ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 Total output tax due for the quarter is:
Q: Oak Corporation has the following general business credit carryovers: 2016 $2,750 2017 8,250 2018…
A: As per section 39, The excess credit can be carried forward to the next 20 years if the carried…
Q: CarRoq Corporation, a domestic dorporation a retailer of goods h gross sales of P 1,400,000,000 v…
A: The deduction can be taken OSD or itemized deductions. Although the amount of deduction is given so…
Q: 00 Php 120,000 March Php 1,000,000 Php 120,000 Total Php 4,000,000 Php 480,000 2nd April…
A: Computation of total creditable input tax for 1st Quarter Given in the question: All assets is…
Q: year before bonus and tax is P5,250,000. The income tax rate a bonus of 5% of the entity's earnings.…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Western Digital reported $950 million in income before income taxes for 2021, its first year of…
A: Deferred tax liability is the amount of tax to be paid in the future on the temporary taxable…
Q: GHI Company expects to earn P10,000 pre-tax profit in each of the 1ª and 2nd quarters of the year…
A: Income Tax Expenses: Tax costs are the entire amount of taxes owing to a taxation body by a person,…
Q: Oak Corporation has the following general business credit carryovers: 2016 $20,000 2017 60,000 2018…
A: The general business tax credit is the total value of all the individual credits to be applied…
Q: 15 ABC Corp. registered in 2010 made available the following financial information for TY2021:…
A: Answer: Income Statement Gross sales PHP 100,000,000 Less: Cost of Sales…
Q: DICK Corp has the following data for the year ended December 31, 2021:…
A: Government Owned and Controlled Corporation (GOCC) According to Philippines taxation rules…
Q: Xavier Corporation begins business on March 1, 2021. The corporation incurs start-up expenditures of…
A: Note: Immediate Deduction Under § 195=$5,000Any start-up costs over $50,000 is deducted from $5,000.
Q: 9. Chicken Wings Company's profit before tax for the six months to September 30, 2021, was…
A: As per IAS 34 Interim Financial Reporting, while calculating income tax expenditure, tax rate should…
Q: Prepare a monthly cash budget for the FOUR months from 1st Jan to 30 April 2021. calculations are…
A: Budget can be defined as the estimated statement being prepared at the beginning of the accounting…
Q: Fanta Ltd has paid the following PAYG tax installments for the year ended 30 June: September…
A: Pay As You Go (PAYG) Instalment is an amount of money placed in reserve to cover the tax liability…
Q: ABC Corporation has the following sales during the 1ª quarter of 2021: Sale to private entities…
A:
Q: ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities…
A: GIVEN DATA ABC Corporation has the following sales during the 1st quarter of 2021: Sale to…
Q: e Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT…
A: Minimum corporate income tax (MCIT) is only eligible for carried forward in case there is MCIT…
Q: Corp., a DC, registered in 2010 made available the following financial information for TY2021:…
A: As per the CREAT LAW Provision MCIT is 1% of Gross income that is income before any expenses In…
Q: ABC Corp., a pharmaceutical company registered in 2020 had made available the following financial…
A: CREATE LAW : The CREATE law amends internal revenue code of 1997 with follwoing amendment in tax…
Q: At the end of the year, Falabella Co. has pretax financialincome of $550,000. Included in the…
A: Calculate taxable income
Q: The Nelson Company has a taxation year end of December 31. On January 1, 2021, the UCC of Class 8…
A: Here discuss about the calculation of Capital cost allowance for purchase of class 8 Assets and its…
Q: The Dakota Corporation had a 2021 taxable income of $30,500,000 from operations after all operating…
