Answered: A taxpayer made available the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A taxpayer made available the following financial information:           Gross receipts - Php 10,000,000             Cost of service – Php 6,000,000             Expenses:                         Salaries and wages – Php 1,000,000                         Transportation and travel – Php 20,000                         Rental - Php 240,000                         Representation expense – Php 100,000                         Depreciation expense – Php 200,000                         Office supplies – Php 20,000                         Miscellaneous expenses – Php 10,000 How much is the income tax due if the taxpayer is an individual resident citizen?
A taxpayer made available the following financial information:           Gross receipts - Php 10,000,000             Cost of service – Php 6,000,000             Expenses:                         Depreciation expense – Php 200,000                         Miscellaneous expenses – Php 10,000                         Office supplies – Php 20,000                         Rental - Php 240,000                         Representation expense – Php 100,000                         Salaries and wages – Php 1,000,000                         Transportation and travel – Php 20,000 How much is the total allowable deduction if the taxpayer is a domestic corporation? Group of answer choices Php 1,590,000 Php 1,570,000 Php 1,500,000 Php 7,590,000
A taxpayer made available the following financial information:           Gross receipts - Php 10,000,000             Cost of service – Php 6,000,000             Expenses:                         Depreciation expense – Php 200,000                         Miscellaneous expenses – Php 10,000                         Office supplies – Php 20,000                         Rental - Php 240,000                         Representation expense – Php 100,000                         Salaries and wages – Php 1,000,000                         Transportation and travel – Php 20,000 How much is the total allowable deduction if the taxpayer is a resident citizen? Group of answer choices Php 1,590,000 Php 7,590,000 Php 1,500,000 Php 1,570,000
A taxpayer made available the following financial information:           Gross receipts - Php 10,000,000             Cost of service – Php 6,000,000             Expenses:                         Depreciation expense – Php 200,000                         Miscellaneous expenses – Php 10,000                         Office supplies – Php 20,000                         Rental - Php 240,000                         Representation expense – Php 100,000                         Salaries and wages – Php 1,000,000                         Transportation and travel – Php 20,000    How much is the total allowable deduction if the taxpayer is a resident citizen? Group of answer choices Php 7,590,000 Php 1,590,000 Php 1,500,000 Php 1,570,000 How much is the total allowable deduction if the taxpayer is a domestic corporation? Group of answer choices Php 7,590,000 Php 1,590,000 Php 1,500,000 Php 1,570,000
A taxpayer made available the following financial information:       Gross receipts - Php 10,000,000       Cost of service – Php 6,000,000       Expenses:               Depreciation expense – Php 200,000               Miscellaneous expenses – Php 10,000               Office supplies – Php 20,000               Rental - Php 240,000               Representation expense – Php 100,000               Salaries and wages – Php 1,000,000               Transportation and travel – Php 20,000 How much is the total allowable deduction if the taxpayer is a resident citizen? a. 1,570,000 b. PHP 1,590,000 c, Php 1,500,000 d. Php 7,590,000
A taxpayer made available the following financial information:           Gross receipts - Php 10,000,000             Cost of service – Php 6,000,000             Expenses:                         Depreciation expense – Php 200,000                         Miscellaneous expenses – Php 10,000                         Office supplies – Php 20,000                         Rental - Php 240,000                         Representation expense – Php 100,000                         Salaries and wages – Php 1,000,000                         Transportation and travel – Php 20,000 How much is the total allowable deduction if the taxpayer is a resident citizen?
A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is an individual opted for OSD?
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000
asap A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is a domestic corporation and opted for OSD? Group of answer choices b. 4,000,000 d. 2,400,000 c. 6,000,000 a. 2,410,000
A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 Other information: Asset – Php 5,000,000 Liability – Php 3,000,000 SHE – Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is an ordinary partnership and opted for OSD? 120,000 480,000 720,000 600,000
11. A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is a domestic corporation and opted for OSD? Group of answer choices Php 0 Php 4,000,000 Php 2,400,000 Php 6,000,000
A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is an ordinary partnership and opted for OSD? Group of answer choices a. 2,410,000 b. 2,400,000 c. 6,000,000 d. 4,000,000

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS