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    ACCTG 114 Lecture (04-28-2022)

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    Janna Mari Frias
    This document provides financial information for a corporation for the year 2020, including quarterly normal income tax, MCIT tax withheld, taxes paid, excess MCIT credits, and excess creditable withholding tax from prior years. It asks to compute the quarterly corporate income tax due and paid as well as the annual income tax due and finally paid.

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    ACCTG 114 Lecture (04-28-2022)

    Uploaded by

    Janna Mari Frias
    35 views2 pages
    This document provides financial information for a corporation for the year 2020, including quarterly normal income tax, MCIT tax withheld, taxes paid, excess MCIT credits, and excess creditable withholding tax from prior years. It asks to compute the quarterly corporate income tax due and paid as well as the annual income tax due and finally paid.

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    © © All Rights Reserved

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    This document provides financial information for a corporation for the year 2020, including quarterly normal income tax, MCIT tax withheld, taxes paid, excess MCIT credits, and excess creditable withholding tax from prior years. It asks to compute the quarterly corporate income tax due and paid as well as the annual income tax due and finally paid.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    35 views2 pages

    ACCTG 114 Lecture (04-28-2022)

    Uploaded by

    Janna Mari Frias
    This document provides financial information for a corporation for the year 2020, including quarterly normal income tax, MCIT tax withheld, taxes paid, excess MCIT credits, and excess creditable withholding tax from prior years. It asks to compute the quarterly corporate income tax due and paid as well as the annual income tax due and finally paid.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Practice Problem 114

    The following information are presented for purposes of closing the result of operation of a corporation
    for the year 2020:

    Period Normal MCIT Taxes Excess MCIT Excess


    Income Tax withheld Creditable
    withholding
    tax
    Prior Year 30,000 10,000
    1st Quarter 100,000 80,000 20,000
    2nd Quarter 120,000 250,000 30,000
    3rd Quarter 250,000 100,000 40,000
    4th Quarter 200,000 100,000 35,000

    Instruction: Compute the Quarterly Corporate Income Tax Due and Paid and the Annual Income Tax Due
    and Finally Paid.

    1st Quarter ending on March 31, 2020, due on or Before April 15, 2020

    1702 File:

    Income Summary 100,000

    Income Tax Payable 100,000

    To record income tax payable

    Income Tax Payable 100,000

    Income Summary 100,000

    To record income tax payable

    Income Tax Payable 100,000

    Creditable withholding tax 30,000

    Deferred MCIT 30,000

    Cash 40,000
    2nd Quarter June 30, 2020, due on or Before August 29, 2020

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