Calculate ABM Ltd's tax payable or refundable

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CFC Pty Ltd (‘the company’) recorded the following transactions in relation to its franking account: -        1 July 2020 – The company had an opening balance of $43,000 (credit) -        6 September 2020 – The company received a fully franked dividend of $52,000 -        2 October 2020 – The company paid an income tax instalment of $34,000 to the ATO -        11 November 2020 – Received a tax refund of $19,000 from the ATO Required: Calculate CFC Pty Ltd’s franking account closing balance on 30 June 2021

ABC corporation provided the following data for calendar year ending December 31,          2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534)                                                 Philippines                                Abroad                 Gross income                        P4, 000, 000                                $ 40, 000                 Deductions                        2, 500, 000                                $ 15, 000                 Income Tax Paid                                                        $ 3, 000 If it is a non-resident lessor of  aircrafts, machineries and equipment, Compute for its income tax.

Full Tax Co. is incorporated and tax resident in Barbados. The audited financial statements for Full Tax Co. for year-end December 31, 2022, show an accounting profit after tax of $5,500,000 after charging the following: Depreciation $1,500,000 Tax for the year $500,000 Property Tax $900,000 Interest Expense $15,000 Preference Dividends $40,000 Legal Fees $1,110,000 Insurance $750,000 Bad Debts $40,000 Foreign Travel $20,000 Repairs and Maintenance $1,500,000 General Expense $600,000   Other information 1. Property Tax of $600,000 was paid for the property on which the company’s factory is located; $300,000 for the office premises and $100,000 for the director’s home. 2. The insurance was paid for the factory and office premises. 3. The bad debt expense includes a general provision of $10,000 and a specific provision of $30,000.   4. The company paid interim ordinarily dividends totaling $100,000.   5. Repairs and Maintenance include for $500,000 removing the office ceramic floor…

Greenville Industries uses the accrual basis to account for all sales transactions. Sales for 2022 total $500,000. Included in this amount is $70,000 in receivables from sales on installment. Installment sales are considered revenue for book purposes, but not for tax purposes. Operating expenses total $170,000 and are treated the same for book and tax purposes. Assuming a 40% tax rate, what is the amount of Greenville's deferred tax asset or liability? OA. $14,000 deferred tax liability B. $28,000 deferred tax liability OC. $28,000 deferred tax asset OD. $14,000 deferred tax asset

Martinez Ltd. made four quarterly payments of $4,000 each to the Receiver General for Canada during 2023 as instalment payments on its estimated 2023 corporate tax liability. At year end, Martinez's controller completed the company's 2023 tax return, which showed income tax owing of $10,300 on its 2023 income. (a) Your answer is incorrect. Prepare the adjusting year-end entry to recognize the 2023 income tax. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Income Tax Receivable Income Tax Payable Debit 4000 Credit Anna

At the beginning of 2021, Pitman Co. had pretax financial income of $1,200,000. Additionally, there was a timing difference of $300,000 due to an accounts receivable that will not be collected until the following year. The tax rate us 30%. A. Calculate the total taxable income for 2021. B. Calculate Income tax expense, income tax payable, and the deferred amount for 2021, and create the journal entry.

At 30 June 20X3, the gross amount of the accounts receivable of Atom Ltd (Atom) was $10 000. At the same date, there was a related allowance for doubtful debts of $500. Revenue from sales is included in the statement of profit or loss and other comprehensive income in the same period as it is included in taxable profit. The tax rate is 30 per cent. At 30 June 20X3, Atom would recognise which one of the following items in its statement of financial position? a. deferred tax liability of $2850 b. deferred tax asset of $2850 c. deferred tax asset of $150 d. deferred tax liability of $150

Assume that it is a domestic corporation using itemized deduction, compute the net taxable income