For every P500 worth of services rendered to customers, the Uranus Company has to pay P250 for salary expense, P18 for supplies and P45 for miscellaneous expense. Service income totaled P250,000. What is the company's profit (loss)?
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- John Industries collected $105000 from customers in 2020. Of the amount collected, $24700 was for services performed in 2019. In addition, John performed services worth $39400 in 2020, which will not be collected until 2021. John Industries also paid $71200 for expenses in 2020. Of the amount paid, $29600 was expenses incurred on account in 2019. In addition, John incurred $41400 of expenses in 2020, which will not be paid until 2021. Compute 2020 cash-basis net income.On Jan 1,2020, Kim Co. supplies amounted to P2,500. During the year, thecompany purchased P1,200 worth of supplies. Because of some defects, theyreturned P300 to the suppliers. At year end, the supplies amounted to P1,800.What is the amount of supplies expense?John Industries collected $105000 from customers in 2020. Of the amount collected, $24700 was for services performed in 2019. In addition, John performed services worth $39400 in 2020, which will not be collected until 2021. John Industries also paid $71200 for expenses in 2020. Of the amount paid, $29600 was expenses incurred on account in 2019. In addition, John incurred $41400 of expenses in 2020, which will not be paid until 2021. Compute 2020 accrual-basis net income.
- Nicanor, a businessman engaged in selling goods and services reported gross sales of 1,000,000 and gross receipts of 2,000,000. The company spent 150,000 for representation expenses. How much is the non-deductible representation expense? 125,000 105,000 25,000 150,000FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000In March 1, 2019, Tina Corporation reported the following business income and expenses: Sales P1,000,000, Cost of sales P600,000, Operating expenses P200,000; Gain from sale of old furniture P20,000. If 20% of operating expenses of Tina is prepaid expenses, how much is the taxable income?
- A mixed income earner realized P920,000 from compensation, P2,000,000 in sales, P100,000 other income subject to tax and incurred P480,000 in expenses. A. What is the total compensation income subject to income tax? B. What is the income tax due from compensation? C. What is the total income from Business subject to income tax?On March 1, 2021, Special Company paid P500,000 for the calendar year's property taxes. Advertising costs of P1,000,000 and paid P300,000 in unanticipated ordinary repairs to machinery were also incurred on March 31, 2021. What total amount of these expenses should be reported in the quarterly income statement ending June 30, 2021? A. 0 B. 1,425,000 C. 1,800,000 D. 125,000Sandpiper Corporation paid P120,000 for annual property taxes on January 15, 2006, and P20,000 for building repair costs on March 10, 2006. Total repair expenses for the year were estimated to be P200,000. What total amount of expense for these items was reported in Sandpiper’s first quarter 2006 interim income statement? P 50,000. P 80,000. P100,000. P140,000.
- Halwings Group Ltd, a company operating in Kenya has the following information as at 1st December 2020; The company made a profit before tax of Ksh. 14,000,080 in the past 12 months of accounting -The company made a net book loss of Ksh.1,100,050 in the year 2019 -The company engaged in consultancy services in the year 2020 where they were paid Ksh. 5,000,000 -The company supplied vaatable goods worth Ksh. 3,500,000 and Ksh. 9,000,000 in the years 2019 and 2020 respectively -The company is seeking to invest Ksh. 7,000,000 in the coming year in a foreign country and in a different line from what they are dealing with in Kenya Required: (I) Calculate the different taxes due from the company as at the close of the year 2020 (ii) Advise the company concerning their planned investment in terms of the taxation concept of incvestment.In 2018, a domestic corporation paid for the monthly rental of a residential house of its branch manager, Mr. Juan dela Cruz, amounting to P156,000. Assume there is no transfer of ownership, what is the total amount of deductible expense by the employer from its gross income? a. Answer not given b. P120,000 c. P198,000 d. P156,000 e. P42,000How to solve these? The following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,000 Telephone expense: P95,000 Loss on sale of store equipment: P47,000 Legal fees: P74,000 Officers' salaries: P115,000. How much should CBA Co. report as general and administrative expenses for 2020? On May 1, 2020, GAL Co. purchased a short-term P2,000,000 face value, 9% debt instruments for P1,860,000 including the accrued interest and classified it as a trading security. The debt instruments mature on January 1, 2023, and pay interest semi-annually on January 1 and July 1. On December 31, 2020, the fair market value of the instruments is 98%. On March 2, 2021, GAL Co. sold the trading security for P1,980,000. How much will be recognized as income on the 2020 income statement? Selected data for ABC Co. for 2020 are as follows: Decrease in merchandise inventory: P20,000 increase in accounts payable: P50,000 Disbursements for purchases of merchandise: P580,000. How…
