A small service business had the following for the taxable year 2022. Compute the amount of business tax arising from the third quarter transaction. A small service business had the following for the taxable year 2022.Q1Q2Q3Q4Revenues20,00025,00018,00029,000Collections16,00030,00023,00026,000

Tax refers to the mandatory charge imposed on the sum value of money gained by an entity by the…

Answered: had the following for the taxable year…

Business

Accounting

had the following for the taxable year 2022. Compute the amount of business tax arising from

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 2MCQ: Tayla Corporation generated $400,000 of taxable income in the 2019. What is Tayla's corporate tax...

See similar textbooks

Related questions

Q: Lightfoot Inc., a software development firm, has stock outstanding as follows: 25,000 shares of…

A: Introduction share capital is a fund or money that is raised by company by issuing shares in stock…

Q: onresidential real property is depreciated over 27

A: Regarding tax depreciation, the residential properties have a determinable useful life of 27.5 years…

Q: During the following year, Shane Company paid the following items: 1. Ad valorem taxes of $2,000 on…

A: Tax refers to the mandatory charge imposed on the money gained by an entity by the government.

Q: Problem 14-2 (Algo) Effective interest; financial statement effects [LO14-2) On January 1, 2021,…

A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds payable.

Q: WHAT ARE THE MAIN DOCUMENTS USED FOR PAYDAYLOAN ?

A: A payday loan is a high-cost unsecured loan that can be availed at the time of a short-term…

Q: Which of the following statements best describes the process of tax planning? Oa. Tax planning is…

A: Given : a. Tax planning is the calculation of a taxpayer's marginal rate of tax.b. Tax planning is…

Q: Bob and Carol file their tax returns using the married filing jointly status. Their 2021 AGI is…

A: Determination of tax breaks for adoption expense Qualified expenses paid personally Paid by…

Q: 1. An entity purchases a IV set on a 6-month installment term. The installment price is P150,000.…

A: It is seen that per month P25000 has to be paid for 6 month if it is on installment basis. When…

Q: ion to a labor c

A: An event is said to be adjusting event if, that event which occurs after reporting period provides…

Q: nual sales of P6,000,000 of tobacco products by a resident business seller to foreign business…

A: Concept of consumption tax on sales and purchase of good by business seller from one country to…

Q: 1. Angel Trading presents the following sales figures in terms of units. 2014 10 000 2015 11 650…

A: Simple moving average is the method by using which sales can be forecasted by using average trend of…

Q: Exercise 16-39 (Algo) Variable Cost Variances (LO 16-5) The records of Norton, Inc. show the…

A: Lets understand the basics. Direct labor rate variance indicates the variance between the rate at…

Q: American Opportunity tax credit

A: This is a multiple-choice question in which we have to select the correct option. This question is…

Q: search the term "payroll accounting" to read personal perspectives about payroll practice,…

A: Answer:- Payroll accounting:- Payroll accounting can be defined as the calculation, recording,…

Q: A local picnic table manufacturer has budgeted these overhead costs: Purchasing $80,000 Handling…

A: The overhead rate is calculated as total cost divided by the activity usage units.

Q: enver established 5 routes to Los Angel curred total of $4,200,000 in overhead d to allocate the…

A: Activity based costing is method used to allocate overhead cost . It is calculated by dividing the…

Q: During the month of April, LTP Company incurred $30,000 of manufacturing overhead, $40,000 of direct…

A: Raw materials used = Raw material purchases + Decrease in raw materials inventory Total…

Q: ro, enter "

A: Assets are resources that are controlled which results from prior transactions that are expected to…

Q: the following income statement (in millions of dollars): Sales $4,250.00 Operating costs excluding…

A: Edwin inc.reported Sales for last year = $ 4250.00 millions This year it will be increased 6%. So,…

Q: Analytical Thinking (Algo) [LO9-2, LO9-4] Southside Pizzeria wants to improve its ability to manage…

A: The variance can be defined as the difference between the budgeted performance and the performance…

Q: Maya-Maya Company had the following transactions during 2020: a. On January 1, Vilma company…

Q: Which one of the following statements best describes a cash outflow in relation to the statement of…

A: Statement of cash flow is used to show the cash inflows and cash outflows which are further…

Q: nit 1 (9 units) $32 $31 Inventory Item 2 (21 units) 19 19 Inventory Item 3 (12 units) 6. 8. Applying…

A: according to the standard prescribed by the accounting body the valuation of inventory is done ether…

Q: unt to nount

A: The total amount of expense that should be reported in the interim income statement ended on 30…

Q: The answer to number 5 is B. Please show the steps to get to this answer. solve it quickly will

A: The question is related to cacluation of additonal money over and above the given amount of…

Q: Caribbean Kayaks (CK) Maritza (which means "star of the sea") Joseph is preparing the 2022 budget…

A: Production Budget Particulars Quarter 1…

Q: 10. In 2021, Segment X of Special Company had sales of P5,000,000 (represents 30% of the total…

A: Sales: P5,000,000 (represents 30% of the total company's sales) Traceable Costs: P3,200,000 Segment…

Q: 1. The financial statements of Kare-Kare Company for the calendar year ending December 31, 2021 are…

A: In the context of the given question, the events or transactions that have occurred after or before…

Q: 9. What amount should be adjusted in relation to the doubtful accounts for the fourth quarter? * 9.…

A: Answer) Calculation of Bad debts expense for Quarter 4 Bad Debts expense for Quarter 4 = Estimated…

Q: Neely Systems Corporation manufactures and sells various high-tech office automation products. Two…

A: Solution: Spare capacity of Computer chip division = 10000 - 6000 = 4000 chips Variable cost per…

Q: Which of the following is false regarding consumption and business tax?

