LLC Income Statement for the year ending 31December 2020 Net Sales OMR 25000 Cost of Goods Sold 7000 Gross Profit 18000 Operating Expenses 8000 Operating Income 10000
Q: Amazon LTD reported the following tax attributes for the taxation year ending December 31, 2020.…
A: The goal of refundable dividend tax on hand accounts ("RDTOH") is to account for tax paid to avoid…
Q: Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the…
A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…
Q: Bezos Company’s income tax return shows income taxes payable for 2020 of $75,000 (that is, $75,000…
A: The amount of income tax cost that a company identifies in an accounting period for the government…
Q: Oakdale Fashions, Inc. had $245.000 in 2018 taxable income. Using the tax schedule in Table 2.3 to…
A: Income slab Tax amount Tax till $100,000 $22,250 $100,001 - $245,000 $145,000 x 39% = $56,550…
Q: DICK Corp has the following data for the year ended December 31, 2021:…
A: Government Owned and Controlled Corporation (GOCC) According to Philippines taxation rules…
Q: On December 31, 2020, La Puendia Company reported the following: Income before tax for accounting…
A: Deferred tax: When accounting income is different from income under tax laws, it is called as…
Q: A company had a gross income of $7.5 million for the year in 2019. Depreciation in the year is…
A: The question is based on the calculation of tax amount for a firm, tax amount is charged on the…
Q: MelSyd limited has determined its accounting profit before tax for the year ended 30 June 2021 to be…
A: 1.
Q: Use the above Adjusted Trial Balance to derive the full 2020 Statement of Income (Profit & Loss) of…
A: The financial statement which reports revenues and expenses from business operations and the result…
Q: The financial statements for Wiley Ltd are presented below: Statement of profit or loss and…
A: Operation Cycle The calculation of operation cycle is to first to determine the inventory turnover…
Q: The following information applies to the questions displayed below.] Arndt, Inc. reported the…
A: please like the answer your response matters Requirement-1: a. Casualty insurance expense…
Q: A company makes the following journal entry for 2021: Dr. Income Tax Expense…
A: Income tax expense = Income tax payable + Deferred tax liability created during the year - Deferred…
Q: e Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT…
A: Minimum corporate income tax (MCIT) is only eligible for carried forward in case there is MCIT…
Q: At year end on August 31, 2020, Clutch Home Decor Inc. has accounting income (before income tax…
A: Income tax expense = Income before income tax expense x tax rate = $237000 x 35% = $82,950
Q: What is the effective income tax rate for 2021?
A: Effective Tax Rate can be defined as the average rate at which tax is paid by the individual or a…
Q: Brush Company has the following income before income tax and estimated effective annual income tax…
A: Income Statement:- It is a statement where expenses and revenue incurred during the period recorded.…
Q: 26. Kayo Na Company's income statement for the year ended December 31, 2019 shows pretax income of…
A: Solution: Taxable income = Pretax income - Excess of rent revenue as per books over tax - Excess of…
Q: Ms. V is the Sole proprietress of VVV Company. She has the following business income in 2020.…
A: Ms. V is the sole proprietress of VVV company. In 2020, Standard deduction = 40% Gross sales =…
Q: a) Prepare income statement for company.
A: Calculation of EBIT :- We Know DFL = EBIT / EBT 3 = EBIT / EBIT - Interest expense 3 = EBIT / EBIT…
Q: Motown Memories Incorporated Statement of Operations at December 31, 2021 Net sales $ 50,000,000…
A: Part A: Current income tax expense or benefit for 2021 Income before income taxes $15,000,000…
Q: M&M Company's income statement for the year ended December 31, 2020 (considered as the fifth of…
A: Solution: taxable income = pretax financial income - excess revenue under accounting records -…
Q: Dakdale Fashions, Inc. had $245,000 in 2018 taxable income. Using the tax schedule in Table 23 to…
A: Calculation of taxes as per Corporation Tax table 2018 Upto $ 100000= $ 22250…
Q: For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a…
A: Lets understand the basics. For solving this question, we are require to use below formula. Net…
Q: A derived its income from its self-operated talpakan business. The details of his business for 2021…
A: Income taxes payable is calculated as income tax liability on net income less any taxes withheld
Q: soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and…
A: The question is based on the concept of Financial Accounting.
