What is the amount subject to business tax?2 pointsJackpruit, a seller of goods, had the following transactions in January 2020:200,000300,00040,00020,000Cash salesPCredit/Installment sales (40% collected)Sales returns and allowancesFreight-out charged to customersO POP460,000P480,000P500,000

Bussiness taxable income is simply the net income earned during the taxable period i.e. taxable…

Answered: What is the amount subject to business…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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How much is the VAT Payable in May? Given the following data during the 2nd quarter of 2022 Output Tax 12,000.00 Month Input Tax April May June 7,000.00 18,000.00 15,000.00 24,000.00 10,000.00 In the books, there was a debit balance of input tax amounting to 6,000 from preceding quarter. 3,000 2,000 1,000
a. the Statement of Comprehensive Income for the year ended 31 December2020.
On December 28, 2021, Tristar Communications sold 19 units of its new satellite uplink system to various customers for $15,000 each. The terms of each sale were 3/15, n/30. Tristar uses the gross method to account for sales discounts. In what year will income before tax be affected by discounts, assuming that all customers paid the net-of-discount amount on January 6, 2022? By how much? in income before tax will be by
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On December 28, 2021, Tristar Communications sold 13 units of its new satellite uplink system to various customers for $20,000 each. The terms of each sale were 1/10, n/30. Tristar uses the gross method to account for sales discounts. In what year will income before tax be affected by discounts, assuming that all customers paid the net-of-discount amount on January 6, 2022? By how much? In income before tax will be by
(8 Problems 1) On January 1, 2021, Cali Consulting has a $110,000 balance in accounts receivable and a $0 balance in the Allowance for Uncollectible Accounts. During 2021, Cali provides $205,000 of service on account. The company collected $190,000 cash from Accounts Receivable. Uncollectible accounts are estimated to be 3% of sales on account. a. What is the amount of uncollectible accounts expense recognized in 2021? b. What is the amount of cash flows from Operating activities that would appear on the 2021 Cash Flow statement? Show the impact (with amounts) of each of the following items on the horizontal C. Oquation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. 3. Study guide - Chapter 5 (with solutions).docx O A 69°F P. f5 f12 6J prt sc I14 &
1. Accounts receivable balance as of December 31, 2020 2. Allowance for doubtful accounts as of December 31, 2020 3. Net realizable value, December 31, 2020 4. Doubtful accounts expense for 2020
The following credit sales for Edan enterprises took place during May 2020: May 1: Credit sales to Axel €800 May 2: Credit sales to Bisham €500 May 4: Credit sales to Cloe €400 May 5: Credit sales to N.Roben €700 May 7: Credit sales to S.Wijnelden €300 May 10: Credit sales to T. Hector €800 May 11: Credit sales to P. Sneijder €500 May 17 Credit sales to N.Roben €600 May 23: Credit sales to Cloe €1,000 May 30: Credit sales to Axel €900 Required: (a) Record the above transactions in a sales day book (b) Record the above transactions in the following ledger accounts: (i) Sales Ledger (ii) Transfer the total to the sales account in the General ledger (c ) You have recently been hired as a book-keeper of an SME (Small and medium size) enterprise. Using a case study company in an industry of your own choice: Reflect how the case study company you have selected for purposes of this question the process of developing and maintaining books of original entry particulary with regard to…
Yaso plc is a manufacture company and its financial year ended at 31 st December 2019. Total assets are £40m and net profit before tax is £12m. Yaso plc's trade receivables ledger includes a large number of customers. The year-end trade receivables balance is £4m (comparable to £2m in 2018) and the allowance for trade receivables is £400,000 (comparable to £600,000 in 2018). A. Requirement: • Describe substantive procedures the auditor should perform to obtain sufficient and appropriate audit evidence in relation to Yaso plc's trade receivables.
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Question 2 Baby Boomers, Ltd.. had gross sales of $4,000,000 on credit during the year 2021. Sales returns and allowances in 2021 were $320,000 and trade discounts given to customers were $80,000.During 2021, the company also collected $3,200,000 in cash from credit sales. The company uses the allowance method for bad debts, and at the end of 2021, the CFO of the company estimates that 1% of total credit sales will never be collectible. Few months later, in April 2022 a customer confirms to the company that he will never pay $8,000.Required:a) Prepare detailed presentation of the revenue section of the income statement for the the year 2021. b) Show the journal entries for the years 2021 and 2022.

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