Problem 4-35 (LO. 2)Determine the effects of the following on a cash basis taxpayer's gross income for 2021 and 2022. If an amount is zero, enter "0".Gross IncomeGross Income20212022On the morning of December 31, 2021, the taxpayer received a $1,500a.check from a customer. The taxpayer did not cash the check until January3, 2022.b. On the morning of December 31, 2021, the taxpayer received a $1,500$4$4check from a customer. The customer asked the taxpayer not to cash thecheck until January 3, 2022, after the customer's salary check could bedeposited.C.On December 31, 2021, the taxpayer received a $1,500 check from a$4customer. The check was not received until after the bank had closed onDecember 31, 2021. The taxpayer did not cash the check until January 3,2022.

Gross Income: The whole amount of salary a person receives in their paycheck before any deductions…

Answered: Determine the effects of the following…

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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Sophie has the following information about her payments of tax for 2017/18: Payment on account 1 £2,000 paid in full on 31 March 2018 Payment on account 2 £2,000 paid in full on 31 July 2018 Final balancing payment £3,000 paid in full on 16 March 2019 Calculate any penalties due. Right to amend an income tax/capital gains tax return: Even once a tax return has been submitted, thetaxpayer has a right to amend it for any mistakes as long as it is within the time frame below. HMRC also have a right to amend the return HMRC- Nine months form the date the return is actually filed Taxpayer- 12 months from the usualsubmission date
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Amara is a sole proprietor who operates her business using the cash method of accounting and a calendar year. Based on the following list, how much income will be reported on her 2023 Schedule C? $10,000 check received January 4, 2024, for a job completed December 20, 2021. $15,000 check received December 29, 2023, for a job completed December 28, 2022, deposited January 5, 2024. $9,500 balance due for work that Amara performed in June 2023. Amara took her client to small claims court in December 2023, but did not receive any satisfaction. 1) $9.500 2) $15,000 3) $19,500 4) $25,000
Merry Company's checkbook balance at December 31, 2021 was P190,000. In addition, Merry Company held the following items in its safe on that date.*Check payable to Merry Company amounting to P65,000 dated January 2, 2022 in payment of a sale made in December 2021, was included in December 31 checkbook balance.*Check payable to Merry Company was deposited on December 15, but returned by the bank on December 22 stamped "DAIF." The check was redeposited by Merry Company on December 27, 2021. No entry was made in the books to record the return and the redeposit of this P20,000 check.*Check drawn on Merry Company's account, payable to a vendor, was dated and recorded on December 28. This check amounting to P15,000, however, was not yet mailed to the payee as of December 31, 2021.What is the correct amount shown as Cash on Merry Company's December 31, 2021 statement of financial position?
! Required information [The following information applies to the questions displayed below.] Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,000. Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) d. Clyde picked up the check in December, but the check could not be cashed immediately because it was postdated January 10. Amount to be included in gross income
For 2021, Eugene and Linda had adjusted gross income of $30,000. Additional information for 2021 is as follows. Cash contribution to church $1,300 Tuition paid to a parochial school $1,200 Cash contribution to a qualified charity $400 Cash contribution to a needy family $100 What is the maximum amount they can deduct for charitable contributions in 2021? a.$1,700 b.$2,000 c.$1,600 d.$500 e.None of these choices are correct.
M8
Determine the effects of the following on a cash basis taxpayer's gross income for 2023 and 2024. If an amount is zero, enter "0". Gross Income2023 Gross Income2024 a. On the morning of December 31, 2023, the taxpayer received a $1,500 check from a customer. The taxpayer did not cash the check until January 3, 2024. $fill in the blank 1 $fill in the blank 2 b. On the morning of December 31, 2023, the taxpayer received a $1,500 check from a customer. The customer asked the taxpayer not to cash the check until January 3, 2024, after the customer's salary check could be deposited. $fill in the blank 3 $fill in the blank 4 c. On December 31, 2023, the taxpayer received a $1,500 check from a customer. The check was not received until after the bank had closed on December 31, 2023. The taxpayer did not cash the check until January 3, 2024.
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A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a. File his April 2022 VAT Return on the 15 May 2022 b. He is not required to file a VAT Return as the sales is below the VAT threshold. c. File his February 2022 VAT Return on the 15 March 2022 d. File his March 2022 VAT Return on the 15 April 2022
1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition
In 2018, Gerald loaned Main Street Bakery $55,000 with whom he has a business relationship. In 2019, he learned that he would probably receive only $6,400 of the loan. In 2020, Gerald received $3,000 in final settlement of the loan. Required: Calculate Gerald's possible deductions with respect to the loan for 2018, 2019, and 2020. 2018 2019 2020 Deductions 46

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