SuperCorp, Ltd, has been carrying on a trading business in Hong Kong. The company's P&L for the year ended 31 Dec 2021 is as follows: Gross Revenue: Cost of Goods Sold: Gross Profit: Interest Income from deposit in overseas bank: Salaries Expense Hong Kong Profits Tax Expense 10,000,000 3,000,000 Net Profit 2,000,000 1,500,000 7,000,000 1,000,000 8,000,000 3,500,000 4,500,000 Calculate profits tax liability for the 2020/21 year of assessment.
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M111.
![SuperCorp, Ltd, has been carrying on a trading business in Hong
Kong. The company's P&L for the year ended 31 Dec 2021 is as
follows:
Gross Revenue:
Cost of Goods Sold:
Gross Profit:
Interest Income from deposit in overseas
bank:
Salaries Expense
Hong Kong Profits Tax Expense
10,000,000
3,000,000
Net Profit
2,000,000
1,500,000
7,000,000
1,000,000
8,000,000
3,500,000
4,500,000
Calculate profits tax liability for the 2020/21 year of assessment.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc9023a21-43a5-43a0-b867-005c5c075120%2F444b63d4-8312-4b6f-b920-088070379eea%2Fjjasxm_processed.jpeg&w=3840&q=75)
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- The income statement of Kyonggi Inc. in Suwon, Korea, contains the following condensed information (currency unit in thousand Korean won, ₩ 000’s): KYONGGI INC. Income Statement Year Ended December 31, 2019 Sales ₩ 6,583,000 Cost of goods sold 3,427,000 Gross profit 3,156,000 Operating expenses 2,349,000 Profit from operations 807,000 Interest expense 124,000 Profit before income tax 683,000 Income tax expense 203,000…Qq.15. Course Advanced Accounting Chapter 14: Foreign Currency Financial StatementsThe following were taken from the statement of comprehensive income of a Resident Foreign Corporation for 2021: Sales P2,500,000 Cost of sales 1,500,000 Operating expenses (excluding bad debts) 500,000 Rental income (including P50,000 security deposit) 300,000 Provision for bad debts 50,000 Provision for income tax 75,000 Additional information: Accounts written off during the year P60,000 2021 recoveries on accounts receivable written off in 2020 (only P10,000 were recognized by the BIR as 20,000 reduction for 2020 income) Refunds for various local taxes paid in 2020 (50% of the amount recovered were recognized by the BIR as a 30,000 reduction for 2020 income) Refunds for overpayment of 2020 income tax 25,000 Refund of special assessment 12,000 Total assets 4,000,000 Compute the regular income tax
- The following are the revenue items in the Income Statement of a domestic corporation for the year 2021:Interest income from bank deposit, Philippines, P40,000Yield from deposit substitute, Philippines, P80,000Interest income received from a depositary bank under EFCDS, Philippines, P60,000Interest income from bank deposit, USA, P400,000Interest on trade notes receivable, Philippines, P30,000Advance rent for 2 years, Philippines, P600,000Royalties, Philippines, P100,000Royalties, USA, P300,000Dividend received from domestic corporation, P150,000Dividend received from a foreign corporation, P350,000Prizes and winnings, Philippines, P400,000Refund of Philippine value-added tax, P100,000How much is the total final withholding taxes on passive income?13. For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in cash and RM1,000,000 on account. The cost of merchandise inventories was RM750,000 while the Selling and Administrative expenses incurred was RM100,000. What is the amount of the gross profit? Select one: A. RM350,000 B. RM100,000 C. RM250,000 D. RM200,000The following are extracts from the financial records of ABC Ltd for the year ended31 August 2021.ABC LtdExtract from the Statement of financial statement as at 31 August 2021 31 August 2021 - R 30 August 2020 - R Bank Inventories - Trade Goods Trade Recievables Trade payables Prepaid Expenses Prepaid Expenses Accrued Expenses; interest Accrued Expenses; other SARS - income tax payable Dividens payable 50000 22000 77000 44000 1800 1000 5700 8000 1500 20000 30000 69000 46000 1200 2400 4400 3000 2700 ABC LtdExtract from the Statement of profit or loss and other comprehensive incomefor the year ended 31 August 2021 Sales 592000 Cost of sales (301000 Gross profit 291000 Profit on sale of Equipment 9000 Depreciation 41000 Interest Expense 2600 Income tax expense 15200 Profit for the year 110300 Additional information: 1. The dividends declared for the current year is R2 400 Required:Prepare only the “Cash flows from operating activities” section…
- The following information is provided. Sales revenue HK$112,000 Gain on sale of plant assets 33,600 Selling and administrative expenses 11,200 Cost of goods sold 61,600 Interest expense 5,600 Income tax rate 20 % Determine (a) Income from operations HK$enter a hong kong dollar amount (b) Income before income tax HK$enter a hong kong dollar amount (c) Net income HK$enter a hong kong dollar amount11. LIBERTAD CO., is a VAT registered trader of construction supplies, had the following data for the 4th quarter of 2021 and 1st quarter of 2022: Gross sales to export oriented enterprise Gross sales to government (gross of final withholding tax) Gross sales to other customers Total VAT purchase of goods other than capital goods Total VAT purchase of services 4th Qtr 2021 PO 1st Qtr 2022 P5, 000 000 5, 000, 000 30,000,000 25, 000, 000 5, 000, 000 5,000,000 25, 000, 000 20, 000, 000 5, 000, 000 For the first quarter of 2021, the Company has filed a tax refund on its input VAT attributable to zero-rated sales. No payments have been made for the monthly VAT returns filed. How much is the VAT payable for the 4th quarter of 2021? a. P500,000 b. P750,000 c. P600,000 d. P350,000Swaziland Company provided the following year-end data: 2021 2020 Accounts receivable P175,000 P129,000 Allowance for doubtful accounts -10,000 -15,000 Net realizable value P165,000 P114,000 Additional information: The entity reported doubtful accounts expense in 2021 of P18,000 and had products returned for credits totaling P9,600 at a sale price. The Gross sales for 2021 amounted to P1,375,000. The entity written-off P23,000 accounts during the year. How much was collected from customers during 2021?
- Use the following information of Prescrip Co. to prepare a calendar year-end statement of comprehensive income. Total comprehensive income (final total) $ 9,400 Other comprehensive income (subtotal) $ (600) Net income . 10,000 Change in foreign currency translation 1,400 Change in value of available-for-sale securities (2,000)Bb.31.P Company had the following transactions with foreign businesses: Billing Currency Exchange Rate (Direct) Nature of Transaction Sold merchandise for 50,000 pesos Received 20% payment Received remaining amount owed Date July 15, 2021 July 20, 2021 July 30, 2021 Pesos $.70 .71 .66 Required: Prepare the journal entries required for each of the three dates above. You can assume that P Company's year-end is December 31.