timed task, need help please. thanks!about transfer taxes AST Corporation donated a piece of land to the Municipality ofPalanas, Masbate Province for the relocation site of informal settlers.The municipal government subdivided the property and awardedparcels to the settlers. Houses were also built by the nunicipalgovernment on the property.Question 1 - Was the donation by AST Corporation exempt fromdonor's tax?Question 2 - Was the awarding of parcels of land to the settlersexempt from donor's tax?Yes to bothNo to bothNo to first question and Yes to second questionYes to first question and No to second question

Introduction A tax called the "Donor's Tax" is levied when property is gratuitously transferred…

AST Corporation donated a piece of land to the Municipality of Palanas, Masbate Province for the relocation site of informal settlers. The municipal government subdivided the property and awarded parcels to the settlers. Houses were also built by the municipal government on the property. Question 1 - Was the donation by AST Corporation exempt from donor's tax? Question 2 - Was the awarding of parcels of land to the settlers exempt from donor's tax? Yes to both No to both No to first question and Yes to second question O Yes to first question and No to second question

AST Corporation donated a piece of land to the Municipality of Palanas, Masbate Province for the relocation site of informal settlers. The municipal government subdivided the property and awarded parcels to the settlers. Houses were also built by the municipal government on the property. Question 1 - Was the donation by AST Corporation exempt from donor's tax? Question 2 - Was the awarding of parcels of land to the settlers exempt from donor's tax? Yes to both No to both No to first question and Yes to second question O Yes to first question and No to second question

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

If you paid miscellaneous expenses does it decrease cash asset?
Required: For the following accounts from Xafra Cyber's QBO COA, identify the corres QBO COA 1 Rent and Lease Expense 2. Advertising and Marketing 3. Repairs and Maintenance 4. Taxes and Licenses IRS Form 1120S Form 1120S Line 1 Form 1120S Line 2 Form 1120S Line 3 Form 1120S Line 4
Name the two kinds of noncash expenses we want to make sure to not put down on our Cash Payments Budget: digite sua resposta... and digite sua resposta...
I understand the cost classification, but not the total amount and percent of total. Thanks!
If you need tor revise your budget,there are certain expenses you should look at first.Order the below categories of expenses into the correct order you would address them when revising a budget.
Provide an explanation for the following transactions: Thanks!
Give typing answer with explanation and conclusion
What should i do? Other expenditures amounted to $954,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 07
This is a T-Account for SERVICE REVENUE FEEHere are the transactions and amounts provided. I need to find out what Transaction C is.On the Credit SideBeginning Balance $6,000Transaction A $3,00Transaction B $3,500Transaction C? is on the Debit side. How do I figure out the amount of Transaction C. Please show me how to figure that out but also provide the answer. Thanks!
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Why are payments received from customers in advance, for either services to be performed and/or for goods to be delivered, classified as liabilities upon the receipt of the funds?
You have been engaged to review the financial statements of Swifty Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a good job. You notice a number of irregularities as follows. 1. 2. 3. 4. Year-end wages payable of $3,590 were not recorded because the bookkeeper thought that "they were immaterial." Accrued vacation pay for the year of $29,600 was not recorded because the bookkeeper "never heard that you had to do it." Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $2.664 because the amount of the check is about the same every year" Reported sales revenue for the year is $2,178,300. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax is forwarded to the state's Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper thought that "the sales tax is a selling expense. At…