Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible.1. How much is the business tax payable for the first quarter?2. How much is the business tax payable for the third quarter? JanFebMarAprMayJunJulAugSepOctNovDecSales960,000920,000 1,150,000680,000670,000860,000440,000550,000580,000790,000630,000 1,250,000Purchases450,000250,000380,000345,000405,000210,000450,000470,000680,000380,000410,000750,000Please enter a number greater than or equal to 0

In Philippines generate Vat tax rate is 12% on goods and services provided in the domestic territory…

Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible. 1. How much is the business tax payable for the first quarter? 2. How much is the business tax payable for the third quarter?

Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible. 1. How much is the business tax payable for the first quarter? 2. How much is the business tax payable for the third quarter?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A company's income statement reported net income of $88,500 during 2019. The income tax return…

A: INTRODUCTION: A tax rate is the percentage of a person's or corporation's income that is taxed. The…

Q: The following pre-tax amounts pertaining to AMSTERDAM Company for the year ended December 31, 2021:…

A: Net profit means the difference between the income and expenses.Net profit after taxes means the…

Q: 4,000,000. The difference is due to rental received in advance. Rental income is taxable when…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: the current year, LNS corporation reported the following taxable income at the end of its first,…

A: Annualized Income Method -Self-employed taxpayers normally pay their anticipated tax in four equal…

Q: How much sales tax liability does Stork Enterprises have for the month of May?

A: A follow-up question: Sales tax liability is simply the liability that arises upon the company due…

Q: Discord Inc. income tax return shows taxes currently payable for 2020 of $85,000. The company…

A: Deferred tax asset is a non-current asset which shows an advance payment of tax and has a debit…

Q: if a property transaction is scheduled to close on May 14. The purchase agreement states that the…

A: Variables in the question:Transaction closing date=May 14Beginning date of year=January 1Total tax…

Q: How much is the business tax payable for the October?

A: Vat payable is the amount of tax which a business have to pay to the government which has been…

Q: Thornton, Inc., had taxable income of $131,387 for the year. The company's marginal tax rate was 35…

A: Taxable Income = $131,387 Average Tax rate = 22.8%

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: On December 31, 2020, La Puendia Company reported the following: Income before tax for accounting…

A: Deferred tax: When accounting income is different from income under tax laws, it is called as…

Q: CSX Corporation reported the following in its tax footnote to its 2019 financial statements. Use…

A: ROA stands for return on assets. ROA is a ratio that computes the return on total assets. Formula =…

Q: In 2020, R and R Company received an advance payment of Php1,000,000, which was subject to tax but…

A: Deferred tax refers to the difference in the income as per company and as per income tax. These…

Q: For the current year, LNS corporation reported the following taxable income at the end of its first,…

A: Taxable income comprises all forms of remuneration, whether cash or services, as well as property.…

Q: Given the following information, compute Peach Company’s income taxes paid Decrease in income taxes…

A: Since, income tax payable has reduced by 600, it means that out of total payment of taxes, $600 is…

Q: If Pepper would report according to FIFO method, what would be the reported inventories, net income…

A: Inventories can be defined as the current assets held by the business entity for the purpose of…

Q: Thornton, Inc., had taxable income of $129632 for the year. The company's marginal tax rate was 34…

A: A company’s tax due is calculated on the basis of the average tax rate and not the marginal tax…

Q: . Prepare the journal entry(s) to record income taxes during the period. b.How much will income…

A: It has been given in the question that a deductible temporary difference has been recognized of the…

Q: Bonita Company reports pretax financial income of $76,500 for 2020. The following items cause…

A: Taxable income: It is the income calculated as per the tax laws and on which the applicable tax…

Q: for calender year 2020, power inc. had net income before income taxes in the amount of $10,000. Tax…

Q: What is the amount of Taxes Owed for the period if the tax rate is 30%, if Earnings Before Taxes (…

A: Taxes are the amount due to the government on the income earned by an individual or a company. The…

Q: Complete the assets part of the pro forma balance sheet for next year: (Round to the nearest…

A: Particulars Amount ($) Sales Revenue 60,06,000 Less : Cost of goods sold 30,89,182 Gross…

