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Carol corp is a domestic corporation
| taxable period:2021 | |
| Gross sales | php 2,500,000 |
| other operating income | 200,000 |
| non-operating income | 100,000 |
| cost of sales | 1,000,000 |
| operating expenses | 5,00,000 |
| non operating expenses | 50,000 |
Compute for the 2021 NET TAXABLE INCOME using OSD .show computation
- 1,020,000
- 1,030,000
- 1,080,000
- 1.120,000
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- FACTS / DATA / GIVEN: . Тахрауer: Taxable period: Domestic Corporation 2021 Description Gross sales Other operating income Non-operating income Cost of sales Operating expenses Non-operating expenses Amount P2,500,000 200,000 100,000 1,000,000 500,000 50.000 COMPUTE: 2021 net taxable income using ITEMIZED deductions A. 1,150,000 B. 1,200,000 О С. 1,250,000 D. 1,300,000Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s…35. A domestic corporation has the following income and expenses for 2021 taxable year: Gross sales P20,000,000 Cost of sales 10,000,000 3,800,000 48,0000,000 Operating expenses Assets How much is the income tax due? a. P1,240,000 b. P1,550,000 36. ABC Corporation, a domestic corporation has the following income and expenses for 2021 taxable year: Gross sales Cost of sales Operating expenses c. P1,860,000 d. P3,000,000 How much is the income tax due? a. P600,000 b. P700,000 P20,000,000 10,000,000 6,500,000 c. P800,000 d. P875,000
- Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on…Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on which Sub made…Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and expenses for 2021 Gross Revenue $900,000 Dividend Received from 30% owned Corp 200,000 LTCG 30,000 STCL 12000 City of Lee's Summit Bond Interest 10000 COGS 375000 Administrative Expenses 325000 Charitable Contribution 60,000 Compute Hansen's C Corp Taxable income? a. 246,200 b. 276200 c. 275000
- Red Velvet Corporation, a domestic corporation has the following data. 2021 2022 Gross Income 3,500,000.00 2,400,000.00 Taxable Income 125,000.00 500,000.00 The income tax payable for 2021 is 31,250 40,000 35,000 37,500The following data are available for X Corp, a Domestic Corporation, with Total Assets of P40 million, in Q1 and Q2 of CY 2022: Quarter 1 resulted to income tax due of P20,000 (RCIT is higher under/using OSD, as signified by the corporation in its ITR for the first quarter of CY 2022). Quarter 2 shows cumulative gross income of P2,000,000 and cumulative taxable net income of 50,000 under itemized deductions. In CY 2021, total tax credits are P100,000 compared to income tax due of P90,000. What is the income tax payable in Quarter 2?A domestic corporation had the following cumulative data in a year: 1st Qtr 2nd Qtr 3rd Qtr Year Gross Income P400,000 P800,000 1,000,000 P1,200,000 Expenses and Losses 200,000 420,000 600,000 720,000 REQUIRED: Compute for the Taxable Income if: The corporation chose the itemized deductions in the return for the first quarter? The corporation did not file a return for the 1st quarter? The corporation chose the Optional Standard Deduction for the first quarter?
- 1. BATO Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a domestic corporation with company assets amounting to more than P100M. Group of answer choices P837,500.00 P800,000.00 P492,500.00 P3,350,000.00 2. LENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00 3. YORMS Corp has the following data for the year ended December 31, 2021:…2. The following are the composition of the total gross income of a domestic corporation which is subject to MCIT in 2021: Sales (net of discouns and allowances) is 4,000,000; cost of sales is 2,400,000; dividend income is 100,000; royalty income is 250,000; and gain on sale of building is 150,000. What is the minimun corporate income tax? P35,000 P17,500 P16,000 P32,000GIVEN: Тахрауer: Tax period: Domestic corporation 2021 IN (Phils) P5,550,000 2,100,000 550,000 200,000 OUT (Abroad) 8,000,000 3,000,000 Description Business gross income Business expenses Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income 5,000,000 9,250,000 6,500,000 COMPUTE: Taxable income subject to REGULAR income A. 8,450,000 В. 13,450,000 C. 22,700,000 D. 29,200,000