Income from operations HK$enter a hong kong dollar amount (b) Income before income tax HK$enter a hong kong dollar amount (c) Net income
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The following information is provided.
| Sales revenue | HK$112,000 | ||
| Gain on sale of plant assets | 33,600 | ||
| Selling and administrative expenses | 11,200 | ||
| Cost of goods sold | 61,600 | ||
| Interest expense | 5,600 | ||
| Income tax rate | 20 | % |
Determine
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(a)
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Income from operations
|
HK$enter a hong kong dollar amount
|
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|---|---|---|---|---|
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(b)
|
Income before income tax
|
HK$enter a hong kong dollar amount
|
||
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(c)
|
Net income
|
HK$enter a hong kong dollar amount
|
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- Sales revenue HK$112,000 Gain on sale of plant assets 33,600 Selling and administrative expenses 11,200 Cost of goods sold 61,600 Interest expense 5,600 Income tax rate 20 % Determine (a) Income from operations HK$enter a hong kong dollar amountA resident corporation has the following data on income and expenses in 2018: Gross sales ₱ 935,000 Sales returns and allowances 25,000 Sales discounts 10,000 Interest income on trade notes receivable 15,000 Cost of sales 400,000 Operating expenses with receipts 215,000 Operating expenses without receipts 200,000 How much is the taxable income using itemized deduction? a. ₱100,000 b. ₱300,000 c. ₱309,000 d. ₱349,000 ANSWER:Walang Kayo Company Question: Under accrual basis, what amount should be reported as gross sales for the current year? a. P6,650,000 b. P6,600,000 c. P6,350,000 d. P6,550,000
- Khan, Inc. a domestic corporation, reports $650,000 of gross income and an $80,000 expense, all related to real estate activities. Determine the expense allocation and apportionment using gross income as a basis. When required, round any division to three decimal places. Use rounded amounts in subsequent computations. ForeignGross Income U.S.Gross Income Allocation ApportionmentForeign ApportionmentU.S. Sales income $500,000 $85,000 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Rental Income 50,000 15,000 fill in the blank 4 fill in the blank 5 fill in the blank 6 $550,000 $100,000 $80,000 $fill in the blank 7 $fill in the blank 8The income statement of Kyonggi Inc. in Suwon, Korea, contains the following condensed information (currency unit in thousand Korean won, ₩ 000’s): KYONGGI INC. Income Statement Year Ended December 31, 2019 Sales ₩ 6,583,000 Cost of goods sold 3,427,000 Gross profit 3,156,000 Operating expenses 2,349,000 Profit from operations 807,000 Interest expense 124,000 Profit before income tax 683,000 Income tax expense 203,000…1.Assuming EMERALD Corporation is engaged in exporting goods, as well as local selling of goods.EMERALD had the following data for 2021:Export Sales, net of VAT 2,000,000Local Sales, gross of VAT 1,120,000Input tax directly allocable to export sales 100,000Input tax directly allocable to local sales 40,000Input tax not allocable to any sales 30,000 Required: Determine the VAT payable, assuming input tax on zero rated sales are claim for taxrefund. 2.EMERALD Corporation has the following sales during the month:Sale to private entities subject to 12% - 100,000Sale to private entities subject to 0% - 100,000Sale of exempt goods - 100,000Sale to gov’t. subjected to 5% final VAT Withholding - 100,000Total sales for the month - 400,000The following input taxes were passed on by its VAT suppliers:Input tax on taxable goods (12%) - 5,000Input tax on zero-rated sales - 3,000Input tax on sale of exempt goods - 2,000Input tax on sale to government - 4,000Input tax on depreciable capital goodnot…
- Based on the below data, answer as required: WITHIN OUTSIDE Gross income 8,000,000 4,000,000 Business expenses 5,000,000 3,000,000 Sale of land and warehouse (cost 2m) 3,000,000 - a. If X is a domestic corporation, how much is the taxable income and income tax due in the Philippines per annual ITR? b. If X is a resident foreign corporation, how much is the taxable income and income tax due in the Philippines per annual ITR?how did they get the Income Before Tax? Proforma Income Statement 1/31/21 Total Revenue $ 28,959,000.00 Cost of Goods $ 15,299,000.00 Gross Profit $ 11,535,000.00 Operating Expenses $ 7,609,000.00 Total Operating Expenses $ 7,609,000.00 Operating Income or Loss $ 3,926,000.00 Interest Expense $ 434,000.00 Income Before Tax $ 3,644,000.00 Income Tax Expense $ 963,000.00 Income from Continuing Operations $ 2,681,000.00 Net Income $ 2,681,000.00LENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00
- 82. Use the following information (in thousands): Service Revenue Income from continuing operations Net Income ¥1,600,000 ⚫200,000 180,000 440,000 Selling & administrative expenses 1,000,000 Income from operations Income before income tax Determine the amount of income tax. a. ¥40,000 b. ¥20,000 c. ¥200,000 d. ¥160,000 400,000The following are the composition of the total gross income of a domestic corporation which is subject to MCIT: sales (net of discount and allowances) 4,000,000.00 less: cost of sales 2,400,000.00 gross income dividends income 1,600,000.00 100,000.00 royalty income gain on sale of building total gross income 250,000.00 150,000.00 2,100,000.00 1. What is the regular corporate income tax, if the corporation has a total allowable deduction of 1,700,000? 2. What is the MCIT? 3. What is the minimum corporate income tax? MPG institute reported the following: related unrelated total 200,000.00 500,000.00 300,000.00 100,000.00 100,000.00 200,000.00 Gross income deductions taxable income 200,000.00 100,000.00 300,000.00 1. What is the tax due if the corporation is an exempt non-profit corporation? 2. Wht is the tax due if the corporation is a proprietary educational institution or non profit hospital?Compensation income, Philippines 200,000.00 Rental income, Philippines 100,000.00 Net sales, Philippines 1,000,000.00 Cost of goods sold, Philippines 300,000.00 Interest from bank deposits, Philippines 200,000.00 Interest from bank deposits, Abroad 100,000.00 How much is the taxable net income using itemized deduction? O 1,300,000.00 1,000,000.00 800,000.00 O 1,100,000.00
