Assuming that Mimaropa is a corporate taxpayer, compute the taxable income. Mr. Mimaropa reported the following data in 2021. Sales Cost of Sales Gain on Sale of Equipment Interest Income from Bank Deposits Deductible Expenses Non-deductible Expenses P 1,000,000 600,000 60,000 40,000 300,000 200,000 пас
Q: RS Construction has two divisions: Remodeling and New Home Construction. Each division has an…
A: Fixed cost is the cost incurred for the production of goods or services (business expense) that is…
Q: ompany sold at 104 (plus accrued interest) 5,880 of its 8%, 10-y bonds with detachable stock…
A: A bond refers to a fixed income instrument that speaks to a credit made by a speculator to a…
Q: In determining Ordinary and Capital Gain tax rates to use a. Use only Federal Rates D. Use Federal…
A: Following is the correct option with explanation.
Q: A small business owner wants to create a budget for the upcoming year. The business has projected…
A: Net Income is the difference between total revenue and total expense of the business. Net Income…
Q: What are the typical criteria for nexus for income/franchise tax purposes?
A: Nexus is a legal term used in tax law to determine the extent to which a business is liable to pay…
Q: Montoure Company uses a periodic inventory system. It entered into the following calendar-year…
A: Under FIFO method the oldest products in inventory have been sold first. Under LIFO method the…
Q: Dek Dek Dek 40 A DILDI
A:
Q: Compute the depreciation expense for the year ended December 31, 2021. Tamarisk elected to…
A: A technique for estimating how much an asset will depreciate over the course of its useful life is…
Q: Shipley Corporation uses a job-order costing system with a single plantwide predetermined overhead…
A: Solution: Predetermined overhead rate = Variable overhead rate per machine hour + (Estimated fixed…
Q: The following is Cullumber Tours Inc's unadjusted trial balance at its year-end, November 30, 2025.…
A: Journal entry: It refers to the recording of company's financial transactions in it's primary book…
Q: Kingbird Merchandising uses an aging schedule to determine its estimated uncollectible accounts at…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Hill Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has…
A: Income statement: Income statement is the financial statement that shows the financial performance…
Q: On August 1, Vaughn, Inc. exchanged productive assets with Bramble, Inc. Vaughn's asset is referred…
A: Carrying value = Cost - Accumulated depreciation
Q: Capri Company began the current period with a $38,000 credit balance in the K. Capri, Capital…
A: Income summary account: It implies to a temporary account where all the closing balance related to…
Q: J. Clancy owns Clancy Consulting. On December 31 of the prior year, the J. Clancy, Capital account…
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…
Q: On January 1, 20x2, Hoffman Company issued bonds with a face amount of $800,000 and a contract…
A: Solution: Bond price are computed as present value of periodic interest and maturity amount…
Q: Headland Corporation wishes to exchange a machine used in its operations. Headland has received the…
A: Headland Sage Book Value of Machinery ($198400-$74400;$148800-$55800) $124,000 $93,000 Fair…
Q: Caris Company is a manufacturer with two production departments (Machining and Assembly) as well as…
A: The overhead costs of production department can be allocated to different support departments using…
Q: The following selected account balances were taken from Buckeye Company's general ledger at January…
A: Inventory turnover ratio :Inventory turnover ratio indicates the demand for the product &…
Q: Required information [The following information applies to the questions displayed below] Martin has…
A: First-in First-Out Method - Under the First-in First-Out Method company uses inventory in the…
Q: PDT Co. has two divisions, East and West. Invested assets and condensed income statement data for…
A: Answer a) PDT Co. Divisional Income Statements For the Year Ended December 31, 20--…
Q: each of the above separate cases, analyze each adjusting entry by showing its effects on the…
A: Accounting Equation Is The Total Of Assets Equal To Liabilities And Stockholders' Equity Accounting…
Q: What is a breakeven point and how does that help managers make decisions? What are the 4 different…
A: Answer to the above questions are answered below :
Q: In computing the quarterly income tax payable of a domestic or resident foreign corporation, the…
A: The minimum corporate income tax (MCIT) is a tax that is imposed on domestic corporations and…
Q: old Mining Company has purchased a tract of mineral land for $972,000. It is estimated that this…
A: Depletion is used in the mining and depletion is decrease in value of mines due to extraction of…
Q: g overhead costs releasec nted to $23,500. What w come last year?
