How much was the income tax payable for the first quarter? How much was the income tax payable for the third quarter? How much was the annual income tax payable?
Q: Bilboa Freightlines, SA, of Panama, has a small truck that it uses for intracity deliveries. The…
A: Net present value is discounted value of net cash flows from or to investment. It is given that…
Q: What are examples of various types of business-type funds used in governmental units? How are…
A: Fund used by Government Units: When the federal government completes tax-supported activities, a…
Q: Initial Investment and Projected Cash Flow Project Initial Investment Cash Flow $8 million per year…
A: Net present Value = Present value of Cash Inflows less Present value of Cash outflows Note : If Cash…
Q: Use the follwing information for questions 14 and 15 The following information was available for…
A: The inventory turnover ratio is used to figure out, how efficiently the inventory is managed.
Q: E. BB Co. was formed on January 1, 2021. BB reported the following financial statements pertaining…
A: Financial statements are those reports which are prepared at the end of financial period. The main…
Q: Required information [The following information applies to the questions displayed below.] Black…
A: Computation of direct material budget requires the number of units produced during the period and it…
Q: he category of ‘Other Income' includes Multiple Choice 1. pension benefits. 2. lottery…
A: Other income is not the company or business main income. It is more like side income Capital gains…
Q: Which of the following is an example of “cookie jar” accounting? a) A company creates cash…
A: Cookie jar accounting is a term that have been defined as below.
Q: Use the information in the table below to calculate the following ratios for Windswept Woodworks for…
A: The question is related to Ratio Analysis. The details are given regarding the same.
Q: Fallon Company, a toy manufacturer that also operates several retail outlets, is preparing its…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: ubmit a picture that is related to Accountancy. Give three mathematical terms describing the…
A: Basic Accounting, needs to explain accounting concept with the help of picture
Q: 5. Ben just signed the lease on his first apartment. He wants standard form insurance for the least…
A: 6.$24,800, Since no. of leasehold is not given 7. Municipality will raise money from property tax…
Q: Allyna and Allysa are partners with capital balances of P 480,000 and P 240,000. Their profit and…
A: Part 4 - Journal Entry to record admission- Cash 360,000 Allyana, Capital…
Q: Jaybird Company operates in a highly competitive market where the mnarket price for its product is…
A: Any expense incurred by a business during the manufacturing or production process for its goods and…
Q: Return to que LIhe tollowing intormation applies to the questions displayed below) Patel and Sons…
A: Flexible budget variance = Actual cost- Standard flexible cost Actual factory overhead= $ 245000+…
Q: Required: a. Calculate the operating income for Manahan Co. for the year ended December 31, 2019.…
A: Solution:- a)Calculation of operating income as follows under:-
Q: rnandez is the owner of 20 units of one-bedroom residential apartments which are leased out at a…
A: Calculation of VAT on gross receipt lease rent receipt
Q: 2. What is the profit and loss ratio of all the partners after Derek's admission?
A: Calculation of profit sharing ratio on admission of new partner in partnership firm
Q: asmin Company purchased an investment property roperty has a useful life of 40 years and at Decemb…
A: Investment properties are the Assets in the Statement of Financial Position which are held as an…
Q: 2. Determine the project's accounting rate of return.
A: Current (No Automation Proposed (Automation) 77000 Units (A) 123000 Units (D) Production…
Q: Kristen owns activity A which produced a $20,000 passive loss in 2020. Kristen's only income in 2020…
A: Passive activity loss can be generally offset against passive income only, carryforward indefinately…
Q: In Japan, the government has laws on how much fish a fisher can catch. By limiting the number of…
A: Japan's fish policy restricts a fisher for catching the fish in a season or day to ensure their…
Q: ORANGE Company and its divisions are engaged solely in manufacturing. The following data pertain to…
A: IFRS 8 Operating Segments requires particular class of entities to disclose information about their…
Q: Brief Exercise 23.4 (Static) Estimating Direct Materials Inventory (LO23-4) On January 1, Howard…
A: Lets understand the basics. For calculating opening inventory, we need to use below formula. Opening…
Q: The FMT Corporation is trying to determine the effect of its inventory turnover ratio and days sales…
A: Inventory Turnover Ratio = Net Sales / Average Inventory 5 Times = 1,50,000 /Average…
Q: Calculate for each year the receivable turnover. At the end of 2019, accounts receivable was…
A: Accounts receviable turonover = Net credit sales/ Average accounts receviable Average accounts…
Q: Imagine that you work in the accounting department of a university and your boss has asked you to…
A: Revenue and Expenses are the two most important elements of an income statement. Incomes/Revenues…
Q: In your evaluation of the foregoing statements: Group of answer choices Both statements are false.…
A: Two statements are presented to us for evaluation from the perspective of the revenue code.…
Q: (A *D) (H - 1) (K* E) Jan 1 2019 June 30, 2019 December 31, 2019 June 30, 2020 December 31, 2020…
A: Valuation of Bond Amortisation of Bond Journal Entries related to the Bond
Q: ecorde when an individual account is written off. b. when the loss amount is known. c. for an amount…
A: The correct answer in the given question is (c) for an amount the company estimates it will not…
Q: The Engine Division of Murphy Motor Corporation uses 5,000 carburetors per month in its production…
A: The question is related to the Transfer Pricing. In general the transfer price will be the Variable…
Q: Given that sales are R5000000, Gross profit is R1 500 000. Therefore, cost of sales is R 2500000.…
A: The cost of sales can be calculated by deducting the gross profit from the sales revenue.