A: Answer: taxable income $30500000 less interest charges -8300000 income after interest expense…
Q: $1,137,500 increase to deferred tax asset, $1,137,500 decrease to tax expense
A: Deferred tax refers to the difference between the amount of depreciation computed using the rate…
Q: A company prepared the following reconciliation for 2021: Pretax financial income for 2021…
A: Particulars Amount Pretax financial income for 2021 $719000 Originating temporary difference…
Q: For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a…
A: Lets understand the basics. For solving this question, we are require to use below formula. Net…
Q: Rockford Plc prepares financial statements to 31 December each year. On 1 January 2020 Rockford plc…
A: According to the given question, we need to compute the deferred tax liability for the years 2020…
Q: ABC Inc. reported P950,000 net income for the quarter ended September 30, 2020 which included the…
A: We need to adjust certain items in arriving the actual net income/profit for a particular period. We…
Q: For the calendar year 2021, ABC Corporation a retailer, has gross sales of PI.4 billion, cost of…
A: The amount of income tax due is the difference between the net income received and the amount paid…
Q: Wynn Farms reported a net operating loss of $160,000 for financial reporting and tax purposes in…
A: The question pertains to income tax benefit computation for net operating loss
Q: The profit before tax, as reported in the Statement of Profit or Loss and Other Comprehensive Income…
A: Profit before tax: The amount of a company's net earnings prior to adjustment of income taxes is…
Q: s of P150,000 November 2021. It: porate Tax Rate is 25%. If the co ecember 2021, what is the poss
A: Given In november, Gross sale =P1400000 Cost of sales=P560000 Its profit is: 1400000-560000 =840000…
Q: The trial balance for Blue Bell Company for the year ended December 31, 2019 included the following…
A: Net income: Net income can be defined as the income remaining after payment of all expenses from…
Q: In 2021 XY corporation is subject to MCIT has the following records Sales: net of discounts and…
A: Profit from business operation = Net sales - cost of sales = P9,500,000 - P5,000,000 = P4,500,000…
Q: In 2021, ABC Corporation which is subject to MCIT has the following records: Sales: net of…
A: The MCIT is 2% of the gross income of the corporation at the end of the taxable year. Computation…
Q: On July 3, 2020, Franky purchased on account specialty feeds worth P800,000 net of VAT. A wholesaler…
A: VAT means the value added tax which is levied on sale and purchase . Vat paid on purchases is booked…
Q: Wynn Farms reported a net operating loss of $225,000 for financial reporting and tax purposes in…
A: Deferred tax asset or deferred tax liability generally arises when there is a difference between…
Q: Oak Corporation holds the following general business credit carryovers: 2016 $5,000 2017 15,000 2018…
A: The general business credit carryover refers to the non-refundable credit amount which is restricted…
Q: ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities…
A: GIVEN ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private…
Q: 9. Black Co., organized on January 2, 20x0, had pretax financial statement income c P500,000 and…
A: Solution Given Income as per books 500000 Income as per tax 800000 Temporary…
Q: ABC Corporation has the following sales during the 1st quarter of 2019: Sale to private entities…
A: Input tax refers to the central tax (CGST), state tax (SGST), integrated tax (IGST), or union…
Q: Antignolo Enterprises, Inc. (a corporation) reported the following information for 2020. Don't…
A: Net income is calculated by deducting the operating expenses from operating revenues of the company.
