In its 2021 financial statements, how much should RED disclose as the minimum amount of sales to a major customer?
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In its 2021 financial statements, how much should RED disclose as the minimum amount of sales to a major customer?
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- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________Grevilla Corporation is a manufacturing company. The corporation has accumulated earnings of $950,000, and it can establish reasonable needs for $400,000 of that amount. Calculate the amount of the accumulated earnings tax (if any) that Grevilla Corporation is subject to for this year. $_____________Yes Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 2020, Yes reported consolidated revenues of P50,000,000, operating expenses of P47,000,000, and net income of P3,000,000. Operating expenses include payroll costs of P15,000,000. Yes's combined identifiable assets of all industry segments at December 31, 2020, were P40,000,000. In its 2020 financial statements, Yes should disclose major customer data if sales to any single customer amount to at least: a.P300,000 b.P1,500,000 c.P4,000,000 d.P5,000,000
- Yes Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 2020, Yes reported consolidated revenues of P50,000,000, operating expenses of P47,000,000, and net income of P3,000,000. Operating expenses include payroll costs of P15,000,000. Yes's combined identifiable assets of all industry segments at December 31, 2020, were P40,000,000. In its 2020 financial statements, Yes should disclose major customer data if SALES to any single customer amount to at least: a. P300,000 b. P1,500,000 c. P4,000,000 d. P5,000,000On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7 million. The income from operations of the segment during 2021 was $4 million. Pretax income from continuing operations for the year totaled $12 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures.Agassi Corporation is preparing the comparative financial statements to be included in the annual report to shareholders. Agassi employs a fiscal year ending May 31. Income before income tax for Agassi was P1,400,000 and P660,000 respectively for fiscal year ended May 31, 2019 and 2018. Agassi experienced a loss from discontinued operations of P400,000 in March2018. A 40% combined income tax rate pertains to any and all of Agassi Corporation’s profits, gains, and losses. Agassi’s capital structure consists of preference shares and ordinary shares. The company has not issued any convertible securities or warrants and there are no outstanding share options. Agassi issued 40,000 shares of P100 par value, 6% cumulative preference shares in 2018. All of these shares are outstanding, and no preference dividends are in arrears. There were 1,000,000 shares of P1 par ordinary shares outstanding on June 1, 2017. On September 1, 2017, Agassi sold an additional 400,000 ordinary shares at P17 per…
- On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of it's robotics business for $9 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7 million. The income from opertations of the segment during 2021 was $4 million. Pretax income from continuing operations for the year totaled $12 million. The income tax rate is 25%. prepare the lower protion of the 2021 income statment beginning with income from continuing operations before income taxes. Ignore EPS disclosures. What is the income from discontinued operations?On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.0 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7.5 million. The income from operations of the segment during 2021 was $4.5 million. Pretax income from continuing operations for the year totaled $12.5 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.)On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2021 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures.
- ABC Corporation, a retailer, has a gross sales of P1.4B with a cost of sales of P560M and allowable deductions of P150M for the calendar year 2021. Its total assets of P180M as of December 31, 2021 per Audited Financial Statements includes the land costing P50M and the building of P25M in which the business entity is situated, with an aggregate amount of P75M as fixed assets. Assuming CY 2021 is the 5th year of operation of ABC Corporation, compute the Income Tax Due.The following data are available for X Corp, a Domestic Corporation, with Total Assets of P40 million, in Q1 and Q2 of CY 2022: Quarter 1 resulted to income tax due of P20,000 (RCIT is higher under/using OSD, as signified by the corporation in its ITR for the first quarter of CY 2022). Quarter 2 shows cumulative gross income of P2,000,000 and cumulative taxable net income of 50,000 under itemized deductions. In CY 2021, total tax credits are P100,000 compared to income tax due of P90,000. What is the income tax payable in Quarter 2?