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- Kamulinda Company Limited (KCL) has provided the following financial information that relates to the year ended 31 December 2020: Statement of profit or loss Sales revenue Cost of sales Gross profit Administrative costs Distribution costs Operating profit Interest received Interest paid Profit before tax Taxation Profit after tax Shs '000' Assets: Non-current assets Accumulated depreciation Netbook value Investments Current assets: Inventory 250,400 (87,900) 162,500 (35,000) (50,000) 77,500 45,000 Shs '000' (25,000) 97,500 (20,000) 77,500 Statement of position as at 31 December: 2020 2019 Shs '000' Shs '000' 459,000 246,000 (125,000) (89,000) 334,000 157,000 76,000 156,000 100,000 Find current assets continued- Accounts receivable Cash at hand Cash at bank Total assets Equity and liabilities: Share capital Share premium Retained earnings Revaluation Non-current liabilities: Long term loan Current liabilities: Accounts payable Interest payable Tax Bank overdraft 24,450 65,000 655,450…A 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 P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000A 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 P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% 1. How much is the taxable income?A. 950,000B. 750,000C. 850,000D. 700,0002. How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000Thank you.
- Lee Min Jae Company reported net income of P7,410,000 for the current year. The following items are included in the net income: Unrealized gain on foreign translation 540,000 Gain on early retirement of bonds payable 2,200,000 Adjustment of profit of prior year for error in depreciation (net of tax) 750,000 Loss on fire (1,400,000) What amount should be reported as adjusted net income? B. P6,500,000 A. P6,120,000 C. P8,160,000 D. P8,700,000Gina Company reported income before tax of P3,500,000 for 2020 which included the following amounts: Equity in earnings of Perly Company - 40% 1,200,000 interest Dividend received from Perly Company 250,000 Adjustment of profit of prior year for artithmetical (1,500,000) error in depreciation Gain on sale of equity investment at FVOCI 500,000 Required: What amount should be reported as income before tax?Prepare the bottom portion of Sheridan's 2021 income statement, beginning with "Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheridan Corporation Income Statement (Partial) For the Year Ended December 31, 2021 icome from Continuing Operations before Income Taxes 1164000 ncome Tax Expense Current Deferred 189000 ncome from Continuing Operations Gain on Discontinued Operations 195000 Less -39000 156000 let Income / (Loss) %24 %24 > >
- Prepare the bottom portion of Sheridan's 2021 income statement, beginning with “Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheridan Corporation Income Statement (Partial) For the Year Ended December 31, 2021 ncome from Continuing Operations before Income Taxes 1164000 ncome Tax Expense Current $ Deferred 189000 ncome from Continuing Operations Gain on Discontinued Operations 195000 Less v: -39000 i 156000 let Income / (Loss) $ %24 %24 > >A company reported in the income statement for the current year 900,000 income before provision for income tax. Please consider the following information: Rent income received in advance 150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation 100,000Income tax rate 30% What amount should be reported as current provision for income tax or current tax expense for the current year?A. 225,000B. 270,000C. 230,000D. 220,000For its fiscal year ending October 31, 2022, Pina Colada Corp. reports the following partial data shown below. Income before income taxes Income tax expense (20% x $382,200) Income from continuing operations Loss on discontinued operations Net income $491,400 76,440 414,960 109,200 $305,760 The loss on discontinued operations was comprised of a $45,500 loss from operations and a $63,700 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes. PINA COLADA CORP. Partial Statement of Comprehensive Income V V V >
- York Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax Dividends declared 22) $ 645,000 480,000 1,500,000 3,000,000 Net income Retained earnings, 1/1/21, as reported York should report retained earnings, 12/31/21, as adjusted at? Jersey Company reported the following information for 2021: 1,530,000 1,050,000 165,000 23) Sales revenue 2$ Cost of goods sold Operating expenses Unrealized holding gain on available for-sale securities 120,000 6,000 Cash dividends received on the securities For 2021, Jersey would report other comprehensive income of? For the year ended December 31, 2021, Colorado Inc. reported the following: 24 24) 120,000 20,000 4,000 2,000 160,000 80,000 Net income Preferred dividends declared Common stock dividend declared Unrealized holding loss, net of tax Retained earnings, beginning balance Common stock Accumulated Other Comprehensive Income, Beginning Balance 10,000 What would Colorado…For its fiscal year ending October 31, 2022, Swifty Corporation reports the following partial data. Income before income taxes Income tax expense (34% x $398,000) Income from continuing operations Loss on discontinued operations Net income $530,000 (a) 135,320 394,680 132,000 $262,680 The loss on discontinued operations was comprised of a $60,000 loss from operations and a $72,000 loss from disposal. The income tax rate is 34% on all items. Prepare a correct partial income statement, beginning with income before income taxes. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) SWIFTY CORPORATION Partial Income Statement SA +ACurrent Attempt in Progress For its fiscal year ending October 31, 2022, Martinez Corp, reports the following partial data shown below. Income before income taxes Income tax expense (20% × $369,600) Income from continuing operations Loss on discontinued operations Net income $475,200 73,920 401.280 105.600 $295,680 The loss on discontinued operations was comprised of a $44,000 loss from operations and a $61.600 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.
