Answered: receipts from services 75,000…

receipts from services 75,000 dividend income 5000 interest from municipal bonds 2,000 additional capital from shareholders 10,000 wages & rent 30,000 fines 2,000 section 179 exp 20,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Compute the taxable income & Earnings and profit for a corporation

receipts from services

receipts from services	75,000
dividend income	5000
interest from municipal bonds	2,000
additional capital from shareholders	10,000

wages & rent		30,000
fines		2,000
section 179 exp		20,000
estimated fed tav pd		5,000

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QUESTION 6 Ottawa Corporation has accounting income for the year ended October 31, 2020 of $76,000. Included in this calculation are the following amounts: Meals and entertainment expenses Amortization and depreciation Landscaping costs Dividend from Canadian subsidiary Charitable donations $38,000 69,000 32,000 52,000 2,500 You have correctly determined CCA to be $61,000. What are the correct amounts for first, Net Income for Tax Purposes, and second, Taxable Income? O A. Net Income for Tax Purposes - $21,500; Taxable Income $19,000. O B. Net Income for Tax Purposes - $103,000; Taxable Income $51,000. OC. Net Income for Tax Purposes - $105,500; Taxable Income $51,000. O D. Net Income for Tax Purposes - $73,500, Taxable Income - $19,000,
Subject: accounting
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Hi please help me answer 1-4. Thank you so much
Phils. Corporation reported the following gross income and expenses Philippines Overseas Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000 Compute the income tax due for 2019 if Phils is a domestic corporation: P10,200,000 P6,900,000 P8,500,000 P6,800,000