A Corporation is engaged in the trading business. The reported income and expenses for taxable year 2019 show: Sales P10,000,000 cost of sales 6,000,000 general business expenses 1,000,000 Interest on time deposit (gross) 100,000 Interest expense on loans payable 180,000 The net taxable income is A. 2,820,000 B. 2,853,000 C. 2,862,000 D. 2,858,000

Sherrod, Incorporated, reported pretax accounting income of $92 million for 2024. The following information relates to differences between pretax accounting income and taxable income: a. Income from installment sales of properties included in pretax accounting income in 2024 exceeded that reported for tax purposes by $6 million. The installment receivable account at year-end 2024 had a balance of $8 million (representing portions of 2023 and 2024 installment sales), expected to be collected equally in 2025 and 2026. b. Sherrod was assessed a penalty of $3 million by the Environmental Protection Agency for violation of a federal law in 2024. The fine is to be paid in equal amounts in 2024 and 2025. c. Sherrod rents its operating facilities but owns one asset acquired in 2023 at a cost of $104 million. Depreciation is reported by the straight-line method, assuming a four-year useful life. On the tax return, deductions for depreciation will be more than straight-line depreciation the…

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2. The following are the composition of the total gross income of a domestic corporation which is subject to MCIT in 2021. What is the minimun corporate income tax? Sales: net of discounts and allowances 4, 000, 000 Cost of sales 2, 400, 000 Dividend Income 100, 000 Royalty Income 250, 000 Gain on sale of building 150, 000

A domestic corporation presented the following information in 2019: REQUIRED: 1. Compute the net income using OSD 2. how much is the income tax due andpayable of the corporation if it started its operations in 2018?

The profit before tax, as reported in the Statement of Profit or Loss and Other Comprehensive Income of Oliver Ltd for the year ended 30 June 2021, amounted to $40,000 including the following revenue and expense items. June 2021 $ Interest revenue 4,500 Bad debts expense 6,000 Depreciation expense - plant 7,000 Annual Leave Expense 2,500 Rent Expense 2,000 Fines and Penalties (non-deductible) 500 Government grant (exempt from tax) 9,000 Additional information: а. The deduction for depreciation for tax purposes was $8,000. b. Bad debts written off for the year were $5,500. С. Interest revenue is receivable in advance and is taxed when received. Total cash receipts for interests were $8,500 during the year. d. The annual leave provision was $3,000 the end of the year (the opening balance was $2,000). е. Rent payments of $3,000 were made during the year. f. The tax rate is 30%. Required Prepare the current tax worksheet and the journal entry to recognise current tax at 30 June 2021.

XYW Corp., a Domestic Corporation, registered in 2010 made available the following financial information for taxable year 2021:   Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000   How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law   Choices: Php 800,000 Php 2,100,000 Php 400,000 Php 0

Monty Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) Tax Rate N $(86,000) (97,000) 75,000 62,000 (136,000) 95,000 165,000 25 % 20 % 20 % 20 % 20 % 25 % 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Monty has been in business. Tax rates were not enacted until the year of change. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized.

For 2022, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000 of business interest expense. It has average annual gross receipts of more than $27,000,000 over the prior three taxable years. a.  What is MSU's interest expense deduction for 2022? b.  How much interest expense can be deducted for 2022 if MSU's adjusted taxable income is $300,000?

On 1, 2020, the tax asset Complex of P12,800,000 for P18,300,00 for The income recognized on 31, 2019 in at which The tax was to a of P500,000 The for the tax rent of P6,000,000 on 1, entire is tax Pro Problem 16-13 (IFRS) Complex Company reported pretax accounting inco P6,2 tax rate is 30%. Incl P450,000 and no deferred tax liability. The deferred tax asset was due to a provision of P500. Th of The other reason for the deferred tax asset was res, P1,000,000 collected in 2019 but earned only in 2020 time it was tax deductible. ta: Life insurance premiums of P200,000 were recognized o year on key officers for 2020 and 2021. ye The entity paid for a two-year casualty insurance for P6,000,000 on January 1, 2020. The entire premium is to deductible when paid. The entity collected rent from leasing some of its equipment The rent is recognized as revenue when earned but taxahla when collected. 2020 2021 3,300,000 2,500,000 Rent collected 3,500,000 3,300,000 Rent earned The entity had trading…