how is income tax expense calculated?
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Q: What is intraperiod tax allocation?
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Q: What is Income tax payable?
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Q: What is DONNER's current tax expense?
A: Current tax expense refers to the tax payable by the Company relating to the current year.
Q: Define Income tax paid
A: Income tax paid is a charge or payment made to the government by the individual or the firms in a…
Q: What effect does intraperiod tax allocation have onreported net income?
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Q: What is corporate income tax and value added tax and its use?
A: Both corporate income tax and value added tax are taxes that have to be paid to the government. The…
Q: what are the two components of income tax expense
A: PLEASE LIKE THE ANSWER Firstly, income tax expense means an amount of tax expense incurred on the…
Q: How do you calculate withholding taxes?
A: Federal income tax withholding: The amounts which the employer withheld from employees’ gross pay…
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Q: Define Accrued income taxes.
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Q: What is the tax base for each of the following taxes? Income Tax GST FBT
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Q: Explain Pre-tax earnings or pre-tax income
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Q: What is Income tax receivables?
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Q: Define Income before taxes.
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Q: income tax rate would be
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Q: how to calculate someones adjusted basis in tax
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Q: Calculate the net income after tax
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Q: Define provision for income taxes.
A: A provision for income taxes is the estimated amount that a business or individual taxpayer expects…
Q: What is the Net Income After Tax?
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Q: what types of taxes are deductible in full or in part?
A: The tax-deductible expense helps the business to generate revenue by decreasing the tax liability.
Q: What are the aspects of Taxation?
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Q: What is adjusted gross income and what influence does it have on other elements in the tax return…
A: Adjusted gross income is calculated by deducting the specific deduction from the total gross income.…
Q: Define income tax expense.
A:
Q: What is tax due?
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Q: What are the special features of regular income taxation?
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how is income tax expense calculated?
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- Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?ABC Co. financial records on Dec31,2025 A/R,Dec2025-1,680,000 CollectionsofA/R-6,240,000 Allow.forbaddebts,Jan2025-38,400 Invetory,Jan1-2,880,000 Inventory,Dec31-1,500,000 CashSales-1,200,000 Purchases-4,800,000, GrossProfitSales-2,160,000 For current yr, the management decided to change the method in estimating bad debts from % of A/R to aging meth. Of ending bal of A/R, 60% of it belongs to 0-30 days category with 1% uncollectibility rate,30% belongs to 31-60 days age with 5% uncollectibility rate,&rest belongs to 61 & over days category with 10% uncollectibility rate. Bad debts expense for the year is?Prepare the nature of expense SCI for the following accounts below: Account titles Balance Account titles Balance Sales return P 5,555 Sales P 764,953 Sales discount 13,800 Purchases 467,532 Depreciation Expense 25,600 Purchase return and allowances 5,087 Amortization Expense 10,200 Gain on sale of PPE 5,800 Advertising Expense 40,000 Interest Income 8528 Purchase discount 8,000 Interest Expense 4,968 Freight In 9,800 Salaries Expense 70,000 Utilities Expense 50,000 Rent Expense 56,000 Increase in Inventory 35,800 Bad Debts 4% of net sales
- EONY Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point collect. The net purchases under the net method is?Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000 Sales discounts 20,000 Sales returns and allowances ? Net sales 735,000 NET PURCHASES Purchases P400,000 Freight-in 20,000 Purchase discounts ? Purchase returns and allowances 2,500 Net purchases 413,500 COST OF GOODS SOLD Beginning inventory P85,400 Ending inventory 74,500 Cost of goods sold ? GROSS PROFIT Gross profit ? TOTAL EXPENSES Rent P36,000 Salaries 145,700 Utilities 12,300 Freight-out ? Other 24,100 Total expenses 242,200 NET INCOME Net income ?Profit and Loss Account for the year ended 31st December 2021 (Figures are in £000) Particulars XYZ ABC Sales 3,690 4,586 Less: Cost of Goods Sold (Including purchases) (2,146) (2,690) Gross Profit 1,544 1,896 Less: Selling & Distribution Expenses Less: Depreciation (1,103) (1,253) Earnings before Interest & Tax or Operating Profit 441 643 Less: Interest (225) (192) Earnings before Tax 216 451 Less: Taxes (86) (180) Earnings after Tax or Net Profit 130 271 Balance Sheet as at31st December 2021 (Figures are in £000) Assets XYZ ABC Fixed Assets 4,542 4,790 Current Assets Account Receivables 274 313 Inventory 654 702 Cash 140 163 Total Current Assets 1,068 1,178 Total Assets 5,610 5,968 Liabilities Capital 3,824 4,310 Long Term Debt 883 760 Current Liabilities Account Payables…
- On November. 15, 20x1, ABC Co. purchases inventory with invoice price of P380,000 on account under credit terms 2/10, 1/30. ABC Co. uses the net method in accounting for cash discounts. On Nov. 31, 20x1, the account is not yet settled Assuming the inventories purchased remain unsold, what amounts of inventory and accounts payable are reported in ABC's Nov. 31, 20x1 financial statements? Inventory Accounts Payable Inventory Accounts Payable a. 380,000 380,000 c. 372,400 380,000 b. 372,400 372,400 d. 380,000 372,400 The topic for the above problems are INVENTORIES. What option is the right answer?On November. 15, 20x1, ABC Co. purchases inventory with invoice price of P380,000 on account under credit terms 2/10, 1/30. ABC Co. uses the net method in accounting for cash discounts. On Nov. 31, 20x1, the account is not yet settled Assuming the inventories purchased remain unsold, what amounts of inventory and accounts payable are reported in ABC's Nov. 31, 20x1 financial statements? Inventory Accounts Payable Inventory Accounts Payable a. 380,000 380,000 c. 372,400 380,000 b. 372,400 372,400 d. 372,400 372,400 The topic for the above problems are INVENTORIESthe sales ledger and purchase ledger junta ltd as at 31 may 2020. purchase ledger balances as 1 june 2020 $19,420sales ledger balance as 1 june 2020 $28,227purchase journal $210,416sales journal $305,824returns outwards $1,452returns inwards $3,618cheques paid to suppliers $205,751cash paid to supplier $62cheques ans cash received from customers $287,317discount allowed $4,102discount received $1,721contras against purchase ledger $640 1) Sales ledger control2)Puchase ledger control
- Net Sales 36000 Commission received 6430 Interest received 3570 Cost of goods sold 7400 Dividends received 2220 From the above information the total income will be: a.OMR 41280 b.OMR 42820 c.OMR 48220 d.OMR 40820 Fast plz***********Yusuke Corporation records its purchases at gross amounts but wishes to change to recording of purchases net of purchase discounts. Discounts on purchases recorded from January 1, 20x1 to December 31, 20x1 totaled P80,000. Of this amount, P8,000 is still available in the accounts payable balance. the balances in Yusuke’s accounts as of and for the year ended December 31, 20x1, before conversion are: Purchases P4,000,000 Purchase discounts 32,000 Accounts payable 1,200,000 Required: The amount of purchase discounts lost to be recognized is _ 2. Accounts payable balance should be reduced by 3. The purchases account should be reduced by 4. Prepare the entry to record the conversionThe following information is available for Ace Company for 2021: Disbursements for purchases $1,150,000 Increase in trade accounts payable 75,000 Decrease in merchandise inventory 30,000 Costs of goods sold for 2021 was a. P1,255,000. b. P1,195,000. c. P1,105,000. d. P1,045,000.