Franco Company is a holder of franchise
Franco Company is a holder of franchise. Aside from its receipts from the use of franchise, it also leases its auditorium and theatre. In a particular month, its gross receipts from the use of franchise amount to P1,000,000. The gross receipts from the lease of its auditorium and theater amount to P500,000.
1. Assuming Franco Company is franchise grantee selling electricity, how much is the
franchise tax due for the month?
2. In connection with the previous question and assuming further that Franco Company is a VAT-registered company, how much is the 12% VAT for the month?
3. Assuming Franco Company is a franchise grantee of gas utilities, how much is the
franchise tax?
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
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...
Shanahan Ltd is registered for VAT and is partially exempt. During the year the company incurred input tax of £136,000....
Shanahan Ltd is registered for VAT and is partially exempt. During the year the company incurred input tax of £136,000. Of this, £100,000 was attributable to taxable supplies, £13,000 was attributable to exempt supplies and £23,000 was unattributable. The total VAT exclusive value of supplies made by Shanahan Ltd for the year was £975,000. £100,000 of the £975,000 was in respect of zero rated supplies. £80,000 of the £975,000 was from exempt supplies. How much of Shanahan Ltd’s input tax...
Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect...
Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect of each of the following transactions on the company's 2019 gross income assuming that the company uses any available options to defer its taxes. a. In December 2018, the company received a $1,200 advance payment from a customer for an appliance that Drake special ordered from the manufacturer. The appliance did not arrive from the manufacturer until January 2019, and Drake immediately delivered it...
Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect...
Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect of each of the following transactions on the company's 2020 grocs income assuming that the company uses any available options to defer its taxes. a. In December 2019, the company received a $1,200 advance payment from a customer for an appliance that Drake special ordered from the manufacturer. The appliance did not arrive from the manufacturer until January 2020, and Drake immediately delivered it...
Calculate the VAT payable by, or refundable to Toys4All (pty) ltd for its tax period 1 Jan 2020 to 29 Feb 2020. Where there are no VAT consequences, provide a brief reason why. A VAT rate of 15% applied throughout the applicable tax period on standard-rat
Question 4 Toys4All (Pty) ltd (“Toys4All or the company”) is a registered Value –Added Tax (VAT) vendor and has a two-month tax period. Toys4All operates as a wholesaler of toys that are supplied both local and foreign retailers.The following income and expenditure amounts, inclusive of vat where applicable, have been generated for the tax period 1 Jan 2020 to 29 Feb 2020:RINCOMELocal sales 1,524,900 Export sales 250,000 Interest on loan to a resident subsidiary company 3,450 Bad debts recovered...
Calculate the VAT payable by, or refundable to Toys4All (pty) ltd for its tax period 1 Jan 2020 to 29 Feb 2020. Where there are no VAT consequences, provide a brief reason why. A VAT rate of 15% applied throughout the applicable tax period on standard-rat
Question 4 Toys4All (Pty) ltd (“Toys4All or the company”) is a registered Value –Added Tax (VAT) vendor and has a two-month tax period. Toys4All operates as a wholesaler of toys that are supplied both local and foreign retailers.The following income and expenditure amounts, inclusive of vat where applicable, have been generated for the tax period 1 Jan 2020 to 29 Feb 2020:RINCOMELocal sales 1,524,900 Export sales 250,000 Interest on loan to a resident subsidiary company 3,450 Bad debts recovered...
Papst Company is preparing its cash budget for the month of May. The following information is...
Papst Company is preparing its cash budget for the month of May. The following information is available concerning its accounts receivable (based on sales made to customers on open account): Actual credit sales for March Actual credit sales for April Estimated credit sales for May Estimated collections in the month of sale Estimated collections in the first month after the month of sale stimated collections in the second month after the month of sale Estimated provision for bad debts (made...
Papst Company is preparing its cash budget for the month of May. The following information is...
Papst Company is preparing its cash budget for the month of May. The following information is available concerning its accounts receivable (based on sales made to customers on open account): Actual credit sales for March Actual credit sales for April Estimated credit sales for May Estimated collections in the month of sale Estimated collections in the first month after the month of sale Estimated collections in the second month after the month of sale Estimated provision for bad debts (made...