Q: MelSyd limited has determined its accounting profit before tax for the year ended 30 June 2021 to be…
A: 1) Melsyd ltd…
Q: LENI Lugawan Corp has the following data for the year ended December 31, 2021:…
A: The company is a resident corporation hence domestic corporate income tax due will be income tax at…
Q: ABC Corporation provides you with the following information for the 2020 tax year, which was the…
A: Tax is the charge which is charged on the taxable income of the taxpayer earned during the year. The…
Q: Jennings Inc. reported the following pretax income (loss) and related tax rates during the years…
A: Income tax expense (benefit) = Operating loss before income taxes X tax rate = 180000 x 20% =…
Q: During 2020, Coronado Inc. had sales revenue $1368000, gross profit $730300, operating expenses…
A: answer with explanation areas follows:
Q: Concord Corporation had income before income taxes of $205,200 in 2020. Concord’s current income tax…
A: Deferred taxes if it is expense it should be reduced from income
Q: Cranbrook Corp., reported pre-tax accounting income of $400,000 for the calendar year 2020. To…
A: Answer: Correct option is d. $73,000
Q: s of P150,000 November 2021. It: porate Tax Rate is 25%. If the co ecember 2021, what is the poss
A: Given In november, Gross sale =P1400000 Cost of sales=P560000 Its profit is: 1400000-560000 =840000…
Q: Venus corp has the following income statement for the year 2020 Gross sales Sales return Sales…
A: Solution: Net income before tax = P25,000 Interest expense = P30,000 Earnings before interest and…
Q: Oak Corporation has the following general business credit carryovers: 2016 $7,250 2017 21,750 2018…
A: FIFO is the method of valuation of inventory in which the earliest inventory hold by the…
Q: uring company are givern as T8llowing. Nel Sal equals to 32000 for the year 2020 and 28000 dollars…
A: PARTICULAR 2020 2019 net sales 32,000 28,000 COGS 24,000 21,000 operating income 4300 3800…
Q: Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): 2018 2019 Revenues $ 995…
A: Solution 4: Tax schedule showing reconciliation between pre tax financial income, taxable income,…
Q: erhad has the following income statement items for 2021: Revenue/Sales RM4,801,139 Finance…
A: We need to compute earnings before tax.
Q: A company is preparing its financial statements for the year ending 31 March 2020. The initial trial…
A: Income tax liability is the amount of income taxes that are to be paid for the particular period.
Q: M&M Company's income statement for the year ended December 31, 2020 (considered as the fifth ye of…
A: Solution: taxable income = pretax financial income - excess revenue under accounting records -…
Q: Ronin, Inc. had pre-tax accounting income of $2.700,000 and a tax rate of 40% in 2018, its first…
A: Introduction: Income tax payable is a part of accounting in the current liabilities section of a…
Q: Antignolo Enterprises, Inc. (a corporation) reported the following information for 2020. Don't…
A: Net income is calculated by deducting the operating expenses from operating revenues of the company.
Q: Kim Jin Woo Company reported post-tax profit of P491,400 for the year ended December 31, 2020. Cost…
A: The post tax profits is calculated after deduction of income tax expenses from net profits before…
Q: A retailer has a gross sales of P1,400,000 with cost of sales of P560,000 and allowable deductions…
A: Tax is paid by the taxpayer on the taxable income. A taxpayer is the individual who has earned an…
Q: FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M;…
A: Let's understand some basics Tax is a compulsory contribution to state revenue, levied by the…
Q: 2. Sohar Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the…
A: The Revenue and expenses of company are given Required What would be the income tax expense…
Q: A company makes the following journal entry for 2021: Dr. Income Tax Expense…
A: The journal entries are prepared to keep the record of day to day transactions.
Q: The following is the income statement belongs to Shining Star LLC for the year :31 December 2019…
A: Net Income after tax = Net Income before tax - tax expense Tax expense = Net Income x Rate of tax
Q: Brush Company has the following income before income tax and estimated effective annual income tax…
A: Income tax payable is an obligation by the tax payer to the government on the taxable income.
