Compute the tax due if the corporation is a non-resident foreign corporation. a. 800,000.00 b. 750,000.00 c. 500,000.00 d. 525,000.00
Q: Lily Corp. Corp. sells on term 2/20, net 40. Total credit sale for the year are P180,000. 40% pays o...
A: Accounts receivables refer to the legal claims or money a company will get after the customer pays t...
Q: How would you record this transaction into a journal (On the day of the transaction) and a closing e...
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger mean...
Q: Which of the following best describes a contingent liability that is unlikely to occur?A. remoteB. p...
A: Contingent liabilities are those liabilities that will occur on the basis of future events. These li...
Q: Test III. Cost to purchased raw materials JENNY Processing Company expects in 2019 to increase by 10...
A: Sales in 2018 = 40,000 Sales in 2019 is to increase by 10% Therefore, sales in 2019 = 10% * 40,000 +...
Q: Winger Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par valu...
A: There are three golden rules in accounting for recording the transaction : Debit what comes in , C...
Q: Excise taxes on tobacco and alcohol and state salestaxes are often criticized for being regressive. ...
A: Tobacco and alcohol excise taxes, as well as state sales taxes, are not mandatory taxes like income ...
Q: Exercise 5-12 Analysis of inventory errors LO A2 Vibrant Company had $1,090,000 of sales in each of ...
A: The income statement explains the financial performance of the company for a particular period of ti...
Q: Jamelsaidthatthe9in129,082istwotimesgreaterthanthe9in127,694becauseit istwoplacevaluestotheleft.Ishe...
A: While determining the value of a number, the left most digit are the ones then the nest digit is in ...
Q: ermin company had 200,000 ordinary shares outstanding on January 1. In addition, as of January 1, t...
A: Solution Concept Basic earning per share =net income for common shareholder / weight...
Q: b. Calculate the total cost of each job using activity-based costing. (Do not round intermediate cal...
A: Activity based costing assigns the cost of each activity to all product and services Activity based ...
Q: An entity reported the following data for the current year. What amount should be reported as income...
A: Income from continuing operations refers to the net income which is distinguishable in the income st...
Q: Longo's return on sales was 20% in 2012, is the company's profitability improving or declining?
A: The return on sales is calculated as operating income divided by net sales.
Q: ABC Corporation's board of directors declared a P750,000 cash dividend on September 1, 2021, payable...
A: Dividend: dividend is the portions of profit given to the shareholders by the company There are main...
Q: Instructions: Answer the following problems by determining the capital balance of each partner aft...
A: Partnership refers to the agreement or relationship between such people who have agreed to share the...
Q: Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,500, ...
A: Net Sales = Sales - Sales discount Sales discount = 2% Net sales = 100 - 2 = 98% Inventory purchase ...
Q: Use the following information for the Exercises below. [The following information applies to the que...
A: Perpetual inventory valuation is an inventory management method that records when stock is sold or r...
Q: On January 1, 20X8, Ramon Corporation acquired 80 percent of Tester Company's voting common stock fo...
A: Depreciation: It implies to a decrease in fixed asset's value as a result of normal wear & tear,...
Q: Caring Company has the following cost and production date for the month of January 2022: All materi...
A: Process costing is a method of cost accounting, which is used where there is continuous production a...
Q: A mold for manufacturing powdered metal firearm parts is purchased by Remington at the beginning of ...
A: Depreciation under the Modified Accelerated Cost Recovery System seems to be a federal income tax sy...
Q: Crazy Horse Corp. produces handcrafted coup sticks. The Sticks are sold $833. Selected data for the ...
A: * As per Bartleby policy, if the question contains multiple sub parts then answer first three only. ...
Q: Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the followi...
A: Lets understand the basics. As per IAS 2 " Inventory", inventory needs to record at the lower of cos...
Q: Problem 4: A heavy planner was purchased 12 years ago for P 50,000 with no salvage value. As the li...
A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of th...
Q: The following information has been obtained for Sheridan Corporation. 1. Prior to 2020, taxable inco...
A: Solution Income statement is a financial statement thats shows you the company's income and expendit...
Q: What are retained earnings?
A: Solution Capital means the asset and cash in a business .capital may be either be cash , machinery ,...
Q: production cost report is an accounting report that describes the physical flow of units, equivalent...