A: Every person making earnings either by the business or by the doing a job is liable to pay tax. The…

Q: レ %24 B5 Chapter 10 Lab application-A X Bb Chapter 10 Lab application -A X * CengageNOWv2 | Online…

A: Each inventory is valued as per the rule of cost or market. The total inventory value is calculated…

Q: Lowell Company makes and sells artistic frames for pictures. The controller is responsible for…

A: Production Units = Sales + Desired Ending Inventory - Beginning Inventory

Q: Problem 8.4A (Static) Journalizing purchases and cash payment transactions. LO 8-1 NewTech Medical…

A: A journal is that the company’s official book during which all transactions are recorded in…

Q: Ambassador Suites Inc. operates a downtown hotel property that has 300 rooms. On average, 80% of…

A: To determine how much labor cost are incurred in order to produce the items stated in the production…

Q: E9-5 (Algo) Calculating Direct Materials and Direct Labor Variances (LO 9-3, 9-4) Suds & Cuts is a…

A: Direct Material price variance = ( Standard price - Actual price) * Actual Quantity Direct Material…

Q: S&L Financial typically classifies equity investments as fair value through other comprehensive…

A: As per IFRS 9 If an equity investment is classified as per Fair value through other comprehensive…

Q: Karlyn Company had the following property acquisitions during the current year: • Acquired a tract…

Q: Black Bear Bike Corp. manufactures mountain bikes and distributes them through retail outlets in…

A: Solution 1: Annual preferred dividend = 50000*$80*2% = $80,000 Dividend per share = Total dividends…

Q: Please include relevant parts and be thorough with explanation. If you were a user of financial…

A: The question is related to Ratio Analysis of Financial Statements.

Q: In a close corporation, the controlling shareholders are usually the only people who manage and…

A: A close corporation is a corporation which does not exceed a statutory defined number of members…

Q: Hudson Corp. sells $300,000 of bonds to private investors. The bonds have a 7% coupon rate and…

A: The periodic interest refers to the semi annual coupon paid on the bond.

Q: Transactions: a. Deposited Php120,000 in a bank account in the name of the business. b. Bought…

A: The accounting equation states that assets equal to sum of liabilities and equity of the…

Q: On January 2, 2022, Lauren Corporation purchased factory equipment for $850,000. In addition, it…

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…

Q: Problem 9-3 ( Financial Statements of a Corporation; Adjusting and Closing Entries) The trial…

A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…

Q: On October 1, 2021, Loving Company approved a formal plan to sell a business segment. The sale will…

A: As per IFRS 5 , Non current assets held for sale and discontinued operations An entity shall…

Q: Dividends Per Share Internal Insights Inc., a developer of radiology equipment, has stock…

A: Preference shareholder has the right to receive dividend preference over the common stockholder.…

Q: Search the term "payroll accounting" to read personal perspectives about payroll practice,…

A: Payroll accounting is the accounting which is that branch of accounting which deals with the…

Q: 3. In the company's interim income statement for the six months ended June 30, 2020, what total…

A: The total amount of expense that should be reported in the interim income statement ended on 30…

Q: alculate the cost of building b) Show the income statement (extract) for the years ended 31…

A: Concept of Borrowing Cost Cost of interest on loan shall be capitalized and interest income from…

Concept explainers

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.

Question

A small service business had the following for the taxable year 2022.

Compute the amount of business tax arising from the third quarter transaction.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Ironwood Corporation has ordinary taxable income of $65,000 in 2019, and a short-term capital loss of $15,000. What is the corporation's tax liability for 2019? $7,500 $5,250 $10,500 $13,650 None of the above
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
Tayla Corporation generated $400,000 of taxable income in the 2019. What is Tayla's corporate tax liability? $71,400 $84,000 $115,600 $0 None of the above
LO.4, 7 In December 2019, Carl Corporation sold land it held as an investment. The corporation received 50,000 in 2019 and a note payable (with adequate interest) for 150,000 to be paid in 2021. Carl Corporations cost of the land was 80,000. The corporation has a 90,000 net capital loss carryover that will expire in 2019. Should Carl Corporation report the sale in 2019 or use the installment method to report the income as payments are received?
LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?
A 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 P100,000.00
What amount was recognized as actuarial gain on PBO during the year? 100 000 200 000 240 000 0 What is the benefit expense for 2019? 500 000 795 000 295 000 195 000
The unadjusted net income for the year 2019 is: A. P1,540,200B. P1,458,200C. P1,482,200D. P1,421,000
How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000
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?
Qalvin Corporation, a large corporation, reported the following in 2023: in 2022: Related Unrelated Total Gross income P300,000 P200,000 P500,000 Deductions 100,000 100,000 200,000 Taxable income P200,000 P100,000 P300,000 Compute the income tax due if Qalvin is exempt non-profit corporation Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Private Proprietary Educational Institution majority of its income is from related activities.
Compute the taxable income. A. ZeroB. P4,000,000C. P5,000,000D. P29,000,000