### Income Tax Calculation Assignment**Overview:**Matrix Corporation estimated at the beginning of the year that its income tax for the year would be $140,000.#### Task 1:Calculate the estimated income tax payment per quarter and show one of the quarterly entries to pay the taxes. If an amount box does not require an entry, leave it blank.- **Entry Table:** | DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |--------|-------------|------------|-------|--------| | 1 Apr. 15 | | | | | | 2 | | | | |#### Task 2:As of December 31, the actual tax liability was $143,200. Calculate the income tax due and make the necessary adjusting entry. If an amount box does not require an entry, leave it blank.- **Entry Table:** | DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |----------|-------------|------------|-------|--------| | 1 Dec. 31 | | | | | | 2 | | | | |Be sure to input the calculated amounts and make necessary adjustments accurately.

Income tax for the year = $ 140,000 1) Calculation of Income tax payment per quarter…

Matrix Corporation estimated at the beginning of 20-- that its income tax for the year would be $140,000. 1. Calculate the estimated income tax payment per quarter and show one of the quarterly entries to pay the taxes. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 15 1 2. As of December 31, 20--, Matrix Corporation had an actual tax liability of $143,200. Calculate the income tax due and make the necessary adjusting entry. If an amount box does not require an entry, leave.it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 2 2.

Matrix Corporation estimated at the beginning of 20-- that its income tax for the year would be $140,000. 1. Calculate the estimated income tax payment per quarter and show one of the quarterly entries to pay the taxes. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 15 1 2. As of December 31, 20--, Matrix Corporation had an actual tax liability of $143,200. Calculate the income tax due and make the necessary adjusting entry. If an amount box does not require an entry, leave.it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 2 2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Bon Nebo Co. sold 19,000 annual subscriptions of Bjorn for $51 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $612,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6.
A) Calculate bi-weekly gross earnings 55 hours @ $13/hr. USE YOUR ANSWER IN 3A TO CALCULATE THE TAX FOR BC, AND D. B) Calculate Fed Tax (15 %) on gross earnings. C) Calculate Socail Security Tax (6.25%) on gross earnings. D) Calculate Medicare Tax (1.14%) on gross earnings. E) What is the total amount of deductions?
XYZ Pawnshop Corp. reported the following information in preparation of its quarterly percentage tax return: Source of Income Amount Gross receipts on interest from pawning 5,000,000 Gross receipts on interest from lending (1 year) 10,000,000 How much is the quarterly gross receipts tax? Answer:
A VAT taxpayer had the following data on its operations for he month of January 2018:Sales, total invoice price P 592,480Purchases of goods, VAT not included:From VAT registered persons 100,000From nonVAT registered persons 8,000From persons subject to percentage taxes 10,000Salaries of employees 60,000Other operating expenses 12,000This is the first month of being liable to value added tax. Data in inventories at the beginning of the period bought from VAT registeredpersons follow:Inventory at cost P 44,800Inventory at realizable value 49,000Value added tax paid on beginning inventory 4,80016. How much is the input tax?17. How much is the value added tax payable?
Use the information for the next four (4) questions.ZXCVBNM Company has an agreement to pay the sales manager a bonus of 5% of the entity's earnings. The income for the year before bonus and tax is P7,875,000 The income tax rate is 30% of income after bonus.A.) How much is the bonus, assuming bonus is a certain percent of the income before bonus and before tax? B.) How much is the bonus, assuming bonus is a certain percent of income after bonus but before tax? C.) How much is the bonus, assuming bonus is a certain percent of income after bonus and after tax? D.) How much is the bonus, assuming bonus is a certain percent of income after tax but before bonus?
Vishal
*see attached problem REQUIRED: What is the total income tax expense for the current year?
Bon Nebo Co. sold 30,000 annual subscriptions of Bjorn for $105 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $970,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Current liabilities: Advances on magazine subscriptions Federal income taxes payable Total current liabilities
E 6
The Sirap Co had sales for the year at $150000. Only $105000 was collected in cash, The remaining $45000 should be collected in cash next year. The income is not taxable until it is collected in cash. The only expense for the business in income tax and the rate is 25% for this year and in all future years. how do you Make all journal entries necessary to record income tax for the year. ?
For each of the following situations, indicate the amount shown as current or long-term liability on the balance sheet of Anchor, Inc., at December 31: a. Anchor's general ledger shows a credit balance of $125,000 in Long-Term Notes Payable. Of the amount, a $25,000 installment becomes due on June 30 of the following year. b. Anchor estimates its unpaid income tax liability for the current year is $34,000; it plans to pay this amount in March of the following year. c. On December 31, Anchor received a $15,000 invoice for merchandise shipped on December 28. The merchandise has not yet been received. The merchandise was shipped F.O.B. shipping point. d. During the year, Anchor collected $10,500 of state sales tax. At year-end, it has not yet remitted $1,400 of these taxes to the state department of revenue. e. On December 31, Anchor's bank approved a $5,000, 90-day loan. Anchor plans to sign the note and receive the money on January 2 of the following year. Current Liability Long-Term…
Sheffield Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $5,300 plus GST of $265 and PST of $424. 1. 2. Brenda Corporation receives its annual property tax bill in the amount of $8,700 on May 31. (1) During the month of March, Martinez Corporation's employees earned gross salaries of $65,100. Withholdings deducted from employee earnings related to these salaries were $2.750 for CPP, $964 for El, $7,300 for income taxes. (ii) Martinez's 3. employer portions were $2,750 for CPP and $1,350 for El for the month. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Sr no. Account Titles and Explanation Debit Credit 1. 2. 3 (i). 3 (ii).