For the quarter ended September 30, 2021, how much should GREEN report as net income? GREEN Company's P190,000 net income for the quarter ended September 30, 2021 includedthe following after tax items:a. A P120,000 gain on disposal of equipment, realized on April 30, 2021 was allocatedequally to the 2nd, 3rd, and 4th quartersb. AP32,000 cumulative effect loss resulting from a change in inventory valuation wasrecognized on September 14, 2021.c. In addition, GREEN paid P96,000 on March 1, 2021, for 2021 calendar year propertytaxes, of this amount, P28,800 was allocated to the 3rd quarter of 2021.

Financial statements are those statements which are prepared at the end of accounting period. The…

Answered: For the quarter ended September 30,…

Business

Accounting

For the quarter ended September 30, 2021, how much should GREEN report as net income?

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

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

For the quarter ended September 30, 2021, how much should GREEN report as net income?

GREEN Company's P190,000 net income for the quarter ended September 30, 2021 included
the following after tax items:
a. A P120,000 gain on disposal of equipment, realized on April 30, 2021 was allocated
equally to the 2nd, 3rd, and 4th quarters
b. AP32,000 cumulative effect loss resulting from a change in inventory valuation was
recognized on September 14, 2021.
c. In addition, GREEN paid P96,000 on March 1, 2021, for 2021 calendar year property
taxes, of this amount, P28,800 was allocated to the 3rd quarter of 2021.

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