Reference no: EM132559642
Question - Details of CPA Company are as follows:
Sales 5,000,000
Cost of Goods Sold 2,000,000
Interest Income reported 5,000
Operating Expense per PFRS 1,500,000
Warranty Expense 250,000
Actual Warranty Paid 200,000
Depreciation Expense per PFRS 200,000
Depreciation Expense per BIR 150,000
Doubtful Accounts 100,000
Accounting Income 400,000
Tax Rate 30%
Required -
1. How much is the Financial Income subject to Income Tax?
2. How much is the Taxable Income subject to Income Tax?
3. How much is the Permanent Difference?
4. How much is the Total Temporary Difference?
5. How much is the Income Tax Expense?
6. How much is the Income Tax Payable (Current Tax Expense)?
7. How much is the Deferred Tax Asset?
|
What is the coupon payment of the bond
: A corporate bond has a face value of $1 000, a coupon rate of interest of 10.5% per annum, payable semi-annually, What is the coupon payment of the bond
|
|
Prepare the cash receipts section of a cash budget
: All sales are on credit with 65% collected during the month of sale, Prepare the cash receipts section of a cash budget for TED Corp for the month of March 2019
|
|
What is Novenas break-even point in units
: Novena Pumps Pte Ltd manufactures and sells swimming pool filter pumps. What is Novena's break-even point in units
|
|
Prepare Changis Statement of Cash Flow
: Cash-at-bank balance 1 July 2018 ($22,000) and Bank loan received 6,600. Prepare Changi's Statement of Cash Flow at 30 June 2019
|
|
How much is the financial income subject to income tax
: Details of CPA Company are as follows: Sales 5,000,000. How much is the Financial Income subject to Income Tax
|
|
Outline a defense for your audit firm
: In August 2018, Data obtained a large loan from Better Bank Ltd, to provide additional working capital. Outline a defense for your audit firm
|
|
What does gross profit represent
: Review the following income statement for The Country Gentleman, a western clothing store. What does gross profit represent
|
|
How much unrealized gain Fowler include in income
: Fowler Inc. purchased $77,000 of bonds on January 1, 2016. How much unrealized gain or loss would Fowler include in 2016 net income with respect to the bonds
|
|
Prepare the appropriate journal entry
: Assume that the company's prediction of returned units comes true in the following April 20XY. Prepare the appropriate journal entry
|