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- Assume the following: Revenue = $1,500; COGS = $450; SGA = $300; EBIT = $600; Taxable income = $525; Net Income = $315. What is Taxes? 29% 8% 14% 40%What is the premium expense? A. 1,836,000 B. 840,000 C. 756,000 D. 2,189,50011. In 2021, ABC Corporation which is subject to MCIT has the following records: Sales: net of discounts and allowances 9,500,000 Cost of sales 5,000,000 Gain on sale of building 150,000 Allowable deductions 4,420,000 Compute the MCIT of ABC Corporation. P46,000 P46,500 P93,000 P95,000
- revenue $878,412.00 general & administrative expense $352,666.00 depreciation expense $131,455.00 leasing expense $108,195.00 interest expense $78,122.00 if average tax rate is 3.4%, what is its net income after taxes?ABC Corporation has the following information for the taxable year 2022: Quarter RCIT MCIT CWT 1st P200,000 P160,000 P40,000 2nd 240,000 500,000 60,000 3Rd 500,000 150,000 80,000 4th 300,000 200,000 70,000 MCIT carry-over from prior year amounts to P60,000 and excess tax credits from prior year amounts to P20,000. How much was the income tax payable for the first quarter? How much was the income tax payable for the third quarter? How much was the annual income tax payable?9 - 391- The balance of the calculated VAT account is 5,000 TL, 191 The balance of the deductible VAT account is also3 750 T, 190-The balance of the transferred VAT account is 1000 TL. Which account is the difference and how?saved? A) 360-To the receivable of the tax and funds account payable B) 190- To the debt of the transferred VAT accountC) 360-To the debt of the tax and funds payable account D) 190- To the receivable of the VAT account of the transferredE) None
- 12. The Company provided the following financial information: Assets 7,250,800.00 Tax rate 35% BEP 14% ROA 4% Compute for the TIE ratio. Use 4 decimal places for your final answer.The unadjusted net income for the year 2019 is: A. P1,540,200B. P1,458,200C. P1,482,200D. P1,421,00010. Payments made for income taxes P760,000 Income tax payable increased by 200,000 Deferred tax liability, Jan. 1 360,000 Deferred tax liability, Dec. 31 470,000 Deferred tax asset, Jan. 1 85,000 Deferred tax asset, Dec. 31 65,000 Income tax expense under accrual basis accounting is a. 1,090,000 b. 960,000 c. 850,000 d. 830,000
- *see attached What amount of permanent difference between accounting income and taxable income existed at year-end?a. P 520,000b. P 360,000c. P 800,000d. P 280,000A property is assessed at $135, 000. There is an equalization rate of 125%. The annual property tax are $5063. What is the tax rate? A). 30 mills B). 50 mills C). $4 per $100 D). 367 per $1,000taxpayer: Domestic Corporation Gross sales P2,700,000 Other operating income 250,000 Non-operating income 150,000 Cost of sales 1,000,000 Operating expenses 500,000 Non operating expenses 100,000 what is the net taxable income using ITEMIZED deductions