A company is preparing its financial statements for the year ending 31 March 2020. The initial trial balance has the following figures relating to tax Income tax payable at 1 April 2019 £25,325 Icome tax paid during the year ended 31 March 2020 £15,225 The estimated income tax liability for the year ended 31 March 2020 is £16,650. What is the income tax figure for inclusion in the company's statement of profit or loss for the year ended 31 March 2020?

A company is preparing its financial statements for the year ending 31 March 2020. The initial trial balance has the following figures relating to tax Income tax payable at 1 April 2019 £25,325 Icome tax paid during the year ended 31 March 2020 £15,225 The estimated income tax liability for the year ended 31 March 2020 is £16,650. What is the income tax figure for inclusion in the company's statement of profit or loss for the year ended 31 March 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 8C: Analyzing Coca-Colas Income Tax Disclosures Obtain The Coca-Cola Companys 2017 annual report either...

See similar textbooks

Similar questions

Dan plc is preparing its financial statements for the year ended 31 December 20X7. Its initial trial balances show the following balance: Income tax payable on 1 January 20X7 Income tax paid M 337,850 £ 351,083 The income tax paid during the year ended 31 December 20X7 completely settles the 20X6 liability. The total estimated tax due on the profits for the year ended 31 December 20X7 is 402,917 Dan plc should record the following journal at 31 December 20X7 A. Debit Income tax expense £389,684; Credit Income tax payable £51,834, Credit Income tax paid £337,050 B. Debit Income tax expense £389,684, Credit Income tax payable £65,067, Credit Income tax paid £324,617 C. Debit Income tax expense £402,917, Credit Income tax payable £65,067, Credit Income tax paid £337,850 D. Debit Income tax expense £402,917, Credit Income tax payable £51,834; Credit Income tax paid £351,083
XYZ Company reported the following pretax income (loss) and related tax rates during the years 2016-2021. Year Pretax Income (loss) Таx rate 2016 $75,000 30% 2017 150,000 30% 2018 240,000 40% 2019 (540,000) 48% 2020 210,000 40% 2021 300,000 42% a. Prepare the journal entries for the years 2019 and 2020 to record income taxes and the tax effects of the loss. Assume that XYZ elects the carryback provision where possible and it is probable that it will realize benefits of any loss carryforward. b. Prepare the portion of the income statement that presents your answer in part (a) for the year ended 2019.
A company prepares its accounts for the year ended 31 March each year and is a ‘large’ company for corporation tax instalments purposes. During the year ended 31 March 2020 it paid tax of £5,600,000. It bases the year ended 31 March 2021 instalment payments on this amount and pays the instalments due on time. In early August 2021 it finalised its corporation tax calculation for the year ended 31 March 2021 at £6,400,000 and settled any remaining corporation tax liability on 14 August 2021. Required – Part C Calculate the following: The instalments originally calculated as due for the year ended 31 March 2021 and the due dates for payment. The revised instalments for the year following August 2021 finalisation. The position with interest payments and the amount due (assume an interest on overdue tax rate on underpaid instalments of 1.1% - calculate on a monthly basis). The instalments that the company will initially pay for the year ended 31 March 2022 and the due dates for payment.
A company's trial balance at 31 December 2021 shows a debit balance of GHS700,000 on current tax and a credit balance of GHS8,400,000 on deferred The directors have estimated the provision for income tax for the year at GHS4.5m and the required deferred tax provision is GHS5.6m, GHS1.2m of which relates to a property revaluation. What is the profit or loss income tax charge for the year ended 31 December 2021?
1. Prepare journal entries to record the income tax and 2. Present the income tax expense in the income statement Problem 16-3 (ACP) In 2021, Argentina Company received an advance payment of P1,000,000, which was subject to tax but not reported in accounting income until 2022. The income statement and tax return showed the following: 2021 2022 Income before tax per income statement Income before tax per tax return Income tax rate 6,000,000 7,000,000 9,000,000 8,000,000 25% 25% Required: 1. Prepare journal entries to record the income tax a deferred tax for 2021 and 2022. for 2021 and 2022.
ABCD Ltd had the following results for the year ending 31 March 2019:Trading income 369,000; Bank interest 10,000; Capital gains 9,500; Qualifying charitable donations (7,800); Dividends received from UK companies 41,000.Required: Calculate the ABCD’s tax liability for the year ended 31 March 2019.
Hijab Alisha company has financial data for 2021 as follows: Calculate the firm's earnings available to common shareholders for 2021 and what is the net profit after tax for 2021
The following facts relate to a company for 2021: Income tax payable $150,200 Income tax expense 242,700 Taxable income 448,000 Pretax financial income 873,000 What is the effective income tax rate for 2021? Very important: Please present your answer in percentage format, and round the percentage amount to 2 decimal places if necessary. For example, your answer should look like 23.45% or 23.45 (the percentage sign, %, is optional), not 0.2345.
A company reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (Loss) Tax Rate 2018 $183,000 17% 2019 69,000 17 2020 (206,800) 23 2021 385,100 23 Assuming that the company uses the carryforward provision, what is the amount of income or loss that will be reported for 2020? (Enter the amount only. DO NOT put a plus or minus sign in front of the amount.)
Required: 1. Determine the amounts necessary to record Allmond's income taxes for 20: Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $25 million and taxable income of $33 million 2. What is Allmond's 2021 net income? for the year ended December 31, 2021. The 2021 tax rate is 25%. The only difference between accounting income and taxable income is estimated product warranty costs. Assume that expected payments and scheduled tax rates (based on recently enacted tax legislation) are as follows: Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Prepare the appropriate journal entry. (If no entry is required for a transaction/e account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5 View transaction list 1 Record 2021 income taxes. X Cr 2022 2023 2024 2025 $2 million 2 million 1 million 3 million 35% 35% 35% 25% Required: 1. Determine the amounts necessary to…
(To help answer this question, create an Income Taxes Payable T-account and insert the beginning andending balances.) If the company debited Income Tax Expense and credited Income Taxes Payable $700during the year, what is the total amount of the debits recorded in the Income Taxes Payable account?What does the amount of these debits represent?
Targetmax Sdn Bhd trades kitchen appliances in Johor Bharu. The company closes its accounts on 31 October annually. The estimated tax payable submitted via Form CP204 for the year assessment 2020 was RM480,000. Required: a. Identify the due date and amount to be paid by Targetmax Sdn Bhd for the submission of its first monthly tax instalment for the year of assessment 2020. b. Discuss briefly the procedure to revise the estimated tax payable for Targetmax Sdn Bhd