On January 1, 2014, Mr. Albuera invested P2,000,000 in the six-year time deposit of Sulu Unibank which pays 10% annual interest. Compute the final tax to be withheld by Sulu Unibank on December 31, 2014. P 0 P100,000 P200,000 P250,000
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- On January 1, 2014, Mr. Albuera invested P2,000,000 in the six-year time deposit of Sulu Unibank which pays 10% annual interest. Assume Mr. Albuera pre-terminated the time deposit on July 1, 2018. Compute the final tax to be withheld on pre-termination. P5,000 P12,000 P45,000 P108,000On January 2, 2021, Quezon, Inc. placed P1M in the 5-year time deposit of Bank of Laguna. The placement earns 10% annual interest. Quezon, Inc. pre-terminated the deposit on June 30, 2024. Compute the final tax to be withheld on pre-termination. P0 P10,000 P17,500 P42,000In 2021. ABC Corp. borrowed money from the bank in the amount of Php 1 Million with an interest rate of 10%. ABC Corp. has interest income from bank deposits in the amount of Php 50,000.00 from which final tax was withheld. Assume ABC Corp's tax rate is 25% How much is the allowable interest expense?
- During the year ended 30 June 2015 Barry Ltd, pays quarterly tax installments as follows: $4000 on 28 October 2014 $11 000 on 28 February 2015 $12 000 on 28 April 2015 On 30 June 2015, Barry Ltd determines its total current tax liability for the year to be $33 000. The final tax installment for the year will be: Question 15Answer a. a payment of $12 000 b. a payment of $6000 c. a refund of $2000 d. a payment of $33 00012. During the year ended 30 June 2015 Barry Ltd, pays quarterly tax installments as follows: $4000 on 28 October 2014 $11:000 on 28 February 2015 S12: 000 on 28 Aoril 2015 On 30 June 2015, Barry Ltd determines its total current tax liability for the year to be 533 000. The final tax installment for the year will be: a.a refund of $2000 b. a pavment of $33 000 C.a pavment of $12 000 d.a pavment of $600021- After our business deducted 20% income tax on 48.000 TL, which is the one-year rent of the workplace it rented for one year on 01.03.2020 , the rest was paid to the owner of the real estate from the bank. In accordance with the concept of periodicity, how much is the amount that should be accepted as an expense in the future period? a) 40.000 TL B) 8.000 TL NS) 9,600 TL D) 38,400 TL TO) 48,000 TL
- 13. Ann Company sold one of its factories on January 1, 2020 for ₱7,000,000. The entity received a cash down payment of ₱1,000,000 and a 4-year, 12% note receivable for the balance. The note is payable in equal annual payments of principal and interest of ₱1,975,400 on December 31 of each year until 2023. What is the carrying amount of the note receivable in December 31, 2022? ___________________________________On January 1,2021, Fiona Co. sold an office equipment with cost of ₱1,000,000 and accumulated depreciation of ₱150,000 in exchange for a 3-year, 10%, ₱2,000,000 note receivable. Principal is due on December 31. The prevailing interest rate for this type of note is 12%. Based on the above data, answer the following: 1. How much is the gain or loss on sale of office equipment in 2021? a. ₱1,901,730 c. ₱901,730 b. ₱1,051,730 d. ₱1,053,960 2. How much is the interest income for 2021? a. ₱200,000 c. ₱215,847 b. ₱229,054 d. ₱232,643 3. How much is the carrying amount of the note on December 31,2021? a. ₱1,915,834 c. ₱2,000,000 b. ₱1,930,784 d. ₱1,963,395 4. How much is the current portion of the note on December 31,2021? a. Nil c. ₱1,963,395 b. ₱14,950 d. ₱1,930,784 5. How much is the noncurrent portion of the note on December 31,2021? a. Nil c. ₱1,915,834 b. ₱14,950 d. ₱1,930,784Dove granted an 8%, 3-year ₱6,000,000 loan to Crow Company on January 1, 2020. The interest on the loan is payable every December 31. Dove incurred ₱520,600 of direct origination cost but an origination fee of ₱200,000 was charged against Crow Company. The effective rate on the loan as a result of the origination fee and cost is now 6%. What is the carrying value of the loan on January 1, 2020 in Dove’s accounting books? What is the carrying value of the loan on December 31, 2020 in Dove’s accounting books?
- On January 2, 2021, Quezon, Inc. placed P1M in the 5-year time depositof Bank of Laguna. The placement earns 10% annual interest. Quezon, Inc.pre-terminated the deposit on June 30, 2024. Compute the final tax to bewithheld on pre-terminationAloha Company provided the following information on December 31, 2020: Carrying amount Tax base Accounts receivable 1,500,000 1,750,000 Motor vehicle 1,650,000 1,250,000 Provision for warranty 120,000 0 Deposits received in advance 150,000 0 The depreciation rates for accounting and taxation are 15% and 25% respectively. The deposits are taxable when received and warranty costs are deductible when paid. An allowance for doubtful accounts of P250,000 has been raised against accounts receivable for accounting purposes but such accounts are deductible only when written off as uncollectible. The entity showed accounting income before tax of P8,000,000 for 2020. The income tax rate is 30% Thre are no temporary differences at the beginning of the current year: Required:…Bhekisizwe (Pty) Ltd, a micro business, registered its business at the commencement of the 2023 year of assessment and started trading immediately. Its cash turnover for the period was R650 000. Calculate the tax payable for Bhekisizwe (Pty) Ltd for the 2023 year of assessment. a. R5 650 b. R4 650 c. R1 650 d. R6 650
