[item #5] Statement 1 Gross receipts of common carriers derived from theirincoming and outgoing freight shall not be subject to local taxesimposed under R.A. No. 7160.Statement 2 The statutory minimum quarterly amounts on domesticcommon carriers apply when there is no evidence of actual grossreceipts or the actual gross receipts are lower than the requiredstatutory gross receipts.Only Statement 1 is correct c. Both statements are correctOnly Statement 2 is correct d. Neither statement is correctа.b.

Gross Receipts - Gross revenues are the sum of all funds received by the organisation during its…

Statement 1 Gross receipts of common carriers derived from their incoming and outgoing freight shall not be subject to local taxes imposed under R.A. No. 7160. Statement 2 The statutory minimum quarterly amounts on domest common carriers apply when there is no evidence of actual gross receipts or the actual gross receipts are lower than the required

Statement 1 Gross receipts of common carriers derived from their incoming and outgoing freight shall not be subject to local taxes imposed under R.A. No. 7160. Statement 2 The statutory minimum quarterly amounts on domest common carriers apply when there is no evidence of actual gross receipts or the actual gross receipts are lower than the required

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 7MC

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Statement 1: Excises tax, custom duties and the VAT on importation is similarly collectible at the point of importation. Statement 2: Excise tax and the VAT on importation are similarly imposed upon landed costs. Which is false? Neither statement Both Statement Statement 1 Statement 2
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30. The “Subsidy from National Government” account is credited when recording a Receipt of NCA Reversion of unused NCA Constructive remittance of customs duties or taxes withheld through TRA a and c
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Which of the following is a temporary difference that normally is recognized for accounting purposes before being reported as an expense for tax purposes? Unearned revenue Product warranty costs Depreciation Fines resulting from violations of the law.
Recording and Reporting Multiple Temporary Differences The records of Cross Corporation provided the following income tax allocation data. Taxable income Depreciation expense Bad debt expense Pretax GAAP income Required • The depreciation adjustment results from a difference between the GAAP basis and tax basis of depreciable equipment. • The bad debt expense adjustment results from a difference between the GAAP basis and tax basis of net accounts receivable. o The deferred tax accounts have a zero balance at the start of 2020. Tax rate is 25%. a. Journal Entries a. Record the income tax journal entry on December 31, 2020. b. Record the income tax journal entry on December 31, 2021. c. Record the income tax journal entry on December 31, 2022. d. Record the income tax journal entry on December 31, 2023. • Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. • Note: If the journal entry includes an extra…
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3
Under ASC Topic 606 for revenue recognition, which of the following factors is not an indicator of the principal/agent determination? A. Inventory risk. B. Credit risk. C. Shipping terms.
2. Creditable deductible input tax includes the following, except, a. Presumptive, transitional, and standard b. Withholding VAT C Advance payment of VAT d. Vat paid on sale of goods
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Exclusion from gross income refers to income received or earned but is nottaxable as income because it is exempted by law or by treaty a.true b.false