I need answer of this question solution general accounting An organisation owes 300,000 tax at 1.7.X4 and 450,000 at30.6.X5. Its income statement for the year to 30.6.X5 includes atax charge of 400,000. How much tax was actually paid in theyear to 30.6.X5?

Step 1: Define Corporate TaxCorporate tax is a direct tax levied by a jurisdiction which is usually…

Answered: An organisation owes 300,000 tax at…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 3P

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A customer purchases $28.14 in prodcts only $12.83 is taxable. How much sales tax is owed if the tax rate is 10%?
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14. Leslie Inc. has correctly determined the following information related to operations for 2018: Revenue from sales Expenses Income before income taxes P7,000,000 4,000,000 P3,000,000 In reviewing the records, you discovered the following items: During 2018, the company discovered an error in depreciation in 2017. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2017 of P200,000. During 2018, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000.
KPL Ltd has a year end of 31 March 2021. During the year it paid £1,600 for rent. At the start of the year it had an accrual of £400 and at 31 March 2021 had prepaid £250 of rent in respect of the year starting 1 April 2021. What is the charge to the income account for the year ended 31 March 2021? a) £950 b) £1,600 c) £1,450 d) £1,750
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Exco plc’s accountants have prepared the following IFRS income statement summary for the year ended 31 December 20X1: Amounts in £ Year 20X1 Total revenue 100,000 Total expenses 70,000 * Profit before tax 30,000 * includes a non-deductible expense (see below) The following information is also available: - Exco plc’s expenses include £10,000 for a penalty charge which is not tax-deductible. - The statutory tax rate on corporate profits is 20%. The current tax (expense) reported for the year ended 31 December 20X1 is: a. £3,000 b. £6,000 c. £8,000 d. £9,000 e. £13,000

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An organisation owes 300,000 tax at 1.7.X4 and 450,000 at 30.6.X5. Its income statement for the year to 30.6.X5 includes a tax charge of 400,000. How much tax was actually paid in the year to 30.6.X5?