Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The following transactions occurred during the month:
Q: You work as an accountant for Pink Pony. Pink Pony had numerous active contracts at the beginning of…
A: Recognize Revenue for Goods Shipped in the Current Year (2022):Pink Pony recognizes revenue when…
Q: Sky Ltd started operating on 1 July 2017 with 13 employees. 8 years later, all of those employees…
A: Long service leaves provision expense refers to the Act established in 1955, which provides the…
Q: Sunland University recently signed a contract with the bargaining unit that represents full-time…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: During the fourth quarter of 2019, there were seven biweekly paydays on Friday (October 4, 18;…
A: There are mainly four type of returns or reports submitted by employer to State Income Tax.…
Q: 33 Through November, Cameron has received gross income of $129,000. For December, Cameron is…
A: Standard DeductionSince Cameron is filing as a single taxpayer and we're assuming he has no itemized…
Q: Through November, Cameron has received gross income of $123,000. For December, Cameron is…
A: Taxable Income: Any amount of gross income produced that is included into the calculation of the…
Q: Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions…
A: Income tax payable=Gross pay×rate=$2,000×15%=$300
Q: Maggie Moo, age 40, begins employment with Farm Corporation on January 1, 2017 at a starting salary…
A: Hi, question number 3 relates to research on Accounting standards IFRS.Hence, we were unable to…
Q: Boreal Landscape Corp. (BLC) is a landscape design company located in North York, Ontario, that…
A: Revenue Recognition According to Accounting Standard for Private Enterprises (ASPE) which provides…
Q: Kutz Rentals rents equipment to Loomis on February 1. Lease terms require Loomis to make payments to…
A: Kurtz should recognise revenue for 2 months, that is for November and December months, as per…
Q: Andy Roddick is the new owner of Sunland Computer Services. At the end of August 2020, his first…
A: Adjusting journal entries are generally passed at the end of accounting period to record income or…
Q: Andy Roddick is the new owner of Ace Computer Services. At the end of August 2020, his first month…
A: Introduction Adjusting Journal Entries are passed to manage any errors, omissions, adjustments etc.…
Q: Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on…
A: Net pension liability is the excess of PBO over plan assets and net pension asset is the excess of…
Q: Through November, Cameron has received gross income of $80,000. For December, Cameron is considering…
A: In simple terms, taxable income means the income earned from various sources by an individual, firm,…
Q: Ryo Kiritani is a hair dresser and earns income by styling hair of well-known people. He initially…
A: Given: - Advance payments: A= 250,000 B=725,000 C=555,500
Q: Through November, Cameron has received gross income of $70,000. For December, Cameron is considering…
A: A taxpayer's tax liability is equal with his or her entire wage less any permitted tax deductions. A…
Q: On 10th March 2019, A draws on Ba bill at 3 months for $ 20,000 which B accepts immediately and…
A: A Bill of exchange is a negotiable instrument where one party agrees to pay a specific amount on a…
Q: Carey opens a law office in Chicago on January 1, 2023. On January 1, 2023, Carey purchases an…
A: The objective of the question is to calculate the total tax deduction for Carey for the year 2023…
Q: Engineer Miranda ended his account in Smart postpaid having of cost of 800PhP for his last bill of…
A: The future value (FV) is the value that an investment or asset will be worth at a specific time in…
Q: On December 31, 2025, Sheridan Company sells production equipment to Golden Inc. for $82,500,…
A: A warranty expense is a cost that a business expects to incur as a result of providing its customers…
Q: Through November, Cameron has received gross income of $128,500. For December, Cameron is…
A: It is the income of a taxpayer on which the revenue authorities will impose tax. The taxable is the…
Q: Through November, Cameron has received gross income of $124,500. For December, Cameron is…
A: Taxable income : Taxable income is the share of an individual's income which is usually taken as a…
Q: Gypsum Corporation pays its employees on the fifteenth of each month. Accrued, but unpaid, salaries…
A: Accrued salary are earned by employees but not paid, will be paid on due date. For the year end, the…
Q: under uses the following projected rates to accrue vacation ti Pay Rates Used cation Pay
A: Flounder limited recognizes sick leaves only when it is used . Thus when the sick leaves are used ,…
Q: Express the following comparative income statements in common-size percents. Using the common-size…
A: Formula: Gross profit = Sales - Variable cost. Deduction of Variable cost from sales value called…
Q: was paid to uired to pay equirement,
A: Computation of deduction can be claimed by john :8(1)(f)8(1)(h1)50% of meals and entertainment…
Q: hrough November, Cameron has received gross income of $127,000. For December, Cameron is considering…
A: Taxable Income The portion of your gross income known as "taxable income" is used to determine your…
