CAN I HAVE SOME HELP WITH THIS PRACTICE QUESITON? Problem 22Charitable Contributions.An accrual basis corporation reports the following income and expenses for 2019.Gross sales and receiptsReturns and allowancesCost of goods soldInterest receivedRent expenseWage expenseCharitable contributionsOther operating expensesDepreciation expenseGross sales and receiptsLess: Returns and allowancesa. Compute the corporation's taxable income for the 2019 tax year.When you see the word "Less" make certain you enter a "-" minus in front of the number!Net SalesLess: Cost of goods soldGross profitPlus: Interest receivedLess expenses:Rent expenseWage expenseOther operating expensesDepreciation expenseTotal ordinary deductionsTaxable income before CC deduction*Charitable contribution deduction (limted to 10% of taxable income)Taxable Income before charitable contribution limitation$*Charitable contributions limited to 10% of taxable income:Taxable income before CC deductionCharitable contributions limited to 10% of taxable income:Excess charitable contributions to be carried forward for five years$$$$$$$700,00012,000330,00020,00055,000140,00012,00075,00015,000$2019--b. What is the amount of the corporation's charitable contribution carryover (if any)? To which tax yearscan the corporation carry over this excess?Charitable contributionsTotal of expenses0%$$

Charitable contributions refer to the act of donating money, goods, or services to a charitable…

An accrual basis corporation reports the following income and expenses for 2019. $ Gross sales and receipts Returns and allowances Cost of goods sold Interest received Rent expense Wage expense Charitable contributions Other operating expenses Depreciation expense 700,000 12,000 330,000 20,000 55,000 140,000 12,000 75,000 15,000 a. Compute the corporation's taxable income for the 2019 tax year. When you see the word "Less" make certain you enter a "-" minus in front of the number!

An accrual basis corporation reports the following income and expenses for 2019. $ Gross sales and receipts Returns and allowances Cost of goods sold Interest received Rent expense Wage expense Charitable contributions Other operating expenses Depreciation expense 700,000 12,000 330,000 20,000 55,000 140,000 12,000 75,000 15,000 a. Compute the corporation's taxable income for the 2019 tax year. When you see the word "Less" make certain you enter a "-" minus in front of the number!

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 15DQ

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LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?
How much is the gross income under accrual basis? 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 2019:P1,400,000; 2020: P1,200,000 2019: P1,400,000; 2020: P1,720,000 2019: P500,000; 2020: P720,000 O 2019: P800,000; 2020: P920,000
Please also answer under accrual basis
How much is the gross income under accrual basis? * A. 2019:P1,400,000; 2020: P1,200,000 B. 2019: P1,400,000; 2020: P1,720,000 C. 2019: P500,000; 2020: P720,000 D. 2019: P800,000; 2020: P920,000
Please answer all questions
Assuming Carding uses the OSD, how much is the total income tax due on his income in 2021? a. 202,000 b. 246,000 c. 265,000 d. 268,000
How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000
How much is the gross income under cash basis? A. 2019:P1,400,000; 2020: P1,720,000 B. 2019: P1,370,000; 2020: P1,050,000 C. 2019: P1,100,000; 2020: P1,050,000 D. 2019: P900,000; 2020: P1,520,000
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
The following information has been obtained for Sheridan Corporation. 1. Prior to 2020, taxable income and pretax financial income were identical. 2. Pretax financial income is $1,634,000 in 2020 and $1,359,000 in 2021. On January 1, 2020, equipment costing $1,260,000 is purchased. It is to be depreciated on a straight-line basis over 5 years for tax purposes and over 8 years for financial reporting purposes. (Hint: Use the half-year convention for tax purposes, as discussed in Appendix 11A.) 3. 4. Interest of $57,000 was earned on tax-exempt municipal obligations in 2021. 5. Included in 2021 pretax financial income is a gain on discontinued operations of $195,000, which is fully taxable. 6. The tax rate is 20% for all periods. 7. Taxable income is expected in all future years.
Subject: Advance finance accounting Required:a) From the table A Calculate the taxable profit and accounting profit for the year ending 30 June 2019 b)Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.
1-13 Organizational Expenditures. G Corporation, an accrual basis taxpayer, incurred and paid $41,000 of qualifying organizational expenditures in 2021. Assuming G Corporation wishes to maximize its deductions, compute the maximum amount of organization costs that may be deducted for each of the following years if G Corporation adopts a calendar tax year. For 2021, if G Corporation began business on September 1. Calendar year 2022? Calendar year 2026? How would your answer to (a) change if the $41,000 had been paid in February 2022? How would your answer to (a) change if G Corporation were a cash basis taxpayer and the $41,000 had been paid in February 2022? How would your answer to (a) change if G Corporation had incurred $12,000 of the $41,000 qualified expenditures in January 2022.