Question 10 of 43Fill in the blanksImperial Inc., an entity organized under Philippine laws has the following cumulative data for the calendar year 2015, its first year of operation:Ist Ort2nd Ort3rd Ort4th OrtSalesP975,000 P1,560,000Dividend income from a Resident CorporationP260,000 P585,0005,200156,000 240,5002,6007,80010,400Cost of sales65,000390,000Business Expenses156,000338,000 533,000949,000Answer the following:1. Income tax due at the end of the second quarter is2. Taxable income for the third quarter is3. Income tax due at the end of the year isNote: Answers are in numerical from COMMA PESO SIGN and other characters are NOT REQUIRED< PreviousShot on OnePlusPowered by Triple CameraES700COW

The taxable income is the income at which the tax is calculated. The taxable income is calculated by…

Dividend income from a Resident Corporation 2,600 Cost of sales 65,000 Business Expenses 156,000 Answer the following: 1. Income tax due at the end of the second quarter is 2 Taxable income for the third quarter is 3. Income tax due at the end of the year is 5/200 7,800 10,400 156,000 240,500 390,000 338,000 533,000 949,000 NOT REQUIRED acters and other

Dividend income from a Resident Corporation 2,600 Cost of sales 65,000 Business Expenses 156,000 Answer the following: 1. Income tax due at the end of the second quarter is 2 Taxable income for the third quarter is 3. Income tax due at the end of the year is 5/200 7,800 10,400 156,000 240,500 390,000 338,000 533,000 949,000 NOT REQUIRED acters and other

