ABC Corporation's cumulative balance of RCIT, MCIT, taxes withheld, excess MCIT and excess withholding taxes from prior year(s) were provided as follows: 2020 2019 QUARTER RCIT |Таxes withheld Excess withholding Excess MCIT MCIT tax 1st 300,000 240,000 20,000 50,000 20,000 2nd 550,000 350,000 35,000 3rd 750,000 760,000 53,000 4th 800,000 810,000 67,000 How much is the income tax payable on the 4th quarter?
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- Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)ABC Corporation has the following information for the taxable year 2022: Quarter RCIT MCIT CWT 1st P200,000 P160,000 P40,000 2nd 240,000 500,000 60,000 3Rd 500,000 150,000 80,000 4th 300,000 200,000 70,000 MCIT carry-over from prior year amounts to P60,000 and excess tax credits from prior year amounts to P20,000. How much was the income tax payable for the first quarter? How much was the income tax payable for the third quarter? How much was the annual income tax payable?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. 930,000
- A company makes the following journal entry for 2021: Dr. Income Tax Expense xxxx Dr. Deferred Tax Asset 62,000 Cr. Deferred Tax Liability 11,000 Cr. Income Tax Payable 536,000 On the income statement, the current portion of income tax expense for 2021 appears as: _______________.Concord Corporation had income before income taxes of $205,200 in 2020. Concord’s current income tax expense is $49,700, and deferred income tax expense is $29,700.Prepare Concord’s 2020 income statement, beginning with "Income before income taxes". (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Concord CorporationIncome Statement (Partial) $ $ $x Company reports the following pretax income (loss) for both book and tax purposes. Year. Pretax income tax rate 2018 120,000 20% 2019 93,000 20% 2020. (82,000) 25% 2021 110,000 25% The tax rates listed were enacted by the beginning of 2018 Prepare the income tax section of the 2020 income statment beginning with the line "operating loss before income taxes" Prepare the income tax section of the 2021 income statment beginning with the line "operating loss before income taxes" I have the journal entries I need the income statment -prepare journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable and the tax effects of the loss carryforward assuming that based on the weight of available evidence it is more likely than not that one half of the benefits of the loss carryforward will not be realized.
- Wangerin Company reported the following pretax financial income (loss) for the years 2018–2022. 2018 $240,000) 2019 350,000) 2020 120,000) 2021 (570,000) 2022 180,000) Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 34% for 2018 and 2019, and 20% for 2020–2022. Assume the carryback provision is used first for net operating losses. Instructions a. Prepare the journal entries for the years 2020–2022 to record income tax expense, income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming no valuation allowance is needed. b. Prepare the income tax section of the 2021 income statement beginning with the line “Income (loss) before income taxes.”The following table pertains to C. J. Company: Year Taxable Income Tax Rate 2020 ($1,000,000) 25% 2021 $680,000 25% 2022 $725,000 20% What is income tax expense for 2021? Select one: a. $136,000 b. $80,000 c. $170,000 d. $0A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000
- x Company reports the following pretax income (loss) for both book and tax purposes. Year. Pretax income tax rate 2018 120,000 20% 2019 93,000 20% 2020. (82,000) 25% 2021 110,000 25% The tax rates listed were enacted by the beginning of 2018 Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable and the tax effects of the loss carryforward assuming that based on the weight of available evidence it is more likely than not that one half of the benefits of the loss carryforward will not be realized.Cranbrook Corp., reported pre-tax accounting income of $400,000 for the calendar year 2020. To calculate the income tax liability, the following data were considered: CCA in excess of depreciation $40,000 Instalment tax payments made during 2020 $35,000 Enacted income tax rate for 2020 30% What amount should Cranbrook report as its current income tax liability on its December 31, 2020 balance sheet? Select one: a. $35,000. b. $12,000. c. $73,000. d. $51,000. e. None of the above amounts.On December 31, 2020, Landmark Company reported the following:Income before tax for accounting purposes, P11,850,000; Rent expensefor financial accounting purposes is P1,500,000 while rent expense for taxpurposes is P1,050,000; Tax depreciation is P3,000,000 while accountingdepreciation is P1,500,000; Loss on a case incurred but not yet paid sotax-deductible in the future is P600,000. The tax rate is 30%. What is the amount of deferred tax asset?