ASSUMING GOCE & OLIVEROS PARTNERSHIP are partners IN TRADE. the 2020 financial records. SERVICE REVENUE 4,490,000; COST OF SERVICE 1,610,000; OPEX 800,000 THE PROFIT AND LOSS IS DISTRIBUTED 55% GOCE AND 45% OLIVEROS. GOCE IS ALSO ENGAGED IN BUSINESS WITH THE FOLLOWING DATA FOR THE YEAR GROSS SALES 2,500,000; COST OF SALES 1,250,000 AND OPEX 550,000. HOW MUCH IS THE INCOME TAX PAYABLE OF GOCE & OLIVEROS PARTNERSHIP? DISTRIBUTABLE SHARE OF OLIVEROS? FINAL TAX OF GOCE? FINAL TAX OF OLIVEROS?   Use Philippine tax lax

Q: PROBLEM: ZOE and ZIA PARTNERSHIP reported income for the year 2021 was P250,000.00 and the partners…

A: Since you have posted a question with multiple sub-parts, we have answered first three subparts for…

Q: Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Compute for the Income Tax for the below data: MRS. MR. Gross Sales of the Business…

A: For MR.. Gross Sales of the Business::P40,00,000 Cost of Sales and expenses of the…

Q: Faye Faye Corporation's statement of financial performance for the year ended December 31, 20X2,…

A: Tax expense is the combination of current tax and deferred tax. Current tax is the taxes computed…

Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent):…

A: The  "cash flow from creditors" means the financial exchanges that take place between a business and…

Q: Randal Corporation reports the following results for the current​ year: Gross profits on sales…

A: Regular dividends are declared by a firm and are paid out on a planned basis, such as quarterly or…

Q: mula to apportion

A: In this question, we have to calculate the state tax of M and N by using apportionment formula

Q: The following information applies to the questions displayed below.] Arndt, Inc. reported the…

A: please like the answer your response matters  Requirement-1: a. Casualty insurance expense…

Q: Bluedragon is engaged in the following business activities for the year 2021: buying and selling of…

A: Relevant provision:- Persons who are not VAT-registered,  who sell goods, properties or services and…

Q: ryanne paid the following expenses: Federal income taxes: $11,884 State & local income taxes: $9,756…

A: Itemized deductions refer to the form of deduction allowed by the government to subtract the desired…

Q: Suppose a registered business enterprise is already subject to the 5% special corporate income tax.…

A: Income tax can be define as the obligation or liability of an organization which is calculated on…

Q: Mai is going to contribute the following assets to a business entity in exchange for an ownership…

A: The question contains multiple sub-parts, the 1st three sub-parts are answered here. Please post the…

Q: Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses…

A: Required changes in Deferred tax liability / Assets = Ending balances required - Beginning…

Q: 10. Faye Faye Corporation's statement of financial performance for the year ended December 31, 20X2,…

A: The expenses or income reported in the accounting records of a business is generally different…

Q: What is the income tax payable to BIR?

A: Under the preferential tax rate system for a corporation registered under PEZA, tax is calculated at…

Q: Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current…

A: In partnership the partner contribute equally in the partnership and they receive the profit in…

Q: The Costanza Corporation had the following transactions last year: Operating income $475,000…

A: The taxable income is the income which is subject to tax or on which the tax liability is…

Q: ULL TAX CO Full Tax Co. is incorporated and tax resident in Barbados. The audited financial…

A: Step 1 To compute corporate tax liability, we have to recheck all items are properly treated in…

Q: Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell…

A: Income tax  refund  will be receivable of previous  2 year

Q: Ms. V is the Sole proprietress of VVV Company. She has the following business income in 2020.…

A: Ms. V is the sole proprietress of VVV company. In 2020, Standard deduction = 40% Gross sales =…

Q: Beckett Corporation has nexus with States A and B. Apportionable income for the year totals…

A: Tax liability:  When a person or an entity earns an income, then that income is taxed on the basis…

Q: 1) Calculate 12/31/2023 Book to Tax Income Account Name Sales Less: Sales returns & allowances Less:…

A: The calculation of the net tax income for 12/31/2023 involves adjusting the book income to align…

Q: Harper Company began operations at the beginning of 2021. The following information pertains to this…

A: There are two types of difference which occur while calculating deferred tax asset/liability. One is…

Q: Using the individual tax rate schedule, perform the following: a. Calculate the tax liability,…

A: Income tax liability is the amount of tax that an individual or entity owes to the government based…

Q: 6. Suppose that during 2025, tax legislation was passed that will lower Arndt's effective tax rate…

A: Essentially, pretax income is used as a starting point to estimate the amount of taxes a company…

Q: Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): 2025 $ 1,024 844 $ 180…

A: Required changes in Deferred tax liability / Assets = Ending balances required - Beginning…

Q: The income statements for HIM and HER for the year ended 31 December 2021 are shown below: HIM HER…

A: Translation is the process through which the financial statements of a foreign subsidiary are…

Q: Motown Memories Incorporated Statement of Operations at December 31, 2021 Net sales $ 50,000,000…

A: Part A: Current income tax expense or benefit for 2021 Income before income taxes $15,000,000…

Q: What is the income tax due using a 21 % federal income tax rate for a corporation with the following…

A: Expected taxable income = Gross income from sales - accumulated expenses - depreciation charged.…

Q: Beckett Corporation has nexus with States A and B. Apportionable income for the year totals…

A: Taxable income is defined as income on which the government imposes the tax and it involves all the…

Q: At the end of 2020, Robin Corp. distributed $450,000 cash to its sole shareholder, Robyn. Robyn’s…

A: In corporate taxation, the term "accumulated earnings and profits" (E&P) is used to track a…

Q: Required information [The following information applies to the questions displayed below.] The…

A: Partnership Assets: Partnership assets are the economic resources which are contributed by partners…

Q: The Snella Company reports 2023 Pre-tax Net Income of $10,000. The following items exist:

A: Income tax is levied on income. The composition of total tax revenue earned from this taxation…

Q: Inc. use ethod of accounting for financial reporting purposes and appropriately uses the installment…

A: Journal : It is the book where all the business transactions are recorded at first by way of debit…

Q: accounting income (income sta eincome (tax return) : 25% s each year include $30 million fro e…

A: Taxable income refers to the sum value of money gained by an entity on which the authorized…

Q: ACME Partnership, a consulting firm, has had the following gross receipts since its formation:…

A: Accrual method of accounting must be followed, if the company's average Gross receipts is…

Q: Jackel, Inc. has the following information for the current tax year:   Gross sales  $350,000 Cost…

A: Charitable contribution deduction:   Corporations that make charitable contributions to…

Q: The Parent consolidated group reports the following results for the tax year. Entity Income or Loss…

A: Consolidated Tax - It is return filed by the corporate of their group of companies with the income…

Q: Use the following information to calculate the federal average tax rate (ignore tax credits) for a…

A: It is the rate at which the tax is payable on the total income on the average basis. The average tax…

Q: Maxwell's annual financial statements show operating profit before interest and tax of $1,038,466…

A: A tax shield is a reduction in taxable income that results from various allowable deductions,…

Q: The profit and loss statement of Treadwell Ltd., an S corporation, shows $265,000 book income.…

A: The profit and loss (P&L) statement is a financial statement that summarizes the revenues,…

Q: 3. Compute the deferred tax amounts that should be reported on the 2024 balance sheet. Note: Enter…

A: To compute the deferred tax amounts reported on the 2024 balance sheet, we need to analyze the…

Q: Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative…

A: Passive income is income generated from someone other than an employer. which can be derived from…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.