A: Solution: Process costing is the technique in which costs are accumulated over a fixed period of tim...
Q: Why is the profit maximization supposed not the most important goal of the company?
A: Solution Profit maximization is a process business firms undergo to ensure the best output and price...
Q: a. Compute the total profit lost by Ridenour Company in its first year of operation by selling defec...
A: Total cost is the cost incurred in the total production of a unit. It includes all direct and indire...
Q: QUESTION 4 Longing to be with another person as much as possible is a characteristic of liking. O a....
A: Relationship is a type of bonding two people have towards each other which is of love. Relationship ...
Q: What's the significance of identifying if the transaction is under operating, investing or financing...
A: Normally there are three types of activities 1) Operating activities 2) investing activities 3) Fina...
Q: Jim Bond, a plumber, has been working for Fleming’s Plumbing Supplies for several years. Based on hi...
A: As per our protocol we provide solution to the one question only but as you have asked multiple ques...
Q: A resident citizen provided the following information for 2018: Compensation income Gross business i...
A: Taxable Income For calculating the taxable income in Philippines first to taken up the gross income ...
Q: Break-Even with Multiple Products Wagner Enterprise sells two products, large tractors and small tra...
A: Sales mix refers to proportion of each unit of product in relation to the total sales. It is integra...
Q: How much should the legal services be valued? Please explain the answer.
A: Legal services refer to all those activities which are performed to help other persons in law relati...
Q: Factory Overhead Cost Variances Blumen Textiles Corporation began April with a budget for 90,000 ho...
A: If the actual factory overhead is less than the budget allowance based on standard hours allowed for...
Q: Marigold Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Marigold...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: On October 01, 2021, a national government agency purchased and delivered 30 units of Communication ...
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or chang...
Q: Blue Spruce Inc. incurred a net operating loss of $580,000 in 2020. Combined income for 2017, 2018, ...
A: There are financial years in which a company may incur losses instead of profits. When such a situat...
Q: Practice AA Company uses a periodic inventory system. At the end of the annual accounting period the...
A: The inventory can be valued using various methods as FIFO, LIFO and weighted average method. FIFO st...
Q: A company regularly purchases materials from a manufacturer on credit. Payments for thesepurchases o...
A: Current liabilities are those dues and obligations which needs to be settled by the business in shor...
Q: anary Cawnmowers purchased 300lawnmower parts at $3.50 per part from a supplier on December 4. Terms...
A: In Accounting we follow double entry system. Each transaction is ...
Q: How do you design a fraud prevention programme?
A: A fraud is the intention of a person to deceive(mostly financially) another person or an organisatio...
Q: During year 1, Jenny Company engaged in the following transactions. How much would be disclosed as r...
A: Related Party Transaction: According to the definition of the word related-party transaction, it ref...
Q: Why are tax havens controversial?
A: Tax haven are part of a country where foreign investors have to pay a very low tax rate for certain ...
Q: The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited p...
A: In partnership, a basis can be calculated as =[contribution made toward partnership firm as cash]+[...
Q: Consider the following information for Presidio Inc.'s most recent year of operations. Number of uni...
A: Under Full Absorption Income Statement , Gross Profit = Sales - Cost of goods sold Net Operating Inc...
Q: Customer return and refund On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise t...
A:
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and s...
A: Cost of goods available for sale formula: =(Cost of goods purchased during the period + cost of fini...
Q: 57. Bryan Company employs process costing system. A unit of product passes through two departments...
A:
Q: X Corporation allows its sales manager to incur expenses subject to reimbursements, as follows: Elec...
A: 1. Amount subject to fringe benefit tax Electricity 70% borne by Company 14000 Water - 70% in ...
Q: Prepare the bottom portion of Sheridan's 2021 income statement, beginning with “Income from continui...
A: Statement of income shows all the income(s) earned by the organization. There are certain ways for c...
