4. Compute the income tax due for 2021 if XYZ is a domestic corporation. XYZ reported the following gross income and expenses: Philippines Abroad Gross income 38, 000, 000 14, 000, 000 52, 000, 000 Deductions 15, 000, 000 3, 000, 000 18, 000, 000 Taxable Income 23, 000, 000 11, 000, 000 34, 000, 000 P10,200,000 P6,900,000 P8,500,000 P6,800,000
Q: 1. What was last year's break-even point and margin of safety in euro and units? 2. Assuming Maximin…
A: Last year’s break-even point and margin of safety in euro and units:For the Max product:Break-even…
Q: Bookworm.com, an online book retailer, has two operating departments-corporate sales and consumer…
A: The process of finding, collecting, and allocating costs to cost objects like divisions, goods,…
Q: Carla Morrison (SIN: 805 125 127); was born on May 2, 1999. She is single and lives at 10 Tucker…
A: Income tax describes a category of taxes levied by governments on the money that people and…
Q: Jay Banning, CEO and a major stockholder of Banning Inc., was unhappy with its operating results for…
A: A budget variance in accounting signifies when actual costs deviate from the expected or budgeted…
Q: CASE STUDY 2 - HAEDOO CARS Haedoo is presently struggling to survive in the motor car industry.…
A: The amount of output at which a company makes precisely a normal profit but no economic profit when…
Q: 1) $9,725
A: Given Income from 183 piano lessons = $9,150Advance income for 5 piano lessons in the year 2025 =…
Q: A state whose fiscal year ends June 30, 2022, had the following transactions and events. For each…
A: General fund statement of revenues, expenditure, and changes in fund balance is a type of statement…
Q: Problem 18-5A (Part Level Submission) Mozena Corporation has collected the following information…
A: 1. CVP analysis is used to identify the changes in costs and volume that affect a company's…
Q: Last year Minden Company introduced a new product and sold 25,100 units of it at a price of $100 per…
A: The objective of the question is to calculate the net operating income, break-even point in unit…
Q: a. Calculate Carlton's realized and recognized gain or loss from the exchange with his son and on…
A: CarltonSonAmount received$268,000$277,000Basis166200250000Realized gain101,80027,000
Q: On April 1, Crane Travel Agency, Inc. began operations. The following transactions were completed…
A: Journal entries are day-to-day financial transactions of the business that are recorded in a journal…
Q: The income statement of Dhofar Pharmacy under the conventional method is as under for the year…
A: An income statement prepared using the current purchasing power (CPP) method adjusts financial…
Q: Rotate Company adopted the following share-based compensation plans for its senior executives. Each…
A: Accrued salaries payable embody the cumulative earnings of employees within a specific accounting…
Q: Company A uses the weighted average method in its processing costing system. Manufacturing overhead…
A: Process costingProcess costing is a sort of operation costing which is employed to determine the…
Q: Materials Variances Actual cost: Split cost: Standard cost: $Answer $Answer $Answer a. Materials…
A: The difference between the standard cost of direct materials and the actual cost of direct materials…
Q: 3. Duncan Company sells lumber. Inventory cost data per 1,000 böard are as follows: Item Quantity on…
A: The accounting technique of modifying inventory value to reflect current market or realizable worth…
Q: TB MC Qu. 2-104 Dehner Corporation uses a job-order ... Dehner Corporation uses a job-order costing…
A: Job costing is an accounting strategy that systematically tracks individual project expenses. It…
Q: Finally, the accountant has started the PPE and Depreciation Schedule for the year ended September…
A: Answer:- Depreciation Expenses:- Depreciation expense is the of the portion of a company's tangible…
Q: Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside…
A: Loss on Plan Assets=Actual Return-Expected Return Actual Return =12Expected Return =…
Q: The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the…
A: Balance sheet :— It is one of the financial statements that shows list of final ending balances of…
Q: 1. Prepare a bond amortization schedule. 2-5. Prepare the journal entries to record the bond issue,…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Prepare a manufacturing overhead budget for the year. de E21-11 Atlanta Company is preparing its…
A: A financial plan that projects and allots indirect manufacturing costs for a given time frame is…
