How much is the tax due on gross receipts of a small business with P500,000gross receipts for the year, but opted to be registered as a VAT business?
Q: Which of the following costs relating to non-current assets should not be capitalized? replacement…
A: The non current assets are the assets which are to be used for more than one year. For example,…
Q: All else being equal, the greater the interest rate the greater the duration is.
A: Duration of a bond is the time period in which the value of the bond changes due to change in the…
Q: 40 accounts payable 280 sales 10 cash 100 long-term note 30 inventory 150 salaries and wages 100…
A: Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the balance…
Q: Capstone Inc. collects 40% of its sales on account in the month of the sale and 60% in the month…
A: Cash receipts for October = 60% of September Sales + 40% of October Sales
Q: The company incur 88,415 loss for the current year operation. Prepare an income statement of the…
A: Here discuss about the distribution of profit and other in between the partners like salary, capital…
Q: The Decatur Co. awarded senior executives 50,000 stock options exercisable into an equal number of…
A: Common Stock: Common stock is one of the part of stockholder's equity of company. It is the most…
Q: 1.1 Calculate the economic order quantity (EOQ) per annum. Economic order quantity Startrek…
A: The question is related regarding weighted Average method of inventory. The weighted Average cost…
Q: 2.) find the efficiency rate 4.) find the overall equitment effectiveness
A: Solution:- Given, Jefferson company's demand for its only product exceeds its manufacturing…
Q: Macmod sold 2,000 shares of his investment in stock eCare. The sale is made through the Philippine…
A: Percentage tax rate is the tax rate which is applied only on the specific transactions which has…
Q: During the month of January, an employer incurred the following payroll taxes: FICA Social Security…
A: Working notes: Payroll tax expense = FICA social security tax + FICA Medicare tax + FUTA taxes +…
Q: Let’s assume that you plan to purchase a house which is selling for $350,000 today. You will make a…
A: Formulas that are used:-
Q: 1. A share capital which has priority as to the payment of dividends. * Choices; Promotion share…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Precious Realty Corporation owns and holds several property items that are held for sale as…
A:
Q: The following information is taken from the balance sheet of Atlanta Company: Current assets $1,215…
A: The current ratio is calculated as current assets divided by current liabilities.
Q: This account represents that portion of the subscribed share capital which remains uncollected…
A: Share capital can be also classified as under: Authorized Issued Subscribed Arrears
Q: Instruction: Write "T" if the statement is correct and "F" if incorrect. 1. When a new partner is…
A: 1) True, when a new partner is admitted then the old partnership deed is automatically and a new…
Q: Danube Corp. purchased a used machine for $17,000. The machine required installation costs of S7,000…
A: Formula used: Total machinery value to be recorded = Purchase price of machine + Installation costs…
Q: Listen The Georgia DOT has purchased equipment for the new road construction around Kenesaw State…
A: Straight line method of calculating depreciation is the simplest method in which the net cost of…
Q: During the current year, Harry, a self-employed accountant, travels from Kansas City to Miami for a…
A: A deduction is an out-of-pocket expense that can be deducted from taxable income to lower the amount…
Q: Which of the following is true regarding the banning of mandatory retirement? It reduces the…
A: Retirement is the stage when a person stops working, different companies has set different ages of…
Q: f. Compute the amount of the cost of finished goods g. Compute the amount of the year-end balance in…
A: The inventory consists of work in process, finished goods, and raw materials. Cost of goods sold =…
Q: 7. Cost Flow (Single Transaction). VRL Enterprises uses the moving' average method to determine the…
A: Moving average is the method for valuing cost of goods sold and ending inventory in which ending…
Q: uired information following information applies to the questions displayed below.] n rented his…
A: Itemized deductions refer to the type of expense that can be subtracted from the total income earned…
Q: Required information Learning Objective 11-04 Calculate the periodic amortization intangible asset.…
A: Amortization is an accounting approach for lowering the book value of a loan or intangible asset…
Q: The cost of land usually includes all of the following except: commission related to acquisition…
A: The land is a non current asset of the business. It is recorded in balance sheet under sub-section…
Q: In your audit of JJC Corporation you have found the following information: On January 1, 2022, JJC…
A: Investment in Shares Investment in shares which is acquired from the other corporate entity with…
