BTS Corporation reports the following information: • Correction of overstatement of depreciation expense in prior years, net of tax- P215,000 • Dividends declared- P160,000 • Net income- P500,000 • Retained earnings, 1/1/21, as reported- P1,000,000 BTS should report retained earnings, December 31, 2021 at?

Q: Leer Corporation’s pretax income in 20x7 was P100,000. The temporary differences between amounts…

A: Solution Given Pre tax income 100,000 Tax rate 30%    Depreciation in the financial…

Q: In 2019 Hill Corporation reported a net operating loss of $13,200 that it carried forward to 2020.…

A:

Q: 15. Elf Company prepared the following reconciliations of its pretax financial statement income to…

A: Financial income subject to tax = Pretax financial income  - Permanent difference due to Non taxable…

Q: What amount should be reported as net income for the quarter ended September 30, 2021?

A: Net income for a period or quarter is the net income when all the expenses of the period or quarter…

Q: stof sestion Simmons Corporation reports the following information: Correction of understatement of…

A: Answer 1) Given:

Q: Gina Company reported income before tax of P3,500,000 for 2020 which included the following amounts:…

A: Net income is calculated by deducting all expense from the total revenue. It includes operating as…

Q: ABC Company prepares financial statements under IFRS. At December 13, Year 4, ABC's income for…

A: Net income: P100,000 Depreciation for accounting purposes: P10,000 Depreciation for tax purposes:…

Q: Dario Corp. is a publicly accountable entity with a December 31 year end. The deferred income tax…

A: Deferred tax expense occurs when there is temporary difference.   Calculation of temporary…

Q: For the year ended December 31, 2021, THREE Company reported pre-tax financial income of P7,500,000.…

A: Total Income Tax payable = Taxable income x tax rate = 6500000 x 30% = 1,950,000

Q: T Company reports pretax financial income of P700,000 for 2020. The following caused taxable income…

A: There is a difference between taxable income and accounting income . Accounting income means income…

Q: pretax accounting income

A: Pretax accounting income = Taxable income + Accumulated depreciation for tax purpose - Accumulated…

Q: A reconciliation of pretax financial statement income to taxable income is shown below for Chan Inc.…

A: Deferred  Tax Asset/liability: A deferred tax asset arises  from overpayment or advance payment of…

Q: Trayer Corporation has income from continuing operations of $254,000 for the year ended December 31,…

A: Income from continuing operations: It is the after tax income generated by a company from its…

Q: On 1 July 2017, Bright Star Ltd was incorporated. The accounting profit and other relevant…

A: When a company computes its net earnings in accordance with Generally Accepted Accounting…

Q: The following data are available for X Corp, a Domestic Corporation, with Total Assets of P40…

A: In the context of the given question, we are required to compute the income tax payable in Quarter…

Q: Oriole Company reports the following information: Correction of understatement of depreciation…

A: Understated depreciation expense of prior years is adjusted to the beginning retained earnings.…

Q: Artiga Corp. provides the following information for the year 20X2: Particulars Values Income before…

A: Tax is financial charge or levy imposed by the government of the country to make government…

Q: DER Company has the following in the current year: Capital gains of $8,500 Capital losses of $18,500…

A: Solution:- the following will be included in Net Income for Tax Purposes for DER Company:-…

Q: MBA Corporation reported net income of P7,410,000 for 2020, which included the following items:…

A: Particulars Amount (P) Net Income 7410000 Add: Unrealised Loss on Financial Asset 540000…

Q: Flounder Corp. has income from continuing operations of $246,500 for the year ended December 31,…

A: Comprehensive Income includes Income statement and the other comprehensive income for the period…

Q: On 1 July 2017, Bright Star Ltd was incorporated. The accounting profit and other relevant…

A: Tax is paid on the income earned by the individual and company to the government that acts as…

Q: f $590,000. The book–tax difference of $369,000 was due to a $205,000 favorable temporary difference…

A: Deferred income tax is a liability to the company which arises due to differences in tax laws and…

Q: Regine Company computed a pre-tax financial income of P6,000,000 for the year ended December 31,…

A: Income subject to tax =  pre-tax financial income -  Nontaxable revenue + Nondeductible expense =…

Q: Grand Corporation reported pretax book income of $720,000. Tax depreciation exceeded book…

A: Deferred Tax Asset: Deferred tax asset  reduces  taxable income in the future and used for  tax…

Q: CC corporation (a calendar-year  C corporation) has a net operating loss (NOL) carryover to 2021 in…

A: calculation of taxable income and tax rate are as follows.

