Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 8, Problem 30P
To determine
Identify how much of this expense should company C’s income statement reflect for the quarter ending March 31.
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Marr Company reported rental revenue of P2,210,000 in its cash basis income tax return for the year ended November 30, 2010 . Additional information is as follows: Rent receivable – November 30, 2010 1,060,000; Rent receivable – November 30, 2009 800,000; Under the accrual basis, Marr should report rental revenue of
Choices;
1,920,000
1,950,000
2,440,000
2,470,000
Matrix Corporation estimated at the beginning of 20-- that its income tax for the year would be $140,000.
1. Calculate the estimated income tax payment per quarter and show one of the quarterly entries to pay the taxes. If an amount box
does not require an entry, leave it blank.
Page: 1
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
1 Apr. 15
1
2. As of December 31, 20--, Matrix Corporation had an actual tax liability of $143,200. Calculate the income tax due and make the
necessary adjusting entry. If an amount box does not require an entry, leave.it blank.
Page: 1
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
1 Dec. 31
2
2.
Question: How much is the income or loss after tax for 2021? Kindly prepare a good presentation of your computation.
The store opened on January 01, 2021 and had total sales for the 1st month of Php 300,000.00.
Corresponding increase in sales of 10% was realized for the remaining months of the 1st quarter.
Second quarter sales were the same as the 1stquarter, corresponding 5% increase for the 3rd quarter, and 4thquarter sales is the same as the 1st quarter.
The company had a miscellaneous income for the year of Php 50,000.00 but it seems that it has no effect on its financial since they also incurred the same amount for the spoilages, considered as other expense.
Let us assume that the annual tax percentage will be 12%.
Sales breakdown is: 70% from the beverages and the remaining percentage for the pastry line.
Total investment of Ms. Cortesi amounted to Php1.5M and she is expecting the Payback Period on the 3rd year.
Renovation cost of the rented space of the store amounted to Php…
Chapter 8 Solutions
Advanced Accounting
Ch. 8 - Prob. 1QCh. 8 - Prob. 2QCh. 8 - Prob. 3QCh. 8 - The management approach requires a firm to define...Ch. 8 - What is an operating segment?Ch. 8 - Prob. 6QCh. 8 - Prob. 7QCh. 8 - Prob. 8QCh. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - Prob. 11QCh. 8 - To satisfy geographic area disclosure...Ch. 8 - Prob. 13QCh. 8 - Prob. 14QCh. 8 - Prob. 15QCh. 8 - Prob. 16QCh. 8 - Prob. 17QCh. 8 - How does a company determine the amount of income...Ch. 8 - Prob. 19QCh. 8 - Prob. 20QCh. 8 - What type of segment information must companies...Ch. 8 - How would an annual bonus paid at year-end be...Ch. 8 - Which of the following does U.S. GAAP not consider...Ch. 8 - Prob. 2PCh. 8 - Prob. 3PCh. 8 - Prob. 4PCh. 8 - Prob. 5PCh. 8 - Which of the following is not necessarily true for...Ch. 8 - Prob. 7PCh. 8 - Prob. 8PCh. 8 - Prob. 9PCh. 8 - Which of the following items is required to be...Ch. 8 - Prob. 11PCh. 8 - Prob. 12PCh. 8 - Which of the following information items with...Ch. 8 - Prob. 14PCh. 8 - In considering interim financial reporting, how...Ch. 8 - How should material seasonal variations in revenue...Ch. 8 - Prob. 17PCh. 8 - Prob. 18PCh. 8 - Prob. 19PCh. 8 - Niceville Company pays property taxes of 100,000...Ch. 8 - Prob. 21PCh. 8 - Prob. 22PCh. 8 - Prob. 23PCh. 8 - Prob. 24PCh. 8 - Prob. 25PCh. 8 - Prob. 26PCh. 8 - Prob. 27PCh. 8 - Prob. 28PCh. 8 - Prob. 29PCh. 8 - Prob. 30PCh. 8 - Prob. 31PCh. 8 - Prob. 32PCh. 8 - Prob. 33PCh. 8 - Prob. 34PCh. 8 - Prob. 35PCh. 8 - Prob. 36PCh. 8 - Prob. 37PCh. 8 - Prob. 38PCh. 8 - Noventis Corporation prepared the following...
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- XYZ Pawnshop Corp. reported the following information in preparation of its quarterly percentage tax return: Source of Income Amount Gross receipts on interest from pawning 5,000,000 Gross receipts on interest from lending (1 year) 10,000,000 How much is the quarterly gross receipts tax? Answer:arrow_forwardYou have calculated the adjusted profit for the company to be $2,000,000. The tax rate is 25%. Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is non-refundable) is $700,000. The tax refundable for this company is. a.$950,000 b.$200,000 c.$500,000 d.$250,000arrow_forwardIn the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payablearrow_forward
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