CarRoq Corporation, a domestic dorporation a retailer of goods h gross sales of P 1,400,000,000 v cost of Sales of P560,000,000 a allowable deductions of P150,000,000.00 for the calend year 2021, its total assets of P180,000,000 includes the P50,000,000 and the building of 25,000,000. How much is the income tax due?
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- An entity reported revenue of P50,000,000, excluding intersegment sales of P10,000,000, expenses of P47,000,000 and net income of P3,000,000 for the current year. Expenses included payroll costs of P15,000,000. The combined asset of all segment totaled P45,000,000 1. What is the minimum amount of sales to a major customer? a. 5,000,000 b. 4,000,000 c. 4,500,000 d. 6,000,000 2. What is the minimum amount of external revenue to be disclosed by reportable segments? a. 30,000,000 b. 45,000,000 c. 33,750,000 d. 37,500,000Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of? A. P97,000 B. P117,000 C. P115,000 D. P20,000The income statement of Mid-South Logistics includes $12 million for amortized prior service cost. Does MidSouth Logistics prepare its financial statements according to U.S. GAAP or IFRS? Explain
- Presented below are the year-end balance of the assets and liabilitiespertaining to Starlight Merchandising 2020 2019Cash P150,000 P120,000Equity investment at FVPL 260,000 230,000AR, net 360,000 400,000Inventories 705,000 635,000Prepaid Expenses 130,000 128,000Accounts payable 182,000 136,000Other current liabilities 141,000 125,000Bonds Payable 200,000 200,000Additional investment made by the owner during 2020 was P150,000 but a P200,000 personal liability was paid out of company's funds. What is the company's profit or loss for the year ended December 31, 2020? 30,000 800,000 Answer not given 140,000 700,000The summarized revenues and expenses information for Canadian Travel Inc. for the year 2018 states:1cost of goods sold CAD180,000, sales revenue CAD400,000, other (non-operating) revenues and gainsCAD30,000, sales general and administration expenses of CAD100,000. Net interest income is (+)CAD10,000 and the corporate income tax rate is 26,50%: Prepare the Income (i.e. Pro t & Loss) Statement of Holiday Inc., showing Gross Pro t, OperatingPro t, Other gains/(losses), Earnings before Interest and Tax (EBIT), Pro t before Tax and NetIncome i.e. Net Pro t. Point out and explain which of all these revenue and expense items may imply/include non-cashtransactions or accounting records. If the ending balance in Retained Earnings on Canadian Travel Inc.s 31. Dec 2017 balance sheetwas $1,000,000 and a cash dividend of $10,000 was paid in 2018, using the above information showthe balance sheet entries of Retained Earnings as of 31. Dec 2018.In addition to the above, assume that Canadian…11. LIBERTAD CO., is a VAT registered trader of construction supplies, had the following data for the 4th quarter of 2021 and 1st quarter of 2022: Gross sales to export oriented enterprise Gross sales to government (gross of final withholding tax) Gross sales to other customers Total VAT purchase of goods other than capital goods Total VAT purchase of services 4th Qtr 2021 PO 1st Qtr 2022 P5, 000 000 5, 000, 000 30,000,000 25, 000, 000 5, 000, 000 5,000,000 25, 000, 000 20, 000, 000 5, 000, 000 For the first quarter of 2021, the Company has filed a tax refund on its input VAT attributable to zero-rated sales. No payments have been made for the monthly VAT returns filed. How much is the VAT payable for the 4th quarter of 2021? a. P500,000 b. P750,000 c. P600,000 d. P350,000
- In 2018, the total costs of operations (excluding income tax) amounted to P1,680,000. Included in this amount is depreciation which is 20% of the total costs of operation. Income taxes are 50%. What must net sales be if the return on sales after tax is to be 8%? O P2.000,000 O P3,000,000 O P2.250,00O O P1.800,000During 2020, Sheridan Co. generated revenues of $ 98000. The company's expenses were as follows: cost of goods sold of $ 46000, operating expenses of $ 22000 and a loss on the sale of equipment of $ 2500. Sheridan's net income is O $27500. O $ 30000. O $ 98000. O $46000.Jannah Company has sales of P1,000,000, cost of goods sold of P700,000, depreciation expenses of P250,000 and interest expenses of P55,000. If Jannah's tax rate is 34% and the income statement is complete, what is Jannah's operating cash flow? A. P246,700 B. P283,000 C. P33,000 D. P300,000
- Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of?Jannah Company has sales of P1,000,000, cost of goods sold ofP700,000, depreciation expenses of P250,000 and interest expenses ofP55,000. If Jannah’s tax rate is 34% and the income statement iscomplete, what is Jannah's operating cash flow? A. P283,000B. P246,700C. P33,000D. P300,000Yellow Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Yellow Company would report total comprehensive income before tax of?