Which corporate taxpayer is not subject to regular income tax? Resident foreign corporation Domestic corporation Non-resident foreign corporation
Q: ing skill may destroy people ability to innovate. Provide your opinion on the cost and
A: Team cooperation occurs when team members work together to attain corporate goals. Each member of…
Q: what is the income tax due if Sandbox is a non-resident foreign corporation? P75,000…
A: Non Resident Foreign Corporation A Non Resident Foreign Corporation is one which does not have any…
Q: You were engaged by CPA Co. to audit its financial statements for the first time. In ex: you found…
A: Retained Earnings- Retained earnings are the accumulated portion of a company's profits in a fiscal…
Q: Calculate the debt ratio
A: Debt ratio is a financial ratio which is calculated by dividing the total liabilities by the total…
Q: A firm has annual operating outlays of P1,800,000 and a cash conversion cycle of 60 days. If the…
A: Cash Conversion Cycle: The cash conversion cycle (CCC) is a statistic that represents the amount of…
Q: ing losses and the council needed to make severe budget cuts. The new customers have helped to…
A: Relevant costs are the costs that are affected by the decision. The costs that affect the future…
Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose…
A: Formula: Unit sales needed to attain a target profit = ( Fixed cost + target profit ) / Unit…
Q: GIVEN: • Taxpayer is a non-stock and non-profit educational institution. • It has been granted with…
A: The correct option with proper explanation are as follows
Q: Required: Income statement for the year ended 31 December 2020
A: Income statement refers to a statement which shows the revenue and expense of the company of a…
Q: Which of the following is NOT true about the statement of financial position of a partnership? The…
A: Assets Contribution in the Partnership Firm: If a partner contribute assets rather than cash to the…
Q: Compute the income tax due in 2021. A. 50,000 B. 800,000 C. 290,000 D. 400,000
A: The proprietary educational institutions are the entities that have issued permits based on the…
Q: n April 1, year 1, Cricket Corporation issues $56 million of 8%, 14-year bonds payable at par.…
A: An interest expense refers to the cost of borrowing money. Interest expense is a non-operating item…
Q: Paulis Kennel uses tenant-days as its measure of activity: an animal housed in the kennel for one…
A: A spending variance is the difference between the actual amount of a particular expense and the…
Q: On May 1, 2022, Carlo and Jamie formed a partnership agreeing to share profits and losses in the…
A: Partnership:- It is the agreement between two or more people to carry the same business and share…
Q: Bonus, as a compensation for good performance, occurs only when there is a favorable partnership…
A: A bonus is a compensation that is above and beyond the normal payment expectations of its recipient.…
Q: Prepare all the journal entries to record the disposal of the vehicle on 31 March 2021 Journal…
A: Depreciation: - Depreciation is the total reduction in the book value of the asset by its regular…
Q: Blossom, Inc. expects sales volume totaling $510000 for June. Data for the month follows: Sales…
A: The selling expense budget is prepared at the beginning of the period that includes the selling…
Q: Which of the following is not an objective of the cash audit? determine that a. A long-term…
A: Objectives of Cash Audit One of the objectives for a cash audit is to verify that the recorded cash…
Q: A business registered as a barangay micro business enterprise received P400,000 in gross income from…
A: As per the Republic Act 9178: Barangay Micro Business Enterprises Act of 2002 the barangay business…
Q: GST is called as consumption based tax. Discuss and verify this statement with the help of a…
A: Goods and services tax (GST) is also called consumption based tax, as we consume goods like food…
Q: by the company were a $500 machine test fee and a $500 shipping service fee. The machine can be used…
A: Depreciation is the amount which is to be reduced from value of assets to recognise the normal…
Q: REQUIRED: 51. Compute the amount of investment attributable to goodwill. a. 480,000 b. 192,000 -2.…
A: On January 4,2021 Did something Bad Inc. acquired 30% of the shares of Did Something good Inc. at…
Q: A partnership agreement may NOT include O the method of allocating profits and losses the purpose of…
A: A partnership is an agreement between two or more partners where partners are agreed to work…
Q: How much should be reported as cash and cash equivalents as of December 31, 2022?
