Juan Dela Cruz is the owner-manager of JDC Trading Company. Total Sales generated during the year amounted to P 1,230,000. Cost of goods sold is P 492,000 and total operating expenses is 184,500. The company opted for itemized deduction.
Q: Great Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024, using…
A: 1. Direct materials cost variance: The difference between the actual cost of materials used and the…
Q: Please select the right answe Sorry, your answer was A resource owned A resource presen A resource…
A: International accounting standards are created by the International Public Sector Accounting…
Q: FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit,…
A: A budgeted income statementThe statement or table showing the income and expenses for a particular…
Q: Maraton Inc. imports gourmet coffee and sells it to local restaurants. All sales are made on account…
A: Journal entries record the transactions in the books of accounts.Accounts receivable turnover ratio…
Q: The Riteway Ad Agency provides cars for its sales staff. In the past, the company has always…
A: Here incurred the details of compare with the details of purchase alternatives and the lease…
Q: Accouting Current Attempt in Progress Blossom Company purchases a patent for $158,000 on January 2,…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66…
A: Adjustment in accounting is a business transaction that has not yet been included in the accounting…
Q: Current Attempt in Progress Waterway Industries has two divisions; Sporting Goods and Sports Gear.…
A: Contribution margin is the amount of money earned by the entity after deducting the variable costs…
Q: what is their gross tax liability for 2023 assuming they file a joint return?
A: Capital gains taxes are levied on the sale of capital assets. If it is short term, it is called…
Q: A share of preferred stock has a par value of $100, an annual dividend of 2% and a current market…
A: The required rate of return on the preference stock is 2.99%.Explanation:Step 1:Information…
Q: a. Calculate days sale outstanding (DSO) for 2018 and 2017. Note: Round amount (your final answer)…
A: Accounts receivables- Accounts receivable is the balance of money due to a firm for goods or…
Q: Cold Stone Bakery purchases land, building, and equipment for a single purchase price of $580,000.…
A: The lump sum value of the assets is allocated to different assets on the basis of the market or fair…
Q: Macy's, Incorporated, operates the two best-known high-end department store chains in North America:…
A: Net income:Net income is simply refers to the profit that remains after all expenses and costs, such…
Q: The cash account of Waterway Co. showed a ledger balance of $18,781.68 on June 30, 2025. The bank…
A: Bank reconciliation statement:— It is the statement that shows the reconciliation of balance as per…
Q: Hayward Industries manufactures dining chairs and tables. The following information is available:…
A: Total overhead is the amount of money incurred on the making of the goods. It can be allocated using…
Q: At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant…
A: The Ratio Analysis Is Performed To Analyze The Financial Statements Of The Business On The Basis Of…
Q: Jacqui Bassett, chief administrator for the city hospital, is concerned about costs for tests in the…
A: Material Price Variance -A materials price variation can be calculated by multiplying the total…
Q: Assume NOL is allowed to carry back for two years, the amount of net loss reported on the income…
A: Net loss carried forward refers to the practice of applying the current year's losses to offset…
Q: The S&OP team at Kansas Furniture, has received estimates of demand requirements as shown in the…
A: Production inventory management calls for a methodical and strategic approach. Typically, producers…
Q: Pacheo Corporation, which has only one product, has provided the following data concerning its most…
A: Variable Costing -In this costing method, variable costs are considered while preparing the cost of…
Q: Direct Materials Purchases Budget FlashKick Company manufactures and sells soccer balls for teams of…
A: Budgeting:The prediction of the future by taking use of the current scenario and expectations is…
Q: Presidio, Incorporated, produces one model of mountain bike. Partial information for the company…
A: Cost volume profit analysis is the technique used by management for decision-making. The methods…
Q: On, April 1, 2020, S. Products Co. purchased new machinery for $450,000. The machinery has an…
A: The objective of the question is to journalize all entries required for the machine from April 1,…
Q: What are the long-term assets which do not have any physical existence? A. Intangible Assets B.…
A: Tangible Assets:These assets are physical, measurable Resources; like Property, Plant &…
Q: Calculate Sarah and David's: Qualified Business Income (QBI) Adjusted Gross Income (AGI) Taxable…
A: Taxable income represents the portion of an individual's income subject to taxation after allowable…
