Output Tax due for the Month
Q: You have the following income statement data: Your Answer: Sales Cost of goods sold (Depreciation…
A: Income Statement is a financial statement that shows the company's profit & loss over a period…
Q: percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported…
A: For ascertaining the income tax liability of any tax payer, the pre-tax amounts of the business…
Q: Shamrock Corporation had sales of $3,600,000 for the year ended December 31, 2027. The unit selling…
A: The income statement is an essential part of the company's financial statements. It indicates…
Q: Calculate the net income for a company given the following information: Revenue: $50,000 Cost of…
A: Net income, also referred to as net profit or net earnings, is a measure of a company's…
Q: Consider the following income statement: $ 529,192 344,288 78,300 23% Sales Costs Depreciation Taxes…
A: Sales = $ 529192 Costs = $ 344288 Depreciation = $ 78300
Q: Consider the following income statement: Sales $909,407 Costs…
A: Operating cash flow (OCF) is a measurement of how much money a company generates through regular…
Q: Prepare a gross profit variation analysis for two products.…
A: Gross profit analysis refers to the method of comparing the gross profit of a company for two…
Q: nual sales of P6,000,000 of tobacco products by a resident business seller to foreign business…
A: Concept of consumption tax on sales and purchase of good by business seller from one country to…
Q: Consider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan =…
A: Taxes are to be paid as per the applicable tax rate on the Taxable Income of any organization.…
Q: Beckett Corporation has nexus with States A and B. Apportionable income for the year totals…
A: Tax liability: When a person or an entity earns an income, then that income is taxed on the basis of…
Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent):…
A: The "cash flow from creditors" means the financial exchanges that take place between a business and…
Q: how did they get the Income Before Tax?
A: Income before tax: Income before tax represents the net earnings of the firm without taking into…
Q: Consider the following income statement: Sales Costs Depreciation Taxes $ 748,168 486,752 110,700…
A: The earnings before interest and taxes can be depicted as EBIT which can be computed after deducting…
Q: Calculate the Gross Profit Percentage using the following informat Net Sales Cost of Goods Sold…
A: Introduction:- Gross profit is calculated by deduction of the cost of goods sold (COGS) from total…
Q: Use the data below to calculate the Personal Income for this sample economy Household spending on…
A: Personal income refers to the amount of money obtained collectively by a country's residents.…
Q: Sales Cost of goods sold Operating expenses Sales discounts Sales returns and allowances Interest…
A: Introduction: Sales are any operating revenues generated by a company through its business…
Q: Calculate the sales from the given information Cost of goods sold is $38,000…
A: The format is - Sales less Cost of goods sold less Depreciation less tax Net…
Q: Barron, Inc. sold goods for $888,500 on account. The company operates in a state that imposes a 12%…
A: Barron, Inc. sold goods for 888, 500 on account.Sales tax imposed on the sale of goods and…
Q: Revenues Costs of Goods Sold Gross Profit Selling, General and Admin Depreciation EBIT Income tax…
A: NPV is defined as the sum of the present values of all future cash inflows less the sum of the…
Q: A customer purchases $28.14 in products only $12.83 is taxable. How much sales tax is owed if the…
A: Sales tax is a tax levied on the sale and purchase of goods and services. It is typically a…
Q: Required information ($ thousands) Net sales Cost of goods sold Current Year $ 885,182 396,513…
A: A trend Percentage, commonly referred to as an "index number," can be used to compare financial data…
Q: Consider the following data for 2021 from an after tax cash flow analysis. What is the taxable…
A:
Q: Income: 120,000 Federal Payroll Tax Rate: 15.3% State Tax Rate: 4 % * Round all answers to 2 decimal…
A: The tax rate that is applied to the additional income is referred to as the marginal tax rate. When…
Q: Nu Company reported the following pretax data for its first year of operations. Net sales…
A: A person's or corporation's net income is the amount generated after deducting costs, allowances,…
Q: evenues -Cost of Goods Sold -Depreciation EBIT - Taxes (20%) Unlevered net income Depreciation…
A: NPV is the net present value and can be calculated as the difference between the present value of…
Q: Calculate the gross profit percentage using the following information: Net Sales Cost of Goods Sold…
A: Gross profit is calculated by subtracting the cost of goods sold (COGS) from total revenue or Net…
Q: With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $6,750 Credit against FUTA…
A: Formula: Net FUTA tax = Gross FUTA tax due - Credit against FUTA
Q: For income tax purposes, what is the amount of gross income given the following amounts? Gross…
A: Both people and business use their gross income. It is estimated for people as the total income…
Q: Sales revenue $8,400,000 Selling expense $1,080, 000 Foreign currency translation adjustment, gain…
A: To calculate the net income, we'll first need to gather all the relevant income and expense items…
Q: Given the following case, calculate the independent effects of a 1 percent increase in Gross Margin,…
A: The gross margin is the amount of money a firm has left after deducting the direct costs of…
Q: Complete the following: Tax rate per dollar In percent Per $100 Per $1,000 Mills 0.0956 %
A: given, tax rate per dollar = 0.0956 tax rate in percentage = 0.0956 x 100 tax rate in percentage =…
Q: Company XYZ it made sales of $230,000 during 2019 the fixed expenses were $90,000 and variable…
A: Gross margin = Sales - Cost of goods as sold Gross Margin % = Gross margin / Sales
Q: For the past year, Momsen Limited had sales of $47362, interest expense of $4,566, cost of goods…
A: Net income is the amount of money earned by the entity after deducting all the expenses from the…
Q: Assuming the following facts, calculate the total tax provision Sales…
A: Given that : Pre-tax book net income 75,000 Tax rate…
Q: Sales revenue HK$112,000 Gain on sale of plant assets 33,600 Selling and administrative expenses…
A: Formula: Gross profit = Sales revenue - cost of goods sold
Q: 1. Show that a 20% retail sales tax is regressive by putting numbers in the following table. Income…
A: Regressive Tax: In regressive taxation a fixed rate of Tax is charged. It does not consider the…
Q: Based on the following amounts, how much is the income tax due based on the 25% regular corporate…
A: Tax due is P400,000.
