Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. Cash B. Federal income tax payable this year C. Long-term note payable D. Current portion of a long-term note payable E. Note Payable due in four years F. Interest Expense G. State income tax
Q: 3. Consider the following accounts and determine if the account is a current liability, a long-term…
A: Current liabilities are short term obligation that to be paid within one year and liabilities having…
Q: When determining the amount of cash paid for income taxes, what would be indicated by an increase in…
A: Defferred income tax liability indicates that the because of temporary difference between accounting…
Q: For each of the listed payroll-related taxes, indicate whether they generally apply to employees…
A: Payroll taxes are taxes paid to Internal Revenue Service (IRS) and withheld, charged or levied on…
Q: e tax arbitrage rate applicable to interest expense is- * 20% of the interest expense 20% of the…
A: In tax arbitrage when you buy and sell in different currencies there are gains on the transaction…
Q: Consider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan =…
A: Taxes are to be paid as per the applicable tax rate on the Taxable Income of any organization.…
Q: Name No. of Earnings Deductions Marital W/H (a) (b) (c) FICA (d) (e) (f) (g) Status Allowances…
A: Payroll taxes: Payroll tax can be defined as the amount of tax withheld from the salary of the…
Q: The amount of income taxes due to the government for a period of time is rarely the amount reported…
A:
Q: 1. A tax payer receives an assessment notice from the BIR informing him that his total deficiency…
A: As per our protocol we provide solutions to one question only but you have asked multiple questions…
Q: Answer: А. Electronic Federal Tax Payment System В. lookback period C. monthly depositor status D.…
A: During the deposit period, if the accumulated tax liability exceeds $100,000 or more, then after…
Q: This same MCIT calculation and payment will be required when filing quarterly and annual corporate…
A: The MCIT is a tax levied on a company taxable under Title II of the Internal Revenue Code that…
Q: Is the income tax expense shown in the income statement same as the income tax paid shown in the…
A: As per the given cash flow statement and Income statement, income tax expense shown in the income…
Q: consider the following accounts and determine if the account is a current liability, a noncurrent…
A: The balance sheet is the statement of financial position of the business.
Q: Which of the following is not classified as a current liability account? a. salaries and wages…
A:
Q: (Accounting and Classification of Deferred Income Taxes)Part A: This year, Gumowski Company has each…
A: Since the student has not mentioned any specific requirement, only the first question is answerable.…
Q: This year AB Company has each of the following items in its income statement. Part A. Gross…
A: Deferred taxes are treated as per the Income Tax Rules. Deferred tax is a liability that is a tax…
Q: Cash basis taxpayers deduct rental expenses that apply to a future tax year in the year the expenses…
A: Cash basis taxpayer means the tax payer who report expense and revenue on cash basis and not on…
Q: (1) Prepare the statement of income during Year 1. Pre-tax financial income Income tax…
A: Tax is the revenue for the government and a compulsory payment for the business entity. It is the…
Q: Current liabilities include interest revenue received in advance, with a carrying amount if P1,000.…
A: Tax base is the value that is assessed for an item in balance sheet as per taxation of that…
Q: The asset-liability approach for recording deferred income taxes is an integral part of generally…
A:
Q: Part A: This year, Gumowski Company has each of the following items in its income statement. 1.…
A: Since the student has posted multiple questions, we will answer only the first two.
Q: With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $6,750 Credit against FUTA…
A: Formula: Net FUTA tax = Gross FUTA tax due - Credit against FUTA
Q: With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA…
A: Formula: Net FUTA tax = Gross FUTA tax due - Credit against FUTA
Q: Consider the following accounts and determine if the account is a current liability, a noncurrent…
A: Introduction: Current Liability: These also called as Short term liabilities. Which are in due and…
Q: Each year there is a ceiling for the amount that is subject to all of the following except…
A: Each year there is a ceiling for the amount that is subject to federal unemployment tax, social…
Q: Accounting profit is O A. The The profit or loss is for a period determined before deducting in…
A: There are two types of income. One is accounting income, and the other is taxable income. Tax…
Q: For which of the following sources of income would the entire amount be required to be included in a…
A: A company following cash method will taxed on all gross income received during the tax period.…
Q: What are the criteria for taxpayers to be able to deduct a debt written off as bad in income year?
