George Black lives in Manitoba, a non-participating province that has an 7% provincial sales tax During the current year, he purchanes a new Lexus tor $82.000 He receives a trade in allowance of $36,000 for his old vehicle. The GST/HST charged on his new vehicle would be equal to Select one O a $4,100. O b. $5,980 O c. $2,300. O d. $10,660. Clear my choice Activate Windows
Q: Entries for Issuing and Calling Bonds; Loss Rushton Corp., a wholesaler of music equipment, issued ...
A: Journal entry shows the recording of transactions during an accounting year and every transaction ha...
Q: Mauro Products distributes a single product, a woven basket whose selling price is $12 per unit and ...
A: Formula: Break even point in Unit sales = Fixed cost / Unit Contribution margin
Q: t is possible to calculate shrinkage Multiple Choice a)in Periodic Inventory Accounting but not i...
A: Inventory shrinkage is the additional amount of inventory in the accounting records in comparison to...
Q: You are explaining time value of money factors to your friend. Which factor would you explain as bei...
A: The Time Value of Money (TVM) appears to be an important financial theory based on the premise that ...
Q: Flounder Service has over 200 auto-maintenance service outlets nationwide. It provides primarily two...
A: Breakeven sales revenue is that level of sales revenue at which business is only recovering it's tot...
Q: 42. A machine cost P 2750000 and has a residual value at 7% of its cost, it is expected to have a us...
A: Depreciation is the allocation of cost of asset over the useful life of the asset. There are several...
Q: Assuming that the total fixed cost of Vader Co. is expected to increase by 30% next period, what amo...
A: Break Even Sales in Pesos = Fixed Cost / Weighted Average Contribution Margin Weighted Average Contr...
Q: 15. Mr. Independence started a T-shirts business to be known as "Independence T- shirt". He has prov...
A: Lets understand the basics. As per balance sheet equation, total assets is always equals to total li...
Q: On December 31, 2021, the company exchanged old motor vehicles and RM48,000 for new motor vehicles. ...
A: Since you have posted a question with multiple sub-parts, we will be solving the first three for you...
Q: vardhaman traders purchased a machinery on 4.4.2019 at a price of rs 250000 and paid rs50000 on the ...
A: Discuss the concept of charging depreciation through the WDV method. WDV means written down value ...
Q: A donated fixed asset (from a governmental unit) for which the fair value has been determined should...
A: The resources that a firm employs in its commercial activities are referred to as assets. A donated ...
Q: Mr. John started a T-shirts business to be known as “John T-shirts". He has provided you with the fo...
A: Current assets are those assets which are held by an entity or enterprise with the purpose of conver...
Q: Depreciation for Partial Periods Storm Delivery Company purchased a new delivery truck for $60,000 o...
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its u...
Q: Treasury stock that had been purchased for $5,600 last month was reissued this month for $8,500. The...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: X Ltd. has annual sales of 10,000 units at $300 per unit. The annual fixed costs amount to $300,000....
A: Credit policy- A credit policy contains procedure that structure the amount of credit approved to co...
Q: sing the moving average - perpetual inventory method; compute for the units unsold and its total...
A: Solution Concept Under moving average perpetual inventory method , the inventory is updated on a reg...
Q: is believed to have a book value of 28. Mr. Sanchez bought a machine costing 60000 P24500.65 at the ...
A: In the declining balance method of depreciation, depreciation is not charged at an equal amount ever...
Q: erty to his new office no wins? Why? Be sr da diamond ring un
A: D Dentist leases an office from L Landlord. D has hung several paintings on the walls & has stro...
Q: The Sweet Factory produces and sels speciahy tudge The seling price per kogram is S20, variable cost...
A: >Units required to earn a certain target profit can be calculated using the values of Fixed Cost ...
Q: A process costing system in your company. Direct material A is placed into production at the beginni...
A:
Q: Project L requires an initial outlay at t = 0 of $35,000, its expected cash inflows are $8,000 per y...
A: Answer:
Q: Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book...
A: The kind of assets which depreciates include building, plant machinery, and office equipment depreci...
Q: WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2018 Cur...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: Helsinki Inc. produces premium bottled water. Helsinki purchases artesian water, stores the water in...
A: Facts given in the question are as follows: Helsinki purchases artesian water, stores the water in...
Q: Semiconductor had receiv rom the incoming quality tion centers. Below is give
A: Total quality management (TQM) is the ongoing process of identifying and reducing or eliminating pro...
