ident citizen provid ar:
Q: se by 10% How much is the total benefit expense in 2023?
A:
Q: Prepare all the journal entries to record the disposal of the vehicle on 31 March 2021 Journal…
A: Depreciation: - Depreciation is the total reduction in the book value of the asset by its regular…
Q: Show the necessary adjustments.
A: Retirement of the partner is that the partner which has gone from the partner does not remain a…
Q: 4. When her granddaughter was born, Melax, invested P 20 000 at 12% compounded quarterly. How much…
A: Given data, P= 20,000 t =18 years m=quarterly =4 Therefore, n =tm =18 * 4 =72 i=12%/4 =0.03
Q: Total amount of depreciation of an asset cannot exceed its: None of these Scrap value Depreciation…
A: 1 Total amount of depreciation of an asset cannot exceed its: Answer Option c: Depreciation value…
Q: TD ILK U 1. On a bank reconciliation, the amount of an unrecorded bank service charge should be: A.…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: ue if Sandbox orporation which is an SME domestic prporation reported the allowing aross income
A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…
Q: Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the…
A: Taxable income is the income earned by a person and he\she is liable to pay tax on it. Corporate…
Q: Explain the data provided
A: Introduction:- Fundamental accounting equation denotes relationship between the assets,…
Q: Which is not a book reconciling items? A. Credit Memo B. NFS Checks C. Debit Memo D. Outstanding…
A: The bank reconciliation statement is prepared to to record and equate the book balance and bank…
Q: Below is a list of selected account balances at the end of the accounting period in 2019, but before…
A: Trial balance: It implies to a statement or worksheet that shows all the ledger postings in a…
Q: QUESTION 1-(COMPULSORY) 1(a) Nairobi Ltd…
A: Calculation of depreciation on machinery = 122,000 * 10% = 12,200 Calculation of depreciation on…
Q: Which of the following statements regarding additional information that is included in a document…
A: Audited financial statement is the financial statement which has been audited by the qualified…
Q: Executive stock options: A.are options to buy shares at a specified exercise price within a…
A: Introduction:- Companies grant stock options to employees at a specified price. Main advantage of…
Q: ing losses and the council needed to make severe budget cuts. The new customers have helped to…
A: Relevant costs are the costs that are affected by the decision. The costs that affect the future…
Q: During the month of January, an employer incurred the following payroll taxes: FICA Social Security…
A: The journal entries are prepared to record the transactions on the regular basis.
Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose…
A: In order to determine the units sales to attain a target profit, the fixed cost plus target profit…
Q: ASM Company makes a cologne called Allure. The standard cost for one bottle of Allure is as follows:…
A: Variances are calculated to determine the deviations of the actual figures from the budgeted or…
Q: Required: Calculate the Fringe Benefits Tax that Solarcity Pty Ltd is liable to pay on this loan…
A: Fringe benefit is the benefit which has been given by the employer to the employee which are given…
Q: 32.3A Show the journal entries needed to correct the following errors: (a) Purchases £1,410 on…
A: Rectification entry means where some error has been done in past and we need to rectify that errors.…
Q: provide an explanation of the concept of asset acquisition cost
A: The cost incurred in purchasing an asset is referred to as asset acquisition cost. It's beneficial…
Q: On March 2, 2022, Gumamela Corporation issued 4,000 shares of 6% cumulative P100 par value…
A: One non- detachable share warrant for one share total mumber of shares warrant =4000 shares x 1…
Q: Sean was negotiating his salary and benefit package with South Beach Hospital. First, South Beach…
A: In this question, the First offer is when sean has been offered a salary of $75,000 per year, but…
Q: Determine the unadjusted BOOK balance using the following data provided by Ilustre Company: Balance…
A: q = Balance per bank statement + Deposit in transit - Amount erroneously credited by bank -…
Q: V. Prepare the Trial Balance
A: Trial balance means the statement prepared from ledger account where all debit and credit balance…
Q: why is there no entry for the 15th?
