Carding reported the following for the taxable year 2021: Gross compensation, net of 50,000 mandatory deductions 13th month pay and other benefits Gross receipts from profession Direct costs incurred in the profession Indirect expenses incurred in the profession Other non-operating income subject to regular tax 600,000 140,000 900,000 250,000 50,000 70,000
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- LO.5 Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige generated taxable income of 1,200,000. What is Beige Corporations tax liability for this period?LO.3, 4, 5 Using the legend provided below, classify each statement under 2019 tax law. a. A foreign tax credit is available. b. The deduction of charitable contributions is subject to percentage limitation(s). c. Excess charitable contributions can be carried forward for five years. d. On the contribution of inventory to charity, the full amount of any appreciation can be claimed as a deduction. e. Excess capital losses can be carried forward indefinitely. f. Excess capital losses cannot be carried back. g. A net short-term capital gain is subject to the same tax rate as ordinary income. h. The deduction for qualified business income may be available. i. A dividends received deduction is available. j. The like-kind exchange provisions of 1031 are available. k. A taxpayer with a fiscal year of May 1April 30 has a due date for filing a Federal income tax return of July 15. l. Estimated Federal income tax payments may be required.[8:50 PM, 2/23/2022] Veron Walker Uwi: Grace Corporation's pretax financial income is $600,000 and taxable income is $550,000 for year 2020.Its beginning deferred tax liability account has a balance of $75,000. Its cumulative temporarydifferences for year-end 2020 is equal to $300,000 and will reverse and result in taxable amounts as follows: Year Taxable Amount2021 $100,0002022 $ 75,0002023 $125,000The tax rate is 30% for all years.[8:50 PM, 2/23/2022] Veron Walker Uwi: Required:(i) Calculate the taxes payable for the year 2020(ii) Calculate the deferred tax liability for the year 2020(iii) Calculate the total tax expense for 2020(iv) Prepare the journal entry to record the tax expense for 2020(v) Prepare the income statement presentation of the tax amoun
- 10. Sheridan Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2021: Book income before income taxes $ 2630000 Add temporary difference Construction contract revenue which will reverse in 2022 233000 Deduct temporary difference Depreciation expense which will reverse in equal amounts in each of the next four years ( 943200) Taxable income $ 1919800 Sheridan's effective income tax rate is 25% for 2021. What amount should Sheridanreport in its 2021 income statement as the current provision for income taxes? A) $ 479950 B) $ 657500 C) $ 715750 D) $ 5825039. Wright Co., organized on January 2, 2021, had pretax accounting income of $960,000 and taxable income of $3,120,000 for the year ended December 31, 2021. The only temporary difference is accrued product warranty costs which are expected to be paid as follows: 2022 $720,000 2023 360,000 2024 360,000 2025 720,000 The enacted income tax rates are 25% for 2021, 20% for 2022 through 2024, and 15% for 2025. If Wright expects taxable income in future years, the deferred tax asset in Wright's December 31, 2021 balance sheet should be a. $288,000. b. $360,000. c. $396,000. d. $540,000.25. The estimated taxable income for Chicken Wings Corporation on January 1, 2021, was P80,000, P100,000, P100,000, and P120,000, respectively, for each of the four quarters of 2021. Chicken Wings estimated annual effective tax rate was 30%. During the second quarter of 2021, the estimated annual effective tax rate was increased to 34%. Given only this information, Chicken Wings’s second quarter income tax expense was
- SUPPLEMENTAL PROBLEM 19-2 Meyer reported the following pretax financial income (loss) for the years 2019-2022: 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 is 21% for all years. REQUIRED: Prepare journal entries for 2021 and 2022 to record the current portion and the deferred portion of income taxes, assuming that based on the weight of available evidence, it is more likely than not that one-fifth of the benefits of the loss carryforward will not be realized. Prepare the income tax section of the 2021 income statement beginning with the line “Income (loss before income taxes.”Problem 19-05 a, c-d Crane Inc. reported the following pretax income (loss) and related tax rates during the years 2019–2022. Pretax Income (loss) Tax Rate 2019 $37,700 40 % 2020 (181,000) 40 % 2021 231,000 20 % 2022 76,800 20 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Crane began business. The tax rates from 2019–2022 were enacted in 2019. Prepare the journal entries for the years 2020–2022 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Crane expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. Date Account Titles and Explanation Debit Credit 2020 2021 2022…1.The Mosaic Company organized on January 2, 2021, had pretax accounting income of $8,000,000 and taxable income of $11,600,000 for the year ended December 31, 2021. The 2021 tax rate was 25%. The only difference between book and taxable income is estimated warranty costs. Expected payments and scheduled enacted tax rates are as follows: 2022 $ 1,200,000 30 % 2023 600,000 30 % 2024 600,000 30 % 2025 1,200,000 35 % Required:Prepare one compound journal entry to record Mosaic's provision for taxes for the year 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
- 32 - As of the end of 2019, the status of the 690 Period Profit or Loss Account of our business and other issues are as follows: Its legally unacceptable expenses are 300.000 TL, and its tax exemption earnings are 80.000 TL. The corporate tax rate is 22%. What is the Corporate Tax Amount of the Business? a) 325,600 TL B) 259,600 TL NS) 308,000 TL D) 1,029,600 TL TO) 770.000 TL59. GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From…