Answered: is the income tax due if X corporation…

Business

Accounting

is the income tax due if X corporation is a proprietary educational institution

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Red Co. has a patent on a communication process. The company has amortized the patent on a…

Q: Problem 2) A profitable company making earth-moving equipment is considering an investment of…

A: The accounting approach used to disperse the cost of a tangible or physical asset over its useful…

Q: In computing the current period’s manufacturing cost per equivalent unit, the FIFO method of process…

A: Calculating manufacturing cost per equivalent unit: FIFO method: Only the current period cost is…

Q: 1.Beloit Co. is a manufacturer of mini-doughnut machine makers. Early in 2018 a customer asked…

A: Given: Required rate of return on investment = 18% Expected Annual Operating cashflows = $ 140,000…

Q: Ann files single and reports AGI of $40,000. This year she has incurred the following medical…

A: As per IRS, The medical expenses relating to knee surgery and over-the-counter drugs are not…

Q: ABC Corporation granted by the government to operate a franchise with their respective receipts for…

A: Franchise grantees: Gas and water utilities Radio and television broadcasting companies whose…

Q: Put this transaction on the accounting equation: Invested R500000 into capital as a fixed deposit

A: Accounting equation is one of the important part of accounting. Three main and important elements of…

Q: A taxpayer engaged in manufacturing operations bought a machine with a salvage value of P50,000 and…

A: Hi student Since there are multiple questions, we will answer only one question. First question can…

Q: On January 1, 2021, Gringo Company had capitalized cost of P5,000,000 for a new computer software…

A: Units of activity method is a depreciation method in which the depreciation is calculated based on…

Q: 4. OHW Company's debt to equity ratio is 0.6. Current liabilities are P120,000, long term…

A: Solution Concept Mathematically Working capital = current assets – current liabilities…

Q: During 2021, Eaton Co. introduced a new product carrying a two-year warranty against defects. The…

A: The liabilities are the amount due to be paid in near future. The warranty Expenses are estimated…

Q: Show the necessary adjustments.

A: Retirement of the partner is that the partner which has gone from the partner does not remain a…

Q: The taxpayers are husband and wife with the following data during the taxable year: Husband:…

A: Income Tax Calculation Here to discuss the details of the calculation of income tax for both Husband…

Q: Mark Company quarries limestone, crushes it and sells it to be used in road building. Mark paid…

A: Formula: Depletion rate per ton = (Cost of the Quarry - Residual value) / Estimated total reserves…

Q: true or false? Costs that clearly benefit the entire year should be allocated over the interim…

A: Cost: It implies to the expense incurred by a business in generating sales revenue. It includes both…

Q: 2- An analyst has compiled the following information about Steller Corp. (in million) Income…

A: TAT- Total assets turnover ratio ROA - Return on Assets ROE = Return on equity NPM - Net profit…

Q: On January 1, 2019, Chiz Company acquired equipment to be used in its manufacturing operations. The…

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

Q: On January 1, 2021, M Company granted 90,000 stock options to certain executives. The options are…

A: calculation of compensation income for 2022 are as follows

Q: Identify the natural balance of each of the following accounts (DR = Debit, CR = Credit) - Inventory…

A: As per the Golden rules of accounting: • For Real Accounts, the rule follows as: debit what…

Q: Philippine Bank of Communication has the following records of its trading transactions. January P…

A: The percentage tax are applicable for Banking and Non Banking institutes @7% on the following: Net…

Q: Which of the following should not be claimed as deductions from gross income? A. Interest payment…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: How would the declaration and subsequent issuance of a small stock dividend affect share capital and…

A: Small stock dividend means the issue of shares less than 25% of the total outstanding shares in the…

Q: Mark Company quarries limestone, crushes it and sells it to be used in road building. Mark paid…

A: Depletion is a non-cash expense which is recorded in the books to reduce the cost value of assets.

Q: The primary objective of the statement of cash flows is to provide information about a company's: O…

A: Solution: Statement of cash flows is a financial statement that provides data regarding all cash…

Q: 57. Augustinian University (AU) is a non-profit private educational institution with an issued…

A: Introduction: Income tax payable refers to a company's tax due to the government in the region in…

Q: A company charges a customer $50 at the end of each month, and its cost per customer is $10 per…

A: Solution Concept Payback period is the period in which the investment is recovered After the payback…

Q: Required information Reporting Amounts on the Four Basic Financial Statements and Evaluating…

A: A shareholder, sometimes known as a shareholder, is a person, company, or organization who holds at…

Q: Statement 1: When the residual value guaranteed by the lessee at the end of lease term is higher…

A: If a lessee has guaranteed residual value it implies that at the end of lease term he is liable to…

Q: T-registered taxpayer with gross sales of Php 1 Million is qualified to avail 8% taxation. S2:…

A: VAT refers to the value-added tax implied by the government over the consumption of products or…

Q: The Hi Life Co (HL Co) makes sofas. It has recently received a request from a customer to provide a…

A: Direct Materials: Since the fabric is regularly used by HL Co. and is currently sufficiently…

Q: A period between original acquisition and final disposal of an asset over its succession of owners.…

A: Assets are the rights and resources of the business, on which it has right to use and right to sell.…

Q: provide an explanation of the concept of asset acquisition cost

A: The cost incurred in purchasing an asset is referred to as asset acquisition cost. It's beneficial…

