21. A non-VAT business reported the following: Sales Cost of Sales Purchases, inclusive of VAT P2,500,000 1,000,000 560,000 How much is the amount of business tax payable? (NO Solutions)
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- LO.3, 4, 5 Contrast the income taxation of individuals and C corporations as to: a. Alternative minimum tax. b. Dividend income. c. Qualified business income deduction of 20 percent. d. Use of the cash method of accounting. e. Accounting period used for tax purposes. f. Applicable tax rates. g. Due date of the tax return.A Non-VAT business reported the following:Sales P2,500,000Cost of Sales P1,000,000Purchases, inclusive of VAT P560,000How much is the amount of business tax payable?FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000
- FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. 1. What is deductible expense if the company uses OSD? 2. Using the problem above, what is the income tax payable?Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell Company had the following operating results: Year Income (loss) Tax rate Income tax 2018 40,000 25 % 10,000 2019 40,000 25 % 10,000 2020 50,000 30 % 15,000 2021 (130,000 ) 30 % 0 What is the income tax refund receivable? A) $27,000. B) $24,000. C) $25,000 D) $21,000.A company recently reported $9.8 million of net income. Its EBIT was $15 million, and its federal tax rate was 22%(ignore any possible state corporate taxes).What was its EBT? Blank 1What was its Tax liability? Blank 2What was its interest expense? Blank 3
- 2. Table is given below shows that marginal tax rates for Alejandro Corporation. TaxableIncome of the Company is equal to $44.000. How much will the Company pay tax totally?Average tax rate? taxable income(dollar) tax rate 0-16.000 10% 16.000-39.000 12% 39.000-55.000 16% 55.000-70.000 19% 70.000-86.000 23%For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00Button Company has the following two temporary differences between its income tax expense and income taxes payable. 00202000) 00202100) 00202200) Pretax financial income $840,000) $910,000) $945,000) Excess depreciation expense on tax return (30,000) (40,000) (10,000) Excess warranty expense in financial income 0020,000) 0010,000) 0008,000) Taxable income $830,000) $880,000) $943,000) The income tax rate for all years is 20%. Instructions a. Assuming there were no temporary differences prior to 2020, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, 2021, and 2022. b. Indicate how deferred taxes will be reported on the 2022 balance sheet. Button's product warranty is for 12 months. c. Prepare the income tax expense section of the income statement for 2022, beginning with the line “Pretax financial income.”
- 61. Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of? CHOICES: P115,000 P20,000 P117,000 P97,000Holly’s Art Galleries recently reported $7.9 million of net income. Its EBIT was $13 mil-lion, and its federal tax rate was 21% (ignore any possible state corporate taxes). What was its interest expense? (Hint: Write out the headings for an income statement and then fill in the known values. Then divide $7.9 million net income by 1 2 T 5 0.79 to find the pre-tax income. The difference between EBIT and taxable incomByron Books Inc. recently reported $13 million of net income. ItsEBIT was $20.8 million, and its tax rate was 35%. What was its interest expense? (Hint:Write out the headings for an income statement, and fill in the known values. Then divide$13 million of net income by (1 2T) 5 0.65 to find the pretax income. The differencebetween EBIT and taxable income must be interest expense. Use this same procedure tocomplete similar problems.)
