ABC Corporation has the following data for the 2019: Gross Income, Philippines P2,500,000 Expenses, Philippines 1,000,000 Gross Income, Japan 1,500,000 800,000 Expenses, Japan Interest on bank deposits, Philippines How much is the income tax due if ABC Corporation is a foreign corporation with no branch or office in the Philippines? 20,000
Q: In 2019/20, a taxpayer sold a parcel of shares for $127,000 which she acquired in November 1999 as a…
A: Let us calculate the gain/loss from the data provided in the question.Gain from the sale of Shares.…
Q: Interview Notes • Rose Jones, age 57, is single. Rose earned wages of $52,000 and was enrolled the…
A: The statement “Rose is eligible to contribute an additional $2,000 to her HSA because she is age 55…
Q: GreenView Company's receivable from a foreign customer is denominated in the customers. local…
A: Foreign exchange gain refers to the profit realized from the fluctuations in exchange rates when a…
Q: Sedunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue 300,000 ordinary…
A: A company issues shares to raise funds. At first, the public applies for the issued shares. When the…
Q: Retest Basic Scenario 3: Eric and Fiona Fisher Interview Notes • Eric and Fiona Fisher are married…
A: Child Tax Credit -A benefit for low-income parents, the kid Tax Credit helps with the expenses of…
Q: A partially completed pension spreadsheet showing the relationships among the elements that…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: Matthew Company has a sales budget for last month of $400,000. Cost of goods sold is expected to be…
A: CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…
Q: PROBLEM 1: You have been assigned to the audit of NATURE'S MADNESS Company, a manufacturing company.…
A: Retained earnings refer to the net income of the company that is left after paying the dividend for…
Q: Assume that Bene Petit sells only family-sized meals and that the average price is $5.00 per…
A: Marginal costing is a costing technique in which only variable costs are considered when determining…
Q: The land that Martin Company paid $81,000 to purchase in the prior year had an appraised market…
A: The Accounting Equation is calculated using the following equation -Assets = Liabilities +…
Q: The relationship would be immaterial to both BDO and the client. Is this permitted under SEC rules?
A: In order to guarantee that auditors remain impartial, SEC independence regulations govern the…
Q: Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost…
A: Variance analysis is the difference between the standard performance and the actual performance,…
Q: You are an auditor, and you were appointed to check the threats and the controls of the expenditure…
A: Effective controls, in general, are measures or procedures put in place by an organization to manage…
Q: 2020 commmon size liabilities accounts payable $41,498.00 notes payable $18,064.00 2021 common size…
A: The table shows the amounts of accounts payable and notes payable for two companies, in both 2020…
Q: Polar Bear Computer Co. outsources the production of motherboards for its computers. It is currently…
A: The objective of the question is to calculate the relevant cost of purchasing from Alpha and Beta.…
Q: Haresh
A: The objective of the question is to determine the effect on net income and earnings per share (EPS)…
Q: 1. Prepare Form 1120, schedule M1. Please attach 2. Of the line items that you filled in, which is a…
A: The objective of the question is to calculate the taxable income of Corp. A based on the given…
Q: SALLAT Household Furnishings & Appliances is a family-owned business. You are the management…
A: A cash budget is an estimation statement that shows cash expected inflows and outflows during a…
Q: Sunland Corporation reported the following information for the year ended December 31: Balance sheet…
A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…
Q: exposure deals with cash flows that result from existing contractual obligations. OA. Operating OB.…
A: Exposures means potential changes in value or items in the business. It can be transaction exposure,…
Q: Required information Skip to question [The following information applies to the questions…
A: The objective of the question is to calculate the overall tax rate on LAB's income in the first year…
Q: Land Acquisition: Procuring land for future developments or expanding existing operations is another…
A: In the context of the Capital Expenditure Budget, patents are considered intangible items, as they…
Q: Budgeted overhead costs for the first quarter of 2022 for the machining department of Blossom…
A: An accounting system that gathers, compiles, and reports accounting information on the duties of…
Q: Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an…
A: Lets understand the basics.US follows progressive tax system so with the increase in taxable income,…
Q: [The following information applies to the questions displayed below.] On January 1, Mitzu Company…
A: Land improvement means an activity that enhances a property that is intended to increase its value…
Q: Required: 1. Calculate the net cash settlement at June 30, 2024. 2. Prepare the journal entries on…