Q: been asked to provide a training sessiondraft to new Audit Juniors on Accountants responsibilities…

A: Illustrations of Money Laundering - – Using the money received from doing criminal activities such…

Q: Explain and what is the calculation of the following. Tax rates (formula) HELP repayment amount…

Q: The adiusted trial balance data given below is from Cameron White Company's worksheet for the year…

A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…

Q: Blair Madison Co. issues $2.9 million of new stock and pays $381,000 in cash dividends during the…

A: Cash flow from Financing activities: It include transactions relating to the debt, equity, and…

Q: Calculate the following variances (i)Direct material total variances (ii)Direct labor total…

A: Variance analysis is used by the company to answer the various questions regarding about the actual…

Q: These statements are presented to you for evaluation: Statement I - A deficient but not delinquent…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: ESS Company's current liabilities are P50,000, its long-term liabilities are P150,000, and its…

A: Long term assets are those assets which are being held by the business for longer period of time.…

Q: Compute the income tax due in 2021. A. 50,000 B. 800,000 C. 290,000 D. 400,000

A: The proprietary educational institutions are the entities that have issued permits based on the…

Q: Exercise 3 -7 1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Maurice, single, has wages of $215,114 and net investment income of $40,000 in 2021. His AGI (MAGI)…

A: solution provision applicable for a person who is single and his MAGI is greater than $200,000 , net…

Q: The amount of gain (loss) on sale and leaseback transaction is: Group of answer choices The…

A: Sales and lease back transaction refers to the transaction where an asset is sold by the seller to a…

Q: it has six students. Only three students sign up for the class. The VP states the professor can…

A: Principles of Management and Cost Accounting The basic principles which are evolved in the…

Q: Stephen, a manager, believes that if his company's revenue hadn't increased last year, it wouldn't…

A: Revenue means the amount earned by selling the goods or services. Profit means the difference…

Q: On January 1, 2018, Alan Company purchased an equipment for P8,000,000. The equipment is depreciated…

A: Depreciation means a fall in the value of tangible assets due to wear and tear. Depreciation is…

Q: . On December 31, 2021, JV Company purchased for P4,000,000 cash all of the outstanding ordinary…

A: The value of goodwill is calculated by reducing the carrying value of liabilities from the fair…

Q: Statement 1: The lessor will recognized the same gross profit whether the residual value is…

A: Lease Accounting In the lease account which are involved both the parties like lessor and the lessee…

Q: What is the taxable compensation income of an employee who received the following: Gross…

A: Taxable Income: - Taxable Income is the adjusted gross income upon which income tax is imposed. It…

Q: Mr. A loved to go to horse racing. He bought a ticket amounting to P 500. Luckily, he won from the P…

A: Mr. A should received from the operator of horse racing will be winning amount.

Question

A.What is the income tax due if X corporation is a regular domestic corporation?

B.With the same data given above, what is the income tax due if X corporation is a proprietary educational institution?

C.With the same data given above, what is the income tax due if X corporation is an exempt non-profit corporation?

P4,000,000
2,400,000
P1,600,000
100,000
Sales, net of discounts and allowances
Less: Cost of sales
Gross income from operations
Dividend income
Royalty income
Gain on sale of building
Total gross income
250,000
P 150,000
P2,100,000

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 2 images

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

Compute for total cost of purchases. *P1,840,000P1,800,000P1,675,000P1,600,000
How much is the cost of goods sold of the branch to be included in thecombined financial statements? A. 900,000B. 1,500,000C. 1,200,000D. 1,800,000
Sales revenue $39,900 $75,300 $573,800 $35,400 $55,100Cost of goods sold 19,000 49,500 265,900 19,300 30,200Operating expenses 10,100 40,500 233,700 11,900 18,300 Total expenses 29,100 90,000 499,600 31,200 48,500Operating profit (loss) $10,800 $(14,700) $74,200 $4,200 $6,600Identifiable assets $35,200 $79,900 $493,400 $66,300 $49,900 Prepare the necessary disclosures required by GAAP
What is the total cost of the purchases? a. P1,425,000 b. P1,550,000 c. P1,675,000 d. P1,625,000
What is the net income for the year if the net revenue from by-product is treated as deduction from the cost of goods sold? Group of answer choices d. P118,000 b. P230,000 a. P200,000 c. P218,000
Holdaway's cost of Goods sold is a. 257,000 b. 270,500 c. 261,000 d. 269,500
Holdaway's cost of goods sold for the year isa. 257,000 b. 260,500 c. 261,000 d. 269,500
What amount should be reported as cost of goods sold for the current year? a. 9,950,000 b. 9,550,000 c. 9,250,000 d. 9,150,000
the gross profit ( 3250 000 )$ , and the sales value ( 9550 000 )$ . Total cost ? * .a- ( 6300 000 )$ . b-( - 6300 000 )$ c-(530 000 )$.
Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.
57) Overcharge Card reports that following amounts: Sales = $3,000,000; Cost of GoodsSold = $1,200,000; Depreciation Expense = $140,000; Administrative Expense =$270,000; Interest Expense = $70,000; Marketing Expense = $60,000; and Taxes=$80,000. What is Overcharge’s operating income?
If the gross profit 196 000 ID, other revenue and gains 4 360 ID , operating expenses 143.900 ID, net purchases 1200000ID the net profit is: