5. Cartridge Company owns a fleet of motor vehicles. In 2018, one of thecars which was acquired at a cost of P800,000 was allowed to be used bythe general manager. During the year, its book value amount toP775,000. How much will be the fringe benefit tax due thereon?P 86,15443,07710,433 ·37,647С.ad.b.6. Suppose Cartridge Company is just leasing the car that is being used forpersonal purposes and is paying a monthly rental of P10,000. The fringebenefit tax is -P. 2,6922,353С.d.5,3852,576a.b.S Scanned with CamScanner

Companies provides various types of benefits to its employees apart from the normal compensation…

Answered: 5. Cartridge Company owns a fleet of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Craig’s Cars, a car dealership founded in 2020, had taxable income and net operating losses as follows (before any NOL deduction): Tax Year Taxable Income/(NOL) 2020 $90,000 2021 ($50,000) 2022 $60,000 2023 $55,000 What is the amount of Craig’s Cars 2022 NOL deduction? Enter as a positive number. Hint: make sure not to confuse the NCL (net capital loss) carryover rules with the NOL (net operating loss) carryover rules. answer is not 12,000
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Subject - account Please help me. Thankyou.
10. MHD LLC a trading company dealing in fast moving consumer goods. Their trading results for the year ending 31st Dec, 2019 shows profit.of RO45750. for Accannt The following additional information is also given: The company owned a building cost RO90000. Company charged depreciation on building dihawind d at 9% per annum while in Oman tax law it is prescribed @ 4%. Company purchased a land for business purposes costing RO30000. The accountant nan cdecd ci charged depreciation on land at 10% per annum. The company made a donation on the occasion of Ramadan festival worth of RO4500 which was charged on the income statement. The gross income of the company amounts RO52650 before correcting the inventory valuation. The ledger book overvalued the opening inventory by RO1350 and undervalued closing inventory by RO1250 Company purchased computers to make all billing and administrative work computerized for RO3000 and accountant has expensed this cost. Company also offering…
A new piece of equipment costs $500,000, and depreciated according to the 5 year MACRS schedule. Assume the equipment makes you earn 350,000 a year more, and increases the operating expenses by $100,000 annually. Assume a federal applicable tax rate of 32%. For year 2, calculate: (a) before tax cash flow (BTCF) (b) taxable income (c) taxes due (d) after tax cash flow (ATCF)
A resident corporation has the following data on income and expenses in 2018: Gross sales ₱ 935,000 Sales returns and allowances 25,000 Sales discounts 10,000 Interest income on trade notes receivable 15,000 Cost of sales 400,000 Operating expenses with receipts 215,000 Operating expenses without receipts 200,000 How much is the taxable income using itemized deduction? a. ₱100,000 b. ₱300,000 c. ₱309,000 d. ₱349,000 ANSWER:
A business purchases a capital asset for $289,000. The asset will be placed in a 20% CCA asset class and qualify for the Accelerated Investment Incentive. The business has a 35% marginal income tax rate. What is the CCA tax shield (e.g. reduction in taxes) for the third year as a result of owning this asset? a. $11,006 b. $11,455 c. $11,329 d. $11,218 e. $10,924
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Vhembe Limited manufactures and sells lawnmowers online to the public. The company produced a profit before tax of R3 800 000 for the year ended 28 February 2021. Included in the profit before tax are the following items: * Dividend income of R200 000 which is exempt from income tax* Donations of R100 000 which is non-deductible The income tax rate for the financial year is 30% and there was no temporary difference observed. Required:Calculate current income tax for the year ended 28 February 2021.
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A Florida seller sold his property for $55,000, with the closing date set for may 18. the property is assessed for$50,400, with country taxes at rate of 18 mills and city taxes at 12 mills. Based upon 12 equal months of 30 days each, and the day of closing belonging to the seller, how much of the combined taxes will be credited to the buyer? A. 554.40 B. 579.60 C.453.60 D. 705.60
Flip's Pizzeria Inc. has the following financial items for the current year: Adjusted Taxable Income before Interest $43,400,000 Business Interest Income $550,000 Interest Expense $16,100,000 How much interest expense can Flip deduct in the current year? A В C D E 1 2 Interest Expense Deduction = 4 7 8 9. 10 3. 6.

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