Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500 Equipment 29,100 Accumulated depreciation-equipment 6,300 Accounts payable 4,500 Owner's drawings 3,800 Service revenue 61,100 Depreciation expense 4,500 Rent revenue 8,700 Owner's Capital (beginning of the year) 50,600 Income statement

Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500 Equipment 29,100 Accumulated depreciation-equipment 6,300 Accounts payable 4,500 Owner's drawings 3,800 Service revenue 61,100 Depreciation expense 4,500 Rent revenue 8,700 Owner's Capital (beginning of the year) 50,600 Income statement

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter20: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 15CE

See similar textbooks

Similar questions

Prepare: Net Taxable Income for the year
F1
What amount of current income tax liability should be reported at year end? a. ₱ 1,780,000 b. ₱ 2,280,000 c. ₱ 2,880,000 d. ₱ 2,580,000
How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000
mg
where did you get $1150/12 for the depreciaition expense
If the beginning balance in OAA is zero and the following transactions occur, what is the ending OAA balance? Depreciation recapture income $21,000 Payroll tax penalty 4,200 Tax-exempt interest 5,700 Nontaxable life insurance proceeds 3,900 Insurance premiums paid (nondeductible) 2,900 Charitable contributions 17,000 a.$23,300. b.$1,300. c.$6,700. d.$27,500.
An SME provided the following on December 31, 2022: Cash Accounts receivable Prepayments Inventories Investment in associate Property, plant and equipment Accumulated depreciation and impairment Software - net of amortization and impairment Deferred tax asset Bank overdraft Bank loan, fully payable in 2022 and prepayable without penalty Trade payables Interest payable Current tax liability Provision for warranty. Employee benefit obligation, current portion, P4,000 Finance lease liability, current portion, P20,000 Share capital Retained earnings 5. What is the total amount of current assets? A. 675,000 B. 615,000 C. 785,000 D. 725,000 6. What is the total amount of current liabilities? A. 810,000 B. 860,000 C. 786,000 D. 806,000 7. What is the total shareholders' equity? A. 2,460,000 B. 2,400,000 C. 2,430,000 D. 2,700,000 25,000 530,000 60,000 60,000 110,000 3,250,000 700,000 10,000 5,000 80,000 50,000 430,000 2,000 270,000 4,000 10,000 44,000 30,000 2,430,000
How much is the total income tax expense for the year? a. ₱ 2,280,000 b. ₱ 2,100,000 c. ₱ 3,120,000 d. ₱ 3,300,000
Calculate the assessed Value (in K) Property tax due (in $) on and the 267,00 the property? Fair Market Assesment Rate Assesed Value Property Tax Rate Property Tax 125.60 per 1,000 due Value 80
Assessment Task 6 - 1 1. Pine Corporation's books showed pretax income of P600,000 for the year ended December 31, 20x1. In the computation of federal income taxes, the following data were considered: Gain on involuntary conversion (expropriation) P350,000 Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes 50,000 Estimated tax payments during 20x1 70,000 Income tax rate 30% What amount should Pine report as its current income tax liability on its December 31, 20x1, balance sheet? 2. For the year ended December 31, 20x1, Mont Co.'s books showed income of P600,000 before provision for income tax expense. To compute taxable income for taxation purposes, the following items should be noted: Income from exempt municipal bonds P60,000 Depreciation deducted for tax purposes in excess of depreciation recorded on the books 120,000 Proceeds received from life insurance on death of officer 100,000 Estimated tax payments Enacted corporate tax rate 30% What…
Keith Urban Bookstores is considering a major expansion of its business. The details of the proposed expansion project are summarized below: The company will have to purchase $600,000 in equipment at t = 0. This is the depreciable cost. The project has an economic life of four years. The cost can be depreciated on a MACRS 3-year basis, which implies the following depreciation schedule: MACRS Depreciation Rates Year 1 0.33 0.45 0.15 0.07 2 3 4 At t = 0, the project requires that inventories increase by $40,000 and accounts payable increase by $5,000. The change in net operating working capital is expected to be fully recovered at t = 4. (Hint: NWC = CA-CL) The project's salvage value at the end of four years is expected to be $0. The company forecasts that the project will generate $700,000 in sales the first two years (t = 1 and 2) and $400,000 in sales during the last two years (t = 3 and 4). Each year the project's operating costs excluding depreciation are expected to be 55% of…