A: Introduction: Bad debt: Bad debt refers to those accounts receivable that are uncollectible. Bad…
Q: Umasa Corporation reported the following information for the current year: Pretax financial income…
A: Taxable income = Pretax financial income - exempt income + rent received in advance - depreciation =…
Q: Consider the descriptions of the following accounts and determine if each account is a current…
A: Liability means the amount which is to be paid to an outsider. Current liability mean the amount…
Q: a) Explain the difference between pretax financial income and taxable income.
A: Hi! Thank you for the question, As per the honor code, we'll answer the first question since the…
Q: Delta has interest receivable which has a carrying amount of $75,000 in its statement of financial…
A: Tax base is the amount attributed to that asset or liability for the tax purpose.
Q: Withholding is: b. A method by which the government collect taxes at the time of its A method of…
A: Taxes are the dues and liabilities which needs to be paid by the individual to the government on…
Q: Prepare the journal entries to record: a) the March 31, 2018 instalment amount payable, b) the…
A: Step 1 Journal is the pat of book keeping.
Q: (To help answer this question, create an Income Taxes Payable T-account and insert the beginning…
A: Income tax payable is a type of account in the current liabilities section of a company's balance…
Q: Current liabilities include interest revenue received in advance, with a carrying amount if P1,000.…
A: Under Cash basis of taxation, income and expenses are recognized in the year when they are actually…
Q: With respect to the Eligible RDTOH account, which of the following statements is correct? A. The…
A: Refundable Dividend Tax on Hand : A dividend is refundable whether a corporation pays eligible…
Q: As a general rule, which of the following is to be included in the annual tax return as an income…
A: In annual tax return of any taxpayer, the income which is declared as taxable income is considered…
Q: Which of the following statements about extensions of time to file certain business income tax…
A: As per U.S. Internal Revenue Service: It is required of most entities to use electronic funds…
Q: 1. federal income tax payable this year [ Select one] a. current liability b.…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: When an organization makes payment to the government for payroll taxes, the payment is journalized…
A: Payroll taxes are the taxes that are paid by the employers as well as employees on the basis of the…
Q: A company has, by the end of its financial period, paid out more Tax than it has to ?pay. How would…
A: In this case, the company has paid out taxes more than what it was supposed to pay. So the company…
Q: Maxwell's annual financial statements show operating profit before interest and tax of $415,386…
A: Tax shield here will be calculated on net non operating expense before tax. Tax shield =net non…
Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither.
A. | Cash | |
B. | Federal income tax payable this year | |
C. | Long-term note payable | |
D. | Current portion of a long-term note payable | |
E. | Note Payable due in four years | |
F. | Interest Expense | |
G. | State income tax |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- When a credit is made to federal income taxes withholding payable account related to taxes withheld from an employee, the corresponding debit is made to a. Wages Expense b. Taxes Expense c. Taxes Payable d. Cashconsider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. a. cash b. federal income tax payable this year c. long-term note payable d. current portion of a long-term note3. Consider the following accounts and determine if the account is a current liability, a long-term liability, or neither. a. cash b. federal income tax payable this year c. long-term note payable d. current portion of a long-term note payable e. note payable due in four years f. interest expense g. state income tax
- Consider the descriptions of the following accounts and determine if each account is a current liability, a noncurrent liability, or neither. 1. federal income tax payable this year [ Select one] a. current liability b. noncurrent liability c. neither 2. long-term note payable [ Select one] a. current liability b. noncurrent liability c. neither 3. current portion of a long-term note payable [ Select one] a. current liability b. noncurrent liability c. neither 4. cash [ Select one ] a. current liability b. noncurrent liability c. neither 5. note payable due in four years [ Select one ] a. current liability b. noncurrent liability c. neither 6. interest expense [ Select one ] a. current liability b. noncurrent liability c. neither 7. state income tax [ Select one] a. current liability b. noncurrent liability c. neither 8. allowance for warranty expense [ Select one]…Part A: This year, Gumowski Company has each of the following items in its income statement. 