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- The following is the income statement belongs to Shining Star LLC for the year 31 December 2019: Shining Star LLC Income Statement for the year ending 31 December 2019 Net Sales OMR 25000 Cost of Goods Sold 7000 Gross Profit 18000 Operating Expenses 8000 Operating 10000 Income Other Income: Interest Income 4000 Net Income OMR 14000 If the company must pay an income tax expense on its profit and the tax rate is 30%, determine the Net income after-tax Select one: O a. OMR 10000 O b. OMR 9800 C. OMR 18200 O d. OMR 4200Al Mawarid Construction Equipment LLC has provided following Income Statement for the year ending 31st Mar 2020: Particulars Amount Sales 180,000 Less: Cost of Goods Sold -90,000 Gross Profit 90,000 Less: Operating Expenses -55,000 Operating Profits (EBIT) 35,000 Less: Financial Charges -15,000 (Interest Paid) Profit Before Tax 20,000 Less: Taxes -3,000 Profit After Tax (Net Profit for the Year) 17,000 Calculate Gross Profit Ratio and Operating Profit Ratio from the above Income Statement.Use the following information for Ingersoll, Incorporated. Assume the tax rate is 22 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends Current assets 2020 2021 $18,573 $17,136 1,876 4,847 894 996 1,801 4,679 1,016 865 Assets 6,277 8,180 1,310 6,886 9,847 1,287 20,740 24,986 51,196 54,693 4,608 5,064 14,521 15,428 1,650 1,758 Prepare a balance sheet for this company for 2020 Ind 2021. (Do not round intermediate calculations.) INGERSOLL, INCORPORATED Balance Sheet as of December 31 2020 2021
- Heddi Corporation, a VAT registered dealer of appliances, has the following data for the first quarter of 2023:Sales, total invoice value, P6,921,600Purchases, net of input taxes, P5,500,000Sales returns (based on total invoice value), P224,000Purchases returns, gross of taxes, P336,000Deferred input taxes (carried over from the third quarter of the current year), P9,500How much is the value-added tax still due for the last quarter of the current year using the 12% VAT rate?BLOCK D/2018/2 A company shows a taxable profit of € 1.3 million for t1 in the tax balance sheet. The income tax rate is 30%. In addition, net income under commercial law before taxes of € 1.6 million was reported in the same reporting period. What is the maximum amount this company can distribute to shareholders from the annual results of the current reporting period? Present your calculations comprehensibly!Kim Jin Woo Company reported post-tax profit of P491,400 for the year ended December 31, 2020. Cost of goods sold amounted to P2,108,000 which is P270,000 greater than the net purchases during the year. Operating expenses amounted three times the peso amount of income tax expense. Beginning inventory is three times the amount of ending inventory. Income tax rate is 30%. How much were the total operating expenses during the year 2020? А. Р442,260 B. P552,620 С. Рб31,800 D. P638,100
- Please answer it in good accounting formLee Company’s current income taxes payable related toits taxable income for 2017 is $320,000. In addition, Lee’sdeferred tax liability increased $40,000 and its deferredtax asset increased $10,000 during 2017. What is Lee’sincome tax expense for 2017?Amazon had taxable income of 11200000 in 2009. calculate the amount of corporate taxes amazon paid in 2009
- ILLUSTRATION 1. Compute the tax payable by a company for the Assessment year 2012-13 if (a) its total income is $ 4,00,000 and book profit is $ 15,00,000 ; or (b) its total income is $ 6,20,000 and book profit is $ 10,00,000.Questions on Failure to pay tax under withholding due date QI: Humble Limited paid PAYE for the month of June 2018 on 15th on September15, 2018. The tax liability for the period was GHC1,550. Compute the penalty due Solution Q2: Humble Limited paid PAYE for the month of June 2018 on 15th on November15, 2018. The tax liability for the period was GHC2,000. Compute the penalty dueWhat is the solution for this question