Based only on the information given, how much was BLUE’s 2021 net income? The net cash provided by operating activities in BLUE Company's statement of cash flows for 2021 was770,000. For 2021, depreciation of plant assets was P 300,000; impairment of goodwill was P 50,000 and cashdividends paid on ordinary share was P 360,000. Based only on the information given, how much was BLUE's2021 net income?

Net cash provided by operating activities is the amount received in excess of payments relating to…

Answered: Based only on the information given,…

Business

Accounting

Based only on the information given, how much was BLUE’s 2021 net income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: What is the amount of taxes for the head of a household with taxable income of $62,525

A: Taxable income refers Adjusted gross income (AGI) less (if any) any itemized deduction that is…

Q: Use the following information and the flow chart from the module to calculate: Adjusted gross income…

A: Ajusted gross income helps to assess the liability of income tax. It is estimated by subtracting…

Q: Used the 2016 FICA tax rates from below to answer the following question. if a taxpayer is not…

A: Using 2016 FICA tax rates:Tax rate is:7.65% on first $118500 of Income1.45% on Income in excess of…

Q: Lance has income from the following sources in 2021: Certificate of Deposit (CD) US savings bond…

A: >Schedule B of Form 1040 is filled in to report the Interest Income and Ordinary dividend.…

Q: What is the total tax due for 2023, including self-employment tax, for Stuart, assuming he earned…

A: Here is the solution to the problem:Step 1: Calculate Stuart's self-employment incomeStuart's…

Q: Calculate the following taxpayers’ tax liabilities using 2021 tax rate A single taxpayer had…

A: For the year 2021, Tax rates differes based on filing status of person. For single payers, tax rate…

Q: According to the tax legislation, there are two main types of tax statuses regulated on the basis of…

A: Data given: Income Scales (TRY) Rate (%) Up to 14,800 15 14,801 - 34,000 20…

Q: Which expenses are deductible FOR AGI? Select one: a. Loss on a sale of a personal residence and…

A: Expenses are the costs which are incurred by the person in a particular period of time. Some…

Q: the idual

A: 2023 Married Filing Separately Tax Brackets as per IRS rules 2023 USAIf taxable income is:The tax…

Q: What is the amount of the tax liability for a single person having taxable income of $59,200? Use…

A: Federal income tax As per IRS ,a taxpayer pays tax as a percentage of his/her income in layers…

Q: Which method would result in the smallest income amount for 2026?

A: Straight line method 2021 = $101,250Double decline = $182,813Sum of years digits = $157,500

Q: What is the combined amount (in percent) of the employee and employer Social Security tax rate?…

A: Social Security tax (SST) is a part of Federal Insurance Contributions Act. It is charged on both…

Q: What if someone made 130,000 in 2019 what is their total fica wages to be taxed?

A: FICA stands for FEDERAL INSURANCE CONTRIBUTIONS ACT, this act require employees and employers to…

Q: Cash basis taxpayers deduct rental expenses that apply to a future tax year in the year the expenses…

A: Cash basis taxpayer means the tax payer who report expense and revenue on cash basis and not on…

Q: Which of the following can be adjustment(s) to gross income on the 1040 form? Multiple correct…

A: Form 1040 indicates what is considered by the individual taxpayers for sile the tax with the…

Q: What are some common examples of income, and what are some common examples of items excluded from…

A: Income means the money or any equivalent value receives by individual or business, in exchange of…

Q: current taxable wage limit but not sure what to mulitply semi mothly numbers by

A: OASDI (Social Security) and Medicare Taxes Wages for OASDI (Social Security) and Medicare are…

Q: Which of the following is the tax rate for Social Security? 10.1 % 6.2% 13.7 % 4.5%

A: The objective of the question is to identify the correct tax rate for Social Security among the…

Q: In 2021, Lance will get money from the following sources: Deposit Certificate (CD) Savings Bonds…

A: Schedule B of Form 1040 is filled in to report the Interest Income and Ordinary dividend. All…

Q: For an accrual basis taxpayer, which of the following statements is TRUE regarding prepaid income?…

A: In accrual basis of accounting, when any amount is received against a service which has not yet been…

Q: What is the tax liability for a single person with taxable income of $27,880? What is the tax…

A: Tax liability for a single person with taxable income of $27,880 Taxable Income = $27,880 Tax…

Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…

A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…

Q: Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers…

A: Tax liability seems to be the sum of money owed to tax authorities within the manner of tax debt.…

Q: Which one of the following amounts represents the maximum amount that you may deduct for moving…

A: Moving expenses: These are the expenses associated related to your moving your household’s goods and…

Q: is the tax payment deadline for all individual taxpayers regardless if they have self-employment or…

A: 31 december 2021 is the extended tax payment deadline for all individual taxpayers regardless if…

Q: The following are generally non-taxable income, except: A. Stock Dividend B. Compensation for…

A: The person would not be taxed if the source of income is a stock dividend, receipt from farming, or…

Q: e process of using the net worth method, ou find that the reported taxable income of a person is…

A: Requirement: In the given problem it is asked to calculate unexplained net worth increase or…

Q: K Marco calculated his 2015 taxable income to be $73,450. Using the 2015 federal income tax brackets…

A: Taxable income: It implies to the income earned by the taxpayer which is subjected to income tax…

Q: What is her self-employment tax liability and additional Medicare tax liability for 2020? Thx,

A: For self-employed FICA tax rate for 2020 is 15.3% on first $137,700 of net income plus 2.9% on the…

Q: After payroll taxes, what other deductions will come out of your paycheck?

