Upon the determination of the exact amount of tax payable for the Company, Mr. Chow instructed...

  

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Upon the determination of the exact amount of tax payable for the Company, Mr. Chow instructed the Company's Finance Department to prepare a Company check from its RCBC checking account. The check number is 240477 dated April 14, 2022, amounting exactly to the tax due Ms. Chicha has computed. Exhibit 8 Balance Sheet Current Assets Property, Plant and Equipment - Net Long-Term Receivables Other Assets Total Assets Current Liabilities Long-Term Liabilities Other Liabilities Total Liabilities Capital Stock Assets Liabilities and Equity Additional Paid-in Capital Retained Earnings Total Equity Name Siomai Chow Lumpia Chow Dumpling Chow Exhibit 9 Stockholders' Information TIN 125 586 456 000 108 193 587 000 187 784 409 000 92.093.142.00 10.000.000.00 15.010.322.00 5.500.000.00 122.603,464.00 232.819,426.00 341,445,583.00 2.500,000.00 576,765.009.00 31.250,000.00 5.000.000.00 (490,411,545.00) (454,161,545.00) # of Stocks 1,500,000 5,800,000 50,000 Requirements: 1. Calculate the correct amount of tax due for the taxable year 2021. 2. Prepare the necessary annual income tax return that the company should file on or before April 15, 2022. 3. Prepare the check and the check voucher for the tax due. Upon the determination of the exact amount of tax payable for the Company, Mr. Chow instructed the Company's Finance Department to prepare a Company check from its RCBC checking account. The check number is 240477 dated April 14, 2022, amounting exactly to the tax due Ms. Chicha has computed. Exhibit 8 Balance Sheet Current Assets Property, Plant and Equipment - Net Long-Term Receivables Other Assets Total Assets Current Liabilities Long-Term Liabilities Other Liabilities Total Liabilities Capital Stock Assets Liabilities and Equity Additional Paid-in Capital Retained Earnings Total Equity Name Siomai Chow Lumpia Chow Dumpling Chow Exhibit 9 Stockholders' Information TIN 125 586 456 000 108 193 587 000 187 784 409 000 92.093.142.00 10.000.000.00 15.010.322.00 5.500.000.00 122.603,464.00 232.819,426.00 341,445,583.00 2.500,000.00 576,765.009.00 31.250,000.00 5.000.000.00 (490,411,545.00) (454,161,545.00) # of Stocks 1,500,000 5,800,000 50,000 Requirements: 1. Calculate the correct amount of tax due for the taxable year 2021. 2. Prepare the necessary annual income tax return that the company should file on or before April 15, 2022. 3. Prepare the check and the check voucher for the tax due.

Answer rating: 100% (QA)

Here are the detailed workings 1 Calculation of taxable income and tax due for 2021 Retained Earning... View the full answer