Corporate Income Tax Computation. Instruction: Referring to the following information, 1. Compute the corporate income tax...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Corporate Income Tax Computation. Instruction: Referring to the following information, 1. Compute the corporate income tax payable of Company B. 2. Write down accounting entry for those 4 transactions. (if any) 3. Write down accounting entry to record the corporate tax liability/refundable. Company B is SME and VAT registrant. The audited financial statements of Company B present the profit for the accounting period 1 January 2019-31 December 2019 with 500,000 Baht. Here are the additional information from the auditing of the accounting book and supporting documents. . Ms. Ammie is company's staff and was dead in June 2018. She is very diligent during her services so the company decided to give her child for the subsidy of cost of life. The accountant has booked as the company expenses with amount of Baht 40,000. • The company sold their product to the Revenue Department for 5,000,000 Baht. In this year, the company received the payment, the company has been withheld the tax at source at the rate 1 percent equal to 50,000 Baht. The accountant has book as the expenses in the profit and loss statement. • The company has bought land and constructed the building with the grand total cost of Baht 8,000,000. The accountant has booked the depreciation expenses in the profit and loss statement with the straight line method at the rate 5 percent per year equal to 400,000 Baht. In fact, the cost of building is 4,000,000 Baht and there is the interest expenses paid during construction 1,000,000 Baht. The building is ready to use in this accounting period 146 days. The company has sold the old machine and receive the money 30,000 Baht. This transaction. the accountant does not book as the company income for the net profit computation since he thought that it is not related to the company business. • The detail of taxable loss carried are as follows: (Baht) Year Taxable Taxable Profit Loss 2012 600,000 2013 200,000 2014 2015 150,000 2016 2017 2018 250,000 300,000 150,000 100,000 Corporate Income Tax Computation. Instruction: Referring to the following information, 1. Compute the corporate income tax payable of Company B. 2. Write down accounting entry for those 4 transactions. (if any) 3. Write down accounting entry to record the corporate tax liability/refundable. Company B is SME and VAT registrant. The audited financial statements of Company B present the profit for the accounting period 1 January 2019-31 December 2019 with 500,000 Baht. Here are the additional information from the auditing of the accounting book and supporting documents. . Ms. Ammie is company's staff and was dead in June 2018. She is very diligent during her services so the company decided to give her child for the subsidy of cost of life. The accountant has booked as the company expenses with amount of Baht 40,000. • The company sold their product to the Revenue Department for 5,000,000 Baht. In this year, the company received the payment, the company has been withheld the tax at source at the rate 1 percent equal to 50,000 Baht. The accountant has book as the expenses in the profit and loss statement. • The company has bought land and constructed the building with the grand total cost of Baht 8,000,000. The accountant has booked the depreciation expenses in the profit and loss statement with the straight line method at the rate 5 percent per year equal to 400,000 Baht. In fact, the cost of building is 4,000,000 Baht and there is the interest expenses paid during construction 1,000,000 Baht. The building is ready to use in this accounting period 146 days. The company has sold the old machine and receive the money 30,000 Baht. This transaction. the accountant does not book as the company income for the net profit computation since he thought that it is not related to the company business. • The detail of taxable loss carried are as follows: (Baht) Year Taxable Taxable Profit Loss 2012 600,000 2013 200,000 2014 2015 150,000 2016 2017 2018 250,000 300,000 150,000 100,000
Expert Answer:
Answer rating: 100% (QA)
Solution Computation of the corporate income tax payable of Company B Taxable Income Baht 730000 Less Carried forward of Losses for 5 years Net Taxabl... View the full answer
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
Posted Date:
Students also viewed these finance questions
-
Referring to the following figure, a 3-phase 6-step transistor inverter supplying a balanced 3-phase pure resistive load. In order to generate a balanced 3-phase voltage of phase sequence ABC at the...
-
Find the probabilities in Problem by referring to the following Venn diagram and using Bayes' formula (assume that the simple events in S are equally likely): P{U2|R') Ui 02 U, 25 35 15 25
-
Find the probabilities in Problem by referring to the following tree diagram and using Bayes' formula. Round answers to three decimal places P(V|Cʹ) UV
-
Suppose an economy is at full-employment equilibrium at a GDP of $25 billion and investment declines by $4 billion. According to Keynes, this economy will: OA. Quickly self adjust back to full...
-
Two inspection alternatives are to be compared for a processing sequence consisting of 20 operations performed on a batch of 100 starting parts: (1) one final inspection and sortation operation...
-
Polydactyly is a condition in which a person has extra fingers and/or toes. It is caused by a dominant allele. If a person carries this allele but does not have any extra fingers or toes, this is an...
-
Tasty Turkish Delights Ltd produces desserts. Production is carried out in three processes mixing, baking and packaging. The work in process accounts for the three processes for the month of April...
-
Marty is a sales consultant. Marty incurs the following expenses related to the entertainment of his clients in 2014: Dues to a country club.. $4,500 (The country club was used for business 25 days...
-
Chuck Wagon Grills, Incorporated, makes a single product-a handmade specialty barbecue grill that it sells for $210. Data for last year's operations follow: Units in beginning inventory Units...
-
Casey Morgan is a single taxpayer, social security number 412-34-5670, who lives at 582 Brockton Lane, Columbus, OH 43081. Casey has income from a job as a manager, interest and dividend income, and...
-
Nguyen Corporation issued a $8,000,000, 6 percent bond on August 1, 2017. The market interest rate was 8 percent on that date and the bond matures in eight years. Interest on these bonds is payable...
-
Question: Revenue for gift card breakage should be recognized: Under nocircumstances, as gift cards are not themselves a delivered product, but rathera selling technique. When theprobability of...
-
Assume that a person is working for a company that has a mandatory drug-testing policy. It is estimated that 5% of the employees use a certain drug, and the company is giving a test that is 98%...
-
A tennis ball is throw up in the air perpendicular to the ground, leaving the person's hand with an initial velocity of 3.0m/s [up]. How high from where it was thrown, does the ball go?
-
Question: Discuss three ways in which you see application of the financial reporting conceptual framework at Walmart.Through research and (where appropriate) visits to a local Walmart location,...
-
Brooks Company has the following balances for the current month: Direct materials used Direct labor $24,000 $40,000 Sales salaries $19,200 Indirect labor $4,800 Production manager's salary $9,600...
-
Consider a home mortgage of $150,000 at a fixed APR of 4.5% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid,...
-
Consider the setup in Problem 16. Show that the relative speed of the ball and the point of contact on the stick is the same before and immediately after the collision. (This result is analogous to...
-
In Problem, sketch a possible graph of a function f that is continuous for all real numbers and satisfies the given conditions. Find the x intercepts off. f(x) > 0 on (-, -4) and (3, ); f(x) < 0 on...
-
John procrastinates and does not make his first $1,000 deposit into an IRA until he is 36, but then he continues to deposit $1,000 each year until he is 65 (30 deposits in all). If John's IRA also...
-
The corner points for the feasible region determined by the system of linear inequalities x + 4y 30 3x- + y 24 x,y 0 are A = (0,24), B = (6,6), and D = (30,0). If C = ax + by and a, b >0,...
-
What are the major inputs to the decision-making process and how might these be best harnessed to ensure that the decision-making process is effective?
-
What are the basic forms of systems model? Give an example of each and their role in a project environment.
-
How might the tools outlined in this chapter reduce the risk in decision-making?
Study smarter with the SolutionInn App