A domestic common carrier has the following data
A domestic common carrier has the following data on gross receipts and expenses for the first quarter of 2018:
Transport of passengers P 1,000,000
Transport of goods and cargoes 1,000,000
Expenses, transport of passengers 500,000
Expenses, transport of goods and cargoes 400,000
1. How much is the percentage tax if it is a domestic common carrier by land, VAT
registered?
2. Based on the previous information, how much is the percentage tax if it is a domestic
common carrier by water, not VAT-registered?
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The following information are available for the current period
The following information are available for the current period:Revenues of the current period P 800,000Collections during the period of:Revenues of prior periods 50,000Revenues of the current period 500,000Revenues of the succeeding period (advances) 10,000Compute for the business tax under the following situation:1. If the business is a domestic common carrier by land for the transport of passengers.2. If the business is a night club.3. If the business is a racetrack.
Piggy Bank has the following data for the month of January 2018:
Piggy Bank has the following data for the month of January 2018:Interest income, the remaining maturity of the instrumentis 5 years (net of 20% final withholding tax) 80,000Rental (gross of 5% expanded withholding tax) 50,000Net trading gain 10,0001. How much is the gross receipts tax on the collections of Piggy for January 2018?2. Assuming that on December 2017, Piggy Bank sustained a net trading loss of P20,000,compute for the gross receipts tax of Piggy for January 2018.3. Assuming that Piggy...
Question 2 (6 Points) Andersen Corporation, a calendar year, accrual method, C-Corporation, is in the business...
Question 2 (6 Points) Andersen Corporation, a calendar year, accrual method, C-Corporation, is in the business of manufacturing glass based products. In 2019, Andersen Corporation had taxable income before any limitations of $500.000. Andersen Corporation's had average annual gross receipts over the previous three tax years of $29,000,000. The following items of income and deductions are included in the computation of taxable income $400,000 business interest expense $250,000 depreciation $30,000 business interest income $75,000 amortization $100,000 research and development expenses...
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage...
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) X Answer is complete but not entirely correct. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales 100.00 % 100.00 100.00 % Cost of goods sold 60.20 62.90 X 64.00 39.80 37.10 36.00 Gross profit Selling expenses Administrative expenses 14.20 13.80 13.20 9.00 8.80 8.30 Total expenses 23.20 22.60...
Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following...
Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 494,327 $ 378,695 $ 262,800 Cost of goods sold 297,585 238, 199168,192 Gross profit 196, 742 140,496 94,608 Selling expenses 70,194 52,260 34,690 Administrative expenses 44,489 33, 325 21,812 Total...
Income statement data for Winthrop Company for two recent years ended December 31 are as follows:...
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A common-size income statement for Creek Enterprises' 2018 operations follows: Creek Enterprises Income Statement for the...
A common-size income statement for Creek Enterprises' 2018 operations follows: Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34,966,000) 100.0 % Less: Cost of goods sold 65.6 Gross profits 34.4 % Less: Operating expenses Selling expense 12.7 % General and administrative expenses 6.3 Lease expense 0.5 Depreciation expense ...
P22-40A (book/static) Bradley Company has the following post-dosing trial balance on December 31 2018 11! (Click...
P22-40A (book/static) Bradley Company has the following post-dosing trial balance on December 31 2018 11! (Click the icon to view the post-closing trial balance) The company's accounting department has gathered the following budgeting information for the first quarter of 2019 Click the icon to view the budgeting information ) Additional information a Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax...
P3-19 Common-size statement analysis A common-size income statement for Creek Enterprises 2018 operations follows. Using the...
P3-19 Common-size statement analysis A common-size income statement for Creek Enterprises 2018 operations follows. Using the firm's 2019 income statement presented in Problem 3-16, develop the 2019 common-size income statement and compare it with the 2018 statement. Which areas require further analysis and investigation? Creek Enterprises Common-Size Income Statement for the Year Ended December 31, 2018 100.0% 65.9 34.1% Sales revenue ($35,000,000) Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense General and administrative expenses Lease expense...
PROBLEM 3:25 POINTS Tyler Company reported the following summarized annual data at the end of 2020:...
PROBLEM 3:25 POINTS Tyler Company reported the following summarized annual data at the end of 2020: Sales revenue $1,000,000 Cost of goods sold 500.000 Gross margin 400,000 Operating expenses 280.000 Income before income taxes $ 120.000 Based on an ending FIFO Inventory of $240,000 The income tax rate is 30%. The controller of the company is considering a switch from FIFO 10 LIFO. He has determined that on a UFO basis, the ending inventory would have been $150.000 Instructions (a)...
Question 2 (6 Points) Andersen Corporation, a calendar year, accrual method, C-Corporation, is in the business of manufacturing glass based products. In 2019, Andersen Corporation had taxable income before any limitations of $500.000. Andersen Corporation's had average annual gross receipts over the previous three tax years of $29,000,000. The following items of income and deductions are included in the computation of taxable income $400,000 business interest expense $250,000 depreciation $30,000 business interest income $75,000 amortization $100,000 research and development expenses...
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) X Answer is complete but not entirely correct. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales 100.00 % 100.00 100.00 % Cost of goods sold 60.20 62.90 X 64.00 39.80 37.10 36.00 Gross profit Selling expenses Administrative expenses 14.20 13.80 13.20 9.00 8.80 8.30 Total expenses 23.20 22.60...
Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 494,327 $ 378,695 $ 262,800 Cost of goods sold 297,585 238, 199168,192 Gross profit 196, 742 140,496 94,608 Selling expenses 70,194 52,260 34,690 Administrative expenses 44,489 33, 325 21,812 Total...
P22-40A (book/static) Bradley Company has the following post-dosing trial balance on December 31 2018 11! (Click the icon to view the post-closing trial balance) The company's accounting department has gathered the following budgeting information for the first quarter of 2019 Click the icon to view the budgeting information ) Additional information a Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax...
P3-19 Common-size statement analysis A common-size income statement for Creek Enterprises 2018 operations follows. Using the firm's 2019 income statement presented in Problem 3-16, develop the 2019 common-size income statement and compare it with the 2018 statement. Which areas require further analysis and investigation? Creek Enterprises Common-Size Income Statement for the Year Ended December 31, 2018 100.0% 65.9 34.1% Sales revenue ($35,000,000) Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense General and administrative expenses Lease expense...
PROBLEM 3:25 POINTS Tyler Company reported the following summarized annual data at the end of 2020: Sales revenue $1,000,000 Cost of goods sold 500.000 Gross margin 400,000 Operating expenses 280.000 Income before income taxes $ 120.000 Based on an ending FIFO Inventory of $240,000 The income tax rate is 30%. The controller of the company is considering a switch from FIFO 10 LIFO. He has determined that on a UFO basis, the ending inventory would have been $150.000 Instructions (a)...
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