REQUIRED1. How much is the income tax payable for FY 2021 and 2022?2. How much is the excess minimum corporate income tax for FY 2023?3. How much is the income tax payable for FY 2023? Fiscal Year June 30, 2021 (5th yr)20222023Sales81,000,000.0075,000,000.00 86,000,000.00Cost of Sales51,000,000.0047,222,222.22 54,148,148.15Allowable deductions excluding NOLCO32,000,000.0025,000,000.00 34,000,000.00

Solution: Particulars 2021 2022 2023 Sales 81000000 75000000 86000000 Less: Cost of Sales…

Fiscal Year June 30, 2021 (5th yr) 2022 2023 Sales 81,000,000.00 75,000,000.00 86,000,000.00 Cost of Sales 51,000,000.00 47,222,222.22 54,148,148.15 Allewable deductions excluding NOLCO 32.000.009.00 25.000.000.00 34.000.000.00

Fiscal Year June 30, 2021 (5th yr) 2022 2023 Sales 81,000,000.00 75,000,000.00 86,000,000.00 Cost of Sales 51,000,000.00 47,222,222.22 54,148,148.15 Allewable deductions excluding NOLCO 32.000.009.00 25.000.000.00 34.000.000.00

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

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.

Question

REQUIRED

1. How much is the income tax payable for FY 2021 and 2022?

2. How much is the excess minimum corporate income tax for FY 2023?

3. How much is the income tax payable for FY 2023?

Fiscal Year June 30, 2021 (5th yr)
2022
2023
Sales
81,000,000.00
75,000,000.00 86,000,000.00
Cost of Sales
51,000,000.00
47,222,222.22 54,148,148.15
Allowable deductions excluding NOLCO
32,000,000.00
25,000,000.00 34,000,000.00

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