Q: iven the above information, calculate the net income. Enter the value in 2 decimal places, Sales…
A: Time interest earned ratio show the ability of company to pay interest on time and it is the ratio…
Q: A customer paid a total of $7700 for a purchase, including 13% HST (Harmonized Sales Tax). How much…
A: The federal Goods and Services Tax (GST) and provincial sales taxes from several Canadian provinces…
Q: Calculate the tax base for Machine A on 29 February 2016:
A: Tax base of machine is the opening balance of the machine after charging…
Q: Complete the income statement table below Sales $15,000 Gross income Cost of goods sold Operating…
A: Lets understand the basics. Income statement is a statement prepare which contains the sources of…
Q: Marginal tax rates Using the tax rate schedule given here i, perform the following: a. Find the…
A: The marginal tax rate is the percentage of tax applied to an additional dollar of income. It is the…
Compute the following
Output Tax due for the Month
PH
Vatable sale P1, 500,000
Domestic purchase of goods other than Capital Goods P 100,000
Domestic Purchase of Service 200,000
Purchase of agricultural food products in original state P 150,000
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Revenues - Cost of Goods Sold - Depreciation =EBIT - Taxes (20%) =Unlevered net income +Depreciation - Additions to Net Working Capital - Capital Expenditures =Free Cash Flow Year 0 OA. by 35% OB. by 41% OC. by 69% O D. by 55% Year 1 500,000 - 300,000 Year 2 500,000 - - 100,000 -100,000 165,000-165,000 235,000 -47,000 235,000 -47,000 Year 3 500,000 -165,000 -100,000 188,000 188,000 100,000 100,000 - 20,000 - 20,000 268,000 268,000 Visby Rides, a livery car company, is considering buying some new luxury cars. After extensive research, they come up with the above estimates of free cash flow from this project. Visby learns that a competitor is thinking of offering similar services, thus reducing Visby's sales. By how much could sales fall before the net present value (NPV) was zero, given that the cost of capital is 8%, and that cost of goods sold is 45% of revenues? 235,000 - 47,000 188,000 100,000 - 20,000 268,0001. Suppose the gross sales of Lukah’s Coffee Shop for the month of April is Php 50,000. How much is its gross profit? A. 50,000 B. 32,000 C. 20,500 D. 38,500 2. How about its income before tax? A. 50,000 B. 32,000 C. 20,500 D. 38,500 3. Suppose the government imposes a 5% income tax on all businesses earning an income worth Php 50,000 and below. Solve for the income after tax of Lukah’s Coffee Shop. A. 30,400 B. 32,000 C. 20,000 D. 19,475 4. Now, suppose the rent expense increased from Php 3,500 to Php 4,000. What is now the income before tax of Lukah’s Coffee Shop? A. 30,400 B. 32,000 C. 20,000 D. 19,475 5. Given the change in the gross profit due to an increase in the cost of rental space, how much, then, is the income after tax of Lukah’s Coffee Shop? A. 30,400 B. 32,000 C. 20,000 D. 19,000Consider the following income statement: Sales Costs $ 602,184 391,776 Depreciation 89,100 Taxes Calculate the EBIT. EBIT 21% Calculate the net income. Net income
- Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750Blossom Manufacturing Ltd.'s sales for the year ended December 31, 2022 are $1.00 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Administrative expenses Variable $320,000 56,000 27,920 Fixed $180,000 26,400 36,000 Prepare a detailed CVP income statement for the year ended December 31, 2022. Blossom Manufacturing Ltd. CVP Income Statement $ $
- For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00Nu Company reported the following pretax data for its first year of operations. Net sales 2,960 Cost of goods available for sale 2, 480 Operating expenses 830 Effective tax rate 20% Ending inventories: If LIFO is elected 940 If FIFO is elected 1, 150 What is Nu's net income if it elects LIFO? Multiple Choice $800 $ 640 $472 $590Sales Cost of goods sold Gross profit Fixed charges (other than interest) Income before interest and taxes Interest Income before taxes Taxes (35%) Income after taxes. LANCASTER CORPORATION a. What is the times-interest-earned ratio? Note: Round your answer to 2 decimal places. Times interest earned Fixed charge coverage times b. What would be the fixed-charge-coverage ratio? Note: Round your answer to 2 decimal places. times $ 259,000 209,000 $ 50,000 24,500 $ 25,500 19,000 $ 6,500 2,275 $ 4,225
- Given total Sales of 300.000, gross margin equal to 40% of Sales, total Expenses of 84.000, interest expense of 6.000, and a tax rate of 20% (assume no tax adjustments) what is the ratio of Result to Sales ? a. 8% b. 10% C. 16% d. 24%Entity A has an incentive compensation plan under which the sales manager receives a bonus equal to 10percent of the company's income after deductions for bonus and income taxes. Income before bonus and incometaxes is P500,000. The effective income tax rate is 30 percent. How much is the amount of bonus (rounded to the nearest peso)?a. 32,710 b. 60,748 c. 30,974 d. 37,210 How much is the amount of income tax?a. 131,776 b. 140,708 c. 138,837 d. 140,187What are the following amounts for the year ended 2/1/20: Net Sales _________ Cost of Goods Sold ____________ Gross Margin ____________ Gross Margin Percentage ____________ Operating Income ____________ Net Income ____________
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)