Q: One of the following is not a transaction deemed sale and is therefore not subject to VAT. Which is…
A: The answer is stated below:
Q: Danube Corp. purchased a used machine for $17,000. The machine required installation costs of $7,000…
A: Formula: Asset value to be recorded = Machine purchased value + Installation costs + Insurance while…
Q: avage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…
A: The flexible budget is prepared on the basis of standard cost and actual output.
Q: Ultimo Company operates three production departments as profit centers. The following Information is…
A: Overhead are those costs that cannot be directly attributed to a unit of product.theae can be…
Q: Gordon Corporation produced 10,000 digital watchnes In the current year. Variable costs are $8 per…
A: Relevant cost to make = $8.00 + $1.25 = $9.25 Relevant cost to buy = $9.50 Buying is $0.25 is…
Q: Question 2: is it more profitable to receive $1000 at the end of each month for 10 years, or to…
A: The question is based on the concept of Financial Management. Annuity refers to the series of equal…
Q: Marino Company had the following balance sheet On January 1, 2019: 1. Compute the…
A: Goodwill is an intangible asset that arises from the purchase of one company by another. Goodwill is…
Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…
A: ANSWER For example, electricity costs should be $1,100 per month plus $0.09 per car washed. The…
Q: Allowance method entries The following transactions were completed by Wild Trout Gallery during the…
A: Accounts receivables includes the amount which are yet to be received by the seller of the goods…
Q: FMT Trading Inc. has the following financial data: Annual sales 10,000,000 Cost of goods sold…
A: Cash Conversion Cycle - Cash Conversion cycle is calculated by following formula - Average…
Q: Given the following facts, what is the state apportionment factor if sales are triple weighted:…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: We discussed the fact that most companies develop and document a capitalization policy regarding…
A: The answer is stated below:
Q: narlie belongs to a det ach year of service, ca cars of service and bes andard reduction of 4 eif he…
A: The answer for the above case study is option b) $ 24,480 Detail attached below:
Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…
A: Budgeting is an important part of the business process. Without budgeting a business cannot track…
Q: The condensed product-line income statement for Dish N' Dat Company for the month of May is as…
A: Variable Cost of goods sold = $20600 ×(1-0.15) = $17510 Variable selling and admin expenses =…
Q: All of the following would be considered "intellectual property" except: A.…
A: Intellectual property means the creation of the minds i.e. inventions, arts, designs, images,…
Q: The contribution format income statement for Huerra Company for last year is given below: Total Unit…
A: Solution 1: Particulars Amount Sales $998,000.00 Operating income $80,000.00 Average…
Q: Mr Jacob Johnson has net employment income of $41300 (after the deduction of $8600 in RPP…
A: Net income + RPP deduction + income from business + taxable dividend - support payment from former…
ABC Corporation has the following information for the taxable year 2022:
Quarter |
RCIT |
MCIT |
CWT |
1st |
P200,000 |
P160,000 |
P40,000 |
2nd |
240,000 |
500,000 |
60,000 |
3Rd |
500,000 |
150,000 |
80,000 |
4th |
300,000 |
200,000 |
70,000 |
MCIT carry-over from prior year amounts to P60,000 and excess tax credits from prior year amounts to P20,000.
- How much was the income tax payable for the first quarter?
- How much was the income tax payable for the third quarter?
- How much was the annual income tax payable?