A: Cash and Cash Equivalent It is important for the business entity to maintain the cash and cash…
Q: Basil Company should reported unearned premium income at the end of December 31, 2022 of?
A:
Q: he following tou ncome and dedu Employment Inco Business Income a Property Income Taxable Capital G…
A: A company can carry over the losses if not set off to the next taxation period. The Business Loss is…
Q: Which of the following statements is incorrect regarding the investing activities section of the…
A: Cash flow from Investing Activities include all items of cash inflows and cash outflows that result…
Q: Generally accepted government auditing standards (GAGAS) can apply to a: Group of answer choices…
A: Auditing standards are those which are provided by the appropriate organizations for the auditors so…
Q: Daxter Bakers is trying to decide whethe Should keep its existing bread-making machi inological…
A: Let us first understand the meaning of opportunity cost Opportunity cost is the benefit foregone…
Q: (Do not round e.g., 32.16)
A: The total cost of production of a good comprises of the total fixed cost of production and the total…
Q: On January 1, 2023, Legis Company issued 10-year, P200,000 face value, 6% bonds at par (payable…
A: Basic EPS is a tool used to measure the profit of a company in per share basis. Again, Diluted EPS…
Q: Show the necessary adjustments.
A: Retirement of the partner is that the partner which has gone from the partner does not remain a…
Q: Accounting for Correction of Errors, Change in Accounting Estimates and Accounting Policies Problem…
A: The change in accounting principle from FIFO to Weighted average should be reported as an adjustment…
Q: been asked to provide a training sessiondraft to new Audit Juniors on Accountants responsibilities…
A: Illustrations of Money Laundering - – Using the money received from doing criminal activities such…
Q: In 2009, Bratz, Inc.’s net profit before tax was P35 million while its operating expenses was P31…
A: Net earnings are profits after deducting the GP's operational expenditures. To calculate the ending…
Q: On January 1, 2014, Mr. Albuera invested P2,000,000 in the six-year time deposit of Sulu Unibank…
A: Answer:- Time deposit meaning:- A time deposit, is a fixed-term interest-bearing bank account. It…
Q: Cash of P60,000; • Land of P200,000 with an appraised value of P410,000; • Store furniture costing…
A: The sum of cash and non cash investment by partners is calculated as total capital of partnership…
Q: Garst Manufacturing is working on two jobs. Cost is accumulated under a job-order costing system,…
A: It is given in the question that Project II was sold during the year. Hence cost of the Project I…
Q: This characteristic explains why partners have a right to choose or refuse who they want to be…
A: A partnership is a form of business that agrees to carry a business and share the profits according…
Q: A 65 year-old man is retiring and can take either $500,000 in cash or an ordinary annuity that…
A: Solution Concept Time value of money As per the concept of time value of money , the value of amount…
Q: Wright Corp. is considering the purchase of a new piece of equipment, which would have an initial…
A: Introduction:- Payback period is one of the capital budgeting tool. It identifies how much time…
Q: S1: It is usually advisable to write off the cost of the copyright against the revenue of the first…
A: Solution Concept Copyright and franchise are the intangible asset Intangible asset that have a…
Q: 2. MSS Company sells Japanese comics books. On 1 January 2021, a customer, Jupiter Co., owed MSS…
A:
Q: Sanjay Company has monthly fixed costs of $112,000. The variable costs are $5.00 per unit. The sales…
A: Total sales revenue = Number of Units sold × selling price per unit
Q: Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note…
A: Notes Payable are the debt instrument which has been used by the organisation to arrange a short…
Q: On January 1,2020, Carlo and Jamie formed a partnership with investments of P160,000 and P240,000…
A: Capital balance on December 31, 2021 = Amount invested- share of Carlo in net loss for the year…
Q: nswers are correct or not. Ps. In your solution, you identify the given and the what is being…
A: Time period id denoted as ‘n’ and interest rate is denoted as ‘i’. Increase in revenue (R) can be…
Q: he college you are attending has a very busy canteen. Students are allowed to place and pay for…
A: Cash Management and Control: It is the system of managing the cash inflows and outflows. Cash…
Q: the amount of income
A: An income statement is a statement prepared by taking all the balances related to income and…
Q: What is the inventory period for a firm with an annual cost of goods sold of P5 million, P1.2…
A: The inventory turnover ratio is a financial ratio that defines the number of times within which…
Step by step
Solved in 2 steps
- Which of the following taxpayers cannot claim deductions from gross income? General professional partnership Domestic corporation Resident foreign corporation Non-resident foreign corporationWhich of the following is not an income taxpayer classification? a. Resident citizen O b. Non-resident alien c. Resident foreign corporation O d. General professional partnershipCompute the tax due if the corporation is a resident foreign corporation not availing OSD.
