compute the Income Tax Due.
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ABC Corporation, a retailer, has a gross sales of P1.4B with a cost of sales of P560M and allowable deductions of P150M for the calendar year 2021. Its total assets of P180M as of December 31, 2021 per Audited Financial Statements includes the land costing P50M and the building of P25M in which the business entity is situated, with an aggregate amount of P75M as fixed assets. Assuming CY 2021 is the 5th year of operation of ABC Corporation, compute the Income Tax Due.
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- AAA Corporation, a retailer, has a gross sales of P1,400,000,000.00with a cost of sales of P60,000,000,00 and allowable deductions of150,000,000.00 for the calendar year 2021. Its total assets ofP180,000,000.00 as of December 31, 2021 per Audited FinancialStatements includes the land costing P50,000,000.00 and the building ofP25,000,000,00 in which the business entity is situated, with anaggregate amount of P75,000,000.00 as Fixed Assets. Assuming CY 2021is the 5th year of operation of AAA Corporation. REQUIRED: 1. how much is the taxable income? 2. how much is the tax payable?AAA Corporation, a retailer, has a gross sales of P1,400,000,000.00with a cost of sales of P60,000,000,00 and allowable deductions of150,000,000.00 for the calendar year 2021. Its total assets ofP180,000,000.00 as of December 31, 2021 per Audited FinancialStatements includes the land costing P50,000,000.00 and the buildingof P25,000,000,00 in which the business entity is situated, with anaggregate amount of P75,000,000.00 as Fixed Assets. Assuming CY2021 is the 5th year of operation of AAA Corporation Required: 1. How much is thetaxable income? 2. How much is the tax due andpayable?On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.0 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7.5 million. The income from operations of the segment during 2021 was $4.5 million. Pretax income from continuing operations for the year totaled $12.5 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.)
- 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 givenOn December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2021 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures.On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7 million. The income from operations of the segment during 2021 was $4 million. Pretax income from continuing operations for the year totaled $12 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures.
- On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of it's robotics business for $9 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7 million. The income from opertations of the segment during 2021 was $4 million. Pretax income from continuing operations for the year totaled $12 million. The income tax rate is 25%. prepare the lower protion of the 2021 income statment beginning with income from continuing operations before income taxes. Ignore EPS disclosures. What is the income from discontinued operations?ABC (S) Pte Ltd, incorporated in 2010, is in the business of manufacturing tyres. For the year ended 31 December 2020, the company's net profit of $100,000 included the following, in addition to the profit from sale of tyres: Interest income from OCBC Bank $5,000Dividend income from DBS Bank $3,000Rental from investment property $20,000 What is ABC's taxable income for the Year of Assessment 2021? Group of answer choices a) $100,000 b) $97,000 c) $92,000 d) None of the aboveThe semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $19 million. The loss from operations of the segment during 2021 was $3.3 million. Pretax income from continuing operations for the year totaled $6.1 million. The income tax rate is 25%. Assume that the semiconductor segment was not sold during 2021 but was held for sale at year-end. The estimated fair value of the segment’s assets, less costs to sell, on December 31 was $20 million. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions.)
- On January 1, 2021, the statement of financial position of X Incorporated shows total assets of 30 million, of which, one third accounts for current assets. On January 3, 2021, an equipment with a carrying value of 3 million was classified as held for sale. This equipment has a fair value less cost to sell of 2,000,000 on that date. On December 31, 2021, the equipment is still unsold but it still qualifies for recognition as held for sale. Depreciation expense for the year amounts to 1.2 million which includes the depreciation of 100,000 from the equipment which was classified as held for sale in January 3. The fair value less cost to sell of the equipment on December 31, 2021 was 2,100,000. On December 31, 2021, noncurrent assets would have a carrying value of: a. Answer not among the choices b. 15.9 million c. 18.8 million d. 16.8 million e. 14.9 millionOn December 31, 2024, the end of the fiscal year, California Microtech Corporation held its semiconductor business for sale at year-end. The estimated fair value of the segment’s assets, less costs to sell, on December 31 was $13 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information: The book value of the assets of the segment at the time of the sale was $16 million. The loss from operations of the segment during 2024 was $4.4 million. Pretax income from other continuing operations for the year totaled $7.6 million. The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes. Note: Loss amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.Ana Inc. provided the following information for the current year: Current asserts, January 1 P500,000 Property, plant and equipment, January 1 P3,000,000 Noncurrent liabilities, January 1 P1,000,000 Property, pant and equipment, December 31 P4,000,000 Current liabilities, December 31 P300,000 All assets and liabilities are reported at year end. Working capital of P600,000 remain unchanged. Net income for the current year is P400,000. No dividends were declared during the current year. What is the shareholders' equity on December 31?A. 1,800,000B. 4,800,000C. 3,800,000D. 2,800,000