Q: On January 1, 2025, Pharoah Company purchased $370,000, 8% bonds of Aguirre Co. for $341,429. The…
A: Interest is semiannually hence we consider cost of capital 5% instead of 10% for present value…
Q: married and have combined W-2 income of $89,361. They received a refund of $128 when they filed…
A: Tax Liability -A person's tax liability is the amount they owe a federal, state, or local tax…
Q: Nikhil Limited purchased a machine on 1st July, 2019 for 8, 90,000 and freight and transit insurance…
A: The Depreciation Expense is Charged on Fixed assets as reduction in the value of the fixed assets…
Q: 24/ Prepare Balance Sheet as at 31st March, 2023 from the following information of Ford Ltd. as…
A: Balance Sheet A balance sheet provides a detailed financial picture of a business's current…
Q: DUFFLE Corp. had the following data ascertained before liquidation: Total book value of the assets…
A: Liquidation is a process by which entity converts realizes its assets and settles its…
Q: Rodney is 67, is filing as single. He is diagnosed legally blind. What amount of standard deduction…
A: The amount of income that is not taxed and can be utilized to lower the tax liability is referred to…
Q: Prepare the following: a) Income budget b) Cash budget c) Balance forecast Beginning balance sheet…
A: DescriptionAmount (€)Sales350,000Cost of Goods Sold (25% of Sales)-87,500Gross…
Q: Insured Payment: Insurer Payment:
A: An aggregate deductible in insurance refers to the cumulative threshold of covered losses that an…
Q: Glorious Nature Company, a local business with twenty branches in the country has been affected by…
A: Cash Inflows:Cash inflows are the collections from credit sales. As per the given information, the…
Q: Kate Co. leased a warehouse from Big Dave Industries on July 1, 2021, in a finance lease. The…
A: A lease is defined as a contractual agreement incorporated between two business entities where one…
Q: seiing price to $30 per ut, what level of ROI would it be earning P16.6 (LO 3, 4), AN Daniel and…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…
Q: Total liabilities Total equity Atlanta Company Spokane Company Compute the debt-to-equity ratio for…
A: The debt-equity ratio is a financial ratio that indicates the firm's ability to meet its outstanding…
Q: In this section, you are asked to review and comment on the one of the business cycles provided.…
A: The objective of the question is to review and provide comments on one of the business cycles…
Q: Hobbs Company is expecting that based on past history and industry averages, 1.25% of outstanding…
A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.…
Q: Absorption and variable costing Bird's Eye View manufactures satellite dishes used in residential…
A:
Q: Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells…
A: Workings:1) Calculation of cost per share of Tett Co. -Total cash paid / number of shares purchased…
Q: what is the total debit on the trial balance what is the total credit on adjusted trial balance what…
A: Total Debit on the Trial Balance: The total debit on the trial balance is the sum of all the debit…
Q: Neal Company entered into a nine-year lease on a warehouse on Dec. 31, 2019. Lease payments of…
A: An agreement of contract that is prepared to transfer the right to use the resources for a…
Q: Miller Company's contribution format income statement for the most recent month is shown below:…
A: The objective of the question is to calculate the revised net operating income under different…
Q: Week 11 Absorption Costing & Marginal Costing Profit Statement Answer all questions Fantasia Berhad…
A: STATEMENT OF PROFIT OR LOSS AS PER MARGINAL COSTING APPROACHPARTICULARSAMOUNTSALES REVENUE…
Q: 1. SLM, Inc., with sales of $1,000, has the following balance sheet: SLM, Incorporated Balance Sheet…
A: The percentage of sales method of forecasting is a method that makes forecasting predictions based…
Q: 4. On January 1, Martinez Corp. lent $36,000 to Tamarisk Ltd., accepting Tamarisk's $47,916,…
A: Under a non-interest-bearing note, the borrowers are not required to pay interest to the lender.…
Q: Minnie's Inc. adjusted trial balance contains the following account balances at December…
A: According to the question given, we need to compute the statement of comprehensive income for…
Q: Territory and Product Profitability Analysis Coast to Coast Surfboards Inc. manufactures and sells…
A: The contribution margin ratio, which is given as a percentage, shows how well a business covers its…
Q: Auditors typically rely on internal controls of their private company clients only as needed to…
A: By depending on the client's internal controls, the test of controls aims to minimize substantive…
Q: Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 o April 12 of the…
A: The journal entries are prepared to record the transactions on regular basis. The purchase and sales…
Q: Datuk Ali Sdn Bhd (DASB) produces floor fan that passes through TWO (2) processing departments…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Test Your Understanding 2: Fatima Trading Company's Income Statement has shown RO 128,000 profit for…
A: The objective of the question is to calculate the taxable profit and the tax liability to be paid by…
4. Compute the income tax due for 2021 if XYZ is a domestic corporation. XYZ reported the following gross income and expenses:
| Philippines | Abroad | ||
| Gross income | 38, 000, 000 | 14, 000, 000 | 52, 000, 000 |
| Deductions | 15, 000, 000 | 3, 000, 000 | 18, 000, 000 |
| Taxable Income | 23, 000, 000 | 11, 000, 000 | 34, 000, 000 |
P10,200,000
P6,900,000
P8,500,000
P6,800,000
Step by step
Solved in 3 steps with 2 images
- Compute 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 P350.0004. XYZcorporation reported the following gross income and expenses: Gross income in the Philippines is 38,000,000 while deductions is 15,000,000 for a total taxable income of 23,000,000. Abroad, the gross income is 14,000,000 while the deduction is 3,000,000 for a total taxable income of 11,000,000. Compute the income tax due for 2021 if XYZ is a domestic corporation. P10,200,000 P6,900,000 P8,500,000 P6,800,000How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise
- XYZ corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: a. If it is a domestic corporation, compute for its income tax after tax credit. b. If it is a resident corporation, compute for its income tax. c. If it is a non-resident corporation, compute for its income tax. d. If it opts to claim the tax paid abroad as deduction from gross income, compute for its income tax.Compute the income tax due for 2021 if Phils is a resident foreign corporation: * Phils. Corporation reported the following gross income and expenses Philippines Overseas Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000 P5,750,000 P2,750,000 P8,500,000 P6,800,0005. Compute the income tax due for 2021 if XYZ is a private proprietary educational institution. XYZ reported the following gross income and expenses: Philippines Abroad Gross income 38, 000, 000 14, 000, 000 52, 000, 000 Deductions 15, 000, 000 3, 000, 000 18, 000, 000 Taxable Income 23, 000, 000 11, 000, 000 34, 000, 000 P3,400,000 P10,200,000 P8,500,000 P340,000
- ABC corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: A. If it is a domestic corporation, Compute for its income tax after tax credit. B. If it is a resident corporation, Compute for its income tax. C. If it is a non-resident corporation, Compute for its income tax. D. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. E. If it is private educational institution, Compute for its income tax due…Phils. Corporation reported the following gross income and expenses Philippines Overseas Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000 Compute the income tax due for 2019 if Phils is a domestic corporation: P10,200,000 P6,900,000 P8,500,000 P6,800,000A resident foreign corporation has the following income and expenses for the year: Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000 1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?
- Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Domestic Corporation.Dynasty Corp, just completed its third year of operations. It has the following financial information: Ws Philippines China Gross Income P1,250,000 P800,000 Deductions 950,000 500,000 a. Assuming that the taxpayer is a domestic corporation, what is the taxable income for the taxable year 2021? b. Using the data on (a), what is the tax due? C. Assuming that the taxpayer is a resident foreign corporation, what is the taxable income for the taxable year 2013? d. Using the data on (c), what is the tax due? e. Assuming that the taxpayer is a non-resident foreign corporation, what is the taxable income for the taxable year 2021? Using the data on (e), what is the tax due? f.ABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) Philippines: Gross Income - P4,000,000 Deductions - P2,500,000 Abroad: Gross income - $40,000 Deductions - $15,000 Income tax paid - $3,000 g. If it is a resident international carrier, compute for its income tax. h. If it is a non-resident cinematographic film owner/lessor, compute for its income tax. i. if it is a non- resident lessor of vessels, compute for its income tax.