For 2022, Jackie reported the following in relation to the primary income of the business operations: [Refer to the figure]. Jackie also provided the following information:Excess MCIT for 2021 was P20,000. Net capital loss for 2021 was P20,000.Gross sales is net of the discounts given to senior citizens. Quarterly gross sales to them is P250,000.During the fourth quarter, there was a sale of a movable capital asset held for two years resulting to a gain of P100,000. Assuming Jackie is a domestic corporation, what amount should be reflected on Schedule 2 Item 12 on the first quarterly return?A. 22,000B. 23,000C. 11,500D. 11,000 Q1Q2Q3Q4Net Sales3,500,0001,900,0003,100,0003,600,000Cost of Sales2,400,0001,800,0002,100,0001,500,000Gross Income1,100,000100,0001,000,0002,100,000Operating Expenses700,000900,000700,0001,000,000Net Income400,000(800,000)300,0001,100,000

A quarterly income tax return is required to be filed by individuals and corporations. The rate of…

Answered: For 2022, Jackie reported the following…

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

Question

For 2022, Jackie reported the following in relation to the primary income of the business operations: [Refer to the figure]. Jackie also provided the following information:

Excess MCIT for 2021 was P20,000.
Net capital loss for 2021 was P20,000.
Gross sales is net of the discounts given to senior citizens. Quarterly gross sales to them is P250,000.
During the fourth quarter, there was a sale of a movable capital asset held for two years resulting to a gain of P100,000.

Assuming Jackie is a domestic corporation, what amount should be reflected on Schedule 2 Item 12 on the first quarterly return?

A. 22,000

B. 23,000

C. 11,500

D. 11,000

Q1
Q2
Q3
Q4
Net Sales
3,500,000
1,900,000
3,100,000
3,600,000
Cost of Sales
2,400,000
1,800,000
2,100,000
1,500,000
Gross Income
1,100,000
100,000
1,000,000
2,100,000
Operating Expenses
700,000
900,000
700,000
1,000,000
Net Income
400,000
(800,000)
300,000
1,100,000

Expert Solution

Step by step

Solved in 2 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