Jacob started a business with the following transactions: 1. Invested $20,000 into the business. 2. Purchased supplies worth $2,000 on account. 3. Sold goods for $10,000; these goods cost $6,000. 4. Paid salaries of $1,000. What is Jacob's net income after these transactions? A) $3,000 B) $4,000 C) $2,000 D) $1,000
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- Anna 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. 1. What amount of income will Anna report in her quarterly income tax return? a. P80,000 b. P110,000 c. P120,000 d. P150,000 2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR? a. P6,400 b. P8,800 c. P9,600 d. P12,000Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts receivable were $25,000. During the year, Mosh collected $100,000 from customers. At the end of the year, accounts receivable were $15,000. What was Mosh's gross taxable income for the current year? A. $75,000 $90,000 B. C. $100,000 D. $110,000Ian 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
- What is George’s gross income if he has the following: Salary = $78,000; Dividends = $4,000; interest on city of San Francisco bonds = $2,000; a gain of $14,000 on a stock sale and a $4,000 loss on a small sole proprietorship that he owns. a. $78,000 b. $84,000 c. $92,000 d. $96,000Compute for the Income Tax for the below data: MRS. MR. Gross Sales of the Business P4,000,000 Cost of Sales and expenses of the business 1,900,000 Gross Receipts from profession P300,000 Cost and Expenses in the practice of profession 120,000Nikul
- Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past year. The A.P.R. on her credit card for the past year was 19.99%. Approximately how much interest would Louisa have paid over the course of the year? She would have paid interest charges of $2,000. She would have paid interest charges of $20. The credit card company would have paid Louisa $20. She would have paid interest charges of $200.Using the following information about the family’s assets and liabilities, calculate the total assets: Checking account: $3,000 Savings account: $13,000 Credit card balance: $5,500 Utility bill: $500 Home: $320,000 Mortgage (30 years): $210,000 Car: $25,000 Car loan (60 months): $18,000 Student loan (7 years): $25,000 Household items: $15,000 Retirement account: $64,000 Other assets: $39,000 A) 464,000 B) 400,000 C) 415,000 D) 479,000Laura borrowed a total of $25,000 from two different banks to start a business. One bank charged the equivalent of 3% simple interest, and the other charged 4.5% interest. If the total interest after 1 year was $810, determine the amount borrowed from each bank.
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