Week 1 FA Case

EA#9 Tax on Corporation: Problem Solving FnB Question 9 of 43 Fill in the blanks For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2,463,500 ents Sales returns & allowances 27.500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 586,040 operating expenses Answer the following: 1. Gross income is 2. Normal corporate income tax is 3. Minimum corporate income tax is NOTE Answers are in numerical form, COMMA PESO SIGN and other characters are NOT REQUIRED. < Previous Shot on OnePlus Powered by Triple Camera e es

QUESTION 4 REQUIRED Use the relevant information provided below to prepare the following: 4.1 Journal entries to record the payment of the first provisional tax and to record the total company tax for the financial year. 4.2 Statement of Financial Position as at 31 October 2024 INFORMATION The following balances were obtained from the accounting records of Tango Limited on 31 October 2024, the end of the financial year: Creditors control Debtors control Bank (Dr balance) R 1260 000 1 200 000 1675 500 Ordinary share capital Long-term loan 12% Preference shares Retained profit 1537 500 900 000 660 000 345 000 Equipment (cost) Vehicles (cost) 90 000 Accumulated depreciation on equipment (01 November 2023) 18 000 600 000 Accumulated depreciation on vehicles (01 November 2023) 120 000 Inventory Petty cash 441000 3 000 Shares invested in Amcor Limited 1 005 000 Additional information a) Depreciation on equipment and vehicles for the year ended 31 October 2024 amounted to R9 000 and R60 000…

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PSb 5-1 Determine the Applicable FUTA Tax Rate For each of the following businesses, determine the applicable FUTA tax rate for 2020 based on the locations listed below:   1: A business operating in the U.S. Virgin IslandsFUTA tax rate =  % 2: A business operating in Columbus, OhioFUTA tax rate =  % 3: A business operating in Austin, TexasFUTA tax rate =  % 4: A business operating in Oakland, CaliforniaFUTA tax rate =  % 5: A business operating in Birmingham, AlabamaFUTA tax rate

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Problem 11-6 Special Deductions and Limitations (LO 11.3) Beech Corporation, an accrual-basis, calendar-year taxpayer, was organized and began business in May of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation $ 800 Legal and accounting fees incident to organization 5,500 Expenses for the sale of stock 2,500 1,000 Organizational meeting expenses Round your answer to 2 decimal places. Assuming that Beech Corporation wishes to deduct organizational expenses as quickly as possible, calculate the corporation's deduction for its current calendar tax year.

41 Problem No. 1  AACA Corporation was incorporated on Dec. 1, 2021, and began operations one week later. Before closing the books for the fiscal year ended Nov. 30, 2022, the controller prepared the following financial statements:  AACA Corporation Statement of Financial Position November 30, 2022  Assets    Current assets       Cash  P150,000     Marketable securities, at cost    60,000     Accounts receivable    450,000     Allowance for doubtful accounts    (  59,000)     Inventories  430,000     Prepaid insurance  15,000     Total current assets    1,046,000  Property, plant and equipment    426,000  Less accumulated depreciation     ( 40,000)      Property, plant and equipment, net      386,000  Research and development costs        120,000  Total assets  P1,552,000      Liabilities and Shareholders' Equity    Current liabilities        Accounts payable and accrued…

nment Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.] Problem 6-4A (Algo) F2 Federal income tax withholding Social Security tax Medicare tax State income tax withholding Gerald Utsey earned $48,700 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix Cand the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. 3 Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answers to 2 decimal places.) JUL 15 80 F3 $ 4 E R Q F4 % 5 DII F8 ( 9 A F9 U I O Help ) 0 Save & Exit F10 P Check my wom 4 F11 Sub { + [ F

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Prublem 22 08 On March 5, 2021, you were hired by widhwas inc. a closcly held compary, a af member of its nenly created intemal auditing department. while revieming the companys recordo for 2019 and 2020, you divco-er that ne odjustnents have yet been made for the folloning itema. Themme 1. 2. 3. 4. Interest income of s14,400 was nat acorued a the End of 2019. I naa recorded when received in February 2020. A camputer cneting s3,700 uar. mepaneat wtar pureraa: ar luly 1, 3015. epasted ta hav 4-yanr ite eth no ralvnge valun. Tha company typicaly urar traight-ina depreatian for all fhant ate. kescarch and development coss of $30,300 ne e incured car y in 2019. They nere capitaliaed and were to be amortued over a year period. Amortization of s10,100 was recurded for 20:9 and $10,100 for 2020. On Ianunry 3, 3010, wildhama ianced a huidn; for 5 yeaT at a martinty rartal at sa,nen. On that data, the sompany paid the fallong amnunte, which uera penead wihen pard. Senunty depsee First month's…

Intermediate Accoungting ll ch 16

Required information. Problem 22-52 (LO 22-3) (Algo) [The following information applies to the questions displayed below] Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. In year 1, Julio and Milania each received distributions of $10,000 from Falcons Corporation. Sales revenue Cost of goods sold Falcons Corporation (an 5 Corporation) Income Statement December 31, Year 1 and Year 2 Salary to owners Julio and Milania. Employee wages Depreciation expense Section 179 expense Interest income (related to business income) Municipal bond income Government fines Overall net income Distributions Year 1 $ 335,000 (42,000) (40,000) (30,000) (20,000) (30,000) 10,000 1,700 0 $184,700 $ 20,000 Year 2 465,000 (65,000) (80,000) (60,000) (40,000) (50,000) 18,500 4,400 (3,000) $ 189,900 $ 50,000