8. A computer company wants to have $2.1 million available 5 years from now to upgrade...
8. A computer company wants to have $2.1 million available 5 years from now to upgrade the system. The company expects to set aside uniformly increasing amounts of money each year to meet its goal. If the amount set aside at the end of year 1 is $50,000, how much will the constant increase have to be each year? Assume the investment account grows at a rate of 18% per year. Draw cash flow diagram.
1. A major drug company anticipates that in future years it could be involved in litigation...
1. A major drug company anticipates that in future years it could be involved in litigation regarding perceived side effects of one of its antidepressant drugs. In order to prepare a war chest, the company wants to have $ 200 million available in 8 years from now. The company expects to set aside $11 million the fourth year and uniformly increasing amounts in each of the next 5 years. If the company can earn 12% per year on the money...
Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect of each of the following transactions on the company's 2019 gross income assuming that the company uses any available options to defer its taxes. a. In December 2018, the company received a $1,200 advance payment from a customer for an appliance that Drake special ordered from the manufacturer. The appliance did not arrive from the manufacturer until January 2019, and Drake immediately delivered it...
Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect of each of the following transactions on the company's 2020 grocs income assuming that the company uses any available options to defer its taxes. a. In December 2019, the company received a $1,200 advance payment from a customer for an appliance that Drake special ordered from the manufacturer. The appliance did not arrive from the manufacturer until January 2020, and Drake immediately delivered it...
Papst Company is preparing its cash budget for the month of May. The following information is available concerning its accounts receivable (based on sales made to customers on open account): Actual credit sales for March Actual credit sales for April Estimated credit sales for May Estimated collections in the month of sale Estimated collections in the first month after the month of sale stimated collections in the second month after the month of sale Estimated provision for bad debts (made...
Papst Company is preparing its cash budget for the month of May. The following information is available concerning its accounts receivable (based on sales made to customers on open account): Actual credit sales for March Actual credit sales for April Estimated credit sales for May Estimated collections in the month of sale Estimated collections in the first month after the month of sale Estimated collections in the second month after the month of sale Estimated provision for bad debts (made...
1. A major drug company anticipates that in future years it could be involved in litigation regarding perceived side effects of one of its antidepressant drugs. In order to prepare a war chest, the company wants to have $ 200 million available in 8 years from now. The company expects to set aside $11 million the fourth year and uniformly increasing amounts in each of the next 5 years. If the company can earn 12% per year on the money...
Most questions answered within 3 hours.
-
A 79-Ω loudspeaker, a 8.0-Ω loudspeaker, and a 3.7-Ω loudspeaker
are connected in parallel across the...
asked 45 seconds ago -
If X has a normal distribution with mean µ =
12 and variance σ2 = 9,...
asked 9 minutes ago -
An example of an operational taxonomic unit
(OTU) is
a. Multiple sequence alignment.
b. Protein sequence....
asked 10 minutes ago -
Electrons flow through a 2.7-mm-diameter aluminum wire at
2.5×10−4 m/s .
How many electrons move through...
asked 10 minutes ago -
For a recent year, McDonald’s (MCD)
company-owned restaurants had the following sales and expenses (in
millions):...
asked 9 minutes ago -
In a sample of 15 men, the mean height was 171 cm. In a sample
of...
asked 11 minutes ago -
In this exercise, we will be refactoring a working program. Code
refactoring is a process to...
asked 1 hour ago -
3
researchers at Cambrige looked at 5,000 firms in Englans and found
that, in terms of...
asked 1 hour ago -
why it is important and how it integrates within ERP? And what
the core challenges of...
asked 3 hours ago -
A strawberry farmer determines that the average weight of
individual strawberries produced by plants in his...
asked 3 hours ago -
Chargaff's results yielded a molar ratio of 0.400 for A to G in
avian tubercle bacillus...
asked 6 hours ago -
Which of the following binds ATP/ADP?
a. microfilaments
b. microtubules
c. intermediate filaments
d. microfilaments and...
asked 6 hours ago