ABC Corp., a DC, registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales - Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law

ABC Corp., a DC, registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales - Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law

Financial Management: Theory & Practice

16th Edition

ISBN:9781337909730

Author:Brigham

Publisher:Brigham

Chapter2: Financial Statements, Cash Flow,and Taxes

Section: Chapter Questions

Problem 17P: Athenian Venues Inc. just reported the following selected portion of its financial statements for...

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ABC Corp., a DC, registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law Group of answer choices Php 400,000 Php 2,100,000 Php 0 Php 800,000
16 ABC Corp., a pharmaceutical company registered in 2020 had made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 5,000,000,000 Cost of sales – Php 4,000,000,000 Operating Expenses - Php 500,000,000 How much is the income tax due under CREATE Law? Group of answer choices Php 125,000,000 Php 150,000,000 Php 10,000,000 Php 100,000,000
XYW Corp., a Domestic Corporation, registered in 2010 made available the following financial information for taxable year 2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law Choices: Php 800,000 Php 2,100,000 Php 400,000 Php 0
In 2021, ABC Corp., established in 2015 reported the following information: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 50,000,000 Cost of sales – Php 40,000,000 Operating Expenses - Php 20,000,000 Until when can ABC Corp carry-over the loss against its gross income?
20 In 2021, ABC Corp., established in 2015 reported the following information: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 50,000,000 Cost of sales – Php 40,000,000 Operating Expenses - Php 20,000,000 Until when can ABC Corp carry-over the loss against its gross income? Group of answer choices 2023 2024 2025 2026
VINCENZO Inc. was formed towards the end of 2020. At the time of formation, the company spent P50,000 accounting fees; P150,000 legal fees; stock certification costs of P500,000; initial franchise fee of P1,000,000; initial lease payment of P300,000 and promotional fees of P300,000. How much of the foregoing shall be initially recorded as intangible assets?
ISKOLAR started constructing a building to be used for producing its goods in January 2021. ISKOLAR incurred interest of P100,000 from its borrowings to finance the construction. In 2021, the Company also earned interest income of P20,000 and dividend income of P30,000 from its temporary placement of the proceeds from the specific borrowing. According to PAS23, how much borrowing cost should be capitalized by ISKOLAR in 2021? please answer accurately
ISKOLAR started constructing a building to be used for producing its goods in January 2021. ISKOLAR incurred interest of P100,000 from its borrowings to finance the construction. In 2021, the Company also earned interest income of P20000 and dividend income of P30000 from its temporary placement of the proceeds from the specific borrowing According to PAS23, how much borrowing cost should be capitalized by ISKOLAR in 202 1?.
15 ABC Corp. registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 50,000,000 How much is the income tax payable under CREATE if the taxpayer is a domestic corporation? Group of answer choices Php 0 Php 2,500,000 Php 800,000 Php 400,000
lab Company’s accounting policy with respect to investment properties is to measure them at fair value at the end of each reporting period. One of its investment properties was measured at P8,000,000 on December 31, 2020.The property had been acquired on January 1, 2020 for a total of P7,600,000, made up of P6,900,000 paid to the vendor. P300,000 paid to the local authority as a property transfer tax and P400,000 paid to professional advisers. The useful life of the property is 40 years. What is the gain to be recognized in profit or loss for the year ended December 31, 2020 in respect of the investment property? * P400,000 P590,000 P700,000 P800,000 answer not given
On September 1, 2020, Kayo Na Consulting. began a service proprietorship with an initial investment of P400,000. Kayo Na provided P800,000 of services during September. Collections were made except for P200,000 which were paid the following month. Expenses were incurred in the amount of P400,000, including P100,000 which are to be paid next month. The owener withdrew P60,000 against the capital account. In September 30, 2020 financial statement, what amount of capital should be reported under cash basis accounting? P840,000 P740,000 P800,000 P640,000
On January 1, 2021, Super Balut Co. establishes a branch for an initial cash investment of P10,000,000. The subsequent transactions are as follows: a. On January 3, 2021, the home office acquires land and building to be used by the branch for a total cost of P30,000,000. The branch records the assets in its books. The fair value of the land is P11,000,000, while the fair value of the building is P22,000,000. The building has an estimated useful life of 20 years and no residual value. The company uses the straight-line method of depreciation. b. On February 14, 2021, the home office transfers inventory worth P20,000,000 to the branch. The home office pays freight of P500,000. c. On March 1, 2021, the home office transfers additional inventory worth P5,000,000 to the branch. This time the branch pays the freight of P100,000. d. On March 31, 2021, the branch acquires equipment for P900,000 cash. The equipment will be carried in the home office’s books. The equipment has a useful life of…