The following is the income statement belongs to Excel Star LLC for the year ending 31 December 2020:
|
Excel Star LLC |
||
|
Income Statement for the year ending 31December 2020 |
||
|
Net Sales |
|
OMR 25000 |
|
Cost of Goods Sold |
|
7000 |
|
Gross Profit |
|
18000 |
|
Operating Expenses |
|
8000 |
|
Operating Income |
|
10000 |
|
Other Income: |
|
|
|
Interest Income |
|
____4000 |
|
Profit Before Tax |
|
OMR 14000 |
If the company pays an income tax expense on its profit at 30%, determine the amount of tax payable
Step by step
Solved in 2 steps
- Use the following income statement of Elliott Game Theory Consulting to determine its net operating profit after taxes (NOPAT). Use 25% as the tax rate. Elliott Game Theory Consulting Income Statement for Year Ending December 31The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…The following are the financial statement Quick Ltd. for the year ended 31st December 2020: Quick Ltd. Income statement For year ended 31st December 2020 $”000” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00 Quick Ltd. Statement of financial position as at 31 December 2020 2019 $”000” $”000d” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
- The financial data of Mammoth corporation for the year ended 31st December,2020 is as followsParticulars Variable expense as percentage of sales 66.67Interest Expense ($) 200DOL 5DFL 3Income tax rate 0.35Requirement:a) Prepare income statement for company.The summarized revenues and expenses information for Canadian Travel Inc. for the year 2018 states:1cost of goods sold CAD180,000, sales revenue CAD400,000, other (non-operating) revenues and gainsCAD30,000, sales general and administration expenses of CAD100,000. Net interest income is (+)CAD10,000 and the corporate income tax rate is 26,50%: Prepare the Income (i.e. Pro t & Loss) Statement of Holiday Inc., showing Gross Pro t, OperatingPro t, Other gains/(losses), Earnings before Interest and Tax (EBIT), Pro t before Tax and NetIncome i.e. Net Pro t. Point out and explain which of all these revenue and expense items may imply/include non-cashtransactions or accounting records. If the ending balance in Retained Earnings on Canadian Travel Inc.s 31. Dec 2017 balance sheetwas $1,000,000 and a cash dividend of $10,000 was paid in 2018, using the above information showthe balance sheet entries of Retained Earnings as of 31. Dec 2018.In addition to the above, assume that Canadian…Agro Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows: Agro Co.: Income Statement for the year ended 31 March 2019 £'000 Sales 3495 Cost of Sales (2182) Gross profit 1313 Other income: interest received 33 Distribution costs (187) Administrative expenses (309) Interest costs (75) Profit before tax 775 Income tax expense (157) Profit for the year 618 Agro Co.: Statements of Financial Position as at 31 March 2019 and 2018 2019 2018 £'000 £'000 Non-current assets Property, plant and equipment (PPE) 1700 1615 Intangible assets 425 375 Investments 0 95 Current assets Inventory 150 102 Trade receivables 1010 315 Short-term investments 75 0 Cash at Bank 452 1 Total Assets 3812 2503 Current liabilities Trade payables 289 119 Bank overdraft 143 98 Taxation 312 285 744 502 Non-current liabilities Long-term loans 170 50 Total Net Assets 2898 1951 Equity Share capital (£1 ordinary shares) 1950 1550 Share premium…
- Agro Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows: Agro Co.: Income Statement for the year ended 31 March 2019 £'000 Sales 3495 Cost of Sales (2182) Gross profit 1313 Other income: interest received 33 Distribution costs (187) Administrative expenses (309) Interest costs (75) Profit before tax 775 Income tax expense (157) Profit for the year 618 Agro Co.: Statements of Financial Position as at 31 March 2019 and 2018 2019 2018 £'000 £'000 Non-current assets Property, plant and equipment (PPE) 1700 1615 Intangible assets 425 375 Investments 0 95 Current assets Inventory 150 102 Trade receivables 1010 315 Short-term investments 75 0 Cash at Bank 452 1 Total Assets 