Question 10 of 43Fill in the blanksImperial Inc., an entity organized under Philippine laws has the following cumulative data for the calendar year 2015, its first year of operation:Ist Ort2nd Ort3rd Ort4th OrtSalesP975,000 P1,560,000Dividend income from a Resident CorporationP260,000 P585,0005,200156,000 240,5002,6007,80010,400Cost of sales65,000390,000Business Expenses156,000338,000 533,000949,000Answer the following:1. Income tax due at the end of the second quarter is2. Taxable income for the third quarter is3. Income tax due at the end of the year isNote: Answers are in numerical from COMMA PESO SIGN and other characters are NOT REQUIRED< PreviousShot on OnePlusPowered by Triple CameraES700COW

The taxable income is the income at which the tax is calculated. The taxable income is calculated by…

Dividend income from a Resident Corporation 2,600 Cost of sales 65,000 Business Expenses 156,000 Answer the following: 1. Income tax due at the end of the second quarter is 2 Taxable income for the third quarter is 3. Income tax due at the end of the year is 5/200 7,800 10,400 156,000 240,500 390,000 338,000 533,000 949,000 NOT REQUIRED acters and other

Dividend income from a Resident Corporation 2,600 Cost of sales 65,000 Business Expenses 156,000 Answer the following: 1. Income tax due at the end of the second quarter is 2 Taxable income for the third quarter is 3. Income tax due at the end of the year is 5/200 7,800 10,400 156,000 240,500 390,000 338,000 533,000 949,000 NOT REQUIRED acters and other

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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Josh Company, a calendar-year corporation has the following income before income tax provison and estimated effective annual income tax rates for the first three quarters of year 1: Income before income tax provision Estimated effective annual rate at end of quarter Quarter First P600,000 40% Second 700,000 40% Third 400,000 45% 1. Josh income tax provision in its interim income statement for the third quarter should be?
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1. If a company has a pre - tax accounting income of $1, 000, with interest revenue from municipal bonds totaling S500, and operates under a 20% tax rate, how would you record the journal entry?
Z (Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $319,000. Calculate Meyer's federal income tax liability using the tax table shown in the popup window: What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) 2 30 F2 W S Data table iple X भ command Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 39% $335,001-$10,000,000 34% $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% 35% Over $18,333,333 (Click on the icon in order to copy its contents into a spreadsheet.) # 3 Get more help - 80 E D $ 4 C 000 000 F4 R Print F % 5 Marginal Tax Rate 15% 25% 34% V F5 T Done G MacBook Air A 6 P F6 B Y & 7 H 44 F7 U N X 00 * 8 J DII FB 1 1 M 9 K MOSISO BB F9 O 1 O < I H L F10 Clear all P 11 • V command : ; FIX { + + 11 Check answer = 1 ? option 14 1 F12 } 1 A delete 1
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Compute the taxable income & Earnings and profit for a corporation receipts from services receipts from services 75,000 dividend income 5000 interest from municipal bonds 2,000 additional capital from shareholders 10,000 wages & rent 30,000 fines 2,000 section 179 exp 20,000 estimated fed tav pd 5,000
Umasa Corporation reported the following information for the current year: Pretax financial income Income from exempt municipal bonds Rent received in advance P 9,000,000.00 2,000,000.00 1,500,000.00 Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes Estimated tax payment for current year Income tax rate 1,000,000.00 500,000.00 30% 21. What amount of current tax liability should be reported at the year-end? B. P2,250,000 A. P1,750,000 C. P2,750,000 D. P2,850,000 22. What is the total tax expense? A. P2,700,000 B. P2,100,000 C. P2,250,000 D. P1,600,000
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