1 Nina Corporation, with the total assets of P15,000,000 (MSME), shows the following data duri Sales 500,000 Interest Income, net of 20% final tax 24,000 Cost of Sales 300,000 Salary expense 120,000 60,000 Interest expense Rent expense 24,000 6,000 5,000 Advertising expense Depreciation expense What is the correct amount of itemized deduction?

For the year ended December 31, 2006, Grim Company's pretax financial income was P2,000,000 and its taxable income was P1,500,000.  the difference is due to the following:Interest income as savings deposit, 700,000Premium expense on keyman life insurance,   (200,000)Total            500,000The income tax rate is 35%. In its 2006 income statement, what amount should Grim report as current provision for income tax expense?a. 525,000 b. 700,000 c. 595,000 d. 770,000

How much is the balance of AMSTERDAM's retained earnings account at December 31, 2021?

Please answer it in good accounting form

Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 Revenues $ 888 $ 980 Expenses Pretax accounting income (income statement) Taxable income (tax return) 760 800 $ 128 $ 116 $ 180 $ 200 Tax rate: 25% a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2021 for $60 million. The cost is tax deductible in 2021. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $33 million and $35 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $25 million ($10 million collected in 2020 but not recognized as revenue until 2021) and $33 million, respectively. Hint View this as two temporary differences-one reversing in 2021; one originating in 2021. d. 2021 expenses included a $14 million unrealized loss from reducing…

*see attached problem REQUIRED: What is the total income tax expense for the current year?

Thornton, Inc., had taxable income of $129632 for the year. The company's marginal tax rate was 34 percent and its average tax rate was 24.7 percent. How much did the company have to pay in taxes for the year? a.30432 b.44075 c.30776 d.29074

Required Answer each of the following questions by providing supporting computations. 1. Assume that the company’s income tax rate is 30% for all items. Identify the tax effects and after-tax amounts of the three items labeled pretax. 2. Compute the amount of income from continuing operations before income taxes. What is the amount of the income tax expense? What is the amount of income from continuing operations? 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? 4. What is the amount of net income for the year?

Flip's Pizzeria Inc. has the following financial items for the current year: Adjusted Taxable Income before Interest $43,400,000 Business Interest Income $550,000 Interest Expense $16,100,000 How much interest expense can Flip deduct in the current year? A В C D E 1 2 Interest Expense Deduction = 4 7 8 9. 10 3. 6.

What amount of current income tax liability should be reported at year end?   a. ₱ 1,780,000 b. ₱ 2,280,000 c. ₱ 2,880,000 d. ₱ 2,580,000