Homework Help is Here – Start Your Trial Now!
Business
Accounting
Just answer numbers 3-5

Just answer numbers 3-5

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Just answer numbers 3-5
Jacinto Flores is the owner-manager of JDF Car Parts and Services. The company's details as reflected in the income statement are as follows: Sales P1, 830,000.00 Less: COGS Gross Profit 392,000.00 P1, 438,000.00 200,500.00 PL.237,500.00 Less: Operating Expenses Net Income 1. How much is the taxable income? 2. How much is the Tax Due? 3. What tax schedule did you use for the computation? 4. What tax schedule bracket did you use? 5. What can you say about the procedure in Income Tax computation under TRAIN law?
Transcribed Image Text:Jacinto Flores is the owner-manager of JDF Car Parts and Services. The company's details as reflected in the income statement are as follows: Sales P1, 830,000.00 Less: COGS Gross Profit 392,000.00 P1, 438,000.00 200,500.00 PL.237,500.00 Less: Operating Expenses Net Income 1. How much is the taxable income? 2. How much is the Tax Due? 3. What tax schedule did you use for the computation? 4. What tax schedule bracket did you use? 5. What can you say about the procedure in Income Tax computation under TRAIN law?
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS