How much is the tax due on gross receipts of a small business with P500,000gross receipts for the year, but opted to be registered as a VAT business?
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1. How much is the tax due on gross receipts of a small business with P500,000gross receipts for the year, but opted to be registered as a VAT business?
2. BERT operates a cockpit. Inside the cockpit, he also operates a restaurant. Data for the particular quarter follow: Gross receipts: Cockpit operation - P 500,000Restaurant operation: Sale of food - 100,000Sale or liquor - 150,000The amusement tax due from BERT is
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- Nicanor, a businessman engaged in selling goods and services reported gross sales of 1,000,000 and gross receipts of 2,000,000. The company spent 150,000 for representation expenses. How much is the non-deductible representation expense? 125,000 105,000 25,000 150,000The owner, F. Ferdy, drew a cheque for personal use, R4 000. discount on normal tariffs. Received their cheque for the payment of six Wednesdays. Reccived R400 trom P. Jafta,one of the clients, for renting a small office at Ferdy's Car Wash. Ferdy's Car Wash Tariffs Wash Only R40 Wash & Vacuum R50 Wash, Vacuum & Polish R75 Enter the following transactions of the business into the correct journals. Use your own document numbers where they are not provided. 2000 July Received cash from Mr Sing and Mrs Botha for the washing of their vehicles. Mrs Botha also had her car vacuumed. Receipt 25 and 26 were issued respectively. A client had his car washod, vacuumed and polished. He paid cash. Cashed cheque no. 320 for R3 000 to pay staff wages. Issued a cheque to Wishy-Washy for spenges and brushes, RI 000 and for car shampoo, R700. A elient, Mr G. Mfaba, who washes his car every Moaday, paid for five days. Issued a cheque to Bubbles for a stock of car shamp00, R3 200. Mrs Jansen paid for four…Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses: Airfare $ 500 Lodging 3,000 Meals 750 Entertainment of clients 600 Required: How much of these expenses can Jordan deduct? **wrong answers will get 10 dislikes,need a genuine and correct answer. do not copy from others.
- The following entries are in the books of Moh Co. for the month of Jan,2021: 10th Jan Started up the business with a capital of 300,000. 12th Jan Purchase Goods costed 10,000. 13th Jan Sold goods for 7,000 on account. 17th Jan: Purchase printer costed 20,000 on account 18th Jan Bought Land for 50,000. 19th Jan: Received 3,000 from the client for goods sold on 13th Jan. 19th Jan Bought Land for 30,000 19th Jan: Withdraw a cash for personal use 2,000. 19th Jan: Paid 2,000 for printer purchased. 19th Jan Paid additional 10,000 for printer purchased. Write: a) Journal Entries. b) ledgers. c) Trial balance for the transactions.Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals and $150 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. d. Suppose that San Francisco was Melissa's permanent residence and business location. She attended the conference in San Francisco and paid $250 for the registration fee. She drove 100 miles over the course of three days and paid $90 for parking at the conference hotel. In addition, she spent $150 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel, and she bought dinner on her way home each night from the conference. What amount of these costs can Melissa deduct as business expenses? Note:…If you use your car for both business and pleasure, the Canada Revenue Agency will usually allow you to report a portion of the costs of operating the vehicle as a business expense. This portion is determined by the ratio of the distance travelled on business to the total distance travelled in the year. Last year, Harjap spent a total of $11,348 on gasoline, oil, repairs and maintenance, and insurance. His travel log shows that he drove 14,488 km on business and 8329 km on personal use. What vehicle expense can Harjap report for the year? (Round your answer to the nearest cent.) Vehicle business expenses
- Mohsin owns a store downtown Kingston selling the World's Greats Coffee Cup. You are his accountant and below is his income statement for the past year. World Greatest Coffee Cup Company Kingston Store For the Year Ended June 30, 2023 Sales S 339,546 Advertising 15,985 Computers and IT 2,565 Hydro and Utilities 3,152 Insurance 12,985 Mariager Wages 45.985 Merchandise 225,950 purchase Misc. 9,856 Rent 24,000 Direct wages 35,956 Total Expenses 376,434 Profit (Loss) (36,888) He wants to understand what he needs to do to improve the business to start making profit. Through conversation you also learn the following information about the business. .The volume was 13,600 coffee cups. The store is open 5 days a week Tuesday to Saturday all year long. Moshin's questions to you are: How much does he need to sell just to break even in both sales and units? How much does the store needs to sell each day if he wants to make a $50,000 profit next year? He is not sure he can increase his sales volume…Ian bought some goods in May for $600 and sold them in the following August for $950.For the financial year ending on 30 June,which of the following statements is correct? A.Ian has expenses amounting to $600 B.Ian has assets of $600 C.Ian has revenues amounting to $950 D.Ian has a profit of $350 (Why A is correct and D is incorrect?)Ali has been in business for some years as a petit trader. He simply calculates his profit by adding his sales (cash sales only) and deducting his purchase costs from it. As a grade 10 Accounting student, you are required to analyze the importance of FINANCIAL STATEMENTS (Income Statement and Statement of Financial Position) to Ali. Guidelines:- Start off with an Introduction of what you want to analyze. Your analysis should include but not limited to:- Books of original entry Ledger accounts Trial Balance Accounting concepts ( which ones are needed when and where) Etc Your conclusion should be an advice to Ali.
- Determine what ACCOUNT TITLE and group according to MAJOR ACCOUNT. Fill in the chart. Mr. Juan purchased table napkins worth P2,000 to be used in his barbecue operations. The customer with the P5,000 account receivable is broke you have estimated that you can only collect P4,200 from him. He hired a helper in his barbecue business. The employee earns compensation of P8,000. The cost of the barbecue that was sold for P5,000 is P3,000. He paid Val Santos Matubang P5,000 to endorse the product. ACCOUNT TITLE MAJOR ACCOUNTJuanita travels to San Francisco for 7 days. The following facts are related to the trip: Round trip airfare $465 Hotel daily rate for single or double occupancy 155 Meals—$50 per day 50 Incidentals—$27 per day 27 If an amount is zero, enter "0". a. If she spends 4 days on business and 3 days sightseeing, what amount may she deduct as travel expense? b. If she spends 2 days on business and 5 days sightseeing, what amount may she deduct as travel expense? c. Assume the same facts as in Part a, except that Juanita's husband Jorge accompanied her on the trip and that the hotel's single occupancy rate is $130. Jorge went sightseeing every day and attended business receptions with Juanita at night. Assume that Jorge's expenses are identical to Juanita's. What amount may Juanita and Jorge deduct as travel expense?2 Nunez Company, a retail hardware store, began business in August and elected a calendar year for tax purposes. From August through December, Nunez paid $319,000 for inventory to stock the store. According to a physical inventory count on December 31, Nunez had $64,600 of inventory on hand. Required: a. Compute Nunez's cost of goods sold for its first year assuming Nunez adopted the cash method as its overall method of accounting. b. Compute Nunez's cost of goods sold for its first year assuming Nunez adopted the accrual method as its overall method of accounting. Complete this question by entering your answers in the tabs below. Required A Required B Compute Nunez's cost of goods sold for its first year assuming Nunez adopted the cash method as its overall method of accounting. Cost of goods sold
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