ABC Corporation has the followi
Q: Enter the amount (if any) of each year's carryover utilized in 2020. Amount of Carryover Year…
A: (a) The table below shows the each year carryover utilized:
Q: nalyzing Tax Expense The following is an excerpt from Walmart’s Form 10‑K for the fiscal year ended…
A: Tax expense: An amount owing to a government agency by an individual or a commercial organization is…
Q: Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the…
A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…
Q: Tax Required information [The following information applies to the questions displayed below.] BMX…
A: Introduction: A tax is a mandatory cost and provider and another type of levy imposed on a taxpayer…
Q: ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities…
A: Value-added tax, or VAT, is a consumption tax on goods and services that is applied from the point…
Q: Required information M10-2 (Algo) Recording Sales and State Tax [LO 10-2] [The following information…
A: Assets = Liabilities + Stockholders' EquityCash 13,000+50=13,650 = Sales Tax Payable13,000*0.05=650…
Q: Sneasler Company appropriately withholds 9.75% on all of its sales transactions. During the period,…
A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…
Q: What is the ending balance in the deferred tax liability account related to these installment sales…
A: The idea previously covered is connected to the idea of deferred tax obligation, which describes…
Q: From the data: May 2 - On sale to the public Purchase price, VAT not included…
A: Value Added Tax is referred to as VAT. The value contributed to goods and services at each level of…
Q: Yang Company sold merchandise for $4,000. The event is subject to a state sales tax of 9%. Based on…
A: Given, Sale of merchandise = $4,000 Sales tax = 9% Record the sale entry as shown below:
Q: Eccentricity, Incorporated had $300,000 in 2018 taxable income. Using the tax schedule from Table…
A: Eccentricity taxable Income = $300,000 Total Income tax = 22,250 + ( 300,000 - 100,000)*39% = $…
Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent):…
A: The "cash flow from creditors" means the financial exchanges that take place between a business and…
Q: The Kimpton Corporation pays the following taxes during 2020: Federal taxes withheld from employees…
A: The deductions that reduce the person or the organization's tax liabilities by decreasing the…
Q: The following are the data extracted from the books of a retailer and registered with the National…
A: VAT is the indirect form of tax which is levied by the government on the goods and services. VAT is…
Q: Allmond Corporation, organized on January 3, 2021, had pretax accounting Income of $29 million and…
A: Journal Entry is the primary step to record the transaction in the books of accounts. The net income…
Q: Company K operates in a jurisdiction that levies an income tax with the following rate structure:…
A: Taxable Income before deduction -$69200 As income less than $75000 applicable tax rate id 7% Tax…
Q: P8-48B Goldwater Corporation experienced these five events during 2017: a. December sales totalled…
A: Current liability is the amount of obligations which is to be paid within one year from the…
Q: 41. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT…
A: Expenses like rent, professional fees, sub-contracted services are subject to withholding tax in…
Q: Il income statement items are subject to a 25% income tax rate. In its 2021 income statement,…
A: Income tax Expense = Operating income x Income tax Rate Total Income tax Expense = (Operating income…
Q: Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $25 million and…
A: Solution: Income taxes payable = Taxable income * Tax rate Income tax expense = Income tax payable -…
Q: Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $16 million and…
A: Part 1:
Q: Harper Company began operations at the beginning of 2021. The following information pertains to this…
A: There are two types of difference which occur while calculating deferred tax asset/liability. One is…
Q: Motown Memories Incorporated Statement of Operations at December 31, 2021 Net sales $ 50,000,000…
A: Part A: Current income tax expense or benefit for 2021 Income before income taxes $15,000,000…
Q: Caramel Compnay's 2023 Income Statement shpwed pretax accounting income of $2,500,000. To compute…
A: The corporation has to pay income taxes. Income tax is paid on the taxable income using the…
Q: Beckett Corporation has nexus with States A and B. Apportionable income for the year totals…
A: Taxable income is defined as income on which the government imposes the tax and it involves all the…
Q: ABC Corp., a VAT-registered taxpayer, disclose the following information: Quarter Period Gross…
A: VatVat is an abbreviation for a tax known as Vat added tax that is levied on sales and purchases and…
Q: A company prepared the following reconciliation for 2021: Pretax financial income for 2021…
A: Particulars Amount Pretax financial income for 2021 $719000 Originating temporary difference…
Q: On December 28, 2021, Tristar Communications sold 10 units of its new satellite uplink system to…
A: 1/10, n/30 means, company will given the discount of 1% if the customer will paid the amount within…
Q: Given the following facts, calculate the New Jersey state tax liability for ABC Corporation:…
A: To calculate the New Jersey state tax liability for ABC Corporation, we need to follow these…
Q: accounting income (income sta eincome (tax return) : 25% s each year include $30 million fro e…
A: Taxable income refers to the sum value of money gained by an entity on which the authorized…
Q: 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500…
A: Given that, Kip Bowmen is a owner and sole employee of KB Corporation Salary of Kip Bowmen = $1500…
Q: SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT…
A: As per US taxation law, there are certain transcations specified on which withholding taxes needs to…
Q: Instructions: Determine the company's normal, additional, and total tax.
