A private educational institution has presented the following data for the 2020 taxable year: Gross income, related activities P5,000,000 Gross income, unrelated activities 5,000,000 (except rental income) Rental income from commercial spaces 2,000,000 (gross of 5% WT) Expenses, related activities 2,000,000 Expenses, unrelated activities 3,000,000 Dividend income from a domestic 100,000 corporation Quarterly income tax paid for the fırst 3 400,000 quarters Determine the correct amount of income tax payable.

A private educational institution has presented the following data for the 2020 taxable year: Gross income, related activities P5,000,000 Gross income, unrelated activities 5,000,000 (except rental income) Rental income from commercial spaces 2,000,000 (gross of 5% WT) Expenses, related activities 2,000,000 Expenses, unrelated activities 3,000,000 Dividend income from a domestic 100,000 corporation Quarterly income tax paid for the fırst 3 400,000 quarters Determine the correct amount of income tax payable.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 9P: Interperiod Tax Allocation Peterson Company has computed its pretax financial income to be 66,000 in...

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ABC Institute has the following selected information for the taxable year 2021: Tuition fees (actually, directly, exclusively used for educational P20,000,000 purposes) Miscellaneous fees (actually, directly, exclusively used for 5,800,000 educational purposes) Operating expenses related to school fees (excluding depreciation 18,500,000 on the additional school building) Rental income (net of CWT) 7,125,000 Operating expenses related to rental income 2,250,000 Interest from bank deposits 100,000 Interest income from FCDS deposits 80,000 Dividend income from a domestic corporation 65,000 Dividend income from a foreign corporation (within) 50,000 Quarterly income tax payments 80,000 Additional school building was built and finished on April 1, 2021 at a cost of P4,000,000 with a depreciable life of 25 years. Only if applicable, assume the educational institution opted to claim the cost of construction as an outright expense. The company' asset excluding land amounted to P108,000,000. How…
ABC Institute has the following selected information for the taxable year 2021: Tuition fees (actually, directly, exclusively used for educational P20,000,000 purposes) Miscellaneous fees (actually, directly, exclusively used for 5,800,000 educational purposes) Operating expenses related to school fees (excluding depreciation 18,500,000 on the additional school building) Rental income (net of CWT) 7,125,000 Operating expenses related to rental income 2,250,000 Interest from bank deposits 100,000 Interest income from FCDS deposits 80,000 Dividend income from a domestic corporation 65,000 Dividend income from a foreign corporation (within) 50,000 Quarterly income tax payments 80,000 Additional school building was built and finished on April 1, 2021 at a cost of P4,000,000 with a depreciable life of 25 years. Only if applicable, assume the educational institution opted to claim the cost of construction as an outright expense. The company' asset excluding land amounted to P108,000,000. How…
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Required Information The following Information applies to the questions displayed below.) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 $1,024 844 Revenues Еxpenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% $ 932 788 $ 144 $ 112 S 180 24 214 a. Expenses each year include $50 million from a two-year casualty insurance policy purchased in 2021 for $100 million. The cost is tax deductible in 2021. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. C. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $51 million and $67 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $45 million ($30 million collected in 2020 but not recognized as revenue until 2021) and $51 million, respectively. Hint View this as two temporary differences-one reversing in 2021; one…
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Hi, Could you please help me fill in the missing values labeled a through i. Thank you
FACTS / DATA / GIVEN: . Тахрауer: • Taxable period: Receipts/earnings/balances during the period: Resident citizen 2nd quarter Description Collections for services rendered in 2nd Amount P50,000 quarter Collections for services rendered in 1st 20,000 quarter Collections for services to be rendered in the 3rd quarter Uncollected billings-1st quarter Uncollected billings-2nd quarter 30,000 10,000 15,000 COMPUTE: Taxable income in the 2nd quarter using CASH basis A. 50,000 В. 60,000 О С. 80,000 D. 100,000
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