2.2021 Year end results for Corporate Income Taxpayer Company B is as follows. The Companygave the declaration on 25 April 2022 and will pay tax on 30 April 2022.Profit for 2020: 5.500.000 TRYNon-deductible expenses: 400.000 TRYPrevious year losses: 100.000 TRY for 2014, 300.000 TRY for 2016Domestic Participation Exemption: 350.000 TRYFrench Permanent Establishment Income: 300.000 TRY (The income is transferred to Turkey)Russian Construction Permanent Establishment Income 450.000 TRY (The income is nottransferred to Turkey)Donations to X Foundation that works for public interest: 55.000 TRYThe prepaid tax: 205.000 TRYThe withholding tax paid 330.000 TRYCorporate income tax rate is %22.Required: a) Calculate corporate income tax payable for 2020.b) Make the journal entries on 25 and 30 April 2021.

In this problem we will calculate taxable income as per IRS rules 2020. From the net profit we…

Answered: on: 350.000 TRY nt Income: 300.000 TRY…

Business

Accounting

on: 350.000 TRY nt Income: 300.000 TRY (The incom ent Establishment Income 450.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

2.2021 Year end results for Corporate Income Taxpayer Company B is as follows. The Company
gave the declaration on 25 April 2022 and will pay tax on 30 April 2022.
Profit for 2020: 5.500.000 TRY
Non-deductible expenses: 400.000 TRY
Previous year losses: 100.000 TRY for 2014, 300.000 TRY for 2016
Domestic Participation Exemption: 350.000 TRY
French Permanent Establishment Income: 300.000 TRY (The income is transferred to Turkey)
Russian Construction Permanent Establishment Income 450.000 TRY (The income is not
transferred to Turkey)
Donations to X Foundation that works for public interest: 55.000 TRY
The prepaid tax: 205.000 TRY
The withholding tax paid 330.000 TRY
Corporate income tax rate is %22.
Required: a) Calculate corporate income tax payable for 2020.
b) Make the journal entries on 25 and 30 April 2021.

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