regular itemized deductions
Q: For the year ended 30 June 20X4, Margorie Corp generated taxable operating income of CU 1,200,000 of…
A: Deferred Tax Liability: it records the fact that the company will pay more income tax in future due…
Q: Sunland Co. at the end of 2021, its first year of operations, prepared a reconciliation between…
A: Here litigation expense is deferred tax asset and extra depreciation is deferred tax liability. The…
Q: For the year ended December 31, 2020, Theodore Corporation reported a pretax financial income of…
A: Temporary difference =Rental received in advance = P8,000,000 - P6,000,000 = P2,000,000
Q: The ABC Company has determined that its taxable income for the year 2021 is P3,000,000. The…
A: Computation of Required balance and recognition of Deferred tax liability and Deferred tax Assets…
Q: or the year ended Dec. 31, 201X, CACA Co. reported pre-tax financial income of 9,500,000. Its…
A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…
Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting…
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…
Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…
A: Deferred tax liability means liability calculated by finding difference between the comapany taxable…
Q: At the end of the year, the deferred tax asset account had a balance of $16 million attributable to…
A: Deferred Tax: Deferred tax is an amount i.e. computed on the basis of tax liability on the income as…
Q: Tiger Corporation reported taxable income of $500,000 from operations this year. The company paio…
A: The answer is stated below:
Q: For the year ended December 31, 2021, THREE Company reported pre-tax financial income of P7,500,000.…
A: Total Income Tax payable = Taxable income x tax rate = 6500000 x 30% = 1,950,000
Q: Thornton, Inc., had taxable income of $129632 for the year. The company's marginal tax rate was 34…
A: A company’s tax due is calculated on the basis of the average tax rate and not the marginal tax…
Q: In 2020, Amirante Corporation had pretax financial income of $168,000 and taxable income of…
A:
Q: Parker Company identifies depreciation as the only difference for future taxable amounts. In Year 1,…
A: The deferred tax asset or liability is created out of timing difference. There may be some items…
Q: The reported pretax financial income of Mechado Company is P1,800,000 and current income tax rate is…
A: Taxable income = pretax financial income + Fines paid for late payment of taxes + Impairment loss…
Q: An entity reported pretax financial income of P8.000,000 for the current year. The taxable income…
A: Income tax is paid on the taxable income. Taxable income is calculated after making the adjustments…
Q: For the current year ($ in millions), Centipede Corp. had $80 In pretax accounting Income. This…
A: Correct answer is A. $70 million
Q: The following data are available for X Corp, a Domestic Corporation, with Total Assets of P40…
A: In the context of the given question, we are required to compute the income tax payable in Quarter…
Q: The accounting profit before tax of Lindfield Ltd for the year ended 30 June 2022 was $150,000,…
A: The current tax liability seems to be the expected sum of tax or incurred tax obligation on earnings…
Q: Tokwa't Baboy Company prepared the following reconciliation of income per books with income per tax…
A: Note: income tax provision is created on taxable income. Total provision for income tax =…
Q: 2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Interest Income,…
A: Deductions means those items that are deducted from the gross income of the company. The deductions…
Q: uring the 20x4 year, the Altomonte company presented a financial income before contributions of $…
A: Taxable Income refers to the amount of income or revenue earned by an entity or an individual in a…
Q: Corning-Howell reported taxable income in 2021 of $156 million. At December 31, 2021, the reported…
A: 1. Computation of Total Deferred Tax Asset and Liability as on 31 Dec 2021 ($ in Million)…
Q: a.How much interest expense can CL deduct? b.How is the interest expense reported on CL’s Schedule…
