40.) SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT)Income PaymentEWTIncome PaymentEWTGross receipts3M or below withSworndeclaration - 5% Purchase of goods orProfessional/Management/Consultancy Gross receiptsfees (Individual)properties by Top1% - goodsover 3M or VAT- Withholding Agents(TWA) -2% - servicereg or withoutsworndeclaration10%Gross receipts720,000 or720,000 orPartners in generalprofessionalpartnerships (drawings, Aboveadvances, sharings,less -10%below - 10%Professional/Management/Consultancyfees (Non-Individual)Gross receiptsover 720,000 -. Jallowances, etc.)720,000 -|15%15%Commission (if notContractors/subcontractors (security,janitorial, etc.)2%10%employee)Income distributed tobeneficiaries of10% or 15%Director's fees (if not employee)(720,00015%threshold)estates/trustsRental5% Below are the data provided to you by Nicanor, a top withholding agent for the month of Maym...2021:Purchases of goods from XYZ Corporation, a800,000regular supplier.Purchases of services from GHI Corporation,a regular supplier.200,000Purchase of services from Jabiieecorporation (meals for employees of the25,000company; 4 times transactions)Purchases of goods from NBS corporation(purchase of office supplies; 8 timestransaction)8,000Rent expense50,000Professional fees (w/sworn declaration)30,000Professional fees (w/o sworn declaration)40,000Security fees (20% of which is the agency100,000fee)Janitorial services fees10,000Based on the foregoing data, how much is the expanded withholding tax on the total agency fees?

Agency fees refers to the internal expenses which arises from the agent taking the action on the…

Below are the data provided to you by Nicanor, a top withholding agent for the month of May 2021: Purchases of goods from XYZ Corporation, a regular supplier. Purchases of services from GHI Corporation, a regular supplier. Purchase of services from Jabiiee corporation (meals for employees of the company; 4 times transactions) Purchases of goods from NBS corporation 800,000 200,000 25,000

Below are the data provided to you by Nicanor, a top withholding agent for the month of May 2021: Purchases of goods from XYZ Corporation, a regular supplier. Purchases of services from GHI Corporation, a regular supplier. Purchase of services from Jabiiee corporation (meals for employees of the company; 4 times transactions) Purchases of goods from NBS corporation 800,000 200,000 25,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Compute NOPAT Selected income statement information for 2018 is presented below for Home Depot Inc. and Lowe’s Companies Inc. Assume the statutory tax rate is 22%. Pretax Net Average Net Nonoperating Tax Operating Company ($ millions) Ticker Sales NOPBT Expense Expense Assets Home Depot HD $65,787 $9,442 $592 $2,088 $15,332 Lowe’s LOW 43,356 2,443 379 657 12,358 a. Compute the following measures for both companies. 1. NOPAT Company NOPAT Home Depot Answer Lowe's Answer 2. RNOA Note: 1. Select the appropriate numerator and denominator used to compute RNOA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute RNOA. Company Numerator Denominator RNOA Answer Answer Home Depot Answer Answer Lowe's Answer Answer 3. NOPM Note: 1. Select the appropriate numerator and denominator used to compute NOPM from the drop-down menu options. 2. Enter the numerator and…
Compute NOPAT Selected income statement information for 2018 is presented below for Home Depot Inc. and Lowe’s Companies Inc. Assume the statutory tax rate is 22%. Pretax Net Average Net Nonoperating Tax Operating Company ($ millions) Ticker Sales NOPBT Expense Expense Assets Home Depot HD $65,787 $9,442 $592 $2,088 $15,332 Lowe’s LOW 43,356 2,443 379 657 12,358 a. Compute the following measures for both companies. 1. NOPAT Company NOPAT Home Depot Answer Lowe's Answer 2. RNOA Note: 1. Select the appropriate numerator and denominator used to compute RNOA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute RNOA. Company Numerator Denominator RNOA Answer Answer Home Depot Answer Answer Lowe's Answer Answer 3. NOPM Note: 1. Select the appropriate numerator and denominator used to compute NOPM from the drop-down menu options. 2. Enter…
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?
SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5% Below are the data provided to you by Nicanor, a top withholding agent for the month of…
SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5% Below are the data provided to you by Nicanor, a top withholding agent for the month of…
Compute NOPAT Selected income statement information for 2018 is presented below for Home Depot Inc. and Lowe’s Companies Inc. Assume the statutory tax rate is 22%. Pretax Net Average Net Nonoperating Tax Operating Company ($ millions) Ticker Sales NOPBT Expense Expense Assets Home Depot HD $65,787 $9,442 $592 $2,088 $15,332 Lowe’s LOW 43,356 2,443 379 657 12,358
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