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 59P

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F5 Corporation, a domestic corporation had the following data during the calendar year 2020 Gross Income, Philippines P10,000,000 4,000,000 Allowable itemized deductions/expenses Dividend income FROM: a) Domestic corporation 1,000,000 b) Foreign corporation, 80% of its gross income were derived from the Philippines 1,000,000 c) Foreign corporation, 60% of its gross income were derived from the Philippines 800,000 d) Foreign corporation, 25% of its gross income were derived from the Philippines 400,000 49. The taxable income is a. P9,200,000 c. P8,200,000 b. P7,500,000 d. P7,430,000
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 P6,800,000
LINEATE ener Question 8 of 43 Fill in the blanks Imperial Inc., an entity organized under Philippine laws has the following cumulative data for the calendar year 2015, its first year of operation: Ist Qrt 2nd Ort 3rd Ort 4th Ort Sales P260,000 P585,000 P975,000 P1,560,000 2,600 Dividend income from a Resident Corporation 5,200 7,800 10,400 Cost of sales 65,000 156.000 240,500 390.000 Business Expenses 156.000 338 000 533,000 949,000 Answer the following: 1. The normal income tax for the second quarter is 2 Taxable income tax at the end of the year is 3. Income tax due at the end of the year is Note: Answers are in numerical from CO MA PEEC S ON and other characters are NOT REQUIRED. < Previous Shot on OnePlus Powered by Triple Camera
Comprehensive Problem 11-1 Floyd Corporation was formed and began operations on January 1, 2020. The corporation is located at 210 N. Main St., Pearisburg, VA 24134 and the EIN is 91-1111111. The corporation's income statement for the year and the balance sheet at year-end are presented below. The Floyd Corporation Income Statementfor the Year Ended December 31, 2020 Gross income from operations $320,000 Qualified dividends received from a 15percent-owned domestic corporation 20,000 Total gross income 340,000 Cost of goods sold (70,000) Total income 270,000 Other expenses: Compensation of officers $80,000 Salaries and wages 20,000 Bad debts (direct charge-offs) 9,000 Repairs 3,000 Depreciation for book (tax depreciation = $90,000) 10,000 Advertising 3,000 Payroll taxes 15,000 Total other expenses (140,000) Pretax book income 130,000 Income tax expense 25,200 Net income…
EA# 9 Tax on Corporation: Problem Solving FnB Question 2 of 43 Fill in the blanks: For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2.463,500 Sales returns & allowances 27,500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 586.040 operating expenses Answer the following: 1. Net sales is 2. Net income is 3. Minimum corporate income tax is NOTE: Answers are in numerical form, COMIVA PESO SIGN, and other characters are NOT REQUIRED. < Previous Shot on OnePlus Powered by Triple Camera
EA#9 Tax on Corporation: Problem Solving FnB Question 9 of 43 Fill in the blanks For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2,463,500 ents Sales returns & allowances 27.500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 586,040 operating expenses Answer the following: 1. Gross income is 2. Normal corporate income tax is 3. Minimum corporate income tax is NOTE Answers are in numerical form, COMMA PESO SIGN and other characters are NOT REQUIRED. < Previous Shot on OnePlus Powered by Triple Camera e es
Red Velvet Corporation, a domestic corporation has the following data. 2021 2022 Gross Income 3,500,000.00 2,400,000.00 Taxable Income 125,000.00 500,000.00 The income tax payable for 2021 is 31,250 40,000 35,000 37,500
Problem 15-58 (LO 15-6) In each of the following independent cases for tax year 2022, determine the amount of business interest expense deduction and disallowed interest expense carryforward, if any. Assume that average annual gross receipts exceed $27 million. Required: a. Company A has ATI of $70,000 and business interest expense of $20,000. b. Company B has ATI of $90,000, business interest expense of $50,000, and business interest income of $2,000. c. Company C has taxable income of $50,000 which includes business interest expense of $90,000 and depreciation of $20,000. Note: For all requirements, leave no cells blank - be certain to enter "0" wherever required. Enter your answers in dollar values not in million of dollars. a. Company A b. Company B c. Company C Interest expense deduction Disallowed interest expense carryforward
BOM21 B BACD002 BOM1 10:30AM 12:00NN TUESDAY & FRIDAY EA#9 Tax on Corporation: Problem Solving FnB Question 24 of 43 Fill in the blanks The books of a corporation show the following for the taxable year 2019 Gross income Deductions Philippines P400,000 P200,000 United States of America 300,000 100,000 Singapore 200,000 150,000 Malaysia 100,000 50,000 The corporation paid tax on net income of P70,000 in the US, P19,000 in Singapore and P15,000 in Malaysia The tax still due assuming that the corporation is Domestic Corporation is NOTE: Answers are in numerical form COMMA, PESO SIGN, and other characters are NOT REQUIRED < Previous 4 Shot on OnePlus Powered by Triple Camera O (foreign income taxes are claimed as tax credit) W 1741 327c
Required information. Problem 22-52 (LO 22-3) (Algo) [The following information applies to the questions displayed below] Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. In year 1, Julio and Milania each received distributions of $10,000 from Falcons Corporation. Sales revenue Cost of goods sold Falcons Corporation (an 5 Corporation) Income Statement December 31, Year 1 and Year 2 Salary to owners Julio and Milania. Employee wages Depreciation expense Section 179 expense Interest income (related to business income) Municipal bond income Government fines Overall net income Distributions Year 1 $ 335,000 (42,000) (40,000) (30,000) (20,000) (30,000) 10,000 1,700 0 $184,700 $ 20,000 Year 2 465,000 (65,000) (80,000) (60,000) (40,000) (50,000) 18,500 4,400 (3,000) $ 189,900 $ 50,000
Activ Activity #3: Unrelated Entities In Instructions: The following financial information is known about these unrelated entities. (Philippine Currency) Maymay Yong Edward Kisses Dec 31, 2015 Assets 450,000 290,000 140,000 800,000 350,000 225,000 Liabilities 235,000 380,000 Dec. 31, 2016 Assets 480,000 410,000 275,000 1,250,000 640,000 Liabilities 190,000 During 2016: Add'l Investment 50,000 15,000 77,500 90,000 38,750 Profits 75,000 120,000 Withdrawals 25,000 30,000 Required: 1. Refer to Maymay: a. What's the owner's equity as at December 31, 2015? b. What's the owner's equity as at December 31, 2016? c. What's the amount of liabilities as at December 31, 2016? 2. Refer to Yong: a. What's the owner's equity as at December 31, 2015? b. What's the owner's equity as at December 31, 2016? c. What's the profit for 2016? 3. What's the amount of assets owned by Edward as December 31, 2016? 4. What's the amount of additional investment in Kisses made during 2016? 17 | Page
Activity 11-4. Income Tax Due (Corporation) C EX-YAI-ZEE Corporation is a domestic corporation in the Philippines with the following data for the taxable year 2021: Gross Income, Business Expenses P420,000 300,000 Compute for the following: Taxable Income Income Tax Due Income Tax Due (if Proprietary Educ. Inst.) Income Tax Due (If expenses is P400,000) Income Tax Due (If a Government Owned School)