The following are details to calculate tax expense, tax payable and deferred taxes: Descriptions 1 Gross Income: 2 3 5 2018:RM500,00.00; 2019: RM600,000.00; 2020: RM750,000.00; 2021: RM700,000.00 Heavy machinery with cost of RM300, 000.00 is depreciated annually for 10% using straight line method. Under tax rules, initial allowance is 20% and annual allowance is 20%. Rent revenue for rental of office space is RM3,000.00 per month (RM36,000.00 per annum) and shop outlet is RM5,000.00 per month (RM60,000.00 per annum). Office space rental received 2 years in advance for 2018. Meanwhile, shop outlet rental is accrued with balance brought forward RM10,000.00 in 2018; received 3 months advance in 2019 and 4 months accrued 2021. Recognized provision of warranty RM8,000.00 in 2018; RM10,000.00 in 2019; RM10,000.00 in 2020 and RM 15,000.00 in 2021. Warranty expenses claims were RM6000.00 for 2018; RM10,000.00 for 2019; RM12,000.00 for 2020 and RM11,000.00 for 2021. Tax rate is 25% REQUIRED: a. Determine DTA/DTL for 2018 to 2021.

The following are details to calculate tax expense, tax payable and deferred taxes: Descriptions 1 Gross Income: 2 3 5 2018:RM500,00.00; 2019: RM600,000.00; 2020: RM750,000.00; 2021: RM700,000.00 Heavy machinery with cost of RM300, 000.00 is depreciated annually for 10% using straight line method. Under tax rules, initial allowance is 20% and annual allowance is 20%. Rent revenue for rental of office space is RM3,000.00 per month (RM36,000.00 per annum) and shop outlet is RM5,000.00 per month (RM60,000.00 per annum). Office space rental received 2 years in advance for 2018. Meanwhile, shop outlet rental is accrued with balance brought forward RM10,000.00 in 2018; received 3 months advance in 2019 and 4 months accrued 2021. Recognized provision of warranty RM8,000.00 in 2018; RM10,000.00 in 2019; RM10,000.00 in 2020 and RM 15,000.00 in 2021. Warranty expenses claims were RM6000.00 for 2018; RM10,000.00 for 2019; RM12,000.00 for 2020 and RM11,000.00 for 2021. Tax rate is 25% REQUIRED: a. Determine DTA/DTL for 2018 to 2021.

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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Use the following information for Ingersoll, Incorporated. Assume the tax rate is 21 percent. 2020 2021 Sales $ 21,049 $ 19,038 Depreciation 2,466 2,574 Cost of goods sold 6,140 6,821 Other expenses 1,406 1,223 Interest 1,155 1,370 Cash 8,721 9,517 Accounts receivable 11,578 13,752 Short-term notes payable 1,764 1,731 Long-term debt 29,330 35,454 Net fixed assets 72,976 77,880 Accounts payable 6,323 6,910 Inventory 20,577 21,952 Dividends 2,429 2,404 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
1. Given the following information, calculate the tax liability for year 1. The Net Operating Income is $97,200. Capital Expenditure is $8,500. Interest is $51,219. Principal is $8,852. Depreciation $21,662. Amortized Financing Costs is 792. Ordinary tax rate is 35%. $26,059 $9,488 $11,209 $27,640
With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750
FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. 1. What is deductible expense if the company uses OSD? 2. Using the problem above, what is the income tax payable?
Amount in excess of P490,000.00 taxable income is to be multiplied to_______to compute for the graduated tax due a. 30% b. 32% c. 35%
Kk.74.
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The Snella Company reports 2023 Pre-tax Net Income of $10,000. The following items exist: Municipal Bond Interest Revenue Fine paid to EPA Unearned Revenues $80 $200 $ 50 The tax rate is 20%. Indicate the amounts for 2023 Income Tax Expense and 12/31/23 Income Tax Payable, respectively. Select one: Oa. $2,064, $2,054 O b. $1,984, $1,954 O c. $1,984, $2,034 O d. $2,024, $2,014 Oe. $2,024, $2,034
vi.2
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b. Extracts from trial balance at 31 March, 2019 GH¢ Current tax credit balance 1,600,000 Deferred tax liability 5,200,000 The balance on current tax represents the under/over provision of the tax liability for the year ended 31 March, 2018. The required provision for income tax for the year ended 31 March, 2019 is GH 38.8 million. The difference between the carrying amounts of the net assets of the company and their (lower) tax base at 31 March, 2019 is GH¢54 million. The rate of income tax is 25%. Required: Prepare a Statement of Profit or Loss Extract and Statement of Financial Position Extract for 31 March, 2019.