Susco had the following items this year:   Gross receipts $700,000 Operating expenses 500,000 Long-term capital gain 40,000 Long-term capital loss (20,000) Short-term capital gain 16,000 Short-term capital loss (44,000)   What is Susco’s taxable income and does it have any carrybacks/carryovers?

Q: Toodles Inc. had sales of $1,840,000. Cost of goods sold, administrative and selling expenses, and…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: The annual revenue, expenses, and depreciation for a company are $130,000; 32,000; and $12,000,…

A: Revenue = 130,000 Expenses = 32000 Depreciation = 12000 Tax Rate = 23%

Q: Leer Corporation’s pretax income in 20x7 was P100,000. The temporary differences between amounts…

A: Solution Given Pre tax income 100,000 Tax rate 30%    Depreciation in the financial…

Q: Mo’s INC recently reported an EBITDA of $15 million and net income of $5.3 million. It had $3…

A: Depreciation refers to spreading the cost of fixed assets over their useful life. It includes all…

Q: Frezia Corp.'s total assets at the end of last year were P315,000 and its net income after taxes was…

A: Return on total assets = Net Income/ Avg. total assets

Q: During its first year of operations, Nile.com reported a net operating loss of $15 million for…

A:

Q: Burcham Corporation reported pretax book income of $600,000. The depreciation exceeded book…

A: The tax is the liability for the company that has to be paid on income earned and it acts as revenue…

Q: Boom, Inc. reported taxable income of $400,000 this year and the following additional information:…

A: Earnings and profit (E&P) refer to the sum value of profits that remained at a company after…

Q: X Corporation opted to deduct OSD.  The following are the results of its operation: Net sales…

A: An OSD or Optional Standard Deduction  is a standard deduction at the rate of 40% which taxpayers…

Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…

A: Deferred tax liability means liability calculated by finding difference between the comapany taxable…

Q: The outstanding balance of excess of MCIT over RCIT in prior period is P100,000. During the current…

A: Answer: MCIT is imposed or regulated if the regular corporate income tax @25% is less than 2% of…

Q: In its first 3 years of operations, Batul Company had taxable income of $90,000 in the first year, a…

A: Given the following information: Current year income: $600,000 Tax rate for current year: 28%

Q: A corporation sold a piece of equipment during the current tax year for $78,600. The accounting…

A: Accumulated depreciation: Accumulated depreciation can be defined as the total depreciation at a…

Q: The Dakota Corporation had a 2021 taxable income of S20,000,000 from operations after all operating…

A: Formula: Income tax liability = Taxable income x Tax rate

Q: Mabuhay Company prepared the following reconciliation of income per book with income per tax return…

A: Given, Book income before tax=750,000 Taxable temporary difference=100,000 Deductible temporary…

Q: Rock Island Corporation generated taxable income (before deductions for depreciation, interest…

A: Taxable income: Income on which tax is levied called taxable income.

Q: Lanzones Corp. began operations at the beginning of the current year. At the end of the first year…

A: Solution 1:  Accounting or financial income subject to tax =  Income before income taxes - Permanent…

Q: For the current year ($ in millions), Centipede Corp. had $80 In pretax accounting Income. This…

A: Correct answer is A. $70 million

Q: The accounting profit before tax of Lindfield Ltd for the year ended 30 June 2022 was $150,000,…

A: The current tax liability seems to be the expected sum of tax or incurred tax obligation on earnings…

Q: DER Company has the following in the current year: Capital gains of $8,500 Capital losses of $18,500…

A: Solution:- the following will be included in Net Income for Tax Purposes for DER Company:-…

Q: n its first year of operations corporation Lauzer has the following results for the year: Gross…

A: The answer is stated below:

Q: EFG & Co. started its business at the beginning of the current year. By end of first year…

A: Deferred tax liability = future taxable amount x tax rate = P400,000 x 30% = P120,000

Q: 2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Interest Income,…

A: Deductions means those items that are deducted from the gross income of the company. The deductions…

Q: In the current year, Great Lakes Corporation, a calendar year C corporation, has $4,540,000 of…

A: Adjusted gross income It is the gross income after deducing specific deductions and  is used to…

Q: Woody Corp. had taxable income of $8,000 in the current year. The amount of depreciation reported in…

A: Temporary difference = depreciation as per tax return - depreciation as per income statement = 3000…

Q: For current year, S Corporation had a net short-term loss of $20,000. Its operating income excluding…

A: Capital Loss - It is the loss amount when investment value is higher than the current market value…

Q: f $590,000. The book–tax difference of $369,000 was due to a $205,000 favorable temporary difference…

A: Deferred income tax is a liability to the company which arises due to differences in tax laws and…

Q: 3. Leer Corporation's pretax income in 20x7 was P100,000. The temporary differences between amounts…

A: Leer Corporation's Pretax is 20x7 is P100,000  Leer's Effective Income tax Rate was 30% in 20x7 to…

Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…

A: Solution: Taxable income = $265,000 Taxable temporary differences = $20,000 Tax rate = 25%

Q: Cola Corp. had a taxable net income of P5,500,000 and total assets of P100 million. It had the…

A: Itemized deductions are the deduction that can be claimed while filling the tax return that reduces…

Q: The pre-tax income statements for Moonstone Ltd. for two years (summarized) were as follows: 20X8…

A: SOLUTION TAXABLE INCOME IS THE AMOUNT OF INCOME THAT IS USED TO CALCULATE THE TAXES OWNED BY…

Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Livia Company’s pretax income was $72,000. To compute taxable income, the following information is…

A: Income tax is liability of taxes to be paid to the government on the income earned. Taxable income…

Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…

A: Deferred tax liability: The deferred tax liability is the excess, over received, or received in…

Q: repare a calculation of taxable income for the following scenarios:

A:

Q: A domestic corporation had the following cumulative data in a year:     1st Qtr 2nd Qtr 3rd Qtr…

A: An itemised deduction seems to be a cost that may be subtracted from your adjusted gross income…

Q: of P20,000,000 and operating expenses of P2,000,000, inclusive of representation expense amounting…

A: Ans. Allowable regular itemized deduction will be net of operating expenses and representation…

Q: X Corporation opted to deduct OSD.  The following are the results of its operation: Net sales…

A: An OSD or Optional Standard Deduction  is a standard deduction at the rate of 40% which taxpayers…

Q: . Pine Corporation’s books showed pretax income of P600,000 for the year ended December 31, 20x1. In…

A: Income tax liability will be calculated on the taxable income of the business. There may be some…

Q: received                                                 1,000,000 Long-term loss accrual in excess…

A: The difference between Financial income and Taxable income will result in Deferred tax assets or…

Q: 3. Leer Corp.'s pretax income in 20x7 was P100,000. The temporary differences between amounts…

A: Pretax income P1,00,000 Add: Depreciation Expense P8,000 Less: Financial statement income…

Q: regular itemized deductions

A: Itemized deductions are deductions from taxable income. The federal tax is computed on taxable…

Q: For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income…

A: Income tax payable is the Amount of tax liability on taxable income which is to be paid.

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.