Q: J-Matt, Inc., had pretax accounting income of $319,000 and taxable income of $352,000 in 2021. The…

A: The temporary difference due to estimated product warranty costs would result in deferred tax asset.…

Q: A company reports 2021 pretax accounting income of $38 million, but because of a single temporary…

A: Income tax expense: Income tax expense refers to the amount of taxes that a company or individual is…

Q: In 2018, Ryan Management collected rent revenue for 2019 tenant coccupancy. For financial reporting,…

A: Deferred Tax Deferred tax is an amount that is, computed on the basis of tax liability on the income…

Q: What is the effective income tax rate for 2021?

A: Effective Tax Rate can be defined as the average rate at which tax is paid by the individual or a…

Q: Grateful Enterprises had the following income before tax provision and effective annual tax rate for…

A: The tax rate for : Quarter 1 = 30% Quarter 2 = 30% Quarter 3 = 25% Cumulative Income ( Quarter ) =…

Q: Brush Company has the following income before income tax and estimated effective annual income tax…

A: Income Statement:- It is a statement where expenses and revenue incurred during the period recorded.…

Q: during the year, plum company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA…

A: FUTA (Federal Unemployment Tax Act) and SUTA (State Unemployment Tax Act) are payroll taxes that…

Q: Nash, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The…

A: When Change of Inventory causes increases in Income then Inventory Increases to that extent and and…

Q: For its fiscal year ending October 31, 2020, Antonio Corporation reports the following partial data.…

Q: Carla reported the following pretax financial income (loss) for the years 2015-2019. 2015 2016 2017…

A: An income statement, also known as a profit and loss statement (P&L), statement of earnings, or…

Q: Sunland Company reports pretax financial income of $74,100 for 2020. The following items cause…

A: Taxable income is the amount of income subject to tax, after deduction and exemption.Income tax…

Q: The pretax financial income (or Loss) figures for Limerick co. are as follows: 2017 83,000 2018…

A: Given Information: Tax rate for 2017 = 25% Tax rate for remaining years = 20%

Q: Sherrod, Inc., reported pretax accounting income of $76 million for 2021. The following information…

A: Every transaction, per the logic of such a journal entry, must be documented in at least two…

Q: On December 31, 2023, XYZ Inc. has an account payable of $2,000 for operating expenses incurred…

A: The entity pays taxes on profit and tax liability is dependent upon the taxable income and filing…

Q: Q1 Q2 Q3 ues 20,000 25,000 18,000 ions 16.000 30.000 23. 000

A: Tax refers to the amount which is imposed by the taxation authorities on the entities or individuals…

Q: XYZ Pawnshop Corp. reported the following information in preparation of its quarterly percentage tax…

A: Pawnshops generate money by lending money, reselling merchandise, and providing ancillary services…

Q: Bagley Inc. had after-tax cash flows related to the purchase of inventory of $7,000 for September.…

A: Lets understand the basics.For converting after tax cashflow to before tax cashflow, we need to use…

Q: For the year ended December 31, 2006, Grim Company's pretax financial income was P2,000,000 and its…

A: The total income tax provision need to be reported in the following two components 1) current…

Q: accounting income (income sta eincome (tax return) : 25% s each year include $30 million fro e…

A: Taxable income refers to the sum value of money gained by an entity on which the authorized…

Q: hornton, Inc., had taxable income of $129632 for the year. The company's marginal tax rate was 34…

A: A tax is a mandatory fee or financial charge levied by any government on an individual or an…

Question

100%

Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is P240,000, of which the related VAT paid is negligible.

1. How much is the business tax payable for the first quarter?

2. How much is the business tax payable for the third quarter?

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sales
960,000
920,000 1,150,000
680,000
670,000
860,000
440,000
550,000
580,000
790,000
630,000 1,250,000
Purchases
450,000
250,000
380,000
345,000
405,000
210,000
450,000
470,000
680,000
380,000
410,000
750,000
Please enter a number greater than or equal to 0

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Required Answer each of the following questions by providing supporting computations. 1. Assume that the company’s income tax rate is 30% for all items. Identify the tax effects and after-tax amounts of the three items labeled pretax. 2. Compute the amount of income from continuing operations before income taxes. What is the amount of the income tax expense? What is the amount of income from continuing operations? 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? 4. What is the amount of net income for the year?
The Sirap Co had sales for the year at $150000. Only $105000 was collected in cash, The remaining $45000 should be collected in cash next year. The income is not taxable until it is collected in cash. The only expense for the business in income tax and the rate is 25% for this year and in all future years. how do you Make all journal entries necessary to record income tax for the year. ?
A company reports 2024 pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only $7 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the appropriate journal entry to record income taxes. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).
Give me correct answer with explanation.
During 2020, Sheffield Co.'s first year of operations, the company reports pretax financial income at $252,300. Sheffield's enacted tax rate is 45% for 2020 and 20% for all later years. Sheffield expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31, 2020, are summarized as follows. Future Years 2021 2022 2023 2024 2025 Total Future taxable (deductible) amounts: Installment sales Depreciation Unearned rent $31,300 5,800 (48,500) (48,500) $31,300 $31,300 5,800 $5,800 $5,800 $93,900 29,000 (97,000) 5,800 Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Deferred Tax Future Taxable Temporary Difference (Deductible) Amounts Tax Rate (Asset) Liability $ Installment sales $93,900 1% Depreciation 29,000 1% Unearned rent (97,000) % Totals THA
In early 2012, Cho-Sun's gross pay increased from $71,000 per year to $83,000 per year. Answer parts (a) and (b). Taxable Income (Income tax brackets) Tax Rates $44,701 or less 15% of taxable income less than or equal to $44,701; plus Over $44,701 up to $89,401 22% of taxable income greater than $44,701 and less than or equal to $89,401; plus Over $89,401 up to $138,586 26% of taxable income greater than $89,401 and less than or equal to $138,586; plus Over $138,586 29% of taxable income greater than $138,586 (a) What was the annual percent increase in Cho-Sun's pay before federal income taxes? nothing% (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.) (b) What was the annual percent increase in Cho-Sun's pay after federal income taxes were deducted? nothing% (Round the final answer to two decimal places as needed.…
XYZ Company reported the following pretax income (loss) and related tax rates during the years 2016-2021. Year Pretax Income (loss) Tax rate 2016 $75,000 30% 2017 150,000 30% 2018 240,000 40% 2019 (540,000) 48% 2020 210,000 40% 2021 300,000 42% Prepare the journal entries for the years 2019 and 2020 to record income taxes and the tax effects of the loss. Assume that XYZ elects the carryback provision where possible and it is probable that it will realize benefits of any loss carryforward. Prepare the portion of the income statement that presents your answer in part (a) for the year ended 2019.
Concord Corporation had income before income taxes of $205,200 in 2020. Concord’s current income tax expense is $49,700, and deferred income tax expense is $29,700.Prepare Concord’s 2020 income statement, beginning with "Income before income taxes". (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Concord CorporationIncome Statement (Partial) $ $ $
ZMAN Company reported a taxable income of $400,000 for 2019. The cumulative taxable temporary differences on 1/1/2019 were $225,000 and on 31/12/2019 were $160,000. The tax rate is 40% for 2019 and 30% for future years. Based on the above information, the company’s accountant reported a pretax financial income of $560,000. Do you agree with the reported numbers
BCD Company had sales Revenue of $500,000 for the year 2019. Its cost of goods sold was $240,000, and its operating expenses were $50,000, and administrative expenses $ 25,000. Interest revenue for the year is $5,000 of which $2000 is unearned and interest expense was $12,000. BCD’s income tax rate is 25%. Required: Prepare a classified multiple-step income statement for the year for BCD Company.
In 2013, the Lenders collected $2,800,000 in taxable income. What was their total tax expense for that year?
A company made $49,000 in installment sales in 2021 and will receive payment from customers in 2022-2025. Taxable income for 2021 is $588,000, the enacted tax rate is 20% for all years, this is the only difference between pretax financial income and taxable income, and there were no deferred taxes at the beginning of 2021. What amount of income tax expense should the company report at the end of 2021?