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- Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your first assignment your supervisor asked you to assist him with the income tax computation of a small business in the tourism sector. The company provided the following information: Allen’s Rest Well Resort is a resort cottage located incorporated in Jamaica. The company is a registered tourism operator under the Tourist Board Act. The hotelcommenced operations on the 1 January 2019. Fixed Assets Cost (J$) TWDV (J$)Building (hotel) 100,000,000 72,000,000Furnitures 8,000,000 6,000,000Computers (laptops and CPUs)…Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your first assignment your supervisor asked you to assist him with the income tax computation of a small business in the tourism sector. The company provided the following information Allen’s Rest Well Resort is a resort cottage located incorporated in Jamaica. The company is a registered tourism operator under the Tourist Board Act. The hotelcommenced operations on the 1 January 2019. Fixed Assets Cost (J$) TWDV (J$) Building (hotel) 100,000,000 Furnitures 8,000,000 Computers (laptops and CPUs) 1,000,000 Computers (printers and monitors) 500,000 Motor Cars # 1 purchased in July 2019 # 2 purchased January 2019 3,000,000 2,500,000 2,437,500 1,875,000 Bus and Vans (purchased 1 January 2019) 8,00,0000 480,000 The following acquisitions and disposal occurred in 2021: 1. A Corolla motor car purchased for $3,000,000. Acquired 1 April 2021. 2. A BMW for…Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your first assignment your supervisor asked you to assist him with the income tax computation of a small business in the tourism sector. The company provided the following information: Allen's Rest Well Resort is a resort cottage located incorporated in Jamaica. The company is a registered tourism operator under the Tourist Board Act. The hotel commenced operations on the 1 January 2019. Fixed Assets Cost (J$) TWDV (J$) Building (hotel) Furnitures Computers (laptops and CPUS) Computers (printers and monitors) 100,000,000 8,000,000 1,000,000 500,000 72,000,000 6,000,000 500,000 375,000 Motor Cars # 1 purchased in July 2019 3,000,000 2,437,500 # 2 purchased January 2019 Bus and Vans (purchased 1 January 2019) 2,500,000 8,00,0000 1,875,000 480,000 The following acquisitions and disposal occurred in 2021: 1. A Corolla motor car purchased for $3,000,000. Acquired 1 April 2021. 2. A BMW for…
- You are an accountant working for a manufacturing company that makes personal care products and has recently decided to incorporate. The company incurred a total of $7,900 for attorneys fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on February 28, assuming they are paid in cash?1. A friend asks you to help them organize and establish a business corporation to be based in Kabacan. A. What is the title of a document will you prepare? B. To what office and place would you advise they submit the said document for processing? C. From what code/law will you base the form and substance of the above named document?Shushi Bae is a Koren based in South Korea. She established Shushi Samgyup in the Philippines and registered the same at the Department of Trade and Industry and the Bureau of Internal Revenue as Non-VAT. She hired Nicanor as the General Manager in-charge of all the operations of the head office and its branches. Total receipts for the 2021 are hereunder accounted: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Head Office NCR 500,000 400,000 500,000 400,000 Cebu Branch 250,000 300,000 200,000 Davao Branch 100,000 200,000 How much the total percentage tax is she required to pay for the year 2021?
- Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your first assignment your supervisor asked you to assist him with the income tax computation of a small business in The Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your first assignment your supervisor asked you to assist him with the income tax computation of a small business in the tourism sector. The company provided the following information: Allen's Rest Well Resort is a resort cottage located incorporated in Jamaica. The company is a registered tourism operator under the Tourist Board Act. The hotel commenced operations on the 1 January 2019. Fixed Assets Cost (J$) TWDV (J$) Building (hotel) 100,000,000 72,000,000 Furnitures…Al Badami Group of Companies range amongst one of the most reputed business establishments in the Sultanate of Oman. was established in 1973. It has three individual establishments namely; Global Chemicals & Maintenance Systems LLC, Al Badami Building Materials & Trading LLC, and Salem Al Badami Steel Industries LLC. These three establishments jointly presented the financial statement for the year 2020. Identify the type of report. a. Consolidated report b. Unconsolidated report c. Single report d. Combined reportWhich of the following entities is required to report on the accrual basis? An accounting firm operating as a Personal Service Corporation. A manufacturing business with $30 million of gross receipts operating as a regular C corporation. A corporation engaged in tropical fruit farming in Southern California. A partnership with gross receipts of $13 million and all of the partners are individuals with a December year-end.
- GlaxoSmithKline is a global pharmaceutical and consumer health-related products company located in the UnitedKingdom. The company prepares its financial statements in accordance with International Financial ReportingStandards.Required:1. Use the Internet to locate GlaxoSmithKline’s most recent annual report. The address is www.gsk.com/en-gb/investors/. Locate the significant accounting policies disclosure note.2. How does the company value its property, plant, and equipment? Does the company have any other optionsunder IFRS for valuing these assets? How do these options differ from U.S. GAAP?3. What are the company’s policies for possible reversals of impairment losses for goodwill and for othernon-current assets? How do these policies differ from U.S. GAAP?To incorporate, which of the following will the state want to know about your company? A. board of director education level B. the purpose of your business O C. the gross profit from the first quarter O D. first year, gross profit goals SUBMITa) After an excitingly attractive swearing-in ceremony, you are elected the chair of the audit committee of Electricity Company of Ghana (ECG), a state-owned organization. Required: Discuss how you would execute your stewardship in the first year of your tenure as the chair of the audit committee of the Electricity Company of Ghana (ECG)