Edward Corporation, Domestic Corporation, had the following data in 2022: Gross income of 1 million(50% from USA); Operating expense is 400,000 (50% USA); interest expense (not included in OPEX) of100,000; prizes-USA of 80,000; interest from bank deposits USA of 100,000; royalties-USA of 100,000;sale of machinery at gain of (capital asset held for 5 years)-Phil of 100,000. Total Assets of EdwardCorporation is 150 million. What is the income tax payable?a. 220,000b. 228,250C.182,600d. 212,000е.None of the above

It seems that the problem is from UK. There is no mention of currency…

Answered: ard Co % from _000; p of mac

Business

Accounting

ard Co % from _000; p of mac

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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Concept explainers

Exchange Rate Risk

It is the possibility that the value of a currency will fluctuate in the future. In the wake of globalization, business establishments have increasingly ventured into international markets. The volume of international trade has prospered excellently in the near past and is expected to be more affluent in the future. The use of exchange-traded derivative financial instruments has been multi-folded to provide for the requirements of various MNCs and offshore potential investors. Most banks and financial institutions have helped integrate the global economies. Our Government has introduced some bold and extreme measures to fulfil the purpose behind the fiscal, industrial, and monetary policies. The enactment of GST is a huge step towards streamlining the taxation system of the country. Owing to Covid-19, this aspect of corporate risk management has become critical.

Question

Edward Corporation, Domestic Corporation, had the following data in 2022: Gross income of 1 million
(50% from USA); Operating expense is 400,000 (50% USA); interest expense (not included in OPEX) of
100,000; prizes-USA of 80,000; interest from bank deposits USA of 100,000; royalties-USA of 100,000;
sale of machinery at gain of (capital asset held for 5 years)-Phil of 100,000. Total Assets of Edward
Corporation is 150 million. What is the income tax payable?
a. 220,000
b. 228,250
C.
182,600
d. 212,000
е.
None of the above

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