FACTS / DATA / GIVEN: • Taxpayer: • Taxable period: Receipts/earnings/balances during the period: Resident citizen 2nd quarter Description Collections for services rendered in 2nd Amount P50,000 quarter Collections for services rendered in 1st quarter Collections for services to be rendered in 20,000 the 3rd quarter Uncollected billings-1st quarter Uncollected billings-2nd quarter 30,000 10,000 15,000 COMPUTE: Taxable income in the 2nd quarter using CASH basis O A. 50,000 B. 60,000 C. 80,000 O D. 100,000
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- *see attached What amount of permanent difference between accounting income and taxable income existed at year-end?a. P 520,000b. P 360,000c. P 800,000d. P 280,000A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: What is A's taxable income? Group of answer choices P40,000.00 P50,000.00 P90,000.00 P100,000.00Beckett Corporation has nexus with States A and B. Apportionable income for the year totals $1,190,000 . Beckett's apportionment factors for the year use the following data. Compute Beckett's B taxable income for the year; B uses a three-factor apportionment formula with a double-weighted sales factor. State AState BTotalSales$1,428,000$856,800$2,284,800Property$238,000$0 $238,000Payroll$357,000$0 $357,000
- 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?An entity reported taxable income of P 8,000,000 during 2019. Its first year of operations.The following are the differences that cause financial income to differ from taxable incomeexcess tax depreciation over accounting depreciation, P 500,000, revenue collected fortax in excess of accounting revenue, P 2,000,000 and tax penalties as an expense in theincome statement, P 200,000. The income tax rate is 30%1. What total tax expense should be reported for 2019?a. 1,890,000b. 2,400,000c. 1,950,000d. 2,010,0002. What is the net deferred tax expense or benefit for 2019?a. 450,000 expenseb. 450,000 benefitc. 510,000 expensed. 510,000 benefitE18-11 Multiple Tax Rates For the year ended December 31, 2019, Nelson Co.’s income statement showed income of $435,000 before income, tax expense. To compute taxable income, the following differences were noted: Income from tax-exempt municipal bonds $60,000 Depreciation deducted for tax purposes in excess of depreciation recorded on the books $120,000 Proceeds received from life insurance on death of an insured employee $100,00 Corporate tax rate for 2019 30% Enacted tax rate for future periods 35% Required: 1. Calculate taxable income and tax payable for tax purposes. 2. Prepare Nelson’s income tax journal entry at the end of 2019.
- Compute for the tax due (A,B,C) for the below taxable income based on the Income Tax Tables: TAXABLE INCOME (Annual) TAX DUE P300,000 A P500,000 B P800,000 C .The following information applies to the operations of MK Inc. for 2022 and 2023. Assume a tax rate of 20% for both years.2022 information:Sales on account in the amount of $675,000Warranty expense and associated liability in the amount of $145,000No other expenses incurred.2023 information:Sales on account in the amount of $210,000Warranty repairs made in the amount of $69,000No expenses incurred.What is MK's income tax expense for 2022? Group of answer choices $121,200 $135,000 $106,000 $164,000Assume that Shoreline Hotel Inc., (SHI) decides to make the following entry on December 31, 2018. Current tax rate is 40%. DR Current income tax expense $634,800 CR Income tax payable $634,800 This would imply that Select one: a. the taxable income for 2018 was different than the accounting income. b. the income tax expense reported by SHI on its income statement would be $750,000. c. the taxable income for 2018 was determined to be $1,587,000. d. All of the above. e. None of the above.
- Additional Information: - income tax expenses were included in other general expenses for the two years. tax expenses for 2022 were $15,650,000 and 2021 were $11,435,000. - income tax payable as of 31 December 2022 was included underneath Provisions section and amount was $2,950,000 REQUIRED : THIS SOCI IS WRONG PLEASE PREPARE THE RIGHT ONEIdentify which one of the following accounting entry for transfer of net profit at the end of the year: a. Dr: Profit and Loss account RO 35660 Cr: Profit and Loss Appropriation account RO 35660 b. Dr: Profit and Loss Appropriation account RO 35660 Cr: Profit and Loss account Ro 35660 c. Dr: Profit and Loss account RO 35660 Cr: Partners' Capital Account RO 35660 d. Dr: Partner's Capital Account RO 35660 Cr: Profit and Loss account RO 35660An entity reported pretax financial income of P8.000,000 for the current year. The taxable income was P7,000,000 for the current year. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 30% and the entity made estimated tax payment of P500,000 during the current year. The amount should be reported as current tax expense for the current year?