Q: At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000…

A:

Q: An entity reported the following assets and liabilities at year end: Amount Property Inventory 7M…

A: Dear student, since you have asked multiple questions we will answer only one question as per…

Q: An entity reported the following information during the first year of operations: Pretax financial…

A: When a tax obligation is accumulated in one financial year but not paid until the following year, a…

Q: Below is the Retained Earnings account for the year 2020 for Acadian Corp. Retained earnings,…

A: Retained earnings account is a statement showing the beginning and ending balances of retained…

Q: Bestlook Company provided the following information for its first year of operati December 31, 2019…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: 36. Kiwi Corporation reports the following information: • Correction of overstatement of…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: What amount should be reported as net income for the quarter ended September 30, 2021?

A: Net Income  1,900,000 Gain from expropriation : ( 1,200,000 / 3) (400,000) Change in Accounting…

Q: Corporation’s Retained Earnings at December 31, 2021 amounted to P2,000,000.  On that date, the…

A: The retained earnings are decreased with declaration of dividend to shareholders. The dividend can…

Q: A domestic corporation had the following cumulative data in a year:     1st Qtr 2nd Qtr 3rd Qtr…

A: An itemised deduction seems to be a cost that may be subtracted from your adjusted gross income…

Q: . Kiwi Corporation reports the following information: • Correction of overstatement of depreciation…

A: Answer) Calculation of Balance of Retained Earnings on December 31, 2021 Balance of Retained…

Q: MBA Corporation reported net income of P7,410,000 for 2020, which included the following items:…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The pretax financial income (or loss) figures for Teal Mountain Company are as follows. 2017…

A: Year Particulars Debit Credit 2017 Income Tax Expense 19000       Income Tax Payable…

Q: A company reports the following pretax income (loss) for both financial reporting purposes and tax…

A: Amount of deferred tax assets to be reported at the end of 2002 related to loss carry forward  =…

Q: $ 420,000     The inventory impairments relate to Chan's Columbian tax return. The depreciation…

A: given: income tax rate is 40%.    Pretax accounting income (income statement) $ 500,000…

Q: Wangerin Company reported the following pretax financial income (loss) for the years 2018–2022.…

A: A.Prepare the journal entries for the years 2020–2022 to record income tax expense, income taxes…

Q: Angel Corporation reported pretax book income of $1,008,000. During the current year, the net…

A: Hypothetical tax expenses =Pretax Income × Statutory Tax=$1,008,000×34%=$342,720

Q: York Corporation reports the following information: Correction of understatement of depreciation…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Grand Corporation reported pretax book income of $805,000. Tax depreciation exceeded book…

A: The deferred tax liability represents a future tax payment a company is expected to make to…

Q: acob Mills has provided you with the following information:     2019 2020 2021 Taxable capital…

A: Capital Gains : When the organisation or individual sold its capital assets at profit, then that…

Q: MEME Corporation’s Retained Earnings at December 31, 2021 amounted to P2,000,000.  On that date, the…

A: Dividend is the part or share of profits which is divided among the shareholders of the company. For…

Q: WEB Company had pretax financial income of P 2,500,000 in the current year. The entity made…

A: Interest received is subject to final witholding tax. It will be treated as permanent difference…

Q: A company reports the following pretax income (loss) for both financial reporting purposes and tax…

A: Solution: deferred tax asset at the end of 2020 =  loss carryforward * tax rate

Q: received                                                 1,000,000 Long-term loss accrual in excess…

A: The difference between Financial income and Taxable income will result in Deferred tax assets or…

Q: What amount shall be reported as current tax liability?

A: An entity makes tax payments after availing all the deduction or benefits provided by the act and…

Q: NINE Company reported a pre-tax financial income of P8,584,950 for the year ended December 31, 2021.…

A: In the given question, we are provided with the data of Nine Company. With the given information we…