A domestic corporation was registered with the BIR in 2018. What year would the first MCIT will be imposed on such corporation? 2019 2020 2021 2022
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A domestic corporation was registered with the BIR in 2018. What year would the first MCIT will be imposed on such corporation?
-
- 2019
- 2020
- 2021
- 2022
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- A domestic corporation presented the following information in 2019: REQUIRED: 1. Compute the net income using OSD 2. how much is the income tax due andpayable of the corporation if it started its operations in 2018?(Philippine domestic corporation) Questions: 1. How much is the income tax payable for 2020? 2. How much is the income tax payable for 2021?Sophie Industries Inc. was a C-corporation that filed an S-election effective January 1, 2019. Which item has an impact on S-corporation’s AAA in 2019? a. Non-separately stated ordinary income earned in 2019. b. An additional capital contribution by a stockholder in 2019 c. Tax-exempt interest earned in 2019. d. A distribution from accumulated earnings and profits (AEP)
- For the 2022 property tax levy for local governments in Illinois, which of the following statements is correct? A. On the lien date in 2022, property tax revenue for 2023 is neither measurable nor available. B. On the levy date in 2022, property tax revenue for 2023 is measurable but not available. C. A and B. D. Neither A nor B.On january 1 2020, an entityIs a non-profit corporation also required to submit annual reports to SEC?
- What is the investment income for 2019? What is the carrying amount of the investment in associate on December 31, 2019? What is the carrying amount of the investment in associate on December 31, 2020? What is the investment income for 2020?Glennelle's Boutique Incorporated operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2022 are issued in May 2023 and are payable in July 2023. Required: 1. How the amount of tax expense for calendar 2022 and the amount of taxes payable (if any) at December 31, 2022, can be determined? a. The amount is estimated based on prior year taxes. b. The amount is estimated based on future year taxes. 2. Use the horizontal model to show the effect of accruing 2022 taxes of $6,900 at December 31, 2022. Indicate the financial statement effect.Provide answer please! If the collection of the note receivable is reasonably assured, what is the net income to be recognized by the entity for the year ended December 31, 2020 in relation to the initial franchise fee?A. 98,850 C. 70,028B. 94,850 D. 92,037
- You are assigned to perform a review of minutes of meeting for the year end audit ending December 31, 2021. Which of the following agendas would least likely affect the total liabilities of the entity? Choices: The settlement of a pending litigation with another entity on January 5, 2022. The approval of the board of directors of the issuance of a 5-year term bond last September 2021. Property dividends declared on December 27, 2021. The payment of real property taxes for the year 2021 at the beginning of 2021.You are assigned to perform a review of minutes of meeting for the year end audit ending December 31, 2021. Which of the following agendas would least likely affect the total liabilities of the entity? Group of answer choices A. The payment of real property taxes for the year 2021 at the beginning of 2021. B. The approval of the board of directors of the issuance of a 5-year term bond last September 2021. C. The settlement of a pending litigation with another entity on January 5, 2022. D. Property dividends declared on December 27, 2021I. What is the revenue to be recognized by Entity A for the year ended December 31, 2020?A. P 585,000B. P 469,000C. P 424,000D. P 532,000 II.