10% VAT will be deducted from the sale worth 800 TL. Calculate the tax amount. A) 80 B) 20 C) 100 D) 60 E) 40
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15 -))
10% VAT will be deducted from the sale worth 800 TL. Calculate the tax amount.
A) 80
B) 20
C) 100
D) 60
E) 40
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Solved in 2 steps
- Le Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT First P200,000 P160,000 P40,000 Second 240,000 500,000 60,000 Third 500,000 150,000 80,000 Fourth 300,000 200,000 70,000 Additional information: Excess MCIT from 2020: P60,000 Excess tax credits from 2020: P20,000 1.) How much was the income tax payable for the first quarter? a. 200,000 b. 160,000 c. 120,000 d. 80,000 2.) How much was the income tax payable for the second quarter? a. 660,000 b. 460,000 c. 200,000 d. 160,000 3.) How much was the annual income tax payable? a. 1,260,000 b. 390,000 c. 230,000 d. 930,000Bernie Bird Corporation provides a bonus equal to 10% of Bernie’s income in excess of P100,000 before deducting income tax but after deducting bonus. If income before income tax and bonus is P320,000 and the effective tax rate is 40%, the amount of the bonus should be a. P20,000 b. P22,000 c. P32,000 d. P44,0009 - 391- The balance of the calculated VAT account is 5,000 TL, 191 The balance of the deductible VAT account is also3 750 T, 190-The balance of the transferred VAT account is 1000 TL. Which account is the difference and how?saved? A) 360-To the receivable of the tax and funds account payable B) 190- To the debt of the transferred VAT accountC) 360-To the debt of the tax and funds payable account D) 190- To the receivable of the VAT account of the transferredE) None
- A man invested P110,000 for 31 days. The net interest after deducting 20%withholding tax is P890.36. Find the rate of return annually.· A. 11.50 %· B. 11.75 %· C. 11.95 %· D. 12.32 %21- After our business deducted 20% income tax on 48.000 TL, which is the one-year rent of the workplace it rented for one year on 01.03.2020 , the rest was paid to the owner of the real estate from the bank. In accordance with the concept of periodicity, how much is the amount that should be accepted as an expense in the future period? a) 40.000 TL B) 8.000 TL NS) 9,600 TL D) 38,400 TL TO) 48,000 TLTotal deductible income tax credit would be P80,000 P60,000 P20,000 P0 None of the above Income tax still due and payable per ITR. P170,000 P250,000 P120,000 P130,000 None of the above The total final tax would be P22,000 P25,000 P10,000 P12,000 None of the above
- 29 - Miray Demir Çelik Anonim Şirketi's 2019 commercial profit is 400.000 TL. Its tax-exempt income is 30.000 TL and its legally unacceptable expenses are 50.000 TL. What is the company's tax base?A) 270,000B) 420,000C) 320,000D) 380,000E) 400,00013 - 391- The balance of the calculated VAT account is 10,000 TL, 191 The balance of the deductible VAT account is 15,000 TL, 190-The balance of the transferred VAT account is 4000 TL. How is the difference saved to which account?A) 190- To the receivable of the transferred VAT accountB) 360-To the debt of the tax and funds payable account C) 360-Tax and funds payable account receivable D) 190- To the debt of the transferred VAT accountE) NoneTrade receivables have a carrying amount of P4,000. The related revenue has already been included in taxable profit (tax loss). How much is the tax base of the asset? The tax rate is 40%.
- 10. Sheridan Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2021: Book income before income taxes $ 2630000 Add temporary difference Construction contract revenue which will reverse in 2022 233000 Deduct temporary difference Depreciation expense which will reverse in equal amounts in each of the next four years ( 943200) Taxable income $ 1919800 Sheridan's effective income tax rate is 25% for 2021. What amount should Sheridanreport in its 2021 income statement as the current provision for income taxes? A) $ 479950 B) $ 657500 C) $ 715750 D) $ 5825012. During the year ended 30 June 2015 Barry Ltd, pays quarterly tax installments as follows: $4000 on 28 October 2014 $11:000 on 28 February 2015 S12: 000 on 28 Aoril 2015 On 30 June 2015, Barry Ltd determines its total current tax liability for the year to be 533 000. The final tax installment for the year will be: a.a refund of $2000 b. a pavment of $33 000 C.a pavment of $12 000 d.a pavment of $6000What is the value of before tax equity reversion if sales price is Tk. 8900000, selling expense is 20%, and loan of tk. 938000, 28 years is paid off after 9 years, where rate of interest is 10.5% where monthly installment is tk. 8671.85? a. 6536989 b. 6264989 c. 5951178 d. 6049809