Compute the total income of Wan Wan for YA 2021
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- Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a result, she received the following monetary rewards: Nature of Benefit/Reward Donor/Grantor Amount Cash incentive under RA 10699 National Government 10,000,000 Cash Donation Private individuals (MVP and RSA) 20,000,000 Cash Donation President of the Philippines 3,000,000 Cash Donation City Government of Zamboanga 2,000,000 Condominium unit Private corporation 14,000,000 New car Private corporation 2,500,000 Cosmetics Private corporation 1,000,000 S1- The cash incentive paid by the national government is exempted from income tax S2 - The cash donation by MVP and RSA are exclusions from gross income S3 - The cash donation by the President is exempted from taxation S4 - The cash donation by the City Government of Zamboanga is subject to donor's tax Which is FALSE? O S2 O $4 O S3 o o o oIndaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a result, she received the following monetary rewards: Nature of Benefit/Reward Donor/Grantor Amount Cash incentive under RA 10699 National Government 10,000,000 Cash Donation Private individuals (MVP and RSA) 20,000,000 Cash Donation President of the Philippines 3,000,000 Cash Donation City Government of Zamboanga 2,000,000 Condominium unit Private corporation 14,000,000 New car Private corporation 2,500,000 Cosmetics Private corporation 1,000,000 S1- The cash incentive paid by the national government is exempted from income tax S2 – The cash donation by MVP and RSA are exclusions from gross income S3 – The cash donation by the President is exempted from taxation S 4 – The cash donation by the City Government of Zamboanga is subject to donor’s tax Which is FALSE? Group of answer choices S1 S2 S4 S3Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a result, she received the following monetary rewards: Nature of Benefit/Reward Donor/Grantor Amount Cash incentive under RA 10699 National Government 10,000,000 Cash Donation Private individuals (MVP and RSA) 20,000,000 Cash Donation President of the Philippines 3,000,000 Cash Donation City Government of Zamboanga 2,000,000 Condominium unit (based on market price) Private corporation 14,000,000 New car Private corporation 2,500,000 Cosmetics Private corporation 1,000,000 S1 – The cash donation by the City Government of Zamboanga is subject to subject donor’s tax S2 - New car donated by the private corporation is subject to donor's tax S3 - Cash donation of the President of the Philippines is exempted from taxation S4 - Cosmetics donated by the private corporation is subject to donor's tax Which is FALSE? Group of…
- Question 2. Based on the following information, prepare the statement of sources and uses of funds in the zakat and charity funds for the year 2020. Note that the undistributed Zakat and charity on 1st January is RM910,000. Paid RM70,000 as Zakat for the poor and the needy, Zakat due from the bank RM4,400,000; wayfarer received RM110,000; new converts to Islam received RM245,000; Zakat collection and distribution to staff RM155,000; Donations RM3,700,000; RM330,000 for the heavily indebted and freedom of slaves; Zakat due from accountholders RM990,000.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. $62,000Pamela One donated a total amount of P500,000, 1/2 to the Makati City Hall and 1/2 to a charitable institution Home for the Aged. Upon inquiry, it was verified that the charitable institution's total receipts from donations amounted to P10 million. Its total administrative expenses reached P5 million. How much can Pamela One claim as total allowed deductions from the above donations?
- 1. A donor contributed $100,000 in cash to Goodwill Industries in 2020. The donor specified that the contribution be held as a permanent endowment, and income from investment of the contribution be used for job training programs. Goodwill Industries invested the $100,000 in securities in 2020. During 2021, investment income of $3,000 was received in cash, and $2,500 was used for job training programs. How does Goodwill Industries report this on its 2021 statement of activities? Select one: A. $3,000 investment income increases net assets without donor restrictions; $2,500 expense decreases net assets without donor restrictions. B. $3,000 investment income increases net assets with donor restrictions; $2,500 net assets released from use restrictions decreases net assets with donor restrictions and increases net assets without donor restrictions; $2,500 expense reduces net assets without donor restrictions. C. $3,000 investment income increases net assets without donor restrictions;…In a Technopreneurship competition held by Universiti Teknologi PETRONAS (UTP) during the Movement Control Order (MCO) period in year 2020, 1. Syazana and her team managed to win a grand prize award of RM 11,500. After discussion with her team, they decided to put their money in separate accounts namely Maybank fixed deposit, Takaful Malaysia trust fund and Amanah Saham Nasional. a. The Maybank fixed deposit rate is 930% per annum, while Takaful Malaysia trust fund and Amanah Saham Nasional rate are 920% per annum and 800% per annum, respectively. The team also have decided to put RM 2400 inside the Maybank fixed deposit. Based on the information given, use any of the accounts to invest RM 11,500 with the chosen expected profit within RM 97,000 to RM 100,000. All mathematical expressions used must be shown clearly.the following recipients: Charity State University Red Cross State History Museum City Medical Center Cash Cash Deduction Carryover Property Antique painting Dell stock Cost FMV $15,000 $15,000 14,500 82,000 17,000 14,500 5,000 28,000 b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this ye any carryover.
- Need ans as soon as possible Mr./Mrs. Tonu (Female students consider herself as male assessee and male students consider himself as female assessee). He/she has agricultural income of Tk. 800,000, in the income year and Capital Gain Tk. 20,000. She/he has got family ornaments from his/her grandmother amounting to TK. 3.5 crore.Besides the above information, he/she is the manager of a textile mill at Feni. From the particulars given below for the year ended on 30th June 2021, compute his/her income from salary and tax thereon. I. Monthly basic salary 95,000 (5% TDS already adjusted) in the scale of 50000- 10000x5-100,000. He has the yearly increment on March 10, 2020.II. Two bonus equivalent to one month’s basic salary.III. She/he has been provided with a rent free quarter for which employer deducts7.5% of basic salary per month. The annual value of the house estimated tk. 50,000. A mali has been provided by the employer at a monthly salary of TK. 6000.IV. He has been provided with…The officers and board of directors of the Chemical Engineers of the Philippines desires to award a P36,000 scholarship annually to deserving Chemical engineering students for as long as its scholarship fund shall last. The fund was started July 2002 by a donor in the amount of P180, 000. The officers invested this sum at that time at 8% per annum and plans on adding P6, 000 each year to fund its dues starting July 1, 2003 for as long as awards are made. For how many years starting July 1, 2003 can scholarship be awarded?Zahid donated P500,000 to a religious institution. During the year, the total receipts from donations of the religious institution was P1,000,000. Its total administrative expenses amounted to P400,000. How much was the total exempt gift?
