A restaurant granted a 25% discount to senior citizens in excess of the 20% mandatory requirement. During the year, the restaurant reported receipts of P108,000 from senior citizen customers. Compute the deduction for senior citizens’ discount
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A restaurant granted a 25% discount to senior citizens in excess of the 20% mandatory requirement. During the year, the restaurant reported receipts of P108,000 from senior citizen customers.
Compute the deduction for senior citizens’ discount
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- Deli Restaurant provides 20% discount to senior citizens. It recorded the following during the year: Regular customer-net P 8M; Senior citizen customer-net P 1M; Cost of Services P 5M; and other deductible expenses P 2M. 1. The regular and special itemized deductions deductible from gross income is: 2. The taxable net income isLogan’s Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $1,750. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $636 were presented for redemption during the first two months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 6%, assessed at the time meals (not gift cards) are purchased. Logan’s will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $1,750 in gift cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually) and the $636 in gift cards redeemed. (Hint: The $636 includes a 6% sales tax of $36.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the cash received for gift cards. Transaction General Journal Debit Credit…Logan’s Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $1,750. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $636 were presented for redemption during the first two months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 6%, assessed at the time meals (not gift cards) are purchased. Logan’s will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $1,750 in gift cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually) and the $636 in gift cards redeemed. (Hint: The $636 includes a 6% sales tax of $36.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the cash received for gift cards. Transaction General Journal Debit Credit 1…
- Logan’s Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $2,300. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $742 were presented for redemption during the first two months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 6%, assessed at the time meals (not gift cards) are purchased. Logan’s will remit sales taxes in January.Required:1. Record (in summary form) the $2,300 in gift cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually).2. Record the $742 in gift cards redeemed. (Hint: The $742 includes a 6% sales tax of $42.)3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) to be reported on the December 31 balance sheet.Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $3,500. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January.Required:1. Record (in summary form) the $3,500 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gift card individually).2. Record the $728 in gift cards redeemed. (Hint: The $728 includes a 4% sales tax of $28.)3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet.es Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,500. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $2,500 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $728 in gift cards redeemed. (Hint: The $728 includes a 4% sales tax of $28.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet. Complete this question by entering your answers in the…
- TAMOGEPA Credit Cooperative transacts business with members and non-members. It had the following receipts during the month: Interest income from members P 210,000.00 Rent income from properties 50,000.00 Compute the amount subject to business tax.Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,900. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $520 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $2,900 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $520 in gift cards redeemed. (Hint. The $520 includes a 4% sales tax of $20.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet.Listed below are selected transactions of Ben’s HomeGoods Store for the current year ending December 31, 2022. a) During December, credit card sales totaled $675,000, which includes the 8% sales tax that must be remitted to the state by the fifteenth day of the following month. (At time of sale, the total amount is recorded in Sales.) b) On December 1, the store received $5,000 from the local community theater for the rental of certain furniture to be used in a stage production during December and January. The furniture will be returned on February 1. c) On December 31 the store was notified it will be required to restore the area (considered a land improvement) surrounding one of its parking lots, when the store moves in 5 years. Ben determined it will cost $78,000 in 2027. Ben estimates the fair value of the asset retirement obligation on December 31, 2022 is $61,500. Prepare the necessary journal entries necessary to record the above transactions as they occurred and any adjusting…
- A-One Mechanics Limited files GST returns monthly, and the GST rate is 5%. The figures in the following table represent the store's GST taxable sales and purchases for which GST is paid for the indicated months of the year. As part of a year-to-date review, determine A-One Mechanics Limited's net GST remittance and if they owe the government money or are entitled to a refund. The GST remittance is a(n) refund (Round to the nearest cent as needed.) of $ Month January February March April May Purchases Sales $ 158,114 $374,089 494,764 775,165 107,357 317,760 56,475 246,957 300,302 586,444Garrett Hudson earned $895 this week. The deductions from his pay were as follows: FIT $86.00 FICA—OASDI 55.49 FICA—HI 12.98 State income tax 27.75 State disability insurance 6.71 Health insurance premium 31.00 Credit union contribution 50.00 United Fund contribution 10.00 Hudson's employer just received a garnishment order (credit card debt of $2,140) against his pay. Compute the following: Round your answers to the nearest cent. a. Hudson's disposable earnings $ b. The amount of his pay subject to the garnishment $During December, Rainey Equipment made a 676,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)