Just answer numbers 3-5 Jacinto Flores is the owner-manager of JDF Car Parts and Services. The company's details asreflected in the income statement are as follows:SalesP1, 830,000.00Less: COGSGross Profit392,000.00P1, 438,000.00200,500.00PL.237,500.00Less: Operating ExpensesNet Income1. How much is the taxable income?2. How much is the Tax Due?3. What tax schedule did you use for the computation?4. What tax schedule bracket did you use?5. What can you say about the procedure in Income Tax computation under TRAIN law?

Taxable IncomeThe foundation upon which an income tax system levies taxes is taxable income. Put…

Answered: Just answer numbers 3-5

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Webby Corporation reported the following amounts onits income statement: service revenues, $32,500; utilities expense, $300; net income, $1,600; and income taxexpense, $900. If the only other amount reported on theincome statement was for selling expenses, what amountwould it be?a. $2,200 c. $30,000b. $29,700 d. $30,900
The following information relates to a company for two periods: year 1; profit- GHC131250, sales- GHC1375000; year 2; profit- 225000, sales- GHC1750000. What is the sales level to earn a profit of GHC262500? O A. GHC2000000 OB. GHC1500000 OC. GHC1900000 D. GHC1000000
Problem 2: Sander Company presents the following information below: Sales P970,000 Cost of Goods Sold Gross profit Total Operating Expenses Taxable income from business Less: Personal Deduction Less: Additional Deduction 387,000 272600 50,000 50,000 Net Taxable Income TaskRequirements : Compute the gross profit, taxable income from business and tax due for Sander Company.
Consider the following given information below: Total Income P1,321,000 Total Distribution Cost 268,900 Total Administrative Cost 250,200 Other Expenses 8,000 Interest Expense 9,000 Total Expenses 536,100 Income Tax Expense 235,500 What is the amount of income before tax to be reflected in the income statement?
Carrefour Company's gross profit is OMR 550,000. The other balances are: Insurance OMR 70,000, Rent received OMR 50,000, Salaries and wages OMR 65,000, Advertisement OMR 20,000 and Utilities OMR 35,000. In this case, the Net income before interest and tax will be: O a. None of these O b. OMR 445,000 O c. OMR 460,000 O d. OMR 410,000
Below is financial information ($ values are in millions) in a model. Net income during the year for this company would be: Revenues SG&A Expenses Interest Expense Select one: OA. $4.5 million OB. $3.6 million O C. $16.6 million OD. $0.9 million $67.30 $4.70 $8.10 Cost of Goods Sold Depreciation Tax Rate $43.20 $6.80 20%
Sophia Corp. reported annual business revenues of $90,000 and taxable income of $46,500 (both calculated correctly). It had the following business expenses: Cost of sales $30,000Meals and Entertainment 15,000Rent 20,000 Explain (in words) what likely happened with the taxable income calculation, showing your own calculations for support.
Aurora Lighting Ltd has the following income statement items: sales of $12 000 000; cost of goods sold of $4 000 000; other operating expenses of S1 500 000; and interest expense of $50 000. 1. Calculate gross profit margin of the company?
Two companies have the financial information shown below. Requirements: Calculate the Gross Margin Percentage for each company. Calculate the Net Income Percentage for each company. From these ratios, what type of business do you think Yuri and Zuri might be? Yuri Zuri Net Sales 450,000 785,000 Cost of Goods Sold 261,000 698,000 Operating Expenses 67,500 45,200
You have the following information about Al- Farah Company: 2020: Net Sales 11,396.9, Gross profit 6,205.0 Selling expenses 3,920.8, Administrative expenses 69.2, interest expenses 136.0, income tax 727.6 2019: Net Sales 10,584.2, Cost of Goods Sold 4,747.2, Selling expenses? Administrative expenses 90.3, Income from operation 2122.1, interest expenses 119.7, and income tax 675.3 Required: prepare an income statement and conduct a horizontal analysis Sol: A worksheet for the compared income statement For the period ending 12/31/2020 2020 2019 Variances % Net Sales Cost of Goods Sold Gross profit Operating Expenses:- uan Selling expenses Administrative expenses Total Operating Expenses Income from operation Other expenses and losses:- Interest expenses Income before income tax Income tax Net income
Cameron D., a sole proprietor has the following data in 2021 for the first year of merchandising:Gross sales – P300,000; Cost of Sales – P150,000; Other Income – P50,000; Selling expenses – P20,000; Depreciation expense – P4,000. How much is Cameron’s gross income?
Below are amounts found in the income statements of three companies. Company SalesRevenue Cost ofGoods Sold OperatingExpenses Non-operatingExpenses Income TaxExpense Henry $ 48,000 $ 19,200 $ 5,800 $ 2,800 $ 2,800 Grace 51,000 38,250 14,000 7,800 0 James 56,000 37,520 3,800 0 3,800 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. Gross Profit Operating Income Income Before Income taxes Net Income / Loss Henry Grace James

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