engaged in renting out 250 apartment units to small families for P13,000 per month. All units are occupied. Philippine, 2021.Determine the business tax and the business tax due. VAT; P390,000 Percentage Tax ;
Q: Chataqua Can Company manufactures metal cans used in the food-processing industry. A case of cans se...
A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...
Q: Compton Information Services, Ic., has two service departments: human resources and billing. Compton...
A: The cost of service department cost can be allocated to different operating departments on the basis...
Q: If you deposit $100 in an account earning 6%, how much would have in the account after 1 year? you
A: For that we need to calculate the future value which is calculated on the basis of particular rate o...
Q: Requirements: Record the transactions stated above in the general journal. Post the transactions t...
A: Journal is a book that includes all business transactions, In the journal, all business transactions...
Q: Based on the bank reconciliation THAT IS ATTACHED, journalize the entry or entries to be made by Kor...
A: Journal is the records of any transactions either economic or non-economic. The logic behind a journ...
Q: n 12 September, the auditor became aware that a fire burnt down one of TGL’s warehouses, resulting i...
A: THE adjusting event are the event that provide evidence of condition that were existing at the balan...
Q: While calc
A: Free cash flow is usually generated from its business operations after minus the capital expenditure...
Q: Answer True or False Both finance and operating leases are subject to capitalization.
A: Finance Lease : lease where substantially all risk and rewards incidental to the ownership of the as...
Q: Hannah opens a retail wholesale store selling groceries and stationeries in her neighbourhood. She s...
A: Assets=Liability+Owner's Equity
Q: A product costing $350, less 30%, 20%, and 10%, sells to allow for overhead expenses of 22) 30% of t...
A: Answer) Calculation of Selling price per unit Selling price = Cost of product + Overhead Cost + Prof...
Q: Williams Corporation reports the following direct labor information for November: Standard rate $ 3...
A: Labor Price variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked Labor eff...
Q: Malaysia Inc. purchased a capital expenditure amounting to Php1,500 and reported revenue of Php125,0...
A: 1. Calculation of Tax Amount Particulars Amount Revenue 125,000 Less: Operating Expens...
Q: Boracay Company manufactures desks with vinyl tops. The standard material cost for the vinyl used fo...
A: Material usage variance = (Actual quantity used - Standard quantity allowed)*Standard rate per squar...
Q: JFC Corporation values its inventory by using retail method: 4. How much is the ending inventory at...
A: Retail inventory method is used by the retail operations like department stores to value the invento...
Q: Negros Co.'s factory overhead rate is pre-determined at the start of the fiscal period based on expe...
A: Predetermined overhead rate = Budgeted Fixed Overhead at Normal Capacity/ Number of units produced a...
Q: After the disposal of an asset, the balance in the Accumulated Depreciation account related to that ...
A: Depreciation are required to be charged by the business entities so as to shown the assets in the ac...
Q: Walter owns a whole-life insurance policy worth $55,800 that directs the insurance company to pay th...
A: Net Value of Insurance policy which will be included upon death is the amount that will be received ...
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...
A: Solution Formula= Predetermined Overhead Rate = Estimated manufacturing overhead / Estimated machine...
Q: Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princes...
A: Formula: Gain on exchange = Princess Fair market value of the property - Additional cash - Angel ow...
Q: HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. ...
A: Total assets includes both Current assets and Non current assets. Current assets: Current assets are...
Q: Teal Leasing Company agrees to lease equipment to Flint Corporation on January 1, 2020. The followin...
A: The question is based on the concept of Lease Accounting.
Q: HandiQ Inc. is a hardware store that sells goods and provides services. Analysis of the company's ac...
A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current pe...
Q: Beta Corporation (the Company), which is an environmental service company, is taxed as a C Corporati...
A: Provision of law: As per IRC Section 163(j), interest expenses incurred by US business shall be all...
Q: S117,800 $63,000 $17,500 $76,000 $3,800 on Production Equipment erty Taxes Supervisor Salary $40.700
A:
Q: Production Data June Beginning work in process units 0 Units started into production 25,960...
A: Solution 1: Equivalent units of production (EUP) Units % material EUP-Materials % Conversion...
Q: Assume the company uses the AFN formula and all additional funds needed (AFN) will come from issuing...
A: Additional funds needed(AFN) is the concept used by organizations to determine the amount of funding...
Q: Problem #3 Admission by Investment of Assets After the tangible assets have been adjusted to fair va...
A: Solution A Journal is an company's official book in which all business transactions are recorded in ...
Q: Where are only a proportion of a subsidiary's shares owned by a parent entity? What proportion of th...
A: Intragroup transactions are those financial as well as commercial transactions which includes two co...
Q: Prepare any journal entry necessary to record the LCNRV of the paper inventory at (1) June 30, (2) J...
A: Solution: As per GAAP, Inventory is to be valued at cost or NRV whichever is lower in the financial ...
Q: Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. in...
A: Assets = Liabilities + Stockholders Equity Stockholders' Equity = Common stock + Retained earnings R...
Q: *The sinking fund factor is the reciprocal of the uniform-series compound amount factor. True False
A: The sinking fund factor is the reciprocal of the uniform-series compound annual factor. Uniform-seri...
Q: On November 1, Jasper Company loaned another company $270,000 at a 8.0% interest rate. The note rece...
A: Interest revenue reported in first year = Amount of loan x rate of interest x No. of months / 12
Q: 2. Mala-Inse Company sells its products on account payable in 30 days from the date of sale. Custome...
A: The Average amount of Receivables is calculated with the help of following formula Receivables = Cr...
Q: Prepare journal entries and the ledger accounts to record the above transaction. (b) Extract ...
A: Journal entry is the entry which is recorded at the time when a company makes a financial transactio...
Q: Pale Manufacturing Company has an expected production level of 175,000 product units in 2020. Fixed ...
A: Fixed factory overhead rate = Total Fixed factory overhead / expected production Variable overhead ...
Q: Ronald Partners is negotiating with its audit client (Maxim Industries) for its upcoming audit fees....
A: Ronald Partners, here, is not only an audit company but also a provider of tax consultancy services....
Q: 3
A: Bureau of Internal Revenue (BIR): The Bureau of Internal Revenue is an organization within the Depar...
Q: Required information [The following information applies to the questions displayed below.] On Decemb...
A:
Q: 13. When Joshua purchased Jasmin's P1,000,000 capital interest for 12. When Joshua purchased Jasmin'...
A: 1. False. A partnership firm can be dissolved any time with the consent of all the partners whether...
Q: Concord Inc. is a retailer using a perpetual inventory system. All sales returns from customers resu...
A: As per the definition of perpetual inventory system , inventory counting is done continuously and up...
Q: Required: i. Prepare the Statement of Profit or Loss and the Statement of Financial Position as at 3...
A: Statement of income shows all the income(s) earned by the organization. There are certain ways for c...
Q: National Co. has an inventory conversion period of 65 days, a receivables conversion period of 42 da...
A: Cash conversion cycle = Inventory conversion period + Receivables conversion period - Payment cycle ...
Q: Gill Company calculated equipment depreciation for the month of $500. The necessary adjusting entry ...
A: Adjusting entry includes the adjustments with regard to the accruals and prepaids. These are recorde...
Q: Problem #1 Admission by Purchase of Interest The capital balance of the Song and Monte partnership o...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: National Co. is considering changing its credit terms from 2/15, net 30 to 3/10, net 30 in orde to s...
A: Cost Accounting- Cost accounting is a process of accounting wherein all the costs related to any pro...
Q: Prepare an income statement for the year ending December 31, 2021
A: Income statement: It is a statement which shows the net income of the company by subtracting total e...
Q: Problem 3-1 – Audit of various investments Ace Holding Co. shows the following investments in its ac...
A: Solution Royalty income is income received from allowing someone to use your property.
Q: Oscar Wylee Women Glass Ltd is a supplier of fashion women sunglasses. The audit report for the year...
A: Solution Audit is an evaluation or examination of something by a person or group of person.
Q: Stork Enterprises delivers care packages for special occasions. They charge $50 for a small package,...
A: The sales tax is a type of indirect tax. The seller col...
Q: nformation about direct materials cost follows for a local company: Standard price per ma...
A: Standard costs is the budgeted cost of producing or selling the product in the market. This will be ...
Repaso is engaged in renting out 250 apartment units to small families for
P13,000 per month. All units are occupied.
Philippine, 2021.Determine the business tax and the business tax due.