A: The exchange of interest payment terms between two parties is known as an interest rate swap. It…
Q: On January 1 of this year, Victor Corporation sold bonds with a face value of $1,560,000 and a…
A: Bond issuers utilize the money acquired via bond sales for a variety of objectives, such as funding…
Q: Novak, Inc. produces pellets for cornhole bags from plastic resin which it sells by the pound. Novak…
A: Lets understand the basics.Management prepares master budget for the organization as a whole and…
Q: Bill purchased a computer for his business. Bill paid $2,610 for the computer plus $196 for sales…
A: Instead of depreciating certain qualified property over time, businesses can deduct the cost of such…
Q: Tax liability: Marginal rate: Average rate:
A: Tax Liability - Tax liability refers to the total amount of tax a taxpayer owes to the government…
Q: Expected annual demand for Galaxy jerseys 14,000 Ordering cost per purchase order $112…
A: The objective of the question is to calculate the Economic Order Quantity (EOQ) for Galaxy jerseys.…
Q: On January 15, 2024, Sports World sold 1,000 Ace-5 fishing reels to Angler's Warehouse. Immediately…
A: Inventory valuation methods are accounting techniques used to assign a value to the inventory of a…
Q: Companies often use derivatives to reduce the risk of adverse changes in all of the following…
A: Risk Management -Risk management includes identifying, analyzing, and responding to various risk…
Q: The following transactions pertain to Year 1, the first year of operations of the Barlett Company.…
A: Financial Statements include Income Statement, Statement of Stockholder's Equity, and Balance…
Q: Acme Company's production budget for August is 18,300 units and includes the following component…
A: The variance is the difference between the actual data and standard data. Variable overheads means…
Q: On April 1, Year 3, River's Inc. purchased inventory for $20,000 by signing a 1-year note payable…
A: Note payable is one of liability being incurred in business, on which regular interest payments…
Q: Checklist of evidence required Finally, you should reflect on the results of your activity-based…
A: In activity-based costing (ABC), costs are categorized based on the activities that drive them. The…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460…
A: Income statement refers to the financial statement that is prepared before balance sheet. As the…
Q: Susan Company accumulates the following data concerning raw materials in making its finished…
A: Standard Costing -Standard costing is the process of replacing an actual cost with an expected…
Q: Describe the financial statement implications of the foreign tax credit and a foreign subsidiary.
A: A foreign tax credit (FTC) is a tax benefit offered by various nations, such as the United States,…
Q: Bennett Inc. found that about 45% of its sales during the month were for cash. Bennett has the…
A: Cash collection budget:— This budget is prepared to estimate the collection of sales from customers…
Q: A credit may represent a(n): increase in an asset account. increase in a liability account. decrease…
A: Debit Amounts:Accounts having typical debit balances include, for example:Cash, receivables,…
Q: Concord Incasements manufactures protective cases for MP3 players. During November, the company's…
A: The direct labor efficiency variance is one of the formulas used in standard costing to analyze the…
Q: On June 1, Donna Clark started Pharoah Designs Co., a company that provides craft opportunities, by…
A: Income Statement: An income statement is a financial statement that shows you the company's income…
Q: ABC Ltd sell a single product for Rs 9 unit. The variable cost is Rs 6 per unit and fixed total cost…
A: Margin of safety is the difference between total sales and break-even sales. The break-even point…
Q: Janet baker owes $108000 on a 10%, 130-day note. On fay 75 she pays $32,400 on the note. On day 120,…
A: A note payable is a liability which contains the amount of obligation and time period after which…
Q: On December 31, 2024, Waterway Inc. borrowed $1.260,000 at 13% payable annually to finance the…
A: Capitalised costs means costs that are incurred to increase the efficiency and effectiveness of the…
Q: A clause in a loan document that releases a borrower from personal liability and makes the property…
A: Loan Agreement -A loan agreement, which is often referred to as a lending agreement, is a document…
Q: Cost/Unit Units 5 $ 30 6 7 9 120 60 90 Explanation Beginning Purchase Purchase Purchase .Shandy…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: Sunland Limited reported the following selected information for the year ended March 31, 2024:…
A: Income statement is a major financial statement that calculates profit or loss of a company by…
Step by step
Solved in 3 steps with 1 images
- ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a Resident Foreign Corporation (RFC)?ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a domestic corporation (DC) ?ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a Non-Resident Foreign Corporation (NRFC)?
- ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000How much is the amount of final withholding tax on passive income ?Katya Corporation had the following data in 2022: Gross Income, Philippines P 600,000 500,000 300,000 Gross Income, USA Expenses, Philippines Expenses, USA Interest from time deposit 300,000 10,000 21,000 interest on money market placement, net of tax Compute the income tax due and the final taxes payable if Katya is a: 1. Domestic Corporation 2. Resident Foreign Corporation 3. Nonresident Foreign CorporationHow much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise
- The Tacurong Company has the following business income and expenses in year 2020: Gross Income From Philippine sources: From business P450,000 Dividends from domestic corporation 80,000 From Other Countries Saudi Arabia 180,000 Australia 75,000 Japan 190,000 Total Foreign Income Tax paid is P60,000 and Philippine quarterly income tax paid is P42,000. A. Compute for the income tax still due and payable if Tacurong is a domestic corporation. B. Compute for the tax still due and payable if Tacurong is a resident foreign corporation.BUT PTE Singapore in Semarang obtained net income in 2021 as follows: Domestic Fiscal income IDR 400.000.000 Income from Deviden in Singapore (15% tax rate) IDR 100.000.000 Income from Loan in Vietnam (20% tax rate) IDR 250.000.000 Income from Royalti in Malaysia (35% tax rate) IDR 200.000.000 Loss Income from India (17% tax rate) (IDR 100.000.000) (Financial information of BUT PTE Singapore that Gross Income is Rp. 35.000.000.000 and Fiscal Costs are Rp 31.000.000.000) Calculate Tax Payable!The following are the revenue items in the Income Statement of a domestic corporation for the year 2021:Interest income from bank deposit, Philippines, P40,000Yield from deposit substitute, Philippines, P80,000Interest income received from a depositary bank under EFCDS, Philippines, P60,000Interest income from bank deposit, USA, P400,000Interest on trade notes receivable, Philippines, P30,000Advance rent for 2 years, Philippines, P600,000Royalties, Philippines, P100,000Royalties, USA, P300,000Dividend received from domestic corporation, P150,000Dividend received from a foreign corporation, P350,000Prizes and winnings, Philippines, P400,000Refund of Philippine value-added tax, P100,000How much is the total final withholding taxes on passive income?
- If a branch of a foreign corporation (resident foreign corporation) derives net income of P20,000,000.00 to be remitted to the foreign head office, how much is the branch profits remittance tax? Group of answer choices P1,500,000.00 P2,000,000.00 P3,000,000.00 P2,250,000.005. A, non-resident alien engaged in business in the Philippines, has the following income within and without the Philippines for 2018: Within Abroad the Phil Interest income from depository bank under expanded foreign currency deposit system in Philippines 70,000 90,000 50,000 60,000 40,000 300,000 40,000 20,000 Dividend income Royalty income-others Business income-net of expenses Interest income-bank deposíts Prizes / winnings 250,000 30,000 9,000 What is the total final income tax due of A? Based on number 5, what is the basic income tax due of A?Paper is a resident foreign corporation with branches nationwide, including the Philippines. Its Philippine branch had an income of P10,000,000 in 2020 and it earmarked P8,000,000 for remittance. It actually remitted P7,000,000. How much is the branch profit remittance tax due of the Philippine branch?