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- Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000B. 9,000,000C. 11,000,000D. 12,000,000Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: Gross income Deductions Taxable income Philippines Abroad P400,000 200,000 P 200.000 P300,000 150,000 P150,000 Total P700,000 350,000 P350.000Red Velvet Corporation, a domestic corporation has the following data. 2021 2022 Gross Income 3,500,000.00 2,400,000.00 Taxable Income 125,000.00 500,000.00 The income tax payable for 2021 is 31,250 40,000 35,000 37,500
- What amount of unrealized gain/loss should be shown as component of other comprehensive income in the 2021 statement of comprehensive income? 26,455 10,000 20,562 16,455 What amount of unrealized gain/loss should be shown as component of other comprehensive income in the 2022 statement of comprehensive income? 14,393 19,340 18,500 1,222 What amount of unrealized gain/loss should be shown as component of other comprehensive income in the 2023 statement of comprehensive income? 26,500 8,358 10,982 9,792 What amount of unrealized gain/loss should be shown in the 2023 statement of changes in equity? 16,883 25,233 26,455 10,982Compute the income tax due in 2021. A. 50,000B. 800,000C. 290,000D. 400,000How much is the gross income under accrual basis? * A. 2019:P1,400,000; 2020: P1,200,000 B. 2019: P1,400,000; 2020: P1,720,000 C. 2019: P500,000; 2020: P720,000 D. 2019: P800,000; 2020: P920,000
- WhyRU Company usually depreciates its equipment using straight line method for accounting purposes, but for tax purposes its sum-of-the-years method. WhyRU Company acquired the equipment through purchase amounting to P2,400,000 on January 1,2018. Assume a tax rate of 30%. Useful life is 4 years. WhyRU Company made the following income in its income tax return available through reports for 2018 – P800,000; 2019 – P890,0000; 2020 – P1,200,000; 2021 – P1,500,000 There is no other differences between WhyRU's accounting income and taxable income for years 2018, 2019, 2020 and 2021 other than for the difference in depreciation for the equipment described.How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,00014. Leslie Inc. has correctly determined the following information related to operations for 2018: Revenue from sales Expenses Income before income taxes P7,000,000 4,000,000 P3,000,000 In reviewing the records, you discovered the following items: During 2018, the company discovered an error in depreciation in 2017. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2017 of P200,000. During 2018, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000.
- How much of the following is gross income subject to income tax? * a. P2,410,000 b. P2,210,000 c. P2,160,000 d. P1,710,000 e. P450,000Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).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?