of P20,000,000 and operating expenses of P2,000,000, inclusive of representation expense amounting to P300,000 with proper documentation
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During the year, Blue Corporation has gross sales of P20,000,000 and operating expenses of P2,000,000, inclusive of representation expense amounting to P300,000 with proper documentation.
How much is the allowable regular itemized deductions?
A.P2,000,000
B.P1,500,000
C.P1,900,000
D.P1,700,000
Step by step
Solved in 2 steps
- Enid paid the gross payroll of P15,000. The deductions are: withholding tax, P1,000 and SSS, P500. The asset of E is decreased by: A.15,000 B. P16,500 C. P13,500 D. P14,500The annual revenue, expenses, and depreciation for a company are $130,000; 32,000; and $15,000, respectively. What is the after-tax cashflow if the effective income tax rate is 23%? O a. $75,460 O b. $63,910 O c. $19,090 O d. $78,910 O e. $60,460CarRoq Corporation, a domestic dorporation a retailer of goods has gross sales of P 1,400,000,000 with a cost of Sales of P560,000,000 and allowable deductions of P150,000,000.00 for the calendar year 2021, its total assets of P180,000,000 includes the P50,000,000 and the building of P 25,000,000. How much is the income tax due?
- 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. 37,500,000In 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 P95,000year before bonus and tax is P5,250,000. The income tax rate a bonus of 5% of the entity's earnings. The income for the Nature Company has an agreement to pay the sales manager Problem 1-29 (ACP) Nature Company has an agreement to pay the sales mana a bonus of 5% of the entity's earnings. The income for year before bonus and tax is P5,250,000. The income tax p is 30% of income after bonus. Required: Determine the bonus under each of the followin independent assumptions: 1 Bonus is a certain percent of the income before bonn and before tax. * f income after bonus h before tax. 3. Bonus is a certain percent of income after bonus and after 2. Bonus 1s a certain percent o tax. 4. Bonus is certain percent elincome.after tax but before bonus
- In the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payableThe following information applies to the operations of MK Inc. for 2022 and 2023. Assume a tax rate of 20% for both years.2022 information:Sales on account in the amount of $675,000Warranty expense and associated liability in the amount of $145,000No other expenses incurred.2023 information:Sales on account in the amount of $210,000Warranty repairs made in the amount of $69,000No expenses incurred.What is MK's income tax expense for 2022? Group of answer choices $121,200 $135,000 $106,000 $164,000Azure Company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000 Interest income on time deposit 200,000 Depreciation deducted for income tax purposes in excess of financial depreciation P100,000 Income tax rate 30% How much is the permanent difference?A. 200,000B. 100,000C. 150,000D.350,000
- A company generates $500,000 of gross income during its tax year and incurs operating expenses of $25,000. Property taxes on business assets amount to $20,000. The total depreciation deductions for the tax year equal $80,000. What is the taxable income of this firm? a. $500,000 O b. $80,000 O. $124,000 O d. $375,000 If P= $1,000 and A = $188, and i% = 12% per year, then N=?? O a. 9 years O b. 8 years Ос 7years O d. 14 yearsExco plc’s accountants have prepared the following IFRS income statement summary for the year ended 31 December 20X1: Amounts in £ Year 20X1 Total revenue 100,000 Total expenses 70,000 * Profit before tax 30,000 * includes a non-deductible expense (see below) The following information is also available: - Exco plc’s expenses include £10,000 for a penalty charge which is not tax-deductible. - The statutory tax rate on corporate profits is 20%. The current tax (expense) reported for the year ended 31 December 20X1 is: a. £3,000 b. £6,000 c. £8,000 d. £9,000 e. £13,000MN Plc's revenue as shown in its draft statement of profit or loss for the year ended 31 December 20X9 is GHS27m. This includes: (i) GHS8m for a consignment of goods sold on 31 December 20X9 on which MN Plc will incur ongoing service and support costs for two years after the sale. The cost of providing service and support is estimated at GHS800,000 per annum. MN Plc applies a 30% mark-up to all service costs. (ii) GHS4m collected on behalf of Aintree. MN Plc acts as an agent for Aintree and receives a 10% commission on all sales. At what amount should revenue be shown in the statement of profit or loss of MN Plc for the year ended 31 December 20X9? (Ignore the time value of money.) A. GHS22,920,000 B. GHS21,800,000 C. GHS20,520,000 D. GHS21,320,000