Q: 2. Complete the natural resources section of the balance sheet on December 31, 2019, 2020, and 2021,...
A: 1 2019 Depletion deducted from income $66,080 Depletion included in inventory $22,420 20...
Q: 3.13 The partnership of Con and Rad started on June 1, 200C with an initial investment of P 200,000 ...
A: Lets understand the basics. Partnership is an agreement between two or more person who works togethe...
Q: n budgeting
A: The stakeholders are the guiding influence for any organization and knowing them is of utmost import...
Q: 6. Refer to the problem below. What is the balance of Shareholders' Equity at year- end? * Porsche C...
A:
Q: Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: Dear...
A: Earnings per share = earnings afte tax/ number of shares outstanding 2020 ($in million 2...
Q: 7. Copper Mines, Inc (CMI) . purchased property for the purpose of extracting copper ore. CMI paid $...
A:
Q: The account "Warranty Liability": Multiple Choice a)has a year-end credit balance equal to the co...
A: A warranty liability is a liability account in which a company notes the amount of the repair or rep...
Q: For each independent situation below, calculate the missing values.
A: Gains and losses seem to be the contrasting financial outcomes created by a company's non-primary ac...
Q: Cool Scoops makes ice cream in two processes, Mixing and Packaging. During April, its first month of...
A: Cost per completed unit = Total Production cost / Units transferred out Gross Profit per unit = Sell...
Q: Mr. John started a T-shirts business to be known as "John T-shirts". He has provided you with the fo...
A: Current Liability is a liability that is payable within 12 months from the date of Balance Sheet. ...
Q: Jam Ltd acquired all the equity in Cab Ltd on 31 December 20X4 for $370 000. At the control date, th...
A: The intercompany sales are to be given effect for the unrealized profit. The intercompany purchase o...
Q: Curve Company reported the following shareholders' equity on January 1, 2020: Ordinary share capital...
A: On May 2021, Number of shares issued in connection with bond warrant = 10000 shares @ P 120 per shar...
Q: ABC Inc. spent a total of $49,760 on factory overhead. Of this, $28,000 was fixed overhead. ABC Inc....
A: Variance is considered as the difference between budgeted value and actual results. The management u...
Q: Mishal has a gross income of $43,360. She owns a condominium and donates to charity, but there's no...
A: Facts in the given question is mentioned as follows: Gross income of Mishal is $43,360 Condominium ...
Q: currently relie s on a thırd-party carrier to deliver its frozen lobster o different narts of the
A: Marginal Costing is a traditional costing system. It focuses on...
Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note ha...
A: Amount of cash received = Face value of the Note - Discount amount where, Discount amount = Face val...
Q: Chapter 13: Overall Audit Strategy and Audit Program The following are two situations, all involvi...
A: The goal of auditing is to verify the financial statements' declared financial situation. It's a che...
Q: [The following Information applies to the questions displayed below) Patel and Sons Inc. uses a stan...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment...
A: Interest Expense for January = $80000 x 1% = $800 Excess Cash Balance in January = Preliminary Balan...
Q: Two years ago, Kimberly became a 30 percent partner in the KST Partnership with a contribution of in...
A: A partner who recognises a pre-contribution gain under S737 has an increase in the outside basis of ...
Q: 50. Determine the depreciation charged during the 5th year using sum of the year digit method of a m...
A: Under the SYD method, the depreciation rate percentage for each year is calculated as the number of ...
Q: P 2,500,000 P15,000,000 Common stock (P5 par, 500,000 shares) Premium on common stock Retained earni...
A: Unappropriated retained earnings is that portion of the retained earnings which is not set aside for...
Q: P30,000 at the end of the per vears using sinking fund met
A: This is a multiple-choice question in which we have to select the correct option.
Q: Calculate the amount of discount paid. Ordinary EOM ROG
A: Discount is the amount of money which a buyer gets from the purchases which has been made by him or ...
Q: 22. A machine, initially costing Php 155000, Is set to depreclate Php 20000 every year using sinking...