Q: Exercise 9-7 (Algo) Planning Budget [LO9-1] Lavage Rapide is a Canadian company that owns and…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: Flint Corp. Statement of Financial Position For the Year Ended December 31, 2023 Current assets Cash…
A: The objective of the question is to prepare a revised statement of financial position for Flint…
Q: On January 1, year 1 ABC. Ltd. had a piece of equipment with a cost of $ 150000 and accumulated…
A: The objective of the question is to calculate the gain or loss on the disposal of a piece of…
Q: On April 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 440000 plus installation costs of…
A: Depreciation The word "depreciation" is defined as an accounting method wherein the cost of tangible…
Q: Date Explanation Units Unit Cost Total Cost June 1 Inventory 320 $5 $1,600 12 Purchase 620 6 3,720…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: *** Tax Information for the Evans Family for 2023: Wages: Sarah ($79,500), James ($64,500) Interest…
A: Adjusted Gross Income: Total income is deducted from income adjustments to determine AGI. Payments…
Q: . Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting…
A: Statement of Cash Flow -Statement of Cash Flow is a financial statement that includes inflow and…
Q: Opunul Corporation has two manufacturing departments-Molding and Finishing. The company used the…
A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…
Q: 18. C ompany ABC buys a new machine with a list price of $50,000 plus an 8% sales commission.…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Exercise 13-2 (Algo) Dropping or Retaining a Segment [LO13-2] The Regal Cycle Company manufactures…
A: Product line analysis is required when there is more than one product in a company. Segmented income…
Q: During the taking of its physical inventory on December 31, 2013, Kate's Interiors Company…
A: Inventories are materials or goods used to manufacture products for sale to earn profits. The…
Q: On January 1, 20X3, Enid Corporation purchased a patent from another company for $190,000. The…
A: Amortization is the gradual reduction of a fixed asset's value over time, typically used for…
Q: Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets…
A: A financial statement that portrays each balance sheet item as a percentage of total assets is…
Q: Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: calculating the exact income tax payable/refundable for each partner is complex and requires…
Q: Using the indirect method, calculate the amount of cash flows from operating activities from the…
A: Cash Flow from Operating Activities -Operating activities, which indicate whether and to what…
Q: Flint Corp. Statement of Financial Position For the Year Ended December 31, 2023 Current assets Cash…
A: The objective of the question is to prepare a revised statement of financial position for Flint…
Q: empo Company's fixed budget (based on sales of 14,000 units) follows. Fixed Budget Sales (14,000…
A: Variable cost per unit = Direct materials + Direct labor + Indirect materials + Sales commission +…
Q: Walmart Incorporated is the world's largest retailer. A large portion of the premises that the…
A: LeaseThe agreement is formed by 2 parties where one party lends the asset and the other person uses…
Q: George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has…
A: Payroll accountingThe accounting process followed for the human resources payments regarding the…
Q: Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's…
A: The taxes that are paid by both the employer and the employee to support the country's employee…
Q: On April 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 400000 plus installation costs of…
A: The objective of the question is to calculate the book value of the equipment as of December 31,…
Q: Washington County's Board of Representatives is considering the construction of a longer runway at…
A: Internal rate of return method is one of the capital investment methods which determine the rate of…
Q: Beverly Plastics produces a part used in precision machining. The part is produced in two…
A: For calculating the cost of units completed and transferred and cost of ending inventory, in costing…
Q: 2. Compute the Cost of Goods Available for Sale, Cost of Goods Sold, and Cost of Ending Inventory…
A: Under the FIFO method, the inventory that is purchased at first is sold first. So, in a period of…
Q: On January 1, 2025, Wildhorse, Inc. signs a 10-year noncancelable lease agreement to lease a storage…
A: An agreement of contract that is prepared to transfer the right to use the resources for a…
Juan Dela Cruz is the owner-manager of JDC Trading Company. Total Sales generated during the year amounted to P 1,230,000. Cost of goods sold is P 492,000 and total operating expenses is 184,500. The company opted for itemized deduction.
Compute the gross taxable compensation income and tax due on each given situations:
- Juan Dela Cruz is single with no qualified dependent
- Juan Dela Cruz is single with 1 qualified dependent; JDC received creditable income tax withheld from its customers at P 27,655.
