- As of the end of 2019, the status of the 690 Period Profit or Loss Account of our business and other issues are as follows: Its legally unacceptable expenses are 300.000 TL, and its tax exemption earnings are 80.000 TL. The corporate tax rate is 22%. What is the Corporate Tax Amount of the Business? a) 325,600 TL B) 259,600 TL NS) 308,000 TL D) 1,029,600 TL TO) 770.000 TL

- As of the end of 2019, the status of the 690 Period Profit or Loss Account of our business and other issues are as follows: Its legally unacceptable expenses are 300.000 TL, and its tax exemption earnings are 80.000 TL. The corporate tax rate is 22%. What is the Corporate Tax Amount of the Business? a) 325,600 TL B) 259,600 TL NS) 308,000 TL D) 1,029,600 TL TO) 770.000 TL

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

32 -

As of the end of 2019, the status of the 690 Period Profit or Loss Account of our business and other issues are as follows:

Its legally unacceptable expenses are 300.000 TL, and its tax exemption earnings are 80.000 TL. The corporate tax rate is 22%. What is the Corporate Tax Amount of the Business?

a)	325,600 TL

B)	259,600 TL

NS)	308,000 TL

D)	1,029,600 TL

TO)	770.000 TL

690 Dönem Karı veya Zararı Hs.
3.500.000 4.680.000

Expert Solution

Step 1

Income 4680000

Expenses 3500000

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell Company had the following operating results: Year Income (loss) Tax rate Income tax 2018 40,000 25 % 10,000 2019 40,000 25 % 10,000 2020 50,000 30 % 15,000 2021 (130,000 ) 30 % 0 What is the Deferred tax Asset in 2021?
Hardev
f2. Subject:- Accounting
46-A Company has earned an income of RO 20,000 in the tax year 2019. In the year 2013 and 2015 company has incurred the loss of RO 10,000 and RO 5,000 which is so far not claimed for set off from the succeeding years incomes. It is assumed that it has registered capital more than RO 50,000. Which one of the following is the tax liability for the year 2019 as per Oman tax laws? O a. RO 2,250 O b. RO 1,500 O c. RO 5,000 O d. RO 450
Blossom Corporation had the following tax information: Year Taxable Income Tax Rate Taxes Paid 2020 $389,000 31% $120,590 2021 311,000 30% 93,300 2022 398,100 30% 119,430 In 2023, Blossom suffered a net operating loss of $551,000, which it decided to carry back. The 2023 enacted tax rate is 25%. Prepare Blossom's entry to record the effect of the loss carryback. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Income Tax Receivable 165300 165300
5