(a) Some people argue that APS is just a way for the government to pocket the revenue as soon as possible. Explain what is APS and what is its importance. (b) Company C has a year-end of 31 Dec. For the year ended 31 Dec 2020, it had a net profit of USD 8,000,000. While the chargeable income for USD 5,000,000.00 During the year 2020, the company file the following APS Details 1st quarter 2nd quarter 3rd quarter Amount (USD) 250,000.00 250,000.00 250,000.00 750,000.00 The net profit for the year 31 Dec 2019 is USD 20,000,000.00 and the chargeable income is USD 6,666,666.67 REQUIRED Calculate the total amount payable under the corporate tax for the year ended 31 Dec 2019. P

(a) Some people argue that APS is just a way for the government to pocket the revenue as soon as possible. Explain what is APS and what is its importance. (b) Company C has a year-end of 31 Dec. For the year ended 31 Dec 2020, it had a net profit of USD 8,000,000. While the chargeable income for USD 5,000,000.00 During the year 2020, the company file the following APS Details 1st quarter 2nd quarter 3rd quarter Amount (USD) 250,000.00 250,000.00 250,000.00 750,000.00 The net profit for the year 31 Dec 2019 is USD 20,000,000.00 and the chargeable income is USD 6,666,666.67 REQUIRED Calculate the total amount payable under the corporate tax for the year ended 31 Dec 2019. P

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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During August, 2020, Sheffield’s Supply Store generated net sales of $60100. The company’s expenses were as follows: cost of goods sold of $35000 and operating expenses of $4500. The company also had rent revenue of $1000 and a loss on the sale of a delivery truck of $1700. Sheffield’s operating income for the month of August 2020 is $20600.$21600.$19900.$25100.
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