Kindly help me with accounting questions An organization owes 200,000 tax at 1.1.X7 and 320,000 at31.12.X7. Its income statement for the year to 31.12.X7 includes atax charge of 300,000. How much tax was actually paid in the yearto 31.12.X7?

Step 1: Analysis of information givenTax owed at the beginning of the year (1.1.X7) = 200,000Tax…

Answered: An organization owes 200,000 tax at…

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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An organization has a $300,000 tax liability at 1/1/2018 and an ending balance of $450,000 on 12/31/2018. The income statement for the year ending 12/31/2018 includes a tax charge of 400,000. How much tax was actually paid in the year at 12/31/2018?
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Delta has interest receivable which has a carrying amount of $75,000 in its statement of financial position at 31 December 2020. The related interest revenue will be taxed on a cash basis in 2021. Delta has trade receivables that have a carrying amount of $105,000 in its statement of financial position at 31 December 2020. The related revenue has been included in its statement of profit or loss for the year to 31 December 2020. Required: According to HKAS 12 ‘Income Taxes’, what is the total tax base of interest receivable and trade receivables for Delta at 31 December 2020? A. $105,000 B. $75,000 C. Nil D. $180,000
The SGS Co. had $215,000 in taxable income. Use the rates from Table 2.3. (Enter your answer as directed, but do not round intermediate calculations.) Required: Calculate the company's income taxes. Income taxes
Pumpkin Company recorded Income tax payable equal to $10M, increased the Deferred Tax Asset by $2M, and increased the Deferred Tax Liability by $3M. Accounting income before taxes is equal to $50M. What amount of Net Income will Maxie report on its income statement? O $45M. O $39M. O $49M. O $46M.
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1. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?
Prepare the income statement for 2023, beginning with the line "income before income taxes.
Thornton, Inc., had taxable income of $129632 for the year. The company's marginal tax rate was 34 percent and its average tax rate was 24.7 percent. How much did the company have to pay in taxes for the year? a.30432 b.44075 c.30776 d.29074
Calculate the balance in the company’s deferred income tax liability account at the end of each year.

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An organization owes 200,000 tax at 1.1.X7 and 320,000 at 31.12.X7. Its income statement for the year to 31.12.X7 includes a tax charge of 300,000. How much tax was actually paid in the year to 31.12.X7?