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Mr. Mark, Filipino resident and living with his adopted minor son, shows the
following financial data for taxable year 2018
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- Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for extraordinary repairs If all transactions were recorded properly, what amount did Jada capitalize for the year, and what amount did Jada expense for the year?For each of the following transactions, state whether the cost would be capitalized (C) or recorded as an expense (E). A. Purchased a machine, $100,000; gave long-term note B. Paid $600 for ordinary repairs C. Purchased a patent for $45,300 cash D. Paid $200,000 cash for addition to old building E. Paid $20,000 for monthly salaries F. Paid $250 for routine maintenance G. Paid $16,000 for major repairsCash- $52,000 Land- $190,000 Building- $180,000 Liabilities- $42,000 Adams Capital- $120,500 Baker Capital- $45,000 Carvil Capital- $84,000 Dobbs Capital- $130,500 Assume that profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:4:2 basis, respectively. How much money must the firm receive from selling the land and building to ensure that Carvil receives a portion?
- 12. Sand Corp exchanged equip used in its operations and pay $2,000 cash to Dake Corp for similiar equip used and its operations. The following is true: FMV of equip given up by Sand Corp is $13,500 (for Dake its $15,500) Cost of equip given up for Sand corp and Dake is $28,000; Accumulated Depr for Sand Corp is $19,000 (for Dake is $10,000) How many dollars is the basis of the new asset received by Sand if the exchange is thought to have No commercial substance? Thank you BrendaOn 1 November 2020, Bermuda Ltd acquired all the assets and liabilities (other than cash) of Triangle Ltd. The details on the assets and liabilities of Triangle Ltd were as follows: Carrying Amount Fair Value Cash 30,000 30,000 Equipment 120,000 140,000 Accounts Receivable 25,000 25,000 Furniture 35,000 25,000 Accounts Payable 10,000 10,000 Income tax Payable 19,000 19,000 Annual Leave Payable 14,000 14,000 In addition to the above items, Triangle Ltd had an internally generated brand name with a fair value of $75,000 that was not recognized in its accounts. The consideration Bermuda Ltd paid to Triangle Ltd was $80,000 cash and 20,000 shares. The fair value of each Bermuda Ltd share is $10. Bermuda Ltd paid $20,000 in acquisition-related costs. The tax rate is 30%. Required: Conduct an acquisition analysis for BermudaOn 1 November 2020, Bermuda Ltd acquired all the assets and liabilities (other than cash) of Triangle Ltd. The details on the assets and liabilities of Triangle Ltd were as follows: Carrying Amount Fair Value Cash 30,000 30,000 Equipment 120,000 140,000 Accounts Receivable 25,000 25,000 Furniture 35,000 25,000 Accounts Payable 10,000 10,000 Income tax Payable 19,000 19,000 Annual Leave Payable 14,000 14,000 In addition to the above items Triangle Ltd had an internally generated brand name with a fair value of $75,000 that was not recognised in its accounts. The consideration Bermuda Ltd paid to Triangle Ltd was $80,000 cash and 20,000 shares. The fair value of each Bermuda Ltd share is $10. Bermuda Ltd paid $20,000 in acquisition related costs. Tax rate is 30%.
- Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of? A. P97,000 B. P117,000 C. P115,000 D. P20,000Taxpayer: Domestic Corporation engaged in manufacturing business Taxable period data: Item IN Sales 8,000,000 Cost of sales 3,000,000 Incidental income 500,000 Other income (non-operating) 200,000 Allowable operating expenses 1,800,000 Allowable NOLCO 300,000 Total assets, excluding land on which business plant, equipment, and office are situated 80,000,000 How much is the net taxable income using itemized deductions? How much is the regular corporate income tax using itemized deductions?. How much is the net taxable income using OSD? How much is the regular corporate income tax using OSD? Assuming that all conditions are met, how much is the minimum corporate income tax (MCIT)?a. Identify the following transactions as either Capital Expenditure or RevenueExpenditure.i). Pay salary and wages for November 2020 amounting to RM6,200.ii). Purchase vehicle for business use amounting to RM145,000.iii). Depreciation expense for financial year ended 2020 amounting to RM21,000.iv). Purchase stationery for office use amounting to RM450.v). Acquire a building amounting to RM520,000.vi). Repair office door amounting to RM800.
- A mixed income earner realized P920,000 from compensation, P2,000,000 in sales, P100,000 other income subject to tax and incurred P480,000 in expenses. A. What is the total compensation income subject to income tax? B. What is the income tax due from compensation? C. What is the total income from Business subject to income tax?13. Sand Corp exchanged equip used in its operations and pay $2,000 cash to Dake Corp for similiar equip used and its operations. The following is true: FMV of equip given up by Sand Corp is $13,500 (for Dake its $15,500) Cost of equip given up for Sand corp and Dake is $28,000; Accumulated Depr for Sand Corp is $19,000 (for Dake is $10,000) What is the basis for the new asset received by Dake in dollars if there is commercial substance in the exchange? Thank you BrendaA Corp., a domestic corporation, has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P120,000Compute the optional standard deduction. a. P366,000 b. P364,500 c. P280,000 d. P244,000