A taxpayer engaged in service business provides you with the following: Description 2019 2020 Collections from services rendered-current P600,000 P800,000 Billings for revenues earned but uncollected 500,000 200,000 Collections from uncollected billings in 2019 470,000 Collections from uncollected billings in 2020 50,000 Advance collections for services not yet rendered 300,000 200,000

A taxpayer engaged in service business provides you with the following: Description 2019 2020 Collections from services rendered-current P600,000 P800,000 Billings for revenues earned but uncollected 500,000 200,000 Collections from uncollected billings in 2019 470,000 Collections from uncollected billings in 2020 50,000 Advance collections for services not yet rendered 300,000 200,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 16CE

See similar textbooks

Similar questions

Required: Complete solution and explanation.
Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000B. 9,000,000C. 11,000,000D. 12,000,000
A corporate Taxpayer reported the ff net income and loss from the business: 2017 2018 2019 2020 Gross income 500,000 600,000 700,000 800,000 Deductions 800,000 500,000 550,000 700,000 Net income (NOLCO) ? Required: Compute the taxable income from 2018-2020
How much is the regular itemized deductions from gross income? a. Zero b. 400,000 c. 480,000 d. 580,000
How much is the total gross income? a. 1,320,000 b. 1,400,000 c. 1,470,000 d. 1,550,000
How much is the OSD (assuming taxpayer opted to use OSD)? a. 1,240,000 b. 1,280,000 c. 1,288,000 d. 1,320,000
A taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet:Asset – Php 500,000Liability – Php 100,000Stockholders' Equity – Php 400,000 Income Statement:Gross sales – Php 10,000,000Cost of sales – Php 3,000,000Operating Expenses – Php 1,000,000 How much is the income tax due under CREATE Law if? the taxpayer is a domestic corporationa. 1,200,000b. 70,000c. 1,800,000d. 1,500,000
IpQLSemRocZTySC10mxn3WNrCDDNEqZOcNLOvBFeteSg98lhAYbXw/formResponse . Taxpayer incurred the following for the taxable period: Supplies purchased P80,000 Supplies used 20,000 Unpaid salaries 50.000 Amortization of interest expense 10,000 Under cash basis, how much is the total deductible expense? O P20,000 O P30,000 O P80,000 P90,000 2points 16.2021 Mr. Pacifico obtained a 4-year business loan from a
How much is the net taxable income using itemized deductions? a. 1,070,000 b. 1,550,000 c. 1,550,000 d. 2,000,000
GIVEN: Taxpayer is a PEZA-registered enterprise • Taxable year is 2021 • Financial data Related Unrelated Activities Activities Gross Income Expenses Net P45,000,000 P15,000,000 20,000,000 25,000,000 6,000,000 9,000,000 COMPUTE: Tax on the income O A. P1,700,000 В. Р2,250,000 О С. Р3,000,000 O D. P4,500,000 ООО
Compute the income tax due in 2021. A. 50,000B. 800,000C. 290,000D. 400,000
Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2019 tax year. ______ a. Welfare payments ______ b. Commissions ______ c. Hobby income ______d. Scholarships for room and board ______ e. $ 300 set of golf clubs, an employee award for length of service ______ f. Severance pay ______ g. Ordinary dividend of $ 50 ______ h. Accident insurance proceeds received for personal bodily injury ______ i. Inheritances ______ j. Gifts ______ k. Tips and gratuities