Ryo Kiritani is a hair dresser and earns income by styling hair of well-known people. He initially received and recorded advance payments of Php 50,000, Php 75,000, and Php 125,000 from A, B, and C, respectively during the year 2022. By the end of December, it was determined that 55%, 30%, and 70% work were done for A, B, and C, respectively by Ryo. 5. Assuming A, B, and C are Ryo Kiritani's only customers, how much is his adjusted service income on December 31, 2022? 6. How much is Ryo Kiritani's adjusted unearned revenue on December 31, 2022? 7. How much is A's adjusted prepaid expenses in relation to Ryo's hair styling services on December 31, 2022?

Ryo Kiritani is a hair dresser and earns income by styling hair of well-known people. He initially received and recorded advance payments of Php 50,000, Php 75,000, and Php 125,000 from A, B, and C, respectively during the year 2022. By the end of December, it was determined that 55%, 30%, and 70% work were done for A, B, and C, respectively by Ryo. 5. Assuming A, B, and C are Ryo Kiritani's only customers, how much is his adjusted service income on December 31, 2022? 6. How much is Ryo Kiritani's adjusted unearned revenue on December 31, 2022? 7. How much is A's adjusted prepaid expenses in relation to Ryo's hair styling services on December 31, 2022?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 25P

See similar textbooks

Similar questions

Yoona, married with 3 qualified dependent children, a regular employee of SM Town Company, receives on July 06, 2022, PHP 30,000 as a regular monthly salary and half of her 13th month pay amounting to PHP 15,000 plus other benefits such as rice allowance or July of PHP 2,500, productivity incentive pay of PHP 30,000, hazard pay of PHP 1,000 overtime pay of PHP 4,000 and night shift differential of PHP 2,000. The income subject to withholding tax in July is: 57,000 37,000 30,000 34,000
Harley’s regular working days are from Monday to Friday. Last week, she rendered 55 hours of work. If she is paid ₱300.00 per hour, determine her gross pay for the week.
Nicanor was employed by ABC Corp. from April 1, 2020. He receives basic pay of Php 20,000 per month as compensation. During annualization of compensation in November, it was determined that he will also receive the following: Additional compensation allowance – Php 5,000 Cash gift – Php 5,000 Christmas bonus – Php 5,000 Loyalty award – Php 5,000 Performance bonus/productivity incentive – Php 10,000 How much is the 13th month pay?
answer the following questions and show your steps for your calculations (you must show the applicable details for each question; for example YMPE = $, YBE = $, Contribution Rate = %): . Assume the year is 2021. Rachel who just turned 28 works for Tech Industries and makes an annual income of $52,000. Calculate total employee and employer contributions. b) Sasha has been employed with Planters Inc. since 2012. She earned a salary of $85,000 this year. Calculate total employer and employee contributions. c) Angela’s dad had hired her to work part time for his business while she was in grade 8. He had her doing some filing and answering phones over the summer and paid her $22,500. Calculate total employee and employer contributions. d) Qui had just turned 18 and made $2,495 while going to school. Calculate total employee and employer contributions. e) Terence is self-employed and made an income of $222,000 this year. Calculate both the employer and employee contribution. f) Franco has a…
In 2019, Gucci Company paid the various household expenses of its vice president for operation, which are broken down as follows (refer to the data below). The vice president for operation receives an annual salary of Php. 300,000 and fixed representation and travel allowance of Php. 50,000 per month in addition to the above mentioned household expenses. COMPUTE FOR THE TOTAL ACTUAL MONETARY VALUE
Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Ms. Berry’s monthly statutory income is: a. $812,500 b. $820,000 c. $730,500 d. $737,250
Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry's MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%. The monthly PAYE is: a.$162,748 b. $153,061 c.$164,923 d.$189,748
Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%.
Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Ms. Berry's monthly statutory income is: а.$730,500 b.$737,250 c.$820,000 d.$812,500
In 2018, Malakas M. Henyo, the CEO of the Philippines Nuclear Fusion Corporation, earned compensation income of P4,000,500. This amount is inclusive of his 13th month pay and other benefits of P250,000, but net of the mandatory contributed to SSS and Philhealth. Aside from his employment, he also owns a cafeteria. In 2018, the cafeteria had gross sales of P1,500,000, cost of sales of P500,000 and operating expenses of P300,000. It also had non-operating income of P700,000. Compute his income tax due for 2018 if he avails of the 8% income tax rate option on his gross sales plus non-operating income arising from his cafeteria business. O P1.734,430 O P1,257,360 O P1,277,360 O P1,101,360
Through November, Cameron has received gross income of $131,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $9,860 of revenue at a cost to Cameron of $4,100, which is deductible for AGI. In contrast, engagement 2 will generate $7,200 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description (1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGI deduction (4) Adjusted gross income (6) Deduction for QBI Taxable income Engagement 1 Engagement 2
Mr. Mahfuz is a service holder. He received basic salary of Tk. 22,500 in themonth of July 2018 following the salary structure of 18,000 - 1,500 X 4 - 24,000. The date ofannual increment is 16th November. Besides basic salary he received: Medical Allowance Tk.1,500 per month; Conveyance Allowance Tk. 2,500 per month; Entertainment Allowance Tk.500 per month; Performance bonus Tk. 80,000; Mobile bill allowance Tk. 2,000 per month; andOvertime allowance Tk. 25,000. He has been provided free furnished accommodation for whichthe company paid rent of Tk. 5,500 per month. He received two festival bonuses (one in Octoberand another in December) each equal to one month's basic salary. He contributed 10% of basicsalary to Recognized Provident Fund (RPF) like his employer. He received interest @ 16% Tk.12,800 on the accumulated balance of RPF.During the year he incurred and made the following expenses and investments: Life insurancepremium paid: Own (policy value Tk. 500,000) Tk. 60,000 and…