A: Answer : Net Operating income using absorption costing : Net Operating income Under Variable…
Q: Prepare the statement of cash flows for ATM Software Developers using the indirect method. (List…
A: Cash flows statement is one of the important financial statement being prepared in business. It…
Q: To finance construction of this plant, Sheffield borrowed $1,260,000 from the bank on December 1,…
A: Solution: Introduction: Book balance refers to a value recorded in the respective account as an…
Q: After the success of the company's first two months, Santana Rey continues to operate Business…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: oblem 19-34 (Algorithmic) (LO. 1, 4) the start of the current year, Blue Corporation (a calendar…
A: Pooja and John has equal share in Blue Corporation. The income from profit of business would not be…
Q: A building acquired at the beginning of the year at a cost of $1,800,000 has an estimated residual…
A: DEPRECIATION EXPENSE Depreciation means gradual decrease in the value of an asset due to normal wear…
Q: Machine X $120,000 st year $20,000 for the first 10 years and $9,000 for the next 10 years value…
A: Answer : Present value of machine X = Initial cost + Benefit from year 1 to 10 (p/a,i,n) + Benefit…
Q: What is the value of direct materials allocated to Job 1 in the determination of the total cost of…
A: Direct materials is the amount of raw materials which is used in the production and which can easily…
Q: The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given…
A: Cash Flow Statement - Direct Approach A financial statement that details a company's cash inflows…
Q: Ques Variable costs
A: Absorption costing is a method in which fixed and variable both costs are…
Q: Instruction: Record the following transactions or events: a. Receipt of notice of appropriation…
A: The process of documenting and managing all financial transactions incurred by the government,…
Q: Prepare journal entries that should be recorded as a result of each of the above contingencies.
A: Particulars Debit (Amounts in million) Credit (Amounts in million) Loss on litigation account…
Q: Required a. Select the definition that best matches each term. b. Calculate the missing amounts in…
A: Accounting equation means the relation between the assets , liabilities and owner equity. Assets…
Q: You have established your performance materiality for accounts payable and revenue; now you must…
A: Materiality is a concept used in accounting and auditing to determine the significance or importance…
Q: Problem 11-4A Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) The…
A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…
Q: The ability of any stockholder to transfer stock to another person without the knowledge or the…
A: Answer:- Stockholder:- A person or legal organization that is officially recognized by a…
Q: Chapter 24 Homework PR 24-5A Divisional performance analysis and evaluation OBJ. 4 The vice…
A: ROI :— It stands for return on investment. It is calculated by dividing operating income by average…
Q: The following balance sheet for the Los Gatos Corporation was prepared by a recently hired…
A: Preparation of Balance sheet:- LOS GATOS CORPORATION Balance sheet At December 31, 2024…
Q: Manufacturing Company incurred $55,000 of fixed product cost and $44,000 of variable product cost…
A: Gross profit component gives details of revenue earned and cost of goods sold in income statement.…
Q: Where is the current quarte adjustment for fraction of cents coming from?
A: Tax returns are defined as the documents filed by taxpayers on which the details regarding their…
Q: Exercise 19-30 (Algorithmic) (LO. 8) During the current year, Gnatcatcher, Inc., (E & P of…
A: For Brandi Long term capital gain is taxable @ 32% on Sale consideration - Cost of acquisition of…
Q: You are the associate auditor on this client. Your senior auditor tells you that for Company A, 1.5%…
A: Concept Materiality is determined by auditor at the planning stage. It is the amount that can affect…
Q: Snavely, Incorporated, manufactures and sells two products: Product E1 and Product A7. Data…
A: ABC costing, or activity-based costing, is a cost accounting method that allocates indirect costs to…
Q: Largan Co has a preterted stock outstanding with a par value of $100 and its dividend is $1 per…
A: NOMINAL RATE OF RETURN Nominal Rate of Return is the Ratio between Annual Dividend & Current…
Q: Calculate weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) Jan. 1 Jan. 2…
A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…
Step by step
Solved in 2 steps
- How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.How much is the gross income under accrual basis? A taxpayer engaged in service business provides you with the following: Description 2019 2020 Collections from services rendered-current P600,000 P800,000 Billings for revenues earned but uncollected 500,000 200,000 Collections from uncollected billings in 2019 470,000 Collections from uncollected billings in 2020 50,000 Advance collections for services not yet rendered 300,000 200,000 2019:P1,400,000; 2020: P1,200,000 2019: P1,400,000; 2020: P1,720,000 2019: P500,000; 2020: P720,000 O 2019: P800,000; 2020: P920,000Mr. Allan derived the following income in 2019: Business income Compensation income Interest income from lending to clients Interest income from bank deposits Royalty income Dividend income 200,000 300,000 100,000 20,000 100,000 50,000 What is the total income subject to regular income tax? 500,000 600,000 700,000 770,000 None of the above
- A resident citizen 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, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500A resident citizen 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, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Where is the income taxes withheld be credited? Group of answer choices Tax payable Tax credit None of the above Taxable income
- A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. A business has net income before tax of P310,000.A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: What is A's taxable income? Group of answer choices P40,000.00 P50,000.00 P90,000.00 P100,000.00
- 1. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. The percentage tax due for the quarter is 2. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. Assuming the taxpayer is VAT-registered, the VAT payable is:I. Final Income taxation is characterized by: 1. Full taxes are withheld by the income payor at source. 2. Recipient receives the income net of tax 3. Payor is the one required by law to remit the tax to government 4. Recipient need not file an income tax return 5. Tax withheld constitutes full tax due and deemed final payments EXAMPLE: Mr. C is a depositor of W bank and earns an interest income of P8,000 in a 6-month time deposit on year 2020. This interest income is subject to 20% final tax or P1,600. Requirements: Discuss final income tax using the names and amounts given. For example, In final income taxation, Mr. receives the income of P6,400 net of tax.FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. 1. What is deductible expense if the company uses OSD? 2. Using the problem above, what is the income tax payable?