1. Gross profits on installment sales. 2. Revenues on long-term construction contracts. 3. Estimated costs of product warranty contracts. 4. Premiums on officers' life insurance policies with Gumowski as beneficiary. Instructions a. Indicate where deferred income taxes are reported in the financial statements. b. Specify when deferred income taxes would need to be recognized for each of the items above, and indicate the rationale for such recognition. Part B: Gumowski Company's president has heard that deferred income taxes can be classified in different ways in the balance sheet. Instructions Identify the conditions under which deferred income taxes would be classified as a noncurrent item in the balance sheet. What justification exists for such classification?1) The effect on the FICA Taxes Payable Account when a payment is made is called: a. Increase with a, CRb. Increase with a, DRc. Decrease with a DRd. Decrease with a, CR 2) From the options below, which of the following statements is true? a. Payroll Tax Expense increases on the credit side of the accountb. FICA Medicare Payable increases with a creditc. Federal Income Tax Withholding Payable decreases with a creditd. Employee Payroll Taxes withheld are recorded in Payroll Tax Expense 3) From the options below, identify the one that is NOT an example of internal control proceduresthat help prevent payroll fraud. a. Require mandatory vacations.b. Outsource Payroll Administration.c. Conduct periodic unannounced audits.d. Make sure only one person handles payroll functions. 4) Sally Carson has cumulative earnings of $89,900 and earns $6,500 during the current payperiod. If the FICA rate is 4.2% for Social Security, with a limit of $106,800, and 1.45% forMedicare, applied to all earnings,…
- A. Compute for the Net Taxable Income and Personal Income Tax. 1. A. Annual Basic Salary B. 13th Month Pay and Other Benefits C. Mandatory Contributions D. Annual Gross Income (A+B) E. Deductions and Exemptions (B+C) P 397,860.00 33,155.00 6,542.00 Net Taxable income (D-E) Personal Income Tax B. Compute for the 4 general deductions of the following employees: 1. A sales manager in Kopimo, Inc., a private company, earning P42,000 monthly with sales commission of P36,000 for the year. 2. A public school teacher earning P24,495 monthly with chalk allowance of P1,500, uniform allowance of P6,000 and performance bonus of P12,000. 3. An IT manager in Accentuate Corp., a private company, earning P55,000 monthly and laundry allowance of P15,000 for the whole year. C. Basic Applications. Solve for the following: 1. Conchita works as a service crew member in a fast-food chain in a mall. She has an hourly wage rate of P50. Her rest days are every Wednesday and Saturday. Consider the following…(Accounting and Classification of Deferred Income Taxes)Part A: This year, Gumowski Company has each of the following items in its income statement.1. Gross profits on installment sales.2. Revenues on long-term construction contracts.3. Estimated costs of product warranty contracts.4. Premiums on officers’ life insurance policies with Gumowski as beneficiary.Instructions(a) Indicate where deferred income taxes are reported in the financial statements.(b) Specify when deferred income taxes would need to be recognized for each of the items above, and indicate the rationale for such recognition. Part B: Gumowski Company’s president has heard that deferred income taxes can be classified in different ways in the balance sheet. InstructionsIdentify the conditions under which deferred income taxes would be classified as a noncurrent item in the balance sheet. What justification exists for such classification?27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal year
- 1. What amount should be reported as current tax expense for the current year? 2.What amount should be reported as total income tax expense? 3. What amount of income tax payable should be presented at year end?(G.) An increase in the Deferred Tax Liability account on the balance sheet is recorded by a ____________ to the Income Tax Expense account. (debit / credit) (H.) An income statement that reports current tax expense of $85,200 and deferred tax benefit of $23,400 will report total income tax expense of $___________. (I.) A valuation account is needed whenever it is judged to be ____________ that a portion of a deferred tax asset ______________ realized. (more likely than not / equally likely ; will be / will not be) (J.) If the tax return shows total taxes due for the period of $75,800 but the income statement shows total income tax expense of $54,900, the difference of $20,900 is referred to as deferred tax _____________. (expense / benefit)Current liabilities include interest revenue received in advance, with a carrying amount if P1,000. The related interest revenue was taxed on a cash basis. The tax base is