Step by step
Solved in 5 steps with 3 images
- JC recently graduated from veterinary school and opened their own professional practice. This year, their net profit was $22,300. Assume JC does not qualify for the QBI deduction. Required: a. Compute JC's after-tax income from their practice assuming their self-employment tax is $3,151, and their marginal income tax rate is 22 percent. b. What percentage of the federal tax burden on JC's business income is represented by the self-employment tax? Complete this question by entering your answers in the tabs below. Required A Required B What percentage of the federal tax burden on JC's business income is represented by the self-employment tax? Note: Round your answer to the nearest whole percent. Self-employment tax %May Yaman is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year: Sales From VAT business P6,000,000 From non-VAT business 4,000,000 Purchases For VAT business from VAT suppliers 3,000,000 For non-VAT business 2,000,000 Purchases from VAT suppliers of supplies used for VAT and non-VAT business 30,000 Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises) 100,000 The VAT payable is: Group of answer choicesK is the president and chief executive officer of KL, Inc., an S corporation that is owned equally byindividuals K and L. K receives a salary of $83,000, and her share of the net income, after deductingexecutive salaries, is $50,000. What is the proper income tax and payroll tax (F.I.C.A. or self‐employmenttax) treatment of each of the following to K for the current calendar year?a. The salaryb. The net income of $50,000.c. Calculate the payroll tax for K
- Ferran operates a boutique yarn store from their own. The store had accountingincome after tax of $40,000. Already deducted from that number are tax expenses of$8,000, meals of $1,300, and yarn supplies expense of $5,000.Calculate Ferran's taxable income based on what you know about them?Terrell, an unmarried individual, has the following income items: Schedule C net profit Salary $ 31,900 55,120 NOL carryforward deduction Interest income (9,190) 725 Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax AmountPPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting supervisor at a private bank where he earns an annual salary of P600,000, he is also the sole proprietor of HOPE Enterprises whose records during the taxable year show the following data: Gross sales, P4,000,000; cost of sales, P1,200,000; operating expenses consisting of salaries and wages, P240,000; utilities, P50,000; rent, P60,000; depreciation, P160,000; and miscellaneous, P40,000; and net capital gain of P10,000. How much is the taxable income of Mr. PPP during the taxable year assuming that he availed himself of the Optional Standard Deduction?
- 3. Jackson reports $60,000 sales from his Schedule C business. He has utility and wages expenses of $20,000, and depreciation of $5,000. Jackson also has $20,000 income from wages as an employee. What is Jackson's self-employment tax for the year?Timechex operates as a Nevada business. The employees annual earnings for the past calendar year are as follows: Will, $360,240: Adalia, $36,686: Brian, $21,190: ans Amanda, $6,000. What is Timechex's FUTA tax liability for the year?Ferran operates a boutique yarn store from their own. The store had accounting income after tax of $50,000. Already deducted from that number are depreciation of $5,000, financing fees of $2,500, and salaries to arm’s length employees of $10,000. CCA would be $4,000. Calculate Ferran’s taxable income based on what you know about them? (CANADA)
- K, a purely self-employed non-VAT taxpayer operating amerchandising business, had the following financial figures. Gross Sales ???Other Operating Income 200,000Non-Operating Income 100,000Cost of Sales 1,450,000Deductible Expenses 650,000It opted to be taxed at the 8% optional income tax which resulted to income taxdue of P212,000 for the taxable year. Should K had chosen to use thegraduated rates and itemized deductions, how much is his income tax due?Kagura is a resident citizen, earning purely business income for the taxable year: Gross sales P2,800,000 Cost of sales 1,200,000 Operating expenses 650,000 The business is not vat-registered. 1. Determine the business tax due under Section 116 Train law-3% percentage tax 12%VAT)? 2. Determine the income tax due.Terrell, an unmarried individual, has the following income items: Schedule C net profit Salary NOL carryforward deduction Interest income $ 31,900 55,120 (9,190) 725 Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. > Answer is complete but not entirely correct. Amount $ 76,302 AGI Taxable Income Income Tax $ 38,042 X $ 4,251 x