A: Hi student Since there are multiple subparts, we will answer only first three sub parts. Given…
Q: f $590,000. The book–tax difference of $369,000 was due to a $205,000 favorable temporary difference…
A: Deferred income tax is a liability to the company which arises due to differences in tax laws and…
Q: Sunland Co. at the end of 2021, its first year of operations, prepared a reconciliation between…
A: Here depreciation will be future Taxable because it is a Taxable temporary difference here.…
Q: Williams Company reported pretax net income from continuing operations of $1,000,000 and taxable…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: Grand Corporation reported pretax book income of $720,000. Tax depreciation exceeded book…
A: Deferred Tax Asset: Deferred tax asset reduces taxable income in the future and used for tax…
Q: okwa't Baboy Company prepared the following reconciliation of income per books with income per tax…
A: Formula: Total provision for income tax = Taxable income x Tax rate
Q: On the 30 June 2021 B Ltd had a balance of $198,000 in its deferred tax liability account and…
A: The accounting profit and taxable profit are different. There are certain events which are…
Q: Integrity Company reported pre-tax financial income of P400,000 for 2022. In the computation of…
A: >Current Liability is a liability that is to be paid within a short period of time, say within a…
Q: Tokwa't Baboy Company prepared the following reconiliation of income per books with income per tax…
A: Solution: Total provision for Income tax = Book income before taxes * Tax rate
Q: Lejeune, Inc., an S corporation in Boone, North Carolina, reports operating revenue of $400,000, the…
A: S corporation is defined as the business entity which has elected to pass the corporate deductions,…
Q: The ABC Company has determined that its taxable income for the year 2021 is P3,000,000. The…
A: Net deferred tax assets on 12/31/2021 = (Taxable temporary differences - Deductible temporary…
Q: GUCCI Corp. in its first year of operations has the following differences between the carrying value…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting…
A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…
Q: The reported pretax financial income of Mechado Company is P1,800,000 and current income tax rate is…
A: Taxable income = pretax financial income + Fines paid for late payment of taxes + Impairment loss…
Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…
A: Deferred tax liability: The deferred tax liability is the excess, over received, or received in…
Q: repare a calculation of taxable income for the following scenarios:
A:
Q: The accounting profit before tax of Topsy Limited for the year ended 30 June 2021 is $1,600,000.…
A: Summary of the information provided in the question : current year accounting profit before taxes =…
Q: GUCCI Corp. in its first year of operations has the following differences between the carrying value…
A: The tax differences that may arise due to the effect of the time difference are known as deferred…
Q: On December 31, Year 1, ABC Corp had a deferred tax asset of $56,470. On December 31, Year 2, the…
A: Deferred tax asset is basically overpayment or sometimes advance payment of taxes.
Q: osh Company reports pretax financial income of P700,000 for 2020. The following caused taxable…
A: Solution: Taxable income for 2020 = Pretax income - Depreciation on the tax return is greater than…
Q: On January 2021, Mercury Corporation is engaged in the sale of goods and services with net sales and…
A: Income tax is used to fund government services, pay debts, and give commodities to citizens.…
Q: What amount shall be reported as current tax liability?
A: An entity makes tax payments after availing all the deduction or benefits provided by the act and…
Q: Williams Company reported pretax net income from continuing operations of $1,000,000 and taxable…
A:
Q: In 2020, Sandhill Corporation had pretax financial income of $172,000 and taxable income of…
A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…
Piper Corp. had a taxable net income of P5,500,000 and total assets of P100 million. It had the following data on expenses for the taxable year.
