Answered: 14. Instructions Use the graduated…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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13. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over    250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000    2,410,000 35% 8,000,000 A taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 8,000,000 Operating Expenses - Php 5,000,000    How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?    Group of answer choices Php 300,000 Php 600,000 Php 200,000…
18. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over    250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000    2,410,000 35% 8,000,000 Nicanor, a businessman engaged in selling goods and services, reported gross sales of Php 1 Million and gross receipts of Php 2 Million. The company spent Php 150,000 for representation expenses. How much is the non-deductible representation expense? Group of answer choices Php 125,000 Php 105,000 Php 150,000 Php 25,000
Use the graduated tax table if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor is a professional Architect and at the same time an employee of ABC Corp. He made available the following information: Gross receipts    Php 2,000,000 Cost of service   Php 1,000,000 Other valid expenses       200,000 Gross compensation       Php 1,000,000 Non-taxable compensation          Php 200,000 Compute the annual income tax due if Nicanor will opt for graduated tax rate. Group of answer choices Php 370,000 Php 430,000 Php 350,000 Php 290,000
16. Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over    250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000    2,410,000 35% 8,000,000 A taxpayer made available the following financial information:           Gross receipts - Php 10,000,000             Cost of service – Php 6,000,000             Expenses:                         Depreciation expense – Php 200,000                         Miscellaneous expenses – Php 10,000                         Office supplies…
57. GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax                                                                                   P 1,140,000 Dividend income               From domestic corporation                                                                                    50,000               From resident foreign corporation 60,000               From…
59. GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax                                                                                   P 1,140,000 Dividend income               From domestic corporation                                                                                    50,000               From resident foreign corporation 60,000               From…
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax                                                                                   P 1,140,000 Dividend income               From domestic corporation                                                                                    50,000               From resident foreign corporation 60,000               From non-resident…
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax                                                                                   P 1,140,000 Dividend income               From domestic corporation                                                                                    50,000               From resident foreign corporation 60,000               From non-resident…
Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over    250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000    2,410,000 35% 8,000,000 A taxpayer made available the following financial information:           Gross receipts - Php 10,000,000             Cost of service – Php 6,000,000             Expenses:                         Depreciation expense – Php 200,000                         Miscellaneous expenses – Php 10,000                         Office supplies – Php 20,000                         Rental - Php 240,000                         Representation expense – Php 100,000…
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus Of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000
20. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000…

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Over	But not over	The tax shall be	Plus	Of excess over
	250,000	0	0	-
P 250,000	400,000	0	20%	P 250,000
400,000	800,000	30,000	25%	400,000
800,000	2,000,000	130,000	30%	800,000
2,000,000	8,000,000	490,000	32%	2,000,000
8,000,000		2,410,000	35%	8,000,000