3812 2503 Current liabilities Trade payables 289 119 Bank overdraft 143 98 Taxation 312 285 744 502 Non-current liabilities Long-term loans 170 50 Total Net Assets 2898 1951 Equity Share capital (£1 ordinary shares) 1950 1550 Share premium…The following information appeared in the annual financial statements of Hitashi Projects Limited:Statement of Comprehensive Income for the year ended 31 December 2019RRevenue 1 250 000Direct costs (786 000)Gross profit 464 000Operating expenses (124 000)Operating profit 340 000Interest expense (15 000)Profit before tax 325 000Income tax (97 500)Profit after tax 227 500Statement of Financial Position as at 31 December 2019Assets RNon-current assets 314 000Current assets 386 000Total assets 700 000Equity and liabilitiesShareholders’ equity 350 000Non-current liabilities 205 000Current liabilities 145 000Total equity and liabilities 700 000Note• Current assets (R386 000) include accounts receivable of R160 000, inventories of R80000 and cash of R146 000.• Inventories as at 31 December 2018 amounted to R130 000.• Current liabilities comprise accounts payable only.• All direct costs and revenues are on credit.Required:Calculate the following ratios using the information provided above.…Venus corp has the following income statement for the year 2020 Gross sales Sales return Sales Discount Net sales COS Salaries Depreciations expense Utilities Commissions Insurance expense Rent expense Interest expense Net income before tax Tax 25% Net income after tax Required: Compute for the time interest earned 2020 $4,750,000.00 P16,000.00 P7,000.00 $4,727,000.00 #2,299,000.00 $400,000.00 P90,000.00 P45,000.00 P50,000.00 P15,000.00 P30,000.00 $25,000.00
- Rousseau Corporation has the following Statement of Income for the year ended May 31, 2020: Sales... $1,675,200 Cost of goods sold.. 887,600 Gross margin... 787,600 Selling & administrative expense.. 241,200 Interest expense. 65,000 Income before income taxes. 481,400 192,500 $288,900 Income taxes.. Net income.... Calculate the interest-coverage ratio for Rousseau Corporation for May31, 2020 (place answer at up to 2 decimal places in the space below). 신The following are the comparative financial statements for Outland Corporation for 2020 and 2019: OUTLAND CORPORATION Statement of Income For Periods Ending October 31 Sales Revenue Cost of Goods Sold Gross Profit.. 2020 167,500 100,000 67,500 2019 140,000 85,000 55,000 Expenses Depreciation Selling and Administrative Interest Expense. Total Expenses. 15,000 22,500 15,000 15,000 47,500 35,000 Net Income (before taxes). Income Taxes 25,000 10,000 15,000 22,500 7,500 15,000 Net Income OUTLAND CORPORATION Statement of Financial Position As at October 31 2020 2019 Assets Current Assets: 4,000 10,000 35,000 31,000 80,000 Cash. 2,500 7,500 30,000 25,000 65,000 Marketable Securities. Accounts Receivable. Inventory Total Current Assets Investments (at cost).. 30,000 32,500 Property, plant and equipment Property, Plant and Equipment.. Less: Accumulated Depreciation. 200,000 87,500 112,500 2,500 225,000 190,000 80,000 110,000 2,500 210,000 Goodwill Total Assets Liabilities and Shareholders'…The following financial statements relate to Inna Projects Limited:Statement of Comprehensive Income for the year ended 30 June 2018R’000Sales (Credit)8 000Cost of sales2 000Gross profit6 000Operating expenses2 800Operating profit3 200Interest expense220Profit before tax2 980Tax (25%)745Profit after tax2 235Statement of Financial Position as at 30 June 2018ASSETSR’000R’000Non-current assets45 320Current assets13 980Inventory5 080Debtors7 600Bank1 30059 300EQUITY AND LIABILITIESOwners’ equity54 040Capital39 000Retained income15 040Non-current assets3 000Current liabilities2 260Creditors2 26059 300Note: Inventory on 1 July 2017 amounted R3 000 000.Required:Calculate the following ratios and where applicable round off answers correctly to two decimal places:2.1 Gross margin (5)2.2 Inventory turnover (5)2.3 Debtors collection period (5)2.4 Return on own capital (5)2.5 Acid test ratio (5