- Which of the following may be exempt from Canadian withholding tax when paid to a non-resident? a. dividends b. interest paid to an arm's-length party c. Pension benefits d. Registered retirement income fund paymentsWhich of the following statements are correct? i. A tax resident is normally liable to tax on their worldwide, profits, income, and gains, whether received. ii. Non-residents are generally liable to tax on certain income and profits generated from sources within the country. iii. A domiciled taxpayer is normally liable to tax on their worldwide, profits, income, and gains, whether received. iv. Tax is imposed on certain sources of income, such as interest, dividends, royalties, and fees, by way of withholding tax. a. i, ii and iv b. i only c. All of the above d. i, iii and ivWhich of the following is subject to the creditable withholding tax system? Interest income earned from bank deposits Dividends earned from a domestic corporation Fringe benefits earned by a manager Compensation income
- WHAT ARE THE BASIC PRINCIPLES OF A SOUND TAX SYSTEM? HOW ARE THE GOVERNMENT SHOWS THAT SUCH BASIC PRINCIPLES WERE APPLIED IN THE CURRENT TAX SYSTEM WHAT ARE THE DIFFERENCES AND SIMILARITIES OF THE APPLICATION OF OPTIONAL STANDARD DEDUCTION BETWEEN CORPORATION AND INDIVIDUAL? WHAT IS SPECIAL ALLOWABLE ITEMIZED DEDUCTION? IS IT APPLICABLE TO RESIDENT FOREIGN CORPORATION? GIVE 1 EXAMPLE. WHAT IS NET OPERATING LOSS CARRY OVER? CAN IT BE APPLIED TO QUARTERLY INCOME TAX RETURN?A shareholder has a personal service business corporation. What rate of federal tax may be expected on net income?1.) Which of the following is tax exempt for a domestic corporation? a. business income derived from abroad b. dividend from a domestic corporation c. monetary benefit from deposit substitute 2.) Which of the following types of income is/are not returnable a. Professional Income b. Business Income c. Compensation Income d. Capital Gains
- Determine whether the following income/proceeds received in 2021 is taxable. If applicable, determine the appropriate tax and tax rate. DIVIDEND INCOME: Basic or Final Тахable or Exempt? Тах? 1. Dividend income received by a resident citizen from domestic corporations 2. Dividend income received by a resident alien from domestic corporations 3. Dividend income received by a resident citizen from foreign .corporations 4. Dividend income received by a domestic corporation from another domestic corporation 5. Dividend income received by a domestic corporation from a resident foreign corporation (assume the ration of gross income derived in the Philippines for the past three (3) years was 70%) 6. Dividend income received by a resident foreign corporation from domestic corporation 7. Dividend income received by a resident foreign corporation from another resident foreign corporation. The ratio of income in the Philippines over its world income for the last three (3) years was 40%1. Which of the following is required to file an income tax return? A. An employee covered by the substituted filing system. B. A taxpayer deriving purely passive income subject to final tax. C. A special alien with respect to his compensation income. D. A non-resident citizen who derives his entire income form sources outside the Philippines. 2. The taxable income of a mixed income earner is the : A. Net income from business less personal exemption B. Net income from business C. Taxable compensation income D. Taxable compensation income plus net income from business.The following individuals are required to file an income tax return, except: a. Non-resident aliens not engaged in trade or business b. Resident Citizen c. Non-resident alien engaged in trade or business d. Non-resident citizen