$2,500,000 5,500,000 (3,500,000) $10,000,000 (250,000) $ 9,750,000 ▼ TABLE C:3-4 Melodic Musical Sales, Inc.--Book Income Statement 2022 Sales Returns Net sales Beginning inventory Purchases Ending inventory Cost of goods sold Gross profit Expenses: Depreciation Repairs General insurance Net premium-Officers' life insurance Officers' compensation Other salaries Utilities Advertising Legal and accounting fees Charitable contributions Interest expense Payroll taxes Bad debt expense Total expenses Gain on sale of equipment Interest on municipal bonds Net gain on stock sales Dividend income Net income before income taxes Federal income tax expense State income tax expense Net income $ 152,500 20,500 55,000 30,000 650,000 400,000 72,000 48,000 50,000 30,000 62,000 210,000 (4,500,000) $5,250,000 45,000 (1,825,000) 105,000 5,000 45,000 12,000 $ 3,592,000 (742,560) (75,000) $ 2,774,440 Estimated Tax Payments (Form 2220): The corporation deposited estimated tax payments as follows: $ 35,000 April 15, 2022 June 15, 2022 September 15, 2022 December 15, 2022 Total 190,000 165,000 165,000 $555,000 Taxable income in 2021 was $1.2 million, and the 2021 tax was $252,000. The corpora- tion earned its 2022 taxable income evenly throughout the year. Therefore, it does not use the annualization or seasonal methods. Assume the underpayment penalty rate remains at 7% for the second quarter of 2023 (regardless of any announced rate change). Inventory and Cost of Goods Sold (Form 1125-A): The corporation uses the periodic inventory method and prices its inventory using the lower of FIFO cost or market. Only beginning inventory, ending inventory, and purchases should be reflected on Form 1125-A. No other costs or expenses are allocated to cost of goods sold. Note: Assume the corporation is exempt from the uniform capitalization (UNICAP) rules.

Instructions General Journal Ames Company is located in a city and county that issue property tax statements in May of each year. The fiscal year for the two local governmental units is May 1 to April 30. Property taxes of $48,000 are assessed against Ames property held on January 1, 2019. The taxes Assuming that monthly accruals are recorded, prepare all property tax journal entries for the period May 1 to September 30, 2019. become a lien against Ames property on May 1, 2019. The actual amount of the property taxes of $48,000 is determinable on May 1, 2019; therefore, no estimate of taxes is required. The tax bills are payable in two equal installments on July 10 and September 10. General Journal Instructions Required: Assuming that monthly accruals are recorded, prepare all property tax journal entries for the period May 1 to September 30, 2019. PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 8 10 11 12 13 14 15

Sophie Industries Inc. was a C-corporation that filed an S-election effective January 1, 2019. Which item has an impact on S-corporation’s AAA in 2019?     a. Non-separately stated ordinary income earned in 2019.   b. An additional capital contribution by a stockholder in 2019   c. Tax-exempt interest earned in 2019.   d. A distribution from accumulated earnings and profits (AEP)

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Accounting The following information relates to the operations of Sadaam Ltd. for the taxation year ended December 31, 2019 (all amounts are based on the relevant tax rules): Net Business Loss 212,700 Dividends From Taxable Canadian Corporations 50,250 Taxable Capital Gains 14,400 Allowable Capital Losses 6,638 Charitable Donations 8,100 At the beginning of the taxation year, the Company had a carry forward of unused charitable donations of $1,975 from the previous year, and a net capital loss carry forward of $14,500 [(1/2)($29,000)]. It is the policy of the Company to minimize net capital loss balances prior to using any other type of carry over balance. Required: Calculate the corporation's minimum Net Income For Tax Purposes and Taxable Income for its 2019 taxation year. Indicate any balances available for carry forward to subsequent years.

Bravery Pte Ltd, was incorporated on 16 January 2019 as a manufacturing company with an accounting year end of 31 December. It is wholly owned by XYZ Ltd. It has a chargeable income before exempt income of $1,000,000 for the year ended 31 December 2021. Calculate its net tax payable for Year of Assessment 2022. 1) $120,575 2) $148,750 3) $144,075 4) $152,575

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XYZ Company manufactures equipment that are sold through installment. XYZ recognizes revenue on the year of sale for financial reporting and when installment payments are received for income tax purposes. In 2020, the company earned a gross profit of P6,000,000 for accounting and P1,500,000 for income tax purposes. In relation to its sales, XYZ also provides warranties for its equipment. Warranty costs are accrued as expense for financial reporting and recognized as deductible expense in the income tax return when paid. Accrued warranty expense for 2020 is P2,500,000, but only P500,000 of warranty costs are actually paid during the year.In addition, XYZ also earned P500,000 of interest, net of final withholding taxes, from its bank deposits. Interest income subject to final withholding taxes is non-taxable income for income tax purposes. The entity also paid P100,000 insurance premium on the life of its president in relation to an insurance policy where XYZ Company is the beneficiary.…

Income from Continuing Operations