A: The question asks us to determine the normal, additional, and total tax for XYZ Corporation. To…
Q: Given the following facts, calculate the New Jersey state tax liability for ABC Corporation: Federal…
A: The objective of the question is to calculate the New Jersey state tax liability for ABC Corporation…
Q: Oak Corporation has the following general business credit carryovers: 2016 $7,250 2017 21,750 2018…
A: FIFO is the method of valuation of inventory in which the earliest inventory hold by the…
Q: In 2021, ABC Corporation which is subject to MCIT has the following records: Sales: net of…
A: The MCIT is 2% of the gross income of the corporation at the end of the taxable year. Computation…
Q: Greenville Industries uses the accrual basis to account for all sales transactions. Sales for 2022…
A:
Q: In September 2021, Geralds Autoparts sold P1,000,000 (VAT exclusive) worth of goods to the…
A: As a rule, government or any of its political sub division, instrumentalities, or agencies,…
Q: Assume that Virginia uses an equally weighted three-factor formula. Assuming a Virginia corporate…
A: Virginia apportionment factor by using equally weighted three factor formula: = (40 + 80 + 90)/ 3 =…
Q: On December 28, 2021, Tristar Communications sold 19 units of its new satellite uplink system to…
A: Cash discount: The merchandisers offer a reduction in sales price on initial sales, to accelerate…
ABC Corporation has the following sales during the 1st quarter of 2021:
Sale to private entities subject to 12%
Php
1,000;000
Sale to private entities subject to 0%
1,000,000
Sale exempt from VAT
1,000,000
Sale to government
1,000,000
The following input taxes were passed on by ABC Corps VAT suppliers:
Input tax on taxable goods
50-000
Input tax on zero-rated sale
30,000
Input tax on sale of exempt goods
20,000
Input tax on sale to government
40,000
Input tax on
40.000
Total input tax which can be refunded is:
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 The following input taxes were passed on by ABC Corp.'s VAT suppliers: Input tax on taxable goods 50,000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods 20,000 Input tax on sale to government 40,000 Input tax on depreciable capital goods not attributable to any specific activity 40,000 Total available input tax due for the quarter is:35 ABC Corporation has the following sales during the 1st quarter of 2019: Sale to private entities subject to 12% Php 1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 The following input taxes were passed on by ABC Corp.'s VAT suppliers: Input tax on taxable goods 50,000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods…34 ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 The following input taxes were passed on by ABC Corp.'s VAT suppliers: Input tax on taxable goods 50,000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods…
- ABC Corporation has the following sales during the 1st quarter of 2021:Sale to private entities subject to 12% Php 1,000,000Sale to private entities subject to 0% 1,000,000Sale exempt from VAT 1,000,000Sale to government 1,000,000Total output tax due for the quarter is:ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 Total output tax due for the quarter is: Note: Write only the amount without comma, no peso sign and round off to the nearest peso (e.g. write 100000 only if the answer is One Hundred Thousand Pesos). If your answer is Zero, write 0 only.In 2021 XY corporation is subject to MCIT has the following records Sales: net of discounts and allowances php 9,500,000 cost of sales php 5,000,000 gain on sale of building php 150,000 allowable deductions php 4,420,000 Compute the income tax payable of XYZ Corporation P46,000 P46,500 P76,000 P95,000
- CarRoq Corporation, a domestic dorporation a retailer of goods has gross sales of P 1,400,000,000 with a cost of Sales of P560,000,000 and allowable deductions of P150,000,000.00 for the calendar year 2021, its total assets of P180,000,000 includes the P50,000,000 and the building of P 25,000,000. How much is the income tax due?1.Assuming EMERALD Corporation is engaged in exporting goods, as well as local selling of goods.EMERALD had the following data for 2021:Export Sales, net of VAT 2,000,000Local Sales, gross of VAT 1,120,000Input tax directly allocable to export sales 100,000Input tax directly allocable to local sales 40,000Input tax not allocable to any sales 30,000 Required: Determine the VAT payable, assuming input tax on zero rated sales are claim for taxrefund. 2.EMERALD Corporation has the following sales during the month:Sale to private entities subject to 12% - 100,000Sale to private entities subject to 0% - 100,000Sale of exempt goods - 100,000Sale to gov’t. subjected to 5% final VAT Withholding - 100,000Total sales for the month - 400,000The following input taxes were passed on by its VAT suppliers:Input tax on taxable goods (12%) - 5,000Input tax on zero-rated sales - 3,000Input tax on sale of exempt goods - 2,000Input tax on sale to government - 4,000Input tax on depreciable capital goodnot…Question about SC and PWD discount TAX MENA Corp., registered with BIR in 2019, has the following data for the year 2021: Gross Sales 1,000,000 PWD & SC Discounts given 100,000 Returns and allowance 150,000 Cost of Goods Sold 300,000 Salaries to personnel 250,000 *20% was given to SCs while 25% is given to PWDs Q1: How much is the total output tax? Answer: Pls include solution. Thanks.
- A retailer has a gross sales of P1,400,000 with cost of sales of P560,000 and allowable deductions of P150,000 November2021. Its total assets of P180,000 as of November 30, 2021. Corporate Tax Rate is 25%. If the company can realize 25% increase in its gross sales for December2021, what is the possible tax implication?A retailer has a gross sale of P1,400,000 with cost of sales of P560,000 and allowable deductions of P150,000 November 2021. Its total assets of P180,000 as of November 30, 2021. Corporate Tax Rate is 25%. If the company can realize 25% increase in its gross sales for December 2021, what is the possible tax implications?A. The following data were gathered pertaining to the business of person for a taxable quarter in 2018: Vat-registered Taxable sales P1,200,000 Zero-rated sales P600,000 Exempt Sales P450,000 Input tax- taxable P67,500 Input tax- zero rated P15,000 Input tax-exempt P22,500 Input tax that cannot be attributed specifically to any transaction, P30,000. Assuming all applicable input taxes are to be claimed as credits against output ta es, the VAT payable is:
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)