30. Julian Tan owns a store specializing in rare trinkets which is her only source of income. She signified her intention to be taxed at 8% of gross sales in her 1" Quarterly ITR of the taxable year. Her sales, cost of sales, operating expenses, and non-operating income for the 4 quarters are as follows: Ist Quarter 2nd Quarter 3rd Quarter 4th Quarter 3,500,000 (800,000) 2,700,000 Sales 400,000 600,000 2,000,000 Cost of sales (100,000) (200,000) 400,000 (600,000) 1,400,000 Gross income 300,000 (170,000) (190,000) 210,000 (500,000) (820,000) Operating expenses Income from operations Non-operating income Net income 130,000 900,000 1,880,000 35,000 165,000 65,000 275,000 50,000 950,000 75,000 1,955,000
30. Julian Tan owns a store specializing in rare trinkets which is her only source of income. She signified her intention to be taxed at 8% of gross sales in her 1" Quarterly ITR of the taxable year. Her sales, cost of sales, operating expenses, and non-operating income for the 4 quarters are as follows: Ist Quarter 2nd Quarter 3rd Quarter 4th Quarter 3,500,000 (800,000) 2,700,000 Sales 400,000 600,000 2,000,000 Cost of sales (100,000) (200,000) 400,000 (600,000) 1,400,000 Gross income 300,000 (170,000) (190,000) 210,000 (500,000) (820,000) Operating expenses Income from operations Non-operating income Net income 130,000 900,000 1,880,000 35,000 165,000 65,000 275,000 50,000 950,000 75,000 1,955,000
Chapter19: Corporations: Distributions Not In Complete Liquidation
Section: Chapter Questions
Problem 43P
Related questions
Question
Compute her income tax payable in her Annual ITR?
a. 613,400
b. 638,400
c. 920,400
d. 628,200
Transcribed Image Text:30. Julian Tan owns a store specializing in rare trinkets which is her only source of income. She signified
her intention to be taxed at 8% of gross sales in her 1" Quarterly ITR of the taxable year. Her sales, cost of
sales, operating expenses, and non-operating income for the 4 quarters are as follows:
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Sales
Cost of sales
400,000
600,000
2,000,000
3,500,000
(200,000)
400,000
(600,000)
1,400,000
(500,000)
|(800,000)
(100,000)
300,000
Gross income
2,700,000
(170,000)
130,000
(820,000)
Operating expenses
Income from operations
Non-operating income
(190,000)
210,000
900,000
1,880,000
35,000
165,000
65,000
275,000
50,000
950,000
75,000
Net income
1,955,000
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