What is the charge for tax in the statement of profit or loss for the year ended December 20X5?
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Romie Ltd is preparing accounts for the year ended 31 December 20X5. The company has an estimated tax charge of $35,000 for the year ended December 20X5. The
What is the charge for tax in the statement of profit or loss for the year ended December 20X5?
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- The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $15,700; cost of goods sold, $6,400; selling expenses, $1,320; general and administrative expenses, $820; interest revenue, $80; interest expense, $200. Income taxes have not yet been recorded. The company’s income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 ($ in thousands). All transactions are material in amount. Investments were sold during the year at a loss of $240. Schembri also had an unrealized gain of $360 for the year on investments in debt securities that qualify as components of comprehensive income. One of the company’s…Targetmax Sdn Bhd trades kitchen appliances in Johor Bharu. The company closes its accounts on 31 October annually. The estimated tax payable submitted via Form CP204 for the year assessment 2020 was RM480,000. Required: a. Identify the due date and amount to be paid by Targetmax Sdn Bhd for the submission of its first monthly tax instalment for the year of assessment 2020. b. Discuss briefly the procedure to revise the estimated tax payable for Targetmax Sdn BhdA company prepares its accounts for the year ended 31 March each year and is a ‘large’ company for corporation tax instalments purposes. During the year ended 31 March 2020 it paid tax of £5,600,000. It bases the year ended 31 March 2021 instalment payments on this amount and pays the instalments due on time. In early August 2021 it finalised its corporation tax calculation for the year ended 31 March 2021 at £6,400,000 and settled any remaining corporation tax liability on 14 August 2021. Required – Part C Calculate the following: The instalments originally calculated as due for the year ended 31 March 2021 and the due dates for payment. The revised instalments for the year following August 2021 finalisation. The position with interest payments and the amount due (assume an interest on overdue tax rate on underpaid instalments of 1.1% - calculate on a monthly basis). The instalments that the company will initially pay for the year ended 31 March 2022 and the due dates for payment.
- COD Corporation's accounting records include the following items, listed in no particular order, at December 31, 2025: View the data. The income tax rate for COD Corporation is 21%. Prepare COD Corporation's income statement for the year ended December 31, 2025. Omit earnings per share. Use the multi-step format. Prepare the income statement through the income before taxes, then complete the income statement through the net income. (Use parentheses or a minus sign to enter amounts for Other Expenses.) COD Corporation Income Statement Year Ended December 31, 2025 Data Income Before Income Taxes - Other Income and (Expenses) $ Net Sales Revenue Gain on Discontinued Operations (12,000) 167,800 2,400 Cost of Goods Sold 80,000 Operating Expenses 55,000 Print Done ☑At the beginning of 2021, Pitman Co. had pretax financial income of $1,200,000. Additionally, there was a timing difference of $300,000 due to an accounts receivable that will not be collected until the following year. The tax rate us 30%. A. Calculate the total taxable income for 2021. B. Calculate Income tax expense, income tax payable, and the deferred amount for 2021, and create the journal entry.Recording Income Tax Expense Rangee Rover Inc. had taxable income of $218,500 for the year. The GAAP basis of accounts receivable (net) is $13,800 less than the tax basis of accounts receivable. Assuming a tax rate of 25%, record the income tax journal entry on December 31. Assume zero beginning balances in deferred tax accounts. • Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Date Account Name Cr. Dec. 31 Income Tax Expense Deferred Tax Liability Income Tax Payable N/A To record income tax expense. > > Dr. 54,625 0 0 O 0x 13,800 * 40,825 * 0
- Se.125.Lewes Company appropriately uses the installment sales method for tax purposes and the accrual method for revenue recognition for accounting purposes. Pertinent data at December 31, 2016, the close of the first year of operations, are as follows: Revenue Recognized Revenue Recognized Customer for Accounting Purposes for Tax Purposes Lowe's Builders $200,000 $100,000 Top Down Plumbing 500,000 350,000 Glass Plus Windows 600,000 350,000 Lewes's tax rate is 30%. What amount should be included in the deferred tax account at December 31, 2016 for these installment sales?Niemann Company has a SUTA tax rate of 7.1%. The taxable payroll forthe year for FUTA and SUTA is $92,600.(a) The amount of FUTA tax for the year is(b) The amount of SUTA tax for the year is
- Ocean Ltd recorded an accounting profit before tax of $50,000 for the year ended 30 June 2020. Included in the accounting profit were the following income and expenses: Rent revenue Interest revenue Bad debts expense An extract of the Statement of Financial Position for 30 June 2020 revealed the following: Accounts receivable Allowance for doubtful debts Interest receivable Rent Revenue in Advance $46,000 $28,000 $34,000 The company tax rate is 30%. 2020 $96,000 ($44,000) $40,000 $22,000 2019 $56,000 ($18,000) $24,000 $38,000 Required: Calculate taxable income (loss) and record the necessary journal entry for current income tax expense for the year ended 30 June 2020.Cougar’s Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Assets = $19,000; Liabilities = $15,000; Revenues = $28,000; Expenses = $33,000. Required: 1. Calculate net loss. 2. Calculate stockholders’ equity at the end of the period.A summary of the transactions of Ramstage Co, which is registered for sales tax at 15% showed the following for the month of August 20X9. Outputs $60000(exclusive of sales tax) Inputs $46000(inclusive of sales tax) At the beginning of the period Ramstage Co owed $3400 to the government tax authority,and during the period $2600 was paid to the tax authority. What was the amount owed to the government tax authorities at the end of the accounting period?