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QUESTION: If it is now profit hospital, its income tax after tax credit is:
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- Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.A company has pre-tax or operating income of $120,000. If the tax rate is 40%, what is the companys after-tax income? A. $300,000 B. $240,000 C. $48,000 D. $72,000Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
- A Non-VAT business reported the following:Sales P2,500,000Cost of Sales P1,000,000Purchases, inclusive of VAT P560,000How much is the amount of business tax payable?BTS Corporation provided the following data for calendar year ending December 31, 2016: (1$ = P50) Philippines Abroad Gross income 4,000,000 $ 40,000 deductions 2,500,000 $15,000 Income tax paid $ 3,000If the corporation is a domestic corporation, its income tax payable is a. 450,000 b. 1,280,000 c. 825,000 d. 675,000Included in the accounts of a corporate taxpayer for year ended 31st December, 2014 are the following amounts. Kk.2. Income tax paid for 2014 is $285,000 Amount to reserves is $50,000 Amount to provide for payback is $100,000 How are these treated in the profit adjustment statements?
- LENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00Suppose a registered business enterprise is already subject to the 5% special corporate income tax. During the year, it had sales of P40,000,000, direct cost of P22,000,000, and operating expenses of P7,500,000. Calculate the 5% SCIT.The following tax expenses related to business were paid by Palmyra Trading in 2022:Business taxes, other than VAT, P20,000Documentary stamp taxes, P1,000Automobile registration fees, P3,000Import duty taxes, P50,000Postage stamp taxes, P500Stock transaction tax, P2,500Income tax, P600,000Value-added tax, P240,000Donor’s tax, P8,000How much is the amount of taxes deductible from gross income? a. P73,500 b. P73,000 c. P74,500 d. P76,000
- YORMS Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a nonresident corporation. Group of answer choices P1,800,000.00 P500,000.00 P1,500,000.00 P600,000.00BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes P12,000,000; Rent expense for financial accounting purposes is P2,000,000 Rent expense for tax purposes is P1,000,000; Tax depreciation is P3,200,000 Accounting depreciation is P1,700,000; Loss on a case incurred but not yet paid so tax-deductible in the future is P700,000. The tax rate is 30%. Question: What is the amount of deferred tax asset? What is the net income after tax?BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes P12,000,000; Rent expense for financial accounting purposes is P2,000,000 Rent expense for tax purposes is P1,000,000; Tax depreciation is P3,200,000 Accounting depreciation is P1,700,000; Loss on a case incurred but not yet paid so tax-deductible in the future is P700,000. The tax rate is 30%. Question: What is the amount of taxable temporary difference? What is the current tax expense?
