ABC Pawnshop Corp. reported the ff information in preparation of its quarterly percentage tax return: Source of income Amount Gross receipts on interest from pawning 5,000,000 Gross receipts on interest from lending (1 year) 10,000,000 - HOW MUCH IS THE QUARTERLY GROSS RECEIPTS TAX?

ABC Pawnshop Corp. reported the ff information in preparation of its quarterly percentage tax return: Source of income Amount Gross receipts on interest from pawning 5,000,000 Gross receipts on interest from lending (1 year) 10,000,000 - HOW MUCH IS THE QUARTERLY GROSS RECEIPTS TAX?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 1SEB

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

ABC Pawnshop Corp. reported the ff information in preparation of its quarterly percentage tax return:

Source of income Amount

Gross receipts on interest from pawning 5,000,000

Gross receipts on interest from lending (1 year) 10,000,000 -

HOW MUCH IS THE QUARTERLY GROSS RECEIPTS TAX?

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