Mary May, the owner of Adorable Dogs, contributed an additional R5 000 towards the entity. The effect on the statement of profit or loss and other comprehensive income will be:
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- If Sheena generates 600,000 profit for this period and incurs expenses amounting to 505,000, how much shall be allocated as his profit/loss? a. 600,000 profit b. 95,000 loss c. 95,000 profit d. 505,000 loss e. 600,000 lossToni calculated her gains and losses from dispositions of Sec. 1231 assets near the end of 20x4. She has a net Sec. 1231 gain of $30,000 and Sec. 1231 lookback losses of $17,000. Which of the following transactions (if Toni completed it in 20x4) would increase her LTCG? O sale of business machine (SP $40,000; cost $56,000; AB $46,000). O sale of business land (held 13 months) (SP $40,000; cost $36,000; AB $36,000). Sale of business land (held 13 months) (SP $40,000; cost $56,000; AB $56,000). None of the answers provided is correct. O Sale of business machine (SP $40,000; cost $56,000; AB $16,000).devrat
- During the year, Irv had the following transactions: Long-term loss on the sale of business use equipment $7,000 Long-term loss on the sale of personal use camper 6,000 Long-term gain on the sale of personal use boat 3,000 Short-term loss on the sale of stock investment 4,000 Long-term loss on the sale of land investment 5,000 How are these transactions handled for income tax purposes?Jimmy Corporation had the following income and expenses during the current year: Gross receipts Selling and Administrative expenses $480,000 200,000 Other operating expenses Contributions to qualified charitable organizations Capital gains Capital loss carryback Depreciation expense Dividend income 40,000 32,000 4,000 3,000 40,000 30,000 Dividends-received deduction 21,000 What is Jimmy Corp's charitable contribution deduction for the current year? Be sure to explain your answer and show your work.Determine the deductible charitable contribution in each of the following instances. Required: a. Charitable contribution of $2,700 and taxable income before charitable contribution of $44,000. b. Charitable contribution of $5.400 and taxable income before charitable contribution of $44.000. c. Charitable contribution of $3,175 and taxable income before charitable contribution of $44,000. Taxable income includes a net operating loss carryforward of $3,750. d. Charitable contribution of $3,175 and taxable income before charitable contribution of $35,900. Taxable income includes a capital loss carryback of $3,750. Amount a. Deductible charitable contributions b. Deductible charitable contributions c. Deductible charitable contributions d. Deductible charitable contributions
- A non-profit organization received S80,000 as the entrance fee of a new member. If 10% of the fee has to be capitalized, what is the amount of fee needs to be shown in the income and expenditure account? O a. S72,000 O b. $82,000 O . S80,000 O d. $62,000For the purpose of computing the taxable income and the income tax, it shall include all business expenses directly incurred to produce the merchandise to bring them to their present location and use. a. Cost of goods sold b. Operating expenses c. Both a and b d. CostMr. Pamplona earned total gross receipts of P800,000 and paid P300,000 in expenses in his accounting practice. During the same year, he also earned a total of P60,000 net gain from the sale of domestic stocks directly to a buyer. He also disposed a vacant lot at a net gain of P140,000. What is the taxable income of Mr. Pamplona?
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