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Problem - Miguel Company made an accounting profit of P6,200,000 for the current year which included the following items of income and expense:
Donation to political parties (Nondeductible)
P500,000
Depreciation - 20%
1,000,000
Annual leave expense
500,000
Rent revenue
960,000
Income tax rate
30%
For tax purposes, the depreciation rate is 25%, the annual leave paid P750,000, and the rent received is P800,000. The entity followed the cash basis for tax purposes. What amount should be reported as current tax liability at year-end?
The Bodner Corporation sold a machine with a cost of $10,000 and accumulated depreciation of $6,000 for a selling price of (a) $7,000; (b) $2,000. How would this transaction be handled on the statement of cash flows?
MidStrata's investment bankers estimate that it will cost $2.30 a share to issue new common stock. What is MidStrata's estimated cost of new common shares
Which statements about the financial planning process is correct? The decision as to how a firm should raise additional funds needed (AFN)
Calculate the penalty that the IRS agent can impose if he concludes that the improper deduction was attributable to the Luces' negligence.
On January 1, 2011, Bishop Company issued 10% bonds dated January 1, 2011, with a face amount of $20 million. The bonds mature in 2020 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semi annually on June..
What is the price of Happy Holiday Touring Company shares today? The Happy Holiday Touring Company has developed a novel way of selling vacation packages
Prepare an income statement in the contribution margin format and calculate the contribution margin per unit and the contribution margin ratio.
Find the values for a single cash flow. The present value of $500 to be received in five years when the opportunity Cost rate is 8 percent.
What is the current yield for Malko Enterprises. Malko Enterprises' bonds currently sell for $978. They have a 10-year maturity an annual coupon rate of 9.8%
Explain whether the non-disclosure by Canary Ltd of information about its operations in Somalia and Yemen would be material.
Cleveland Co. did not have to also give him the car, and did it just out of admiration for Barnie doing such a great job. Is this income to Barnie as compensation, or a nontaxable gift?
Orion, Inc. mistakenly omitted adjusting entries for $1,500 of supplies that were used, what is the effect of these errors on revenues
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