Step by step
Solved in 2 steps
- Incomc Taxes Then Company has been in operation for several years. It has both a deductible and a taxable temporary difference. At the beginning of 2019, its deferred tax asset was 690, and its deferred tax liability was 750. The company expects its lutine deductible amount to be deductible in 2020 and its Inline taxable amount to 1 taxable in 2021. In 2018, Congress enacted income tax rates for future years as follows: 2019, 30%; 2020, 34%; and 2021, 35%. At the end of 2019, Then reported income taxes payable of 25,800, an increase in its deferred tax liability of 300, and an ending balance in its deferred tax asset of 860. Thun has prepared the following schedule of items related to its income taxes for 2019. Required: Fill in the blanks in the preceding schedule. Show your calculations.Quince Corporation has taxable income of $485,000 for its calendar tax year. Calculate the corporation's income tax liability for 2019 before tax credits. $________________Ironwood Corporation has ordinary taxable income of $65,000 in 2019, and a short-term capital loss of $15,000. What is the corporation's tax liability for 2019? $7,500 $5,250 $10,500 $13,650 None of the above
- Le Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT First P200,000 P160,000 P40,000 Second 240,000 500,000 60,000 Third 500,000 150,000 80,000 Fourth 300,000 200,000 70,000 Additional information: Excess MCIT from 2020: P60,000 Excess tax credits from 2020: P20,000 1.) How much was the income tax payable for the first quarter? a. 200,000 b. 160,000 c. 120,000 d. 80,000 2.) How much was the income tax payable for the second quarter? a. 660,000 b. 460,000 c. 200,000 d. 160,000 3.) How much was the annual income tax payable? a. 1,260,000 b. 390,000 c. 230,000 d. 930,000Metlock Company reported the following pretax financial income (loss) for the years 2018-2022. 2018 $235,200 2019 343,000 2020 117,600 2021 (558,600) 2022 176,400 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 34% for 2018 and 2019, and 20% for 2020-2022. Assume the carryback provision is used first for net operating losses. SUPPOVaughn Company reported the following pretax financial income (loss) for the years 2018-2022. 2018 $259,200 378,000 129,600 (615,600 ) 194,400 2019 2020 2021 2022 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 34% for 2018 and 2019, and 20% for 2020-2022. Assume the carryback provision is used first for net operating losses.
- The pretax financial income of x company differs from its taxable income throughout each of 4 years as follows Year. Pretax Financial Income. Taxable income. Tax rate 2020. 305,000. 173,000. 35% 2021. 349,000. 216,000. 20% 2022 358,000 277,000 20% 2023 429,000 615,000 20% Pretax fiancial income for each year includes a nondeductible exense of $29,100 (never deductible for tax purposes) The remainder of the difference between pretax fiancial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020. Prepare journal entries to record income taxes in all 4 years. Assue that the change in the tax rate to 20% was not enacted until the beginning of 2021The pretax financial income of x company differs from its taxable income throughout each of 4 years as follows Year. Pretax Financial Income. Taxable income. Tax rate 2020. 305,000. 173,000. 35% 2021. 349,000. 216,000. 20% 2022 358,000 277,000 20% 2023 429,000 615,000 20% Pretax fiancial income for each year includes a nondeductible exense of $29,100 (never deductible for tax purposes) The remainder of the difference between pretax fiancial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020. Prepare journal entries to record income taxes in all 4 years. Assume that the change in the tax rate to 20% was not enacted until the beginning of 2021On 1, 2020, the tax asset Complex of P12,800,000 for P18,300,00 for The income recognized on 31, 2019 in at which The tax was to a of P500,000 The for the tax rent of P6,000,000 on 1, entire is tax Pro Problem 16-13 (IFRS) Complex Company reported pretax accounting inco P6,2 tax rate is 30%. Incl P450,000 and no deferred tax liability. The deferred tax asset was due to a provision of P500. Th of The other reason for the deferred tax asset was res, P1,000,000 collected in 2019 but earned only in 2020 time it was tax deductible. ta: Life insurance premiums of P200,000 were recognized o year on key officers for 2020 and 2021. ye The entity paid for a two-year casualty insurance for P6,000,000 on January 1, 2020. The entire premium is to deductible when paid. The entity collected rent from leasing some of its equipment The rent is recognized as revenue when earned but taxahla when collected. 2020 2021 3,300,000 2,500,000 Rent collected 3,500,000 3,300,000 Rent earned The entity had trading…
- Tamarisk Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2020 through 2026 as follows. Income (Loss) Tax Rate 2020 $(84,000) 25 % 2021 (90,000) 20 % 2022 78,000 20 % 2023 57,000 20 % 2024 (132,000) 20 % 2025 95,000 25 % 2026 162,000 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Tamarisk has been in business. Tax rates were not enacted until the year of change. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. (a) (b) Indicate what the income tax expense portion of the income statement for 2021 should look like. Assume all income (loss) relates to continuing operations. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45)) Tamarisk Corporation Income Statement (Partial) $Acer, Inc. reported a taxable income of P8,000,000 in its Form 1702 for its first year of operations, calendar year 2020. Below are the differences between taxable and financial income:· Excess tax depreciation over accounting depreciation: P500,000· Revenue collected for tax in excess of accounting revenue: P2,000,000· Tax penalties expensed in the income statement: P200,000Income tax rate is 30%. What is the NET DEFERRED TAX EXPENSE for 2020? a. 450,000 benefit b. 450,000 expense c. 510,000 benefit d. 510,000 expenseThe pretax financial income of x Company differs from its taxable income throughout each of 4 years as follows. Year PretaxFinancial Income Taxable Income Tax Rate 2020 $295,000 $180,000 35 % 2021 320,000 217,000 20 % 2022 335,000 264,000 20 % 2023 435,000 592,000 20 % Pretax financial income for each year includes a nondeductible expense of $29,300 (never deductible for tax purposes). The remainder of the difference between pretax financial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020. Prepare the Income stmt for 2021 beginning with income before income taxes