Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and expenses for 2021 Gross Revenue $900,000 Dividend Received from 30% owned Corp 200,000 LTCG 30,000 STCL 12000 City of Lee's Summit Bond Interest 10000 COGS 375000 Administrative Expenses 325000 Charitable Contribution 60,000 Compute Hansen's C Corp Taxable income?

Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and expenses for 2021 Gross Revenue $900,000 Dividend Received from 30% owned Corp 200,000 LTCG 30,000 STCL 12000 City of Lee's Summit Bond Interest 10000 COGS 375000 Administrative Expenses 325000 Charitable Contribution 60,000 Compute Hansen's C Corp Taxable income?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 16CE

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FACTS / DATA / GIVEN: . Тахрауer: Taxable period: Domestic Corporation 2021 Description Gross sales Other operating income Non-operating income Cost of sales Operating expenses Non-operating expenses Amount P2,500,000 200,000 100,000 1,000,000 500,000 50.000 COMPUTE: 2021 net taxable income using ITEMIZED deductions A. 1,150,000 B. 1,200,000 О С. 1,250,000 D. 1,300,000
A Corp., a domestic corporation, has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P120,000Compute the optional standard deduction. a. P366,000 b. P364,500 c. P280,000 d. P244,000
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…
P 4.The following items are from Taperline Corporation on December 31, 2008. Assume aflat 40% corporate tax rate on all items, including the casualty loss. Sales $670,000 Rental income 009' Gain on the sale of fixed assets 000'E General and administrative expenses Selling expenses 000'L6 Interest expense 006 Depreciation for the period 000'01 xtraordinary iteme ualty loss-pretax) Cost of sales 300,000 Common stock (30,000 shares outstanding) 150,000 Required a. Prepare a single-step income statement for the year ended December31, 2008. Inclu« earnings per sharė for earnings before extraordinaryitems and net income. b. Prepare a multiple-step income statement. Include earnings per sharefor earnings before extraordinary items and net income. Single Step Income statonents enuez-
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E. An entity reported the following assets and liabilities at year-end: Carrying Amount Tax BaseProperty 10,000,000 7,000,000Plant and equipment 5,000,000 4,000,000Inventory 3,000,000 4,000,000Accounts receivable 2,500,000 3,000,000Liabilities 6,000,000 5,500,000The entity had made a provision for inventory obsolescence of P1,000,000. Further, an impairment loss against accounts receivable of P500,000 has been made. The tax rate is 25%.1. What amount should be reported as deferred tax liability?2. What amount should be reported as deferred tax asset?
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12. JKL Corporation opted to deduct OSD. The following are the results of its operation: Net sales of P3,450,000; Cost of Sales of P2,100,000; Dividend from MNO Corporation, a domestic corporation of P150,000; Gain on sale of Building of P200,000; Selling Expenses of P70,000; Administrative Expenses of P30,000. What is the taxable net income? P 930,000 P 1,020,000 P 870,000 P 810,000
35. A domestic corporation has the following income and expenses for 2021 taxable year: Gross sales P20,000,000 Cost of sales 10,000,000 3,800,000 48,0000,000 Operating expenses Assets How much is the income tax due? a. P1,240,000 b. P1,550,000 36. ABC Corporation, a domestic corporation has the following income and expenses for 2021 taxable year: Gross sales Cost of sales Operating expenses c. P1,860,000 d. P3,000,000 How much is the income tax due? a. P600,000 b. P700,000 P20,000,000 10,000,000 6,500,000 c. P800,000 d. P875,000
The following information was extracted from the records of Jackson Ltd as at 30 June 2020.Asset (liability)Accounts receivableMotor vehiclesProvision for warrantyDeposits received in advanceCarrying amount$150 000165 000(12 000)(15 000)Tax base$175 000125 00000The depreciation rates for accounting and taxation are 15% p.a. and 25% p.a. respectively. Depositsare taxable when received, and warranty costs are deductible when paid. An allowance for doubtfuldebts of $25 000 has been raised against accounts receivable for accounting purposes, but such debtsare deductible only when written off as uncollectable.Required1. Calculate the temporary differences for Jackson Ltd as at 30 June 2020. Justify yourclassification of each difference as either a deductible temporary difference or a taxabletemporary difference.2. Prepare a deferred tax worksheet and the journal entry to record deferred tax for the yearended 30 June 2020 assuming no deferred items had been raised in prior years.
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11. In 2021, ABC Corporation which is subject to MCIT has the following records: Sales: net of discounts and allowances 9,500,000 Cost of sales 5,000,000 Gain on sale of building 150,000 Allowable deductions 4,420,000 Compute the MCIT of ABC Corporation. P46,000 P46,500 P93,000 P95,000