A: Paycheck deductions refer to the amounts of money that are withheld or deducted from an employee's…

Q: What would be the marginal tax rate for a single person who has a taxable income of: a) $31,560 b)…

A: The tax rate is the rate at which the taxpayer's tax is determined based on their taxable income.…

Q: In 2021, which of the following children would have income taxed at the parent's rates? Oa. A…

A: Every country has its tax law and this law is updated every year. The individual, firms, company are…

Q: 13. Pat generated self-employment income in 2019 of $76,000. The self-employment tax is: a. b. C. d.…

A: Self-employment income in 2019 = $76,000Self-employment tax =?

Q: For the current year, the maximum percentage of social security benefits which might be included In…

A: The question is related to Social Security benefit.

Q: In 2020, Shelly had net earnings from her business of $160,000. What is the amount of Shelly’s…

A: Self-employed tax is a combination of social security tax and Medicare taxes. The self-employment…

Q: What is the average tax rate paid by a single person with a$60,000 adjusted gross income for 2015?

A: Adjusted Gross Income is the term used in the calculation of gross income for all taxable sources…

Q: Jamar and Natasha had the following income and expenses for 2021: $45,000 in wages. $24,000 in…

A: Answer:- Gross income meaning:- Before any deductions or taxes, gross income is basically the total…

Q: INCOME TAX Suppose in 2016 a single man earned $56,240 in wages, earned $3400 in interest,…

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

Q: Using the standard tax tax table, how much would a single taxpayer owe on a taxable income of…

A: Income taxes are frequently levied on earnings for both individuals and corporations. The taxable…

Q: Mr. Albert is a tax payer in UK and wants to compute his total income for the tax year 2019-2020.…

A: The adjusted financial net gain is total income less variety of reliefs, the key ones being pension…

Q: What is the maximum LITO amount payable to eligible taxpayers?

A: LITO stands for low income tax offset applicable for working Australians. Offset is different form…

Q: How do I calculate self employment taxes. For example Bob Dylan's self employment earnings are…

A: 15.3% is the self-employment tax rate. There are two components to the rate: 2.9% for Medicare and…

Q: . What would be his 2021 total self-employment taxes?

A: For 2021, the self-employment tax rate is 15.3% of net self-employment income. This tax consists of…

Q: Refer to the 2023 individual rate schedules in Appendix C. Required: What are the tax liability, the…

A: Tax liability indicates the amount of taxes that are required to be paid to the government based on…

Q: Which of the following is not an adjustment to arrive at adjusted gross income? O A. Self-employed…

A: AGI is the amount of the total income earned during the tax year by the taxpayer. It is adjusted by…

Question

Based only on the information given, how much was BLUE’s 2021 net income?

The net cash provided by operating activities in BLUE Company's statement of cash flows for 2021 was
770,000. For 2021, depreciation of plant assets was P 300,000; impairment of goodwill was P 50,000 and cash
dividends paid on ordinary share was P 360,000. Based only on the information given, how much was BLUE's
2021 net income?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Net cash provided by operating activities

VIEW

Calculation of BLUE's 2021 net income

VIEW

Answer

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

An individual has year-to-date earnings prior to the current period of $138,500, earns $3,600 during the current period, and has a tax return filing status of single. Her self-employment taxes are $__________
What is the annual social security withholding for an executive whose annual gross earnings are 98485?
For the tax year 2023/24 Jane has employment income of £47,570, savings income of £1758 and dividends of £3588. What is her tax liability for the year? Enter a whole number, without the £ sign, in the response box.
am. 35.
What is Marc and Mikkel's taxable income? What is Marc and Mikkel's taxes payable or refund due for the year?
If Jose had a filing status of Head of Household and a taxable income of $111,597 in the year 2015, how much did he owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar. $
Assume that Rosanne Madden, CPA, is using 5% of net incomebefore taxes, current assets, or current liabilities as her major guidelines for evaluatingmateriality. What qualitative factors should she also consider in deciding whethermisstatements may be material?
Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $129,000 and an $8000 tax credit The tax owed is $
The following relates to the different income components: Employment or loss Business income or loss Property income or loss Capital gain or loss Use the above details to answer questions 11 and 12. What are the most possible sources of income an individual taxpayer could have in a year? Question 14 options: a) i and ii only b) i only c) ii and iv only d) All of the above
Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $ 47,780 225 100 12,069 3,890 1,150 What amount will Franklin report as taxable income? (Round your answer your response.) Taxable income $
If you have a taxable income of $369,770.00, what is your top marginal tax rate? total tax bill? S average tax rate? de % %
1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition