Case 1: The corporation income statement for the year ended December 31, 20x1 shows pre-tax income of P1,000,000. The following items are treated differently on the tax return and in the accounting records Tax Returns Accounting Records Rent Income P70,000 P120,000 Depreciation Expense 280,000 220,000 Premiums on 90,000 officers' life insurance The company's tax rate for 20x1 is 30% 1. How much is the income tax expense 2. How much is the current income tax expense 3. How much is the deferred tax expense / benefit

Case 1: The corporation income statement for the year ended December 31, 20x1 shows pre-tax income of P1,000,000. The following items are treated differently on the tax return and in the accounting records Tax Returns Accounting Records Rent Income P70,000 P120,000 Depreciation Expense 280,000 220,000 Premiums on 90,000 officers' life insurance The company's tax rate for 20x1 is 30% 1. How much is the income tax expense 2. How much is the current income tax expense 3. How much is the deferred tax expense / benefit

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 9DQ

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You are assigned as the financial advisor of the would-be entrepreneur James Udderlie. Write a 100-wordreport of the possibilities of James getting a loan for hisnew business.Type your report below (you may attach tables /appendices / calculations as you see fit). Be mindful ofthe word limit. Do not send PDF document formatreport. You may like to consider some template toframe your answer e.g., 5 "C" (condition / collateral /capacity / character/ capital; 4 Ps (Price / Product /Promotion / Place); or SWOT (Strength / Weakness /Opportunity / Threat).
Avatar Corp Journal entries. What is the correct titles and how does the $180000 net income get journaled? See attached image. I keep striking out with my entries
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education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewcon... It sec Question 2 - Ch 7 h/w - mkt sec - Connect Required B Complete this question by entering your answers in the tabs below. Required C Saved b. As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments? c. Prepare a journal entry at January 4, year 2, to record the cash sale of these investments at $220,000. d. What effect will the sale recorded in part c have on Wharton's tax obligation for year 2? Required D Wharton, Inc., pays income taxes on capital gains (including gains on marketable securities) at a rate of 30 percent. At December 31, year 1, the company owns marketable securities that cost $180,000 but have a current market value of $220,000. Required B Prev ‒‒‒‒‒‒‒‒‒‒‒ As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments? Income taxes paid on the increase in the…
hey I need help figuring out the numbers for these accounting homework assignments. Clint M. Invests $30,000. Into Merle company. The effect to Liabilities would be: ( Type your numeric number) Clint M. Invests $30,000 into Merle Company. The effect to Equity would be: (Type your numeric number) Merle company purchases s piece of equipment for $5,000 on account. The effect to Assets would be: (Type your numeric answer) Merle company purchases a piece of equipment for $5,000. The effect to Liabilities would be: (Type your numeric answer) Merle Company purchases a piece of equipment for $5,000 on account. The effect to Equit would be: (type your numeric answer)
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INSTRUCTIONS: Read carefully, analyze and understand the problem. For your answers, provide the solution and "double-rule" your final answer (Accountant's style) Submit your answers on time. Good luck. Case problem An individual taxpayer provided the following information in 2020 as follows: Gross business income, Philippines - P 7,000,000 Gross business income, USA - 4,000,000 Gross business income, Australia - 2,000,000 Business expenses, Philippines - 5,000,000 Business expenses, USA - 2,500,000 Business expenses, Australia - 1,200,000 REQUIREMENT: How much is the taxable income if the taxpayer is a resident alien ?
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gageNOWv2 | Online teachin x Grade Calculator akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false 2 Pearson Sign In WP WileyPLUS Cengage еВook Tax Drill - Self-Employment Tax In 2020, Miranda records net earnings from self-employment of $158,500. She has no other income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is $ 21,320 V and she has a $ 12,125 X deduction for AGI. Feedback Check My Work The tax on self-employment income is levied to provide Social Security and Medicare benefits (old age, survivors, and disability insurance and hospital insurance) for self-employed individuals.
Investment Planning Activity1. Suppose that Rodel Rivera places an order to buy 100 shares of SM Investments Corp. (SM) from an online broker. Explain how the order will be processed.
The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2021, temporary differences existed between the financial statement book values and the tax bases of the following: ($ in millions) Future Taxable Book Value Таx (Deductible) Basis Amount Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency $146 $103 $ $ 43 63 63 38 (38) b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $213 million and taxable income was $145 million for the year ended December 31, 2021. The tax rate is 25%. Required: 1. Complete the following table given below and prepare the appropriate to record income taxes for 2021. 2. What is the 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G) Required 2 Complete the following table given below to record income taxes for 2021. (Enter your answers in millions rounded to 2…
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