Compute for its Income Tax Due for CY 2021.

Q: AMCD Corporation, a manufacturer, has gross sales of P250,000,000.00 for calendar year 2021, it's…

A: Minimum Corporate income tax It is charged on corporation who have normal income tax that is lesser…

Q: For fiscal year 2021, ABC Corporation, a retailer, has PL4 billion in gross sales, P560 million in…

A: Income tax due is the amount being paid by the taxpayer or the business owner over the net income…

Q: CarRoq Corporation, a domestic dorporation a retailer of goods h gross sales of P 1,400,000,000 v…

A: The deduction can be taken OSD or itemized deductions. Although the amount of deduction is given so…

Q: XYZ Corporation, a manufacturer, has a gross sales of P190M for CY 2021, its 2nd year of operation.…

A: Below is the computation of the Income tax for CY 2021

Q: OI Corporation, a manufacturer, has a gross sales of P90,000,000.00 for CY 2021, its fifth year of…

A: Taxable income is the net income earned by an individual on which the tax is payable. It is…

Q: Bellago  Ltd made an accounting profit before tax of $75,000 for the year ended 30 June 2020.The…

A: Solution: Calculation of the current tax liability for the year ended 30 June 2020: Bellago Ltd…

Q: XYZ Corporation, a manufacturer, has a gross sales of P190M for CY 2021, its 2nd year of operation.…

A: Income tax is a direct tax levied by the government on the income of the individuals when it crosses…

Q: On January 1, 2021, Company Ltd. decided to sell one of its processing plants located in New York.…

A: The income statement is prepared by the business organization so as to know how much amount of Gross…

Q: MAR Corporation, a manufacturer, has a gross sales of P90,000,000.00 for YER 2021, its fifth year of…

A: Solution: MAR Corporation, a manufacturer for YER 2021. Gross sales = P90000000 in its 5th year of…

Q: On December 31,2021 the end of the fiscal year, Califonia Mircotech Corporation completed the sale…

A: Net profit is calculated by deducting the expenses from the revenues of the company.

Q: Khobar Company started its business in February 2001 producing and selling mix of pharmaceutical…

A:

Q: A hospitality corporation is preparing its annual reports. The accounting records show sales of…

A: Compute the income before income taxes on the financial statements:

Q: On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the…

A: Computations:

Q: The accounting profit before tax of Lindfield Ltd for the year ended 30 June 2022 was $150,000,…

A: The current tax liability seems to be the expected sum of tax or incurred tax obligation on earnings…

Q: ABC Corp., a pharmaceutical company registered in 2020 had made available the following financial…

A: Income Tax: It is the liability which one pays to the government on the basis of income earned by…

Q: Useful Life Fixed Assets Cost Accounting Fiscal Land 2,000,000,000 1,800,000,000 50 Building Factory…

A: Deferred tax: Deferred tax is the tax effect of the timing difference. The difference between…

Q: A company generates $500,000 of gross income during its tax year and incurs operating expenses of…

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

Q: For fiscal year 2021, ABC Corporation, a retailer, has Pl.4 billion in gross sales, P560 million in…

A: The amount of income tax due is the difference between the net income received and the amount paid…

Q: For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a…

A: Lets understand the basics. For solving this question, we are require to use below formula. Net…

Q: DDD Corporation, a domestic manufacturing corporation, had gross sales of P100,000,000 for fiscal…

A: Net Income is the calculation of the measure of profitability of the business. This is calculated by…

Q: LENI Lugawan Corp has the following data for the year ended December 31, 2021:…

A: The company is a resident corporation hence domestic corporate income tax due will be income tax at…

Q: For the calendar year 2021, ABC Corporation a retailer, has gross sales of PI.4 billion, cost of…

A: The amount of income tax due is the difference between the net income received and the amount paid…

Q: ndar year 2021. Its total assets of P180,000,000.00 as of December 31, 2021 per Audited Financial…

A: Given: To find the tax income and tax due is calculated as,

Q: Pina Colada Corp. has income from continuing operations of $413,000 for the year ended December 31,…

A: The income statement is prepared to know the result of the operations like whether a business is…

Q: In 2021, Bulldogs Inc. had a net operating profit after-taxes of P20,000,000 and an effective tax…

A: Depreciation and Amortization: A company incurs capital expenditure to procure assets from which it…

Q: In 2021 XY corporation is subject to MCIT has the following records Sales: net of discounts and…

A: Profit from business operation = Net sales - cost of sales = P9,500,000 - P5,000,000 = P4,500,000…

Q: At the end of 2021, Schrutte Inc. in its first year of operations, had pretax financial income of…

A: Taxable income = Pretax financial income + Estimated expenses deducted but not yet paid - Extra…

Q: OI Corporation, a manufacturer, has a gross sales of P90,000,000.00 for CY 2021, its fifth year of…

A: Solution: JOI Corporation, a manufacturer for CY 2021, Gross sales = P90000000 in its 5th year of…

Q: On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of…

A: Deferred tax: Deferred Taxes are taxes that will be paid in future period.Deferred Tax is a…

Q: Beneco is a holder of franchise to distribute and sell electricity. In a particular quarter, its…

A: Value-Added Tax is a business tax in the form of sales tax. It is a tax on consumption levied on the…

Q: ABC Corp., a pharmaceutical company registered in 2020 had made available the following financial…

A: There are two corporate tax rate for the year 2021 20% tax rate: It is applicable to the company…

Q: For fiscal year 2021, ABC Corporation, a retailer, has P1.4 billion in gross sales, P560 million in…

A: Income tax due is the amount being paid by the taxpayer or the business owner over the net income…

Q: In 2021, PacMan Inc. had a net operating profit after-taxes of P20,000,000 and an effective tax rate…

A: Operating profit is the operating revenues of the business after deducting operating expenses of the…

Q: On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its…

A: Calculate total income before income taxes;

Q: On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its…

A: Income tax expense = Income from continuing operations before income taxes X tax rate = 12500000 x…

Q: The semiconductor business of the California Microtech Corporation qualifies as a component of the…

A: Given information is: The semiconductor business of the California Microtech Corporation qualifies…

Q: DDD Corporation, a domestic manufacturing corporation, had gross sales of P100,000,000 for fiscal…

A: Taxable net income is the amount after taking into consideration all the revenue taxable, allowable…

Q: Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: How much is the additional allowable training expenses, if any?

A: Additional allowable training expenses is the deduction which is allowed legally to the company…

Q: A retailer has a gross sales of P1,400,000 with cost of sales of P560,000 and allowable deductions…

A: Tax is paid by the taxpayer on the taxable income. A taxpayer is the individual who has earned an…

Q: FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M;…

A: Let's understand some basics Tax is a compulsory contribution to state revenue, levied by the…

Q: AAA Corporation, a retailer, has a gross sales of P1,400,000,000.00 with a cost of sales of…

A: Allowable deductions :             To ascertain the accounting income, the expenses are deducted…

Q: Company XYZ manufactures a tangible product and sells the product at wholesale. In its first year of…

A: There are different types or methods for inventory valuation. The few common methods are the FIFO…

Q: On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the…

A: The income from continuing operations, income from discontinued operations net of taxes and net…

Q: Holly Farms has sales of S509,600, costs of $448,150, depreciation expense of $36,100, and interest…

A: Here, Sales is $509,600 Costs is $448,150 Depreciation Expense is $36,100 Interest Paid is $12,400…

Q: The Analtoly Corporation is an electronics dealer and distributor. Sales for the last year were $4.5…

A: Answer 1: Profit on sale of securities=Sale Proceeds-Cost of securities=$120,000-$40,000=$80,000…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.