Salary expense, P12,000,000
Rent expense, P2,400,000
Advertising expense, P600,000
Interest expense, P6,000,000
Interest income, net of 20% final tax, P2,400,000
How much is the regular itemized deductions?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Nina Corporation, with the total assets of P15,000,000 (MSME), shows the following data during taxable year: Sales Interest Income, net of 20% final tax Cost of Sales Salary expense Interest expense Rent expense Advertising expense Depreciation expense What is the correct amount of itemized deduction?Acer, Inc. reported a taxable income of P8,000,000 in its Form 1702 for its first year of operations, calendar year 2020. Below are the differences between taxable and financial income:· Excess tax depreciation over accounting depreciation: P500,000· Revenue collected for tax in excess of accounting revenue: P2,000,000· Tax penalties expensed in the income statement: P200,000Income tax rate is 30%. What is the NET DEFERRED TAX EXPENSE for 2020? a. 450,000 benefit b. 450,000 expense c. 510,000 benefit d. 510,000 expenseCola Corp. had a taxable net income of P5,500,000 and total assets of P100 million. It had the following data on expenses for the taxable year. Salary expense, P12,000,000 Rent expense, P2,400,000 Advertising expense, P600,000 Depreciation expense, P500,000 Interest expense, P6,000,000 Interest income, net of 20% final tax, P2,400,000 How much is the regular itemized deductions?
- Piper Corp. had a taxable net income of P5,500,000 and total assets of P100 million. It had the following data on expenses for the taxable year.Salary expense, P1,200,000Rent expense, P240,000Advertising expense, P60,000Depreciation expense, P50,000Interest expense, P600,000Interest income, net of 20% final tax, P240,000How much is the regular itemized deductions? CHOICES P2,102,000 P2,090,000 P2,051,000 P2,150,000The reported pretax financial income of Mechado Company is P1,800,000 and current income tax rate is 30%. Assume the following differences between the financial income and taxable income for the year: 1. Fines paid for late payment of taxes, P15,5002. Premiums paid on life insurance policy on officers, P200,000. Beneficiary named in the policies is Mechado Company.3. Impairment loss recognized on goodwill, P90,0004. Excess of tax depreciation over book depreciation, P30,0005. Excess of warranty expense over actual expenditures, P27,0006. Excess of estimated uncollectible accounts for financial reporting over the accounts actually written off for tax reporting, P12,000.7. Rent collected in advance of period earned, P35,000. Taxable income is?Lin Ltd. reported the following: Earnings (loss) Depreciation (assets have a cost of $360,000) CCA Non-deductible expenses Tax rate Taxable income Accounting earnings Permanent difference Accounting income subject to tax Temporary difference 1. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) Taxable income 20X7 20x7 (first year of operations) $98,000 $45,000 $60,000 $18,000 20x8 30% 2008 $(166,000) $ 45,000 $ 70,000 $18,000 30%
- Integrity Company reported pre-tax financial income of P400,000 for 2022. In the computation of income taxes, the following data were gathered: Non-taxable gain - P175,000 Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes - P25,000 Tax payment made during 2022 - P27,500 Enacted tax rate - 35% What amount shall be reported as current tax liability?An entity reported pretax financial income of P8.000,000 for the current year. The taxable income was P7,000,000 for the current year. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 30% and the entity made estimated tax payment of P500,000 during the current year. What amount should be reported as income tax payable at year-end?Honesty Company reported pre-tax financial income of P400,000 for 2022. In the computation of income taxes, the following data were gathered: Non-taxable gain - P175,000 Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes - P25,000 Tax payment made during 2022 - P27,500 Enacted tax rate - 35% What amount shall be reported as current tax liability?
- Determine the taxable income for a company that had a gross income of $41 million, earnings before interest and income taxes of $25 million, and depreciation of $9.2 million. The taxable income for the company is $ million.For the year ended Dec. 31, 201X, CACA Co. reported pre-tax financial income of 9,500,000. Its taxable income was 9,000,000. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 32% and CACA Co. made estimated tax payment during 201X of 1,000,000. What should CACA Co. report as current tax expense for 201X?EFG & Co. started its business at the beginning of the current year. By end of first year operations, EFG reported P6,000,000 financial income before income tax and P5,100,000 taxable income. Breakdown of the P900,000 difference revealed that P500,000 is a permanent difference and P400,000 is a future taxable amount. Enacted tax rate is 30%. How much is the total income tax expense? a. 1,800,000 b. 1,950,000 c. 1,530,00 d. 1,650,000