Hua Company has an agreement to pay its sales manager a bonus of 5% of income after bonus and after tax. The income for the year before bonus and tax is P5,250,000. The income tax rate is 30% of income after bonus. Suppose the bonus has not yet been paid, what amount of current liability for bonus should be reported at year end?
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Please answer, round off final answers to two decimal places
![Hua Company has an agreement to pay its sales manager a bonus of 5% of income after bonus and
after tax. The income for the year before bonus and tax is P5,250,000. The income tax rate is 30% of
income after bonus. Suppose the bonus has not yet been paid, what amount of current liability for bonus
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- 7) Hua Company has an agreement to pay its sales manager a bonus of 5% of income after bonus and after tax. The income for the year before bonus and tax is P5,250,000. The income tax rate is 30% of income after bonus. Suppose the bonus has not yet been paid, what amount of current liability for bonus should be reported at year end?Use the information for the next four (4) questions. QWERTY Company has an agreement to pay the sales manager a bonus of 5% of the entity's earnings. The income for the year before bonus and tax is P7,875,000 The income tax rate is 30% of income after bonus.1.How much is the bonus, assuming bonus is a certain percent of the income before bonus and before tax? 2.How much is the bonus, assuming bonus is a certain percent of income after bonus but before tax? 3.How much is the bonus, assuming bonus is a certain percent of income after bonus and after tax? 4.How much is the bonus, assuming bonus is a certain percent of income after tax but before bonus?11. After three profitable years, Grace company decided to offer a bonus to the branch manager of 25% of the branch income after deduction of the bonus but before deduction of income tax. Branch income for the current year before the bonus and income tax was 1,650,000. The tax rate was 30%. What is the bonus for the current year?
- 37. The bonus agreement of Christian Company provides that the general manager shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30% The general manager received P350,000 for the current year as bonus. What is the income before bonus and tax? P4,280,000 P4,000,000 P3,700,000 P5,350,000ABC Corporation pays bonuses to its Chief Finance officer. The company had profit for 2021 of P 5,000,000 before bonuses and income taxes. Assuming ABC corporation gives 10% bonus after bonus and income taxes, how much would be the income taxes? P 327,102.80 P 1,401,869.16 P 3,247,422.68 P 3,271,028.04Problem 4: JIMIN Company has an agreement to pay the executive officers a bonus of 5% of the entity's earnings. The income for the year before bonus and tax is P8,750,000. The income tax rate is 30% of income after bonus. Requirements: Determine the BONUS under each of the following independent assumptions: А. 9. Bonus is based on income before bonus and before tax. В. Bonus is based on income after bonus and after tax. С. Bonus is based on income after bonus but before tax. D. Bonus is based on income after tax but before bonus
- Problem 4: JIMIN Company has an agreement to pay the executive officers a bonus of 5% of the entity's earnings. The income for the year before bonus and tax is P8,750,000. The income tax rate is 30% of income after bonus. Requirements: Determine the BONUS under each of the following independent assumptions: 9. A. Bonus is based on income before bonus and before tax. В. Bonus is based on income after bonus and after tax. C. Bonus is based on income after bonus but before tax. D. Bonus is based on income after tax but before bonusMatrix Corporation estimated at the beginning of 20-- that its income tax for the year would be $140,000. 1. Calculate the estimated income tax payment per quarter and show one of the quarterly entries to pay the taxes. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 15 1 2. As of December 31, 20--, Matrix Corporation had an actual tax liability of $143,200. Calculate the income tax due and make the necessary adjusting entry. If an amount box does not require an entry, leave.it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Dec. 31 2 2.Borat Company gives annual bonuses after the end of the year. Borat computes the bonuses based on the companys net income after deducting the bonuses but before deducting income taxes. Borats income before bonuses and income taxes is 565,000 for the current year. The effective income tax rate is 21%, and the bonus rate is 12%. Calculate Borats bonuses and income taxes for the current year. Round your final answer to two decimal places.
- The SUTA rate for LARVA Corporation is 5.4% and its FUTA rate is 6.0% less the 5.4% SUTA credit. If its semimonthly GROSS payroll is $254,400 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll? O $15,264.00 O $17,844.00 O$28,203.60 O $29,001.60X Corporation expects the following transaction in 2020. Their first year of operations.· Allowance for bad debts, end of year is 80,000· Sales (some receivables are collectible in 2021) 1,500,000· Bad debt written offs during the year 10,000· Disbursements of costs and expenses 1,200,000· Disbursements for income taxes 90,000· Accounts receivable, end of year, net- 70,000· Purchases of fixed assets for cash 400,000· Proceeds from issuance of ordinary shares 580,000· Proceed from short-term borrowings 100,000· Payments on short-term borrowings 60,000· Depreciation on fixed assets 80,000· Loss on sale of fixed assets (book value 100,000) 10,000What is the cash balance at December 31, 2020? • 470,000 • 300,000 • 390,000 • 370,000 • None of the aboveX Corporation expects the following transaction in 2020. Their first year of operations.· Allowance for bad debts, end of year is 80,000· Sales (some receivables are collectible in 2021) 1,500,000· Bad debt written offs during the year 10,000· Disbursements of costs and expenses 1,200,000· Disbursements for income taxes 90,000· Accounts receivable, end of year, net- 70,000· Purchases of fixed assets for cash 400,000· Proceeds from issuance of ordinary shares 580,000· Proceed from short-term borrowings 100,000· Payments on short-term borrowings 60,000· Depreciation on fixed assets 80,000· Loss on sale of fixed assets (book value 100,000) 10,000What is the cash balance at December 31, 2020? a. 470,000 b. 300,000 c. 390,000 d. 370,000 e. None of the above
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