A: On record date No Entry is Required because liability is created on the date of the declaration and…
Q: The following is a statement about a multiple-step income statement, EXCEPT A. There is a section…
A: Multiple step income statement as the name suggests shows the calculation of income in various steps…
Q: Problem-solving Admission by Purchase of Interest or Investment of Assets Angeles. Bondoc and Campos…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Accounting for Correction of Errors, Change in Accounting Estimates and Accounting Policies Problem…
A: The change in accounting principle from FIFO to Weighted average should be reported as an adjustment…
Q: When computing diluted earnings per share, which of the following will not be considered in the…
A: Diluted earnings per share are calculated considering the potential common shares or convertible…
Q: What are the new wage rates for the following:
A: Pay band is the band in which it is mentioned to the employee about how much highest salary can be…
Q: The general ledger of JEONGCHEOL INDUSTRIES showed the following balances: Dr Cr Cash Accounts…
A: Cash balance: It implies to the cash including coins, paper notes, cheques, money order, etc, that…
Q: Following emoluments are received by Ms Sangeeta during the previous year ended on 31.3.2021 Basic…
A: Here discuss about the details of gross and net salary which are incurred after the deduction which…
Q: Major Co. exchanged equipment with Minor, Inc. Pertinent data are shown below: Major Co.Minor,…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Valiant Company reported the following analysis of current receivables at year-end: Trade accounts…
A: A key accounting concept is the buying and selling of things and services, with remuneration…
Q: RUE OR FALSE? The cumulative effect of change in accounting policy is shown in the income statemen
A: Solution Concept Accounting policy refers to the principles that is used in the presentation and…
Q: Required: Identify book of prime entries. Prepare the specialized journal Prepare the subsidiary's…
A: Journal is Book of Prime entry because all business transactions are recorded first in Journal Book.…
Q: Whales Inc. just invested in revolutionary electrical shock technology that is guaranteed to…
A: In this question, we need to calculate the present value of Revenue net of cost for 4 years
Q: it has six students. Only three students sign up for the class. The VP states the professor can…
A: Principles of Management and Cost Accounting The basic principles which are evolved in the…
Q: On December 31, 2021, Sad Inc. had a P3,000,000 balance in advertising expense account before any…
A: The accrual basis accounting records the revenue and expenses in the period they are incurred.
Q: How to make balance sheet to balance
A: The financial statements of the business includes the income statement and balance sheet of the…
Q: The rent expense of the lessee maybe composed of the following: I. Straight-line amortization…
A: Lease rent are the payment to the lessor against the right to use the asset of the lessor by the…
Q: . How much is the reportable gross income of ABC for taxation purposes? 5,000 50,000 55,000 None of…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…
Q: A company provided the following results from It's operations: Total Sales $400,000 Variable…
A: Lets understand the basics. Contribution margin is a margin generated from sales. Contribution…
Q: Whispering Winds Company has developed the following standard costs for its product for 2022:…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Statement 1: When the residual value is guaranteed by the lessee, the lessor shall include the same…
A: sale and lease back is a simple financial transaction which allows a person to leave the Asset to…
Q: Stephen, a manager, believes that if his company's revenue hadn't increased last year, it wouldn't…
A: Revenue means the amount earned by selling the goods or services. Profit means the difference…
Q: Tower City aims to construct a new bypass between two main routes that will reduce commuter travel…
A: You have posted a Multiple-part question, so as per our policy only the first three sub-parts are…
Q: On March 2, 2022, Gumamela Corporation issued 4,000 shares of 6% cumulative P100 par value…
A: Share warrant is a acknowledgment or document which issued by the company under its common seal,…
Q: You are the Treasurer for Short Run Sports Club and the manager asked you to prepare the financial…
A: Trading Account is a part of Income Statement that shows the Gross Profits earned or the Gross…
Step by step
Solved in 2 steps
- Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?Mary Singh, has the following information for her İncome Tax Return this year: Net Taxable Capital Gains Annual Union Dues Employment Income RRŠP Deduction First Time Home Buyer's Credit CPP Payroll Deduction from her T4 Slip Mary's T1 Income Tax Return Net income, Line 23600 for this year is? $10,000 $2,000 $40,000 $10,000 $5,000 $2,000How much should be the income tax withheld on compensation income? Mr. B, married, is a citizen and resident of the Philippines. He had the following data on income and expenses: Salaries, net of P7,000 SSS, Philhealth, Pagibig contributions, and labor union dues Thirteen month pay Allowances Gain on sale of asset P88,000 8,000 16,000 10,000
- Use the following information and the flow chart from the module to calculate: Adjusted gross income ( AGI) Taxable income Show your work for each calculation to receive full credit. An individual has the following information for the current tax year. Assume they do not itemize and they file as head of household. Income from wages, $80,000 Interest earned on savings, $150 IRA contribution, $5,000 Checking account interest earned, $75 Standard deduction for Head of Household: $20,800 Child and Dependent Care Tax credit, $3,000 Filing status: Head of HouseholdAna, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
- Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (58 km for employment) $ 52,00€ 330 128 3,650 8,470 2,950 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "S" sign in your response) Taxable incomeFranklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $ 47,780 225 100 12,069 3,890 1,150 What amount will Franklin report as taxable income? (Round your answer your response.) Taxable income $Gabriela has the following income for the quarter: a. Professional income,P80,000 b. Income from her business, P30,000 c. Compensation income,P40,000 d. Interest income from bank deposit, P10,000. What amount ofincome will Gabriela report in her quarterly income tax return? P80,000P110,000P120,000P150,000
- What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax? $1,314.59 $1,547.24 $1,781.33 $2,886.75Meryam Ahmed has net tax owing for 2016 of $5,000, net tax owing for 2017 of $8,000 and estimated net tax owing for 2018 of $6,500. If she wishes to pay using the Canada Revenue Agency's instalment payment calculation, what would be her payment be on September 15, 2018? a) $1250 Ob) $1625 c) $2000 d) $2750Following are the income details of Mr. Albert is in UK for the tax year 2019-2020 Other income Savings income Total income Net Income 16,300 1100 17400 The tax liability of Mr. Albert on Savings income will be: a. £20 b. £0 c. £220 d. £5000