Q: In 2019, Gucci Company paid the various household expenses of its vice president for operation,…
A: The calculation of monetary value not only includes the amount paid to the individual on account of…
Q: 7. A and B are started working for a company in similar jobs on January 1, 2020. A's initial monthly…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Through November, Cameron has received gross income of $128,500. For December, Cameron is…
A: Taxable Income -The basic income that is subject to taxation is called taxable income. It is…
Q: Assume it is now December 31, 2021, and Nicole has just completed her first year of operations at…
A: Deferring or delaying the recognition of some revenues or costs on the income statement until a…
Q: Chris opens a chiropractie office in Houston on January 1, 2018. In 2018, Chris drives a total of…
A: Taxation-Taxation means imposing a tax on individuals and different types of organizations. Which…
Q: Gallagher Company has gathered the information needed to complete its Form 941 for the quarter ended…
A: Form 941, also known as the Employer's Quarterly Federal Tax Return, is a form that employers use to…
Q: 023, and closing was set for June 25, 2023. Rosie had prepaid her three-yea est and termite…
A: Mortgage is an agreement between two parties to lend a loan on the basis of a certain property kept…
Q: Rosie Malone sold her house to D.M. Band. The contract was signed on June 1, 2023, and closing was…
A: To prorate the monthly mortgage payment between the seller (Rosie Malone) and the buyer (D.M. Band)…
Q: A C corporation has a fiscal year-end of May. In 2019, if the corpora
A: As per rules, a corporation must file Form 1120 within 2.5 months of the end of the fiscal year, if…
Q: Compute the amounts of any liability for compensated absences that should be reported on the balance…
A: The term "accrued liability" refers to an expense incurred but not yet paid for by a business. These…
Q: Through November, Cameron has received gross income of $130,500. For December, Cameron is…
A: Taxable Income -The basic income that is subject to taxation is called taxable income. It is…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Mr. Abdul Karim is a senior officer of a company. His service started on 01 July 2019. His salary scale is 90,000-2500- 1,20,000. His date of yearly increment is 01 September. From then he received the following income: He has been provided with accommodation by the company; the annual rental value of the house is Tk. 2,20,000; Full-time car for 24 hours for his own family use. The company has also paid Tk. 1,12,000 to him during the year being the reimbursement of various utility bills of his house; Out of generosity, the company paid him tk. 2,00,000 for his overseas travels with his family during the year; he has contributed 15% of her basic salary to an unrecognized provident fund. His employer also contributed the same amount. Interest on the said fund @ 18% is Tk. 1,800 during the period: During the year he has claimed investment allowance for Purchase of shares of unlisted companies Tk. 25,000; Purchase of government treasury bond Tk. 25,000; Insurance premium Tk.20,000 (Policy…The board of directors of Oriole Construction Company is meeting to choose between the cost-recovery method and the percentage-of-completion method of accounting for long-term contracts in the company's financial statements. You have been engaged to assist Oriole's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information: 1. Oriole commenced doing business on January 1, 2024. 2. Construction activities for the year ended December 31, 2024, were as follows: Contract Costs Estimated Additional Costs Incurred Total Contract Billings Through Cash Collections to Through Through Complete 12/31/24 Project Price 12/31/24 12/31/24 Contract A $494,000 $334,000 $304,000 $418,000 $95,000 B 714,000 204,000 204,000 186,000 434,000 C 472,000 469,000 384,000 344,000 -0- D 187,000 94,000 62,000 117,000 91,000 E 444,000 394,000 394,000 314,000 78,500 $2,311,000 $1,495,000 $1,348,000 $1,379,000 $698,500 3. Each contract…Carol was an employee during 2019 with the following income and benefits received from her employer: Salaries - $60,000 Bonus accrued in 2019 by employer but paid to Carol in 2020 - $5,500 Private health services plan paid by employer - $500 What is Carol’s total employment income that will be reported from her employer in 2019? ______________
