business internal revenue tax in the Тах Code. Value Added Tax Excise Tax on business a. C. Income tax b. d. Percentage tax CS Scanned with CamScanner
- How much of the following is gross income subject to income tax? * a. P2,410,000 b. P2,210,000 c. P2,160,000 d. P1,710,000 e. P450,000The purpose of Schedule M-1 on the corporate tax return is to: Reconcile accounting (book) income to taxable income. Summarize the dividends received deduction calculation. List the officers of the corporation and their compensation. Calculate the net operating loss deduction.Ma4. Payroll tax liabilities include? A. Federal and state income taxes withheld, FICA, and sales taxes withheld. B. Federal and state income taxed withheld, FICA, and unemployment taxes. C. Federal and state income taxes withheld, FICA, and FICO taxes withheld. D. Federal and state income taxes withheld, FICA, and insurance taxes withheld.
- Simple Accounting - Property Tax. Market Value Tax Policy Rate Property Tax $1,370,980.00 50.75% 4.39571 a. $3,058,413.48 O b. $29,680.17 O c. $30,584.13 d. $60,264.30ACCOUNTING FOR INCOME TAXPART A1) Explain the difference between the ‘tax payable’ and ‘tax effect’ methods of accounting for income tax2) Discuss the ‘balance sheet’ approach to accounting for income tax required bty Accounting Standard AASB112 Income Taxes, comparing it to the ‘income statement’ approach adopted under the previous accounting standard.3) Do you think small companies should have to adopt tax effect accounting as required by Accounting Standard AASB 112 Income Taxes? Provide reasons.PART BCASE STUDYBarnacle Ltd commenced operation on 1 July 2009 and prepared its first financial statements for the year ended 30 June 2010. The following information has been provided for the year ended 30 June 2011Profit before tax for the year ended 30 June 2011 was calculated as follows:Gross Profit $ 1380,000Add:Rental Revenue 12,000Less:ExpensesLong Service Leave 10,000Depreciation Plant and Equipment 135,000Salaries and Wages 111,000Warranty Claims 36,000Amortisation of Research and…3 What is income tax payable? O A company's liability, based on profitability, that is paid in advance to the government O A payment to a company, based on profitability, that is paid in advance from the government A payment to a company, based on profitability, to be paid from the government O A company's liability, based on profitability, to be paid to the government
- 38. Which of the following statements is true?a. LIFO must be used for financial reporting if it is used for tax purposes.b. Application of LIFO for financial reporting purposes must follow the tax laws applicable to LIFO.c. A company may use FIFO to valuate inventory and LIFO for financial statement reporting purposes.d. A company must use FIFO for both tax reporting and financial statement reporting.What is the minimum corporate income tax rate? Group of answer choices 2% 5% 2 1/2 % 1 1/2%22. A domestic corporation has a net income of P1,200,000 in the Philippines and P800,000 from abroad.
