ABC Inc., a calendar year retailer that sold ice skates, had the following amounts at December 31, 2020: Net Sales $938,500 COGS 475,300 Operating 123,700 Expenses Other Income and (expense) 10,200 Other Comprehensive Loss (4,400) Current taxes 20,800 payable Net Income 221,900 What was ABC's provision for income taxes? $107,800 $117,600 $127,800 $123,400

. Presented below is the 2019 income statement for Billie's Baubles. The tax rate was 35% in 2019. Income statement for the period ended 12/31/19 Sales Less: Cost of goods sold Less: Depreciation Gross profit Less: S, G & A expenses Operating profit Less: Interest expense Profit before tax Less: Tax expense Net income $400 100 50 250 100 150 $31.05 $61.95 $87.95 $92.50 7 143 40 $103 Assume that the change in capital expenditures for 2019 was $30 and the change in net working capital was $25. What was Billie's Baubles' Free Cash Flow (FCF) for 2019?

Company is subject to an income tax rate of 30%. It has the provided the following data on December 31, 2021: Income Statement Items for 2021:                 Net sales P3,600,000                                Cost of goods sold 1,100,000 Operating expenses including depreciation 840,000Depreciation expense 60,000Interest expense 100,000Income tax expense ?   Other information for 2021: Payment of bank loan 300,000 Dividends paid to stockholders P250,000   Balance Sheet Items: December 31, 2021                                                          December 31, 2020Cash and cash equivalents 2,000,000                         P1,750,000Accounts receivable 670,000                                          410,000Inventory 430,000                                                             220,000Supplies 18,000                                                                  12,000Accounts payable 520,000                                               380,000Accrued liabilities 72,000…

What is the amount subject to business tax? 2 points Jackpruit, a seller of goods, had the following transactions in January 2020: 200,000 300,000 40,000 20,000 Cash sales P Credit/Installment sales (40% collected) Sales returns and allowances Freight-out charged to customers O PO P460,000 P480,000 P500,000

Al Mamari Automobile Spare Parts LLC has provided following Income Statement for the year ending 31st Mar 2021: Particulars Amount Sales Less: Cost of Goods Sold 80,000 -50,000 Gross Profit Less: Operating Expenses 30,000 -15,000 Operating Profits (EBIT) Less: Financial Charges (Interest Paid) 15,000 -3,000 Profit Before Tax Less: Taxes 12,000 -1,800 Profit After Tax (Net Profit for the Year) 10,200 Calculate Operating Profit Ratio and Net Profit Ratio from the above Income Statement

The following is the income statement belongs to Shining Star LLC for the year 31 December 2019: Shining Star LLC Income Statement for the year ending 31 December 2019 Net Sales OMR 25000 Cost of Goods Sold 7000 Gross Profit 18000 Operating Expenses 8000 Operating 10000 Income Other Income: Interest Income 4000 Net Income OMR 14000 If the company must pay an income tax expense on its profit and the tax rate is 30%, determine the Net income after-tax Select one: O a. OMR 10000 O b. OMR 9800 C. OMR 18200 O d. OMR 4200

Heddi Corporation, a VAT registered dealer of appliances, has the following data for the first quarter of 2023:Sales, total invoice value, P6,921,600Purchases, net of input taxes, P5,500,000Sales returns (based on total invoice value), P224,000Purchases returns, gross of taxes, P336,000Deferred input taxes (carried over from the third quarter of the current year), P9,500How much is the value-added tax still due for the last quarter of the current year using the 12% VAT rate?

Venus corp has the following income statement for the year 2020 Gross sales Sales return Sales Discount Net sales COS Salaries Depreciations expense Utilities Commissions Insurance expense Rent expense Interest expense Net income before tax Tax 25% Net income after tax Required: Compute for the time interest earned 2020 $4,750,000.00 P16,000.00 P7,000.00 $4,727,000.00 #2,299,000.00 $400,000.00 P90,000.00 P45,000.00 P50,000.00 P15,000.00 P30,000.00 $25,000.00

Everybody’s Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate tax rate of 21 percent for your calculations.)   Everybody’s Fitness Income Statement for 2021(in millions of dollars)       Net sales (all credit) $ 1,385   Less: Cost of goods sold   540   Gross profits $ 845   Less: Other operating expenses   315   EBITDA $ 530   Less: Depreciation and amortization   152   EBIT $ 378   Less: Interest   175   EBT $ 203   Less: Taxes       Net income $     Determine the firm’s 2021 tax liability. Tax Liability = ________ Determine the firm’s 2021 net income. Net Income = ________ Determine the firm’s 2021 average tax rate. (Round your answer to 2 decimal places.) Average Tax Rate = __________% Determine the firm’s 2021 marginal tax rate. Marginal Tax Rate = __________%

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?