Question 3 of 43 Fill in the blanks La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as fa Normal Corporate Year Minimum Corporate Income Tax Excess of MCIT over NCIT Income Tax 2005 P25,000 P100,000 P75,000 2006 130,000 150,000 20,000 2007 200,000 190,000 0 2008 0 300,000 300,000 2009 10,000 50,000 40,000 2010 15,000 60,000 45,000 2011 8,000 40,000 32,000 2012 1,000 50,000 49,000 EQUIRED: Determine Income Tax still due and payable for the 2005 to 2012 come tax still due and payable for 2011 is OTE Answers are in numerical form COMMA PESO SIGN and other characters are NOT REQUIRED < Previous e here to search Ri 27°C H Shot on OnePlus X

Question 3 of 43 Fill in the blanks La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as fa Normal Corporate Year Minimum Corporate Income Tax Excess of MCIT over NCIT Income Tax 2005 P25,000 P100,000 P75,000 2006 130,000 150,000 20,000 2007 200,000 190,000 0 2008 0 300,000 300,000 2009 10,000 50,000 40,000 2010 15,000 60,000 45,000 2011 8,000 40,000 32,000 2012 1,000 50,000 49,000 EQUIRED: Determine Income Tax still due and payable for the 2005 to 2012 come tax still due and payable for 2011 is OTE Answers are in numerical form COMMA PESO SIGN and other characters are NOT REQUIRED < Previous e here to search Ri 27°C H Shot on OnePlus X

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 7E: Basic Income Statement The following are selected account balances of Rule Corporation at the end of...

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Intermediate Accounting ll ch. 16 4. Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $250,000. At the beginning of the year, no temporary differences existed. Required: Assuming a tax rate of 25%, what will be Alvis’s net income? What will Alvis report in the balance sheet pertaining to income taxes?
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
EA# 9 Tax on Corporation: Problem Solving FnB Question 2 of 43 Fill in the blanks La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as follows: Normal Corporate Year Minimum Corporate Income Tax Excess of MCIT over NCIT Income Tax 2005 P25,000 P100,000 P75,000 2006 130,000 150,000 20,000 2007 200,000 190,000 0 2008 0 300,000 300,000 2009 10,000 50,000 40,000 2010 15,000 60,000 45,000 2011 8,000 40,000 32,000 2012 1,000 50,000 49,000 Income tax still due and payable for 2006 is NOTE: Answers are in numerical form. COMMA, PESO SIGN and other cha < Previous Cont Type here to search O E 28°C Heavy t-storm Shot on OnePlus Powered by Triple Camera hp
Question 5 of 43 Fill in the blanks: La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as folle Normal Corporate Minimum Corporate Year Excess of MCIT over NCIT Income Tax Income Tax P75,000 20,000 10 300,000 40,000 45,000 32,000 49.000 C 2005 P25,000 P100,000 2006 130,000 150,000 2007 200,000 190,000 2008 0 300,000 2009 10,000 50,000 2010 15,000 60.000 2011 8,000 40,000 2012 1,000 50,000 Income tax still due and payable for 2006 is NOTE Answers are merical form. COMMA, PESO SIGN and < Previous Type here to search Shot on OnePlus Powered by Triple Camera O B W 28°C Light
PROBLEM 1 Xavier Company provided the following information for its first year of operations ended December 31, 2021 in connection with the preparation of its income tax return:Taxable income P 4,000,000Non-deductible expenses 200,000Non-taxable revenue 300,000Deferred income on installment saleincluded in financial income but taxable in 2022 450,000Doubtful accounts recorded 100,000Financial depreciation 300,000Tax depreciation 350,000Estimated warranty cost accrued in2021 but not deductible for tax purposes until paid…
11. The Dot Corporation has changed its year-end from a calendar year-end to August 31. The income for its short period from January 1 to August 31 is $54,000. The tax for this short period is: a.$2,040 b.$8,667 c.$11,340 d.$6,250
2. A corporation's record show: Taxes Withheld per Excess MCIT Prior Year Quarter Normal Income Tax per Quarter P 140,000 190,000 MCIT per Quarter P 110,000 285,000 Excess Withholding Tax Prior Year P 15,000 First P 25,000 Second Quarter P 25,000 35,000 40,000 30,000 280,000 130,000 Third Fourth 260,000 155,000 1. The income tax due and due income tax payable, respectively, for the first quarter are 2. The income tax due and income tax payable, respectively, for the second quarter are 3. The income tax due and income tax payable, respectively, for the third quarter are 4. The income tax due and income tax payable, respectively, for the year are
Fill in the blanks: La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as follow S Normal Corporate Minimum Corporate Year Excess of MCIT over NCIT Income Tax Income Tax 2005 P25,000 P100,000 P75,000 2006 130,000 150,000 20,000 2007 200,000 190,000 0 2008 0 300,000 300,000 2009 10,000 50,000 40,000 15,000 2010 45,000 60,000 40,000 8,000 32000 2011 50.000 1,000 49,000 2012 REQUIRED: Determine Income Tax still due and payable for the 2005 to 2012 Income tax still due and payable for 2006 is 2 Income tax still due and payable for 2008 is 2 income tax still due and payable for 2011 is 27°C Most lotta tré ers are in numerical form, COMMA PESO Big and other characters are NOT REQUIRED. Task View O 8: here to search Shot on OnePlus Powered by Triple Camera ce ses 1 B- 002 11 AM- ONN DAY & DAY 12 STE 184 LEDDON BRAN + hp
QUESTION 23 For 2021, Forrway Corporation, an Accrual Basis calendar year corporation, had Net income Per Books of $111.550 and the following transactions Premiums on Life Insurance Policy on its key employees - $6.000: Excess Capital Losses $12,000; Excess Tax Depreciation - $9.000; Life insurance Proceeds on ife of its key employees - $s65,000: Rent Income received in 2021 - $30,000: ($20,000 is prepaid and relates to 2021x Tax-Exempt interest Income - $8,000: Federal income Tax Nability for 2021- $15,450; Prepaid Rent received and properly taxed in 2020 (but not earned for Financial Accounting purposes until 2021)-55,000: Interest Expense on Tax-Exempt Interest Income item - $2.000. The total amount " added" to Net Income Per Books for Forrway Corporation in its Schedule M-1 Reconciliation for the tax year of 2021 is: O$ 80,000. O $167,000. $ 55,450. $ 87,000.
QUESTION 23 During the year of 2023, Bradford Corporation, an S Corporation has a recognized Built-In Gain of $80,000 and Taxable income if it were a Regular (C). Corporation of $95,000. The Built-In Gains Tax (Section 1374 of the Internal Revenue Code) of Bradford Corporation for the year of 2023 is: $33,250 $16,800. $28,000. $61,250.
BLOCK D/2018/2 A company shows a taxable profit of € 1.3 million for t1 in the tax balance sheet. The income tax rate is 30%. In addition, net income under commercial law before taxes of € 1.6 million was reported in the same reporting period. What is the maximum amount this company can distribute to shareholders from the annual results of the current reporting period? Present your calculations comprehensibly!
A domestic corporation has the following data for three years. Regular Corporate Income Tax2020 - P50,0002021 - P60,0002022 - P100,000Minimum Corporate Income Tax2020 - P75,0002021 - P100,0002022 - P60,000How much is the amount of tax payable for the year 2022? a. P65,000 b. P100,000 c. P60,000 d. P35,000