Step by step
Solved in 2 steps
- XYW Corp., a Domestic Corporation, registered in 2010 made available the following financial information for taxable year 2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law Choices: Php 800,000 Php 2,100,000 Php 400,000 Php 0EB Corporation, a C corporation, has a net short-term capital gain Of $ 65k and a net long-term capital loss of $250k during 2023. EB Corporation had taxable income from other sources of $720k Prior years' transactions included the following: 2019 2020 2021 2022 NET LTCG: $150K NET STCG: $60K NET STCG: $45K NET LTCG: $35K Compute the treatment of EB's capital gain or loss if anyA 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
- STAR Corporation, a domestic corporation, had the following data: YEAR GROSS INCOME DEDUCTIONS 2016 Php 1,000,000 Php 1,200,000 2017 2,000,000 1,900,000 2018 3,000,000 2,950,000 2019 1,000,000 1,100,000 2020 980,000 500,000 The taxable income in 2020 is:During 2020, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. Gross profit figures under both methods for the past three years appear below: Completed-Contract Percentage-of-Completion2018 ₱ 475,000 ₱ 700,0002019 625,000 950,0002020 700,000 1,050,000Total ₱1,800,000 ₱2,700,000 Assuming an income tax rate of 40% for all years, the effect of this accounting change on prior periods should be reported by a credit ofa. ₱540,000 on the 2020 income statement.b. ₱330,000 on the 2020 income statement.c. ₱540,000 on the 2020 retained earnings statement.d. ₱330,000 on the 2020 retained earnings statement.On 1, 2020, the tax asset Complex of P12,800,000 for P18,300,00 for The income recognized on 31, 2019 in at which The tax was to a of P500,000 The for the tax rent of P6,000,000 on 1, entire is tax Pro Problem 16-13 (IFRS) Complex Company reported pretax accounting inco P6,2 tax rate is 30%. Incl P450,000 and no deferred tax liability. The deferred tax asset was due to a provision of P500. Th of The other reason for the deferred tax asset was res, P1,000,000 collected in 2019 but earned only in 2020 time it was tax deductible. ta: Life insurance premiums of P200,000 were recognized o year on key officers for 2020 and 2021. ye The entity paid for a two-year casualty insurance for P6,000,000 on January 1, 2020. The entire premium is to deductible when paid. The entity collected rent from leasing some of its equipment The rent is recognized as revenue when earned but taxahla when collected. 2020 2021 3,300,000 2,500,000 Rent collected 3,500,000 3,300,000 Rent earned The entity had trading…
- At the beginning of 2024, a construction company that began operations in 2022 changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. Gross profit figures under both methods for the past three years appear below: 2022 2023 2024 Completed-Contract $565000 725000 800000 $2090000 Percentage-of-Completion $1010000 1050000 1150000 $3210000 The company reports two years of comparative statements. Assuming an income tax rate of 20% for all years, the effect of this accounting change on prior periods after taxes should be reported by a credit of O $616000 on the 2024 income statement. O $356000 on the 2023 retained earnings statement. O $896000 on the 2023 income statement. O $896000 on the 2024 retained earnings statement.The accounting income (loss) figures for Flounder Corporation are as follows: 2018 $162,000 2019 246,000 2020 84,000 2021 (162,000) 2022 (385,000) 2023 140,000 2024 156,000 Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2018 and 2019, and a 25% tax rate for the remaining years. Prepare the journal entries for each of the years 2020 to 2024 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Flounder uses the carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantial taxable income in the future. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Year Account Titles and Explanation Debit…ABC Corp., a DC, registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law Group of answer choices Php 400,000 Php 2,100,000 Php 0 Php 800,000
- ABC Corp., a DC, registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales - Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the excess MCIT which can be carried forward in 2022? Consider CREATE LawIn 2021 XY corporation is subject to MCIT has the following records Sales: net of discounts and allowances php 9,500,000 cost of sales php 5,000,000 gain on sale of building php 150,000 allowable deductions php 4,420,000 Compute the income tax payable of XYZ Corporation P46,000 P46,500 P76,000 P95,000XYZ Co. at the end of 2018, its first year of operations, prepared a reconciliation betweenpretax financial income and taxable income as follows:Pretax financial income € 750,000Estimated expenses deductible for taxes when paid 1,200,000Extra depreciation (1,350,000)Taxable income € 600,000Estimated warranty expense of €800,000 will be deductible in 2019, €300,000 in 2020, and€100,000 in 2021. The use of the depreciable assets will result in taxable amounts of €450,000in each of the next three years.Instructions(a) Prepare a table of future taxable and deductible amounts.(b) Prepare the journal entry to record income tax expense, deferred income taxes, andincome taxes payable for 2018, assuming an income tax rate of 40% for all years.