For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2,463,500 Sales returns & allowances 27,500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 operating expenses 586.040 Answer the following: 1. Net sales is 2. Net income is 3. Minimum corporate income tax is

For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2,463,500 Sales returns & allowances 27,500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 operating expenses 586.040 Answer the following: 1. Net sales is 2. Net income is 3. Minimum corporate income tax is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Need answer of this Question
The following information is available for Tamarisk Corp. for the year ended December 31, 2022. Other revenues and gains $23,800 Other expenses and losses 4,000 Cost of goods sold 292,000 Sales discounts 4,600 Sales revenue 760,000 Operating expenses 221,000 Sales returns and allowances 10,800 Prepare a multiple-step income statement for Tamarisk Corp. The company has a tax rate of 25%.
Subject: accounting
The taxable income for Company X is $65,000.00. The Corporate Tax Rate Table is listed below. RATES INCOME LEVELS 15% 0-50,000 25% 50,001 – 75,000 34% 75,001 – 100,000 What is company X's average tax rate?
In 2020, Garner Grocers had taxable income of -$2,000,000. The corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. In 2021, Garner has taxable income of $1,000,000. What is the amount of taxes the company paid in 2021? O a. $500,000 Ob. $750,000 O c. $1,500,000 O d. $0 O e. $250,000
Simpsom Inc. had a taxable income of $500,000 in 2012. What is the federal income tax for the company? A. $75,000 B. $125,000 C. $170,000 D. $178,250
In 2020, Garner Grocers had taxable income of -$2,000,000. The corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. In 2021, Garner has taxable income of $1,000,000. What is the amount of taxes the company paid in 2021? a. $500,000 b. $0 c. $250,000 d. $1,500,000 e. $750,000
Do not give image format
Oakdale Fashions, Inc.’s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) $ 580,000 Less: Cost of goods sold 221,000 Gross profits $ 359,000 Less: Other operating expenses 96,000 EBITDA $ 263,000 Less: Depreciation and amortization 15,600 EBIT $ 247,400 Less: Interest 81,500 EBT $ 165,900 Less: Taxes Net income $ Determine the firm's 2021 tax liability. Tax liability
On December 31 (fiscal year-end) financial statements of Collette, Inc. reported the following information (in millions) Inventories (net) LIFO reserve Net Income 2022 468,611 3,476 13,918 Assume corporate tax rate of 40%. 2021 437,396 3,271 13,622 Question: If Collette had used FIFO method instead of LIFO method, what net income would Collette report in 2022?