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- A Domestic Corporation has the following data on income and 1. expenses: Gross business income Operating expenses including SSS and Philhealth contributions of 150,000 Contributions to government for priority project in education Contributions to a foreign private foundation Contribution to a domestic charitable organization 190,000 6.200,000 2,500,000 110,000 100,000 a) Determine the total amount of deductible charitable and other contributions.Bermuda Corporation reports the following results in Year 1 and Year 2: Year 1 Year 2 Modified taxable income $400,000 $600,000 Charitable contributions 70,000 50,000 What is Bermuda's charitable contribution deduction in Year 2? Correct answer should be $60,000GIVEN: Taxpayer is a proprietary educational institution. Taxable period is 2021. • Financial data: Related Unrelated Activities Activities P15,000,000 P25,000,000 11,000,000 14,000,000 Gross Income Expenses Net COMPUTE: Income tax 5,000,000 10,000,000 A. P140,000 B. P240,000 C. P3,500,000 O D. P6,000,000 O O
- The alphabetical list of items that may be relevant in the preparation of a statement of comprehensive income of TrueMatic Corporation is provided below: Actuarial gains on defined benefit pension plans recognized outside profit or loss Decrease in inventories of finished goods and work in progress Depreciation and amortization expense Employee benefit expense Exchange differences gain on translating foreign operations P1,333 107,900 17,000 43,000 10,667 18,000 3,367 32,000 Finance costs Gains on property revaluation Income tax expense Income tax relating to components of other comprehensive income Loss for the year from discontinued operations Other expenses 9,334 30,500 5,500 11,300 92,000 355,000 Other income Raw material and consumables used Revenue Share of other comprehensive of associates (unrealized loss on available-for-sale securities) Share of profit of associates Unrealized gain on available-for-sale securities Unrealized loss on derivatives in an effective cash flow hedge…An NFP organization receives supplies from a donor. At what amount is the donation reported in contribution revenue? Select one: A. The donor's cost B. Fair value at the date of donation C. Fair value at year-end D. ZeroCompute taxable income of a charitable trust for the A.Y 2023-24 under the following cases: Particulars Income other than voluntary contribution Voluntary contribution Voluntary contribution in the corpus of the trust Income applied for the purpose for which trust is created Case 1 4,00,000 1,00,000 2,00,000 4,50,000 Case 2 5,00,000 80,000 1,50,000 4,93,000 Case 3 15,00,000 2,00,000 5,00,000 2,00,000
- contribution of P2,000,000 to a fund held and managed by a 5. An entity's retirement benefit plan provides for an annual ontribution of P2,000,000 to a fund held and managed by a third party. The fund is legally separate from the entity and is to be used solely for the retirement pay of employees. The amount to be received by a retiring employee is dependent on the amount of contributions and the investment income earned on those contributions. The third party trustee assumes the obligation of disbursing the funds to retiring employees. The entity made the following contributions to the fund: 20x1, PO; 20x2, P4,700,000; and 20x3, P1,200,000 Requirements: Provide the entries to record the contributions.identify deferred tax assets/liabilioties in the following figure Total Current Assets - - - - Total Assets 1057734 1014060 979868 976502 Cash & Due from Banks 96610 81786 73246 65619 Other Earning Assets, Total 144765 123145 118007 118805 Net Loans 759118 742473 737033 727002 Property/Plant/Equipment, Total - Net 5468 5602 5205 2383 Property/Plant/Equipment, Total - Gross - - - - Accumulated Depreciation, Total - - - - Goodwill, Net 5269 5284 5997 5974 Intangibles, Net 1674 1660 1732 1991 Long Term Investments 2865 3034 3054 3001 Other Long Term Assets, Total 4139 3830 3098 18226 Other Assets, Total 37826 47246 32496 33501 Total Current Liabilities - - - - Total Liabilities 982736 942052 908766 906908 Accounts Payable 9826 13188 9998 10285 Payable/Accrued - - - - Accrued Expenses - - - - Total Deposits 750843 701551 666300 640311 Other Bearing Liabilities, Total - - - 32 Total Short Term Borrowings 26633 16877 20346 19099…GIVEN: Taxpayer is a PEZA-registered enterprise • Taxable year is 2021 • Financial data Related Unrelated Activities Activities Gross Income Expenses Net P45,000,000 P15,000,000 20,000,000 25,000,000 6,000,000 9,000,000 COMPUTE: Tax on the income O A. P1,700,000 В. Р2,250,000 О С. Р3,000,000 O D. P4,500,000 ООО
- The following are the balances extracted from the public Accounts on the consolidated fund from the year ended 31 December 2016. GHS000 Direct Tax 1044460 compensation of employee 808672 Goods and Services 404336 Non-financial Assets 134779 Indirect tax 939556 Grants 28110 Interest Expenses 398138 Social benefits 238882 Other Expenses 159255 Other revenue 50928…a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis). Answer is complete but not entirely correct. Ordinary Income Allocated wages Section 179 expense Unadjusted basis of qualified property Distributions Qualified business income Municipal bond income Amount Allocated to Julio Allocated to Milania $ 135,300 $ 67,650 $ 67,650 x 65,000 32,500 32,500 30,000 15,000 15,000 200,000 100,000 100,000 $ 28,000 $ 14,000 $ 14.000 $ 10,000 $ 5,000 $ 5,000 x $ 1,300 $ 650 $ 650Effect of different measurement focuses and bases of accounting Following are some of Vista Village’s events during calendar year 2021. For each event, state (a) the amount the Village would report as expenditures if the event occurred in a governmental-type fund and (b) the amount it would report as expenses if the eventoccurred in an Enterprise Fund.1. The amount owed to employees for vacation and sick leave increased from $720,000to $765,000 during the year. Employees are permitted to receive payment for unusedvacation and sick leave days when they retire; at year-end, however, none of the employees had retired.2. At December 31, 2021 interest accrued on outstanding long-term debt amounted to $63,000. The interest was due to be paid on May 1, 2022.