Tom, a cash basis sole proprietor, provides the following information: Gross receipts $30,000 Dividend income (on personal investments) 200 Cost of sales 15,400 Other operating expenses 3,000 State business taxes paid 300 What amount should Tom report as net profits from his business? a.$11,400 b.$10,900 c.$11,300 d.$14,400 e.None of these choices are correct.
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Gross receipts | $30,000 |
Dividend income (on personal investments) | 200 |
Cost of sales | 15,400 |
Other operating expenses | 3,000 |
State business taxes paid | 300 |
What amount should Tom report as net profits from his business?
- Dividend income on personal investment is not a business income, therefore it will not be included in calculation of net profit .
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- A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00Bernabe reports the following business transactions: Gross sales Sales discounts Cost of sales Operating expenses Interest income on bank deposits- BPI P840,000 25,000 250,000 190,000 10,000 Bernabe also earned a total compensation of P410,000 from a part-time employment of which, P105,000 is excluded from taxation. Compute the taxable income of Bernabe which is subject to regular income tax:Jacinto Flores is the owner-manager of JDF Car Parts and Services. The company's details as reflected in the income statement are as follows: P1, 830,000.00 322.000.00 P1, 438,000.00 200,500.00 PL237.500.00 Sales Less: COGS Gross Profit Less: Operating Expenses Net Income 1. 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?
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- Mr. Borbon had the following data for his income tax return for the current year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income Graduated Income Tax Rate Effective January 1, 2018 Initial Basis 0-250,000 Over 250, 000 but not over 400, 000 Over 400,000 but not over 800,000 Over 800, 000 but not over 2,000, 000 Over 2, 000, 000 but not over 8, 000, 000 Over 8, 000, 000 Tax due In Excess -0- -0- |-0- +20% of the excess over 250,000 30,000 130,000 490, 000 2, 410, 000 +25% of the excess over 400,000 +30% of the excess over 800, 000 +32% of the excess over 2, 000, 000 +35% of the excess over 8, 000, 000 How much is the income tax due is he uses itemized deduction? O Php 24,000 O Php 52,500 O Php 42,500 O Php 10,000Pendleton had the following partial income statement. What is Pendleton's net income if the tax rate is 21%? b Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. $22,500 d $15,775 C $17,775 Sales Cost of goods sold Gross profit Salary expense Rent expense Entertainment $16,275 Business meal with clients Federal income tax Net income $97,000 ($28,000) $69,000 ($41,000) ($5,000) ($2,000) ($1,000) ? ?Two partners Tom and Jerry have the following details of their accounts for the year ended 31 December 2021. Capital accounts: Current accounts: Salaries: Drawings: Profit sharing ratio: Net profit before appropriation £100,000 £ Tom 8,000 3,000cr 10,000 25,000 3 £ Jerry 6,000 1,000 dr 30,000 30,000 1 Required: Prepare the relevant income statement and statement of financial position extracts.
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