- Your Personal Chef, Inc. prepares healthy gourmet dinners for clients on a subscription basis. Clients pay $75 per week for 3 delivered dinners. During 2019, Your Personal Chef, Inc. received advance payments of $18,000. At December 31, 2019, two-thirds of the advance payments had been earned. Make the entry for the advance payments received during the year. Make the necessary adjusting entry at December 31, 2019. What is the balance in the Unearned Revenue Account after the adjusting entry is made?Olivia Smith is the owner of an unincorporated business that does landscaping. The business began operations on January 2, 2019 and has a December 31 year end. The 2019 and 2020 results for the business can be described as follows: 2019 During its first year, the business had sales of delivered merchandise and services totaling $185,000. OF this total $65,000 had not been collected on December 31, 2019. Olivia anticipates that #5,000 of these sales will be uncollectible. In addition to these sales of delivered merchandise and services, she received $23,000 in advances for merchandise to be delivered in 2020. Olivia purchased a large supply of landscaping materials from the trustee of a bankrupt landscaping business at a very good price. Since she is unlikely to use them in the next few years, she has arranged to sell these materials for $50,000. These materials have a cost of $40,000, resulting in a total gross profit of $10,000. Because of the size of this sale, she has agreed to…2019 Thuy worked as the assistant manager at Burger Crown through August 2019 and received wages of $79,000. Thuy then worked at Up and Down BUrger starting in September of 2019 and received wages of $61,500. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2019 Form 1040. (round to nearest two decimals places) $
- Through November, Cameron has received gross income of $120,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,000 of revenue at a cost to Cameron of $3,000, which is deductible for AGI. In contrast, engagement 2 will generate $5,000 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description Engagement 1 Engagement 2 (1) Gross income before new work engagement $ 120,000 $ 120,000 (2) Income from engagement 7,000 5,000 (3) Additional for AGI deduction (3,000) (4) Adjusted gross income $ 124,000 $ 125,000 (5) Greater of itemized deductions or standard deduction (6) Deduction for QBI (1,000) Taxable incomeThe following situations are independent: 1. Mark Installation completes a $4,000 contract, starting work on June 16, and completing the work on July 15. The home builder pays them $1,000 in advance on June 15, $2,600 on July 15, and the balance ($400) when the home is sold in September. 2. An interior designer signs a contract in December 2020 to provide design services to a home builder, related to decorating a new show home. The contract is valued at $25,000 and the designer receives a 10% down payment upon signing the contract. All design work is done during January 2021. On February 1, 2021, the show home opens to the public and the home builder pays the 90% balance remaining on the contract. 3. A lawyer has a meeting with a new client on April 15 and agrees to represent her in a legal case. The fee negotiated is to be based on the number of hours the lawyer spends on the case. At the end of the meeting, the client pays the lawyer $500 as a "retainer." The case involves research…Through November, Cameron has received gross income of $120,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,000 of revenue at a cost to Cameron of $3,000, which is deductible for AGI. In contrast, engagement 2 will generate $5,000 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer, and he did not contribute to charity during the year. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions.
- In 2019, SBC Inc. paid the various household expenses of its vice president for operation, which are broken down as follows (refer to the data below). The vice president for operation receives an annual salary of Php. 300,000 and fixed representation and travel allowance of Php. 50,000 per month in addition to the above mentioned household expenses. 5 housemaids Housemaid with a monthly salary of Php. 3,500 Personal driver of the wife with a monthly salary of Php. 6,000 1 driver House gardener and maintenance with a monthly salary of Php. 4,000 Driver of children attending school with a monthly salary of Php. 6,000 Garbage due at Php. 500 per month Homeowner's monthly dues of Php.800 2 gardeners 1 driver COMPUTE FOR THE TOTAL ACTUAL MONETARY VALUE COMPUTE FOR THE GUMV COMPUTE FOR THE FBT How much is the total credits to Cash?Allan’s employer purchased a car in March 2019 at a cost of $44,000 GST inclusive and provided the car to Allan on 1 July 2019. Allan garages the car at his home each night from 1 July 2019 to 31 March 2020, excluding the month of December 2019. Allan travelled 40,000 kilometres in the car during the year, and the odometer and logbook records show that 20,000 kilometres were for business purposes and 20,000 kilometres were for private purposes. The operating costs of the car (not including deemed depreciation and deemed interest) were $9,000 (GST inclusive). Allan did not make any contribution but provided all the necessary documents for his employer to calculate his FBT liability. Question Assuming the employer elects to use the operating cost basis, explain and calculate the taxable value of the car fringe benefit and the FBT consequences for Allan’s employer.Through November, Cameron has received gross income of $131,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $9,860 of revenue at a cost to Cameron of $4,100, which is deductible for AGI. In contrast, engagement 2 will generate $7,200 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description (1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGI deduction (4) Adjusted gross income (6) Deduction for QBI Taxable income Engagement 1 Engagement 2