Help me answer this ty 12:16 Ь Ьь.Orlando Company has a contract with its CEO topay him a bonus during each of the years 2021-2024. The profit before deductions for bonus andincome taxes were P14,500,000 in 2021; P18,000,000in 2022; P22,500,000 in 2023; and P25,000,000 in 2024.The bonus of 25% is deductible for tax purposes ineach year. The tax rate is 20%.Compute the amount of the bonus for 2021 if thebonus is based on profit bonus and taxes.

Customers' advances are the amounts received from customers in respect of goods to be delivered or…

Answered: us of 25% is deductible for t r. The…

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Accounting

us of 25% is deductible for t r. The tax rate is 20%.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 8RE: Borat Company gives annual bonuses after the end of the year. Borat computes the bonuses based on...

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Suppose that Blake Companys total pretax difference from a change to FIFO was 100,000 and the company pays a bonus of 5% of its income before income taxes and bonus to employees. If Blake pays an additional bonus | based on the change in income, would it recognize any expense? If so, when and how much?
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Roscoe Company has a contract with its CEO to pay him a bonus during each of the years 2018 – 2021.The profit before deductions for bonus and income taxes were P12,500,000 in 2018; P18,000,000 in 2019; P21,700,000 in 2020; and P24,000,000 in 2021. The bonus of 20% is deductible for tax purposes in each year. The tax rate is 25%.• The 2018 bonus is based on profit before bonus and taxes• The 2019 bonus is based on profit after bonus but before taxes• The 2020 bonus is based on profit before bonus but after taxes• The 2021 bonus is based on profit after bonus and taxesCompute the amount of the bonus for each year.
Orlando Company has a contract with its CEO to pay him a bonus during each of the years 2021 – 2024. The profit before deductions for bonus and income taxes were P14,500,000 in 2021; P18,000,000 in 2022; P22,500,000 in 2023; and P25,000,000 in 2024. The bonus of 25% is deductible for tax purposes in each year. The tax rate is 20%. Compute the amount of the bonus for 2021 if the bonus is based on profit bonus and taxes. 2.Knicks Company requires nonrefundable advance payments with special orders from customers for machinery constructed to their specifications. Information for 2023 follows: Customers advances, 12/31/22 P 500,000 Advances received with orders in 2023 840,000 Advances applied to orders shipped in 2023 600,000 Advances applicable to orders canceled in 2023 190,000 How much is the ending balance of advances on December 31, 2023?
Orlando Company has a contract with its CEO to pay him a bonus during each of the years 2021 – 2024. The profit before deductions for bonus and income taxes were P14,500,000 in 2021; P18,000,000 in 2022; P22,500,000 in 2023; and P25,000,000 in 2024. The bonus of 25% is deductible for tax purposes in each year. The tax rate is 20%. The 2022 bonus is based on profit after bonus but before taxes. Compute the amount of the bonus for 2022. 2. Orlando Company has a contract with its CEO to pay him a bonus during each of the years 2021 – 2024. The profit before deductions for bonus and income taxes were P14,500,000 in 2021; P18,000,000 in 2022; P22,500,000 in 2023; and P25,000,000 in 2024. The bonus of 25% is deductible for tax purposes in each year. The tax rate is 20%. The 2024 bonus is based on profit after bonus and taxes Compute the amount of the bonus for 2024 3. Wizards Company sold 4,100,000 boxes of apple pie mix. Each box contains one coupon, in which 10 coupons, with P5…
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7. Garfield Company pays its general manager an annual bonus. For the year 2021, the company reported a profit of 8,000,000 before deductions for bonus and corporate income taxes. The corporate income tax is 30%. 1. Bonus is 8% of profit before deduction for both bonus and income taxes. a. 592,593 b. 640,000 c. 459,016 d. 424,242 2. Bonus is 8% of profit after deduction for bonus but before deduction for income taxes. a. 592,593 b. 640,000 c. 459,016 d. 424,242 3. Bonus is 8% of profit before deduction for bonus but after deduction for income taxes. a. 592,593 b. 640,000 c. 459,016 d. 424,242 4. Bonus is 8% of profit after deduction for both bonus and income taxes. a. 592,593 b. 640,000 c. 459,016 d. 424,242
Assume that the Kelso Company operates in an industry for which NOL carryback is allowed. The Kelso Company had the following operating results: O $22,800. Year 2019 2020 2021 25% What is the income tax refund receivable? O $24,300 O $28,800. Income (loss) 54,000 57,000 (72,000) O 23,550. Tax rate 35% 30% Income tax 18,900first year of operations 17,100 0
21- After our business deducted 20% income tax on 48.000 TL, which is the one-year rent of the workplace it rented for one year on 01.03.2020 , the rest was paid to the owner of the real estate from the bank. In accordance with the concept of periodicity, how much is the amount that should be accepted as an expense in the future period? a) 40.000 TL B) 8.000 TL NS) 9,600 TL D) 38,400 TL TO) 48,000 TL
7. What amount of income tax payable should be presented at year end? ₱ 2,250,000 ₱ 1,350,000 ₱ 1,950,000 ₱ 1,050,000
1.The Mosaic Company organized on January 2, 2021, had pretax accounting income of $8,000,000 and taxable income of $11,600,000 for the year ended December 31, 2021. The 2021 tax rate was 25%. The only difference between book and taxable income is estimated warranty costs. Expected payments and scheduled enacted tax rates are as follows: 2022 $ 1,200,000 30 % 2023 600,000 30 % 2024 600,000 30 % 2025 1,200,000 35 % Required:Prepare one compound journal entry to record Mosaic's provision for taxes for the year 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)