The following data were provided by ABC Corporation (Domestic Corporation) for 2022: Taxes and licenses P40,000 Documentary stamp taxes 4,000 Other percentage taxes 120,000 Refund of local business taxes and licenses paid in 10,000 2021 Income tax due for 2022 300,000 Refund of income tax for 2021 25,000 Interest income From trade notes receivable 100,000 From peso bank deposits 100,000 From bank deposits abroad 20,000 Interest expense on bank loan 150,000 Tax assessment on underpayment of percentage 75,000 taxes Surcharges on tax assessment 25,000 Interest expense on tax assessment 12,500 Intoroc+ 10000

The following data were provided by ABC Corporation (Domestic Corporation) for 2022: Taxes and licenses P40,000 Documentary stamp taxes 4,000 Other percentage taxes 120,000 Refund of local business taxes and licenses paid in 10,000 2021 Income tax due for 2022 300,000 Refund of income tax for 2021 25,000 Interest income From trade notes receivable 100,000 From peso bank deposits 100,000 From bank deposits abroad 20,000 Interest expense on bank loan 150,000 Tax assessment on underpayment of percentage 75,000 taxes Surcharges on tax assessment 25,000 Interest expense on tax assessment 12,500 Intoroc+ 10000

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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If a branch of a foreign corporation (resident foreign corporation) derives net income of P20,000,000.00 to be remitted to the foreign head office, how much is the branch profits remittance tax? Group of answer choices P1,500,000.00 P2,000,000.00 P3,000,000.00 P2,250,000.00
14. How much is the total amount to be reported as cash and cash equivalents as of December 31, 2020?
Twice KPOP Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years P1,500,000 Accounts receivable, after deducting credit balances of customers’accounts amounting to ₱42, 500 P150,000 Required: Compute for the Current liabilities as of December 31, 2021
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What is the income tax due if X corporation is a regular domestic corporation? P75,000 P60,000 P50,000 P25,000
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For purposes of stating the working capital of Raul Trading on December 31, 2021, the following data are submitted: Cash on hand and in bank P 610,000 Petty cash 6,000 Notes receivable 500,000 Accounts receivable 1,200,000 Merchandise inventory 1,300,000 Prepaid expenses 90,000 Accounts payable P 650,000 Notes payable (due annually at P1,000,000 payable every May 31) 2,000,000 Accrued expenses 80,000 How much total current liabilities should Raul Trading present in its statement of financial position on December 31, 2021? (A) P1,730,000 B P2,730,000 P1,370,000 D) P2,370,000
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A resident international carrier has the following data for the current year:Gross income of P10,000,000 and expenses of P6,000,000 from the Philippines;Gross income of P5,000,000 and expenses of P1,000,000 from Hongkong.How much is the income tax payable of the corporation?
Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Gross income P400,000 Deductions P300,000 200,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Government-owned and Controlled Corporation. Total 150,000 P700,000
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Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000…