A: "Since you have posted multiple questions, we will solve the first question for you. In order to get...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Sami Terry is working as an Electrician for Siemens International in Toronto, Ontario. He earns $1500.00 on a bi-weekly basis. Sami’s Federal and provincial code for TD1 is 2(Hint: you can use 2021 tax deduction table or any other year if you prefer or PDOC). He has a cash taxable benefit of $30.00 and a non-taxable benefit of life insurance each pay period of $45.00 each pay period. He is also contributed $60.00 RPP each pay period. Required: Calculate Sami Terry’s Net Pay Check the following points if there are applicable only. Step One: Determine Gross Earnings Step Two: Determine Non-Cash Taxable Benefits Step Three: Determine CPP contributions (Use 5.45%) Step Four: Determine EI premium (Use 1.58%) Step Five: Determine QPIP premium Step Six: Determine federal & provincial tax Step Seven: Determine Northwest Territories/Nunavut (NT/NU) Payroll Tax Step Eight: Total Deductions Step Nine: Net Pay? Please Help me...Roxy operates a dress shop in Arlington, Virginia. Lisa, a Maryland resident, comes in for a measurement and purchases a $2,800 dress. Lisa returns to Virginia a few weeks later to pick up the dress and drive it back to her Maryland residence, where she will use the dress. Assuming that Virginia's sales tax rate is 5 percent and that Maryland's sales tax rate is 6 percent, what is Roxy's sales tax collection obligation? Multiple Choice $0 $140 to Virginia $140 sales tax to Virginia and $28 use tax to Maryland $168 to MarylandJohn Paul Smith, an insurance executive receives a salary of $500,000 monthly; and earned a commission of $750,000 in July 2021. He has a 3 year old car which the company provided him. The car cost the companyover $1,500,000. Private usage is 30%. Motor Vehicles: Annual Taxable Benefit Page 4 ofS Age of Motor Vehicle Age of Motor Vehicle the Motor Up to 5 years Old $90000 $1,500,000 ($100,000) $120,000 ( $1,500,000 $140,000) Original Cost of Over 5 Years Old $72,000 Vehicle Up to (S80,000) $98,000 ($100,000) Over He was in Montego Bay on special assignment for 3 days and spent an average of $20,000 per day, which he paid using the company's credit card. He gets a housing allowance of $60,000 monthly. Required Compute his gross emoluments for the month of July. State your assumptions for the computation.
- Mary Lou just purchased a new digital camera in Nunavut (Nunavut Tax Rate = 5%) for $556.49 including taxes. What was the price of the camera before taxes?Beth Campbell works for ZoneXX Inc. in York, Ontario. Beth is going to receive a $6,000.00 performance bonus on her next pay for meeting her previous year objectives. The bonus is the first Becca has received this year and will be paid on a separate cheque. Becca claims code 1 on her federal and provincial TD1s. Her regular bi-weekly salary is $1,650.00 and she has a group term life insurance non-cash taxable benefit of $12.50 per pay. She will not reach the annual maximums for CPP contributions or El premiums with this payment. Use this information to answer questions 3-7. Calculate Becca's CPP contribution. Answer: 876.70Rhonda has her own law practice in London, Ontario. During 2020 she paid $3000 to attend four conventions. Each convention cost a quarter of the total spent. All four conventions were hosted in London and related to her business. What is her maximum deductible convention expense for the year? Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer:
- Jim Murphy borrowed $30,000 on a 120-day 14% note. Jim paid $5,000 toward the note on day 95. On day 105 he paid an additional $6,000. Using the U.S. Rule, Jim's adjusted balance after the first payment is: Multiple Choice $25,000 $28,891.67 $1,108.33Sales Taxes. Rosalie purchased a cellphone in Fredericton, where the HST is 15%, for $953.00. What is the total price she paid including taxes? O a. $907.62 O b. $1,095.95 O c. $1,048.30 O d. $866.36K Ltd. paid an employee a tax-free travel allowance of $7, 700 based on 7,000 kilometres of out-of - town driving in 2023. What amount can K deduct for tax purposes? Please can you solve this based on the CRA thank you!
- Random Company requires their employees to travel for work using their own vehicles. The Company pays their employees a $0.75 per kilometer mileage rate allowance for the use of employee-owned cars. Ronny Ronald drove 7481 km this year and was provided an allowance at the company rate of $0.75 per kilometer. Ronny and the company are in Ontario. The non-deductible portion of the allowance provided to Ronny isThis year (2023), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $79,700 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans. Cost of purchasing a delivery uniform Contribution to State University deliveryman program $ 1,200 2,960 1,560 1,380 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable incomeGrace Kelley earns $2,000 per week. She is married and claims 2 exemptions. What is Grace’s income tax? Use the percentage method. (Use Table 9.1 and Table 9.2.) (Round your final answer to the nearest cent.) One Withholding allowance 79.80 weekly Please use tables for withholding 2018