VAT; P390,000
Percentage Tax ; P32,500
VAT Exempt; P 0
Percentage tax; P 0
Step by step
Solved in 2 steps
- 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 $2,000Darius' net income from self-employment reported on Schedule C is $25,000. Calculate his self-employment tax. Group of answer choices $1,766 $23,088 $3,825 $3,532Laura has self-employment income of $87,500 for the year. How much is her self-employment tax? $10,747 $11,637 $12,363 $13,387
- 20. Which of the following is subject to tax? P6,000 representing his unused vacation ieave credits of ninë working days; b. Traveling expenses of P15,000 received by an employee who was sent on a business trip to Davao City; C. Representation expenses of P5,000 a month which are not subject to liquidation; d. Tips received by waitresses which are remitted to their employer. а. С. CS Scanned with CamScannerUsing the TRAIN ACT TAX CODE below how much annual tax will be paid by Juan who earns Php. 45,000 a month and had a monthly contributions of the following: GSIS1.Ms. Evelyn is tax comiance officer at the breau of internal revenue earning monthly salary of P35,196.00. How much is Ms. Evelynis take home pay. 2.Allan S. Gala is a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00 over his monthly salary of P24,300.00. How much is his monthly net pay
- How much is the total income tax of Ana assuming she opted to be taxed at 8%? Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales P2,800,000 1,125,000 650,000 Cost of sales Business expenses Interest income from peso bank deposit Interest income from deposit under FCDS 80,000 120,000 Gain on sale of land in the Phils. held as capital asset 500,000 with cost P1.5M when zonal is P1.2M P321,500 O P342,500 O P351,500 O P358,000Mr A anticipates that his gross sales in a year will not exceed P3, 000,000. He is deciding on whether to register as a VAT taxpayer or not. He forecasts that in the year 2018, he will have the following tax data: Sales P1, 500,000 Purchases of goods to be sold From VAT taxpayers, VAT not included 800, 000 From non-VAT taxpayers 100, 000 Miscellaneous expenses to be paid: From VAT taxpayers, VAT not included 50, 000 From non-VAT taxpayers 20, 000 How much will be the total business taxes if: (a) He opts not to be VAT registered? (b) He opts to be VAT registered? (c) Taxwise, which is better, to be VAT-registered or not?1. Ms. Evelyn is tax compliance officer at the Bureau of internal revenue earning a monthly salary P35,196.00. How much is Ms. Evelyn's take home pay? 2. Allan S. Gala is a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00. Over his monthly salary of P24,300.00. How much is his monthly net pay?
- Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 403.84 Federal tax levy $217.16 Figure 6.32020 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 47.69 64.23 80.77 97.31 113.85 130.39 47.69 plus 16.54 foreach dependent Weekly 238.46 321.15 403.84 486.53 569.22 651.91 238.46 plus 82.69 foreach dependent Biweekly 476.92 642.30 807.68 973.06 1138.44 1303.82 476.92 plus 165.38 foreach dependent Semimonthly 516.67 695.84 875.01 1054.18 1233.35 1412.52 516.67 plus 179.17 foreach dependent Monthly 1033.33 1391.66 1749.99 2108.32 2466.65 2824.98 1033.33 plus 358.33 foreach dependent Source: Internal Revenue Service. Carson Holiday has a federal…Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 403.84 Federal tax levy $217.16 Figure 6.32020 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 47.69 64.23 80.77 97.31 113.85 130.39 47.69 plus 16.54 foreach dependent Weekly 238.46 321.15 403.84 486.53 569.22 651.91 238.46 plus 82.69 foreach dependent Biweekly 476.92 642.30 807.68 973.06 1138.44 1303.82 476.92 plus 165.38 foreach dependent Semimonthly 516.67 695.84 875.01 1054.18 1233.35 1412.52 516.67 plus 179.17 foreach dependent Monthly 1033.33 1391.66 1749.99 2108.32 2466.65 2824.98 1033.33 plus 358.33 foreach dependent Source: Internal Revenue Service. Karen Most has a federal tax…Heiman, a VAT registered taxpayer, had the following data in 2022:Deferred input taxes, December 2021, P6,200Sales (net of VAT): January, P620,000 February, P430,000 March, P540,000 Purchases (net of VAT): January, P508,000 February, P432,000 March, P314,500 How much is the VAT payable for the month of March? P26,820 P34,090 P20,860 P26,580 P25,620