Q: January 2, 2020, Maelet Co. purchased a fran ten years for P600.000. An additional franchise f…
A: Solution: Balancing Value= 600,000 (Note that franchise fee will not be capitalized) Useful life =…
Q: . In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021…
A: Solution: Property taxes are paid for whole year in Jan'21, however its benefits will be available…
Q: A retailer has a gross sales of P1,400,000 with cost of sales of P560,000 and allowable deductions…
A: Tax is paid by the taxpayer on the taxable income. A taxpayer is the individual who has earned an…
Q: In 2021, Eric Corporation reported P90,000 net income before income taxes. The income tax rate for…
A: Solution: Current Tax = (90000-60000) * 30% = 30000*30% = 9000 DTA reversed = 60000*35% = 21000
Q: A domestic corporation in its 8th year of operations as of January MSME under CREATE law, has the…
A: In the context of the given question, we are required to income tax payable for the year 2021 and…
Q: ABC Corporation has the followi
A:
Q: ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities…
A: The central tax (CGST), state tax (SGST), integrated tax (IGST), or union territory tax (UTGST)…
Q: Operating income and tax rates for C.J. Company’s first three years of operations were as follows:…
A: A deferred tax adjustment is prevalent where there is a temporary difference in the book value and…
Q: ABC Corporation is a domestic corporation engaged in land transport business. It had the following…
A: Since no rate is mentioned in the question. Taking VAT Rate of Philippines = 12% Particulars…
ABC Corporation has the following sales during the 1st quarter of 2021:
Sale to private entities subject to 12% Php 1,000,000
Sale to private entities subject to 0% 1,000,000
Sale exempt from VAT 1,000,000
Sale to government 1,000,000
Total output tax due for the quarter is:
Step by step
Solved in 2 steps
- ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 The following input taxes were passed on by ABC Corp.'s VAT suppliers: Input tax on taxable goods 50,000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods 20,000 Input tax on sale to government 40,000 Input tax on depreciable capital goods not attributable to any specific activity 40,000 Total available input tax due for the quarter is:32 ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 Total output tax due for the quarter is:_________ Note: Write only the amount without comma, no peso sign and round off to the nearest peso (e.g. write 100000 only if the answer is One Hundred Thousand Pesos). If your answer is Zero, write 0 only.ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000;000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 The following input taxes were passed on by ABC Corps VAT suppliers: Input tax on taxable goods 50-000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods 20,000 Input tax on sale to government 40,000 Input tax on depreciable capital goods not attributable to any specific activity 40.000 Total input tax which can be refunded is:
- ABC Corporation has the following sales during the 1ª quarter of 2021: Sale to private entities subject to 12% Php1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1.000.000 Sale to government 1,000.000 The following input taxes were passed on by ABC Corps VAT suppliers: Input tax on taxable goods 50.000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods 20,000 Input tax on sale to government 40,000 Input tax on depreciable capital goods not attributable to any specific activity 40,000 Total available input tax due for the quarter is:CarRoq 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?In 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 P95,000
- 34 ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 The following input taxes were passed on by ABC Corp.'s VAT suppliers: Input tax on taxable goods 50,000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods…On June 30, 2021, Casio Sony Company sold a property carried in inventory at a cost of P1,894,200 for P2,800,000. A 20% down payment was made and the balance payable in 8 equal installments of P280,000, payable quarterly starting September 30 and December 31, 2021. The market rate of interest is 12%.Required:How much is the total realized gross profit in 2021?35 ABC Corporation has the following sales during the 1st quarter of 2019: Sale to private entities subject to 12% Php 1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 The following input taxes were passed on by ABC Corp.'s VAT suppliers: Input tax on taxable goods 50,000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods…
- A retailer has a gross sale of P1,400,000 with cost of sales of P560,000 and allowable deductions of P150,000 November 2021. Its total assets of P180,000 as of November 30, 2021. Corporate Tax Rate is 25%. If the company can realize 25% increase in its gross sales for December 2021, what is the possible tax implications?Oak Corporation holds the following general business credit carryovers: 2016 $5,000 2017 15,000 2018 6,000 2019 19,000 Total carryovers $45,000 The Oak's general business credit generated by 2020 activities equals $36,000 and the total credit allowed during the current year is $60,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2020. Amount of Carryover Year Utilized 2016 2017 2018 2019 2020 b. What is the amount of any unused credits carried forward to 2021? %24A retailer has a gross sales of P1,400,000 with cost of sales of P560,000 and allowable deductions of P150,000 November2021. Its total assets of P180,000 as of November 30, 2021. Corporate Tax Rate is 25%. If the company can realize 25% increase in its gross sales for December2021, what is the possible tax implication?
