In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recordedas deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, therent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $94 million. Taxable income is$400 million in 2021. No temporary differences existed at the beginning of the year, and the tax rate is 25%.Prepare the appropriate journal entry to record income taxes in 2021. (If no entry is required for a transaction/event,select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place(i.e., 5,500,000 should be entered as 5.5).)No1Transaction1Income tax expenseDeferred tax assetIncome tax payableAnswer is not complete.General JournalDebit52.5Credit50.02.5

Income Taxes - The word "income tax" refers to a category of tax that governments levy on revenue…

as deferred revenue and then recognized as revenue in the period tenants occupy rent ent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 $400 million in 2021. No temporary differences existed at the beginning of the year, an Prepare the appropriate journal entry to record income taxes in 2021. (If no entry is req select "No journal entry required" in the first account field. Enter your answers in mil i.e., 5,500,000 should be entered as 5.5).) No 1 Transaction 1 Income tax expense Deferred tax asset Answer is not complete. General Journal

as deferred revenue and then recognized as revenue in the period tenants occupy rent ent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 $400 million in 2021. No temporary differences existed at the beginning of the year, an Prepare the appropriate journal entry to record income taxes in 2021. (If no entry is req select "No journal entry required" in the first account field. Enter your answers in mil i.e., 5,500,000 should be entered as 5.5).) No 1 Transaction 1 Income tax expense Deferred tax asset Answer is not complete. General Journal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table
The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,
11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
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PROBLEM. Journalize the following transactions using the Excel worksheet provided in the link., Convert your completed worksheet to a PDF and attach below. WORKSHEET LINK March 31, 20--: Paid total wages of $9,350.00. These are the wages for the last semimonthly pay of March. All of this amount is taxable under FICA (OASDI and HI). In addition, withhold $1,175 for federal income taxes and $102.03 for state income taxes. These are the only deductions made from the employees wages. March 31, 20-- Record the employer's payroll taxes for the last pay in March. All of the earnings are taxable under FICA (OASDI and HI), FUTA (0.6%), and SUTA (2.8%). April 15, 20--: Made a deposit to remove the liability for the FICA taxes and the employees federal income taxes withheld on the two March payrolls.
SCHEDULE 1(Form 1040)Department of the Treasury Internal Revenue Service Additional Income and Adjustments to Income ► Attach to Form 1040.► Go to www.irs.gov/Form1040 for instructions and the latest information. OMB No. 1545-0074 2018 AttachmentSequence No. 01 Name(s) shown on Form 1040Noah Yobs Your social security number 123-45-6789 Additional Income 1-9b Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-9b 10 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . 10 11 Alimony received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . . . . . . 12 13 Capital gain or (loss). Attach Schedule D if required. If not required, check here ► ◻ 13 14 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . . . . . . . . . . . 14 15a…
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rentis taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018amounted to $300,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 40% and 2018 income tax payable of $950,000, prepare the journal entry to recordincome taxes for 2018.
Instructions: 1. Download BIR Forms 1701 Version 2018 at www.bir.gov.ph. 2. Compute the income tax payable, if any for taxable year 2021. YOU are engaged in the merchandising business and at the same time employed by PA-MINE Corp. as an Accountant for the TY 2021. In compliance with the existing rules in doing business, you applied for your TIN where your home BIR RDO (select the BIR which has jurisdiction over the place of your residence) assigned you Taxpayer Identification No. 123-456-789-0000. Additional information: You chose graduated tax rate You opted for itemized deduction Your financial records showed the following: Gross Sales – Php 4,000,000 Cost of Sales – Php 2,000,000 Expenses – Salaries and wages of staff – Php 360,000 Depreciation of car used in delivery – Php 100,000 Representation expense – Php 10,000 Office Rent expense – Php 360,000 Rent expense on your condominium – Php – 240,000 Utilities in office – Php 120,000 Electricity expenses in condominium – Php…