Q: Ada is running a store to sell soft-drink and snacks. For one soft-drink, given the daily demand is…
A: The question is related to the Inventory Management. In this question first we will calculate…
Q: Explain the calculation procedures for and significance of each of the following:a. Return on…
A: a. Return on sales: It is a financial ratio that state how efficiently an organization is earning…
Q: The following data is from Los Altos, Inc.: Cost of goods sold $243,000 Inventory, January 1…
A: Cash paid for merchandise purchased = Beginning Accounts payable + Purchases - Ending Accounts…
Q: The following are characteristics of a corporation except Choices; It is an artificial being It…
A: Following are some key features of a corporation: Separate legal entity Perpetual succession An…
Q: Required information [The following information applies to the questions displayed below.] Timberly…
A: Depreciation expense=Cost of Asset-Salvage ValueUseful Life
Q: Required: A. Analyze the transactions using the following accounts and provide a money column for…
A: The accounting equation shows the equality between the company's total assets and total liabilities…
Q: Mercia Chocolates produces gourmet chocolate products with no preservatives. Any production must be…
A: The costs incurred in the manufacturing of a product are known to as its product cost. These prices…
Q: Ayayai Inc., a greeting card company, had the following statements prepared as of December 31, 2020.…
A: The cash flow statement is prepared to record cash flow from various activities during the period…
Q: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000…
A: Formula: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value…
Q: Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land…
A: A journal entry is being used to record a commercial transaction in the accounting records of a…
Q: Compute the total profit or loss for the company.
A: Total profit for the company is the profit which has been added together from all the separate…
Q: The shareholders’ equity accounts of a corporation on December 31, 200G show the following: 6%…
A: If Preferred shares are cumulative in nature, first arrear dividends will be settled. Also preferred…
Q: Garcia Company owns equipment that cost $79,600, with accumulated depreciation of $42,200. Record…
A: Formulas: Gain (loss) on sale of Equipment = Sales value of the Equipment - Net book value of the…
Q: In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa…
A: Contractors that work on building and engineering projects i.e. construction work typically use…
Q: Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000…
A: Formula: Cost allocated to Land = Total amount paid x Appraisal value of Land / Total Appraisal…
Q: A withdrawing or retiring partner cannot sell his interest to any person without informing first the…
A: A partnership is a business form that is conducted by two or more partners who are agreed to share…
Q: b. Compute he diIount Ul UIC CUJL c. Compute the amount of direct labor costs assigned to…
A: Cost of goods manufactured = Beginning WIP + total manufacturing costs incurred during the year -…
Q: invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last day of the discount period, and…
A: Generally the discount is given by the supplier in order to receive the immediate payment and create…
Q: Sales variance is the difference between sales price and ---------- Labour rate variance Sales…
A: Answer) The correct Answer is Sales Volume Variance.
Q: Please read and answer questions using the table provided.
A:
Q: Graham Corporation used the following data to evaluate its current operating system. The company…
A: Static budget is rigid whereas flexible budget is flexible and is prepared for actual activities
Q: On June 1, 20-, a depreciable asset was acquired for $5,040. The asset has an estimated useful life…
A: Solution... Depreciable amount = $5,040 Life = 5 years Annual depreciation = (Cost -…
Q: Problem 20-13 (AICPA Adapted) Remington Company iued 10,000 ordinary shares P200 par valoe and…
A: Issuance of Share Capital: Issuance of share capital means issue of Ordinary Share Capital or issue…
Q: If you lend $3000 to a friend for 15 months at 10% annual simple interest, find the future value of…
A: Future Value of Loan = Amount of Loan + interest on Loan
1. How much is the tax due on gross receipts of a small business with P500,000gross receipts for the year, but opted to be registered as a VAT business?
2. BERT operates a cockpit. Inside the cockpit, he also operates a restaurant. Data for the particular quarter follow: Gross receipts: Cockpit operation - P 500,000Restaurant operation: Sale of food - 100,000Sale or liquor - 150,000The amusement tax due from BERT is
Step by step
Solved in 2 steps
- Sew it Seams carries on a retail business as a sole proprietor in Alberta which is a non-participating province. The Quick Method remittance rates are 1.8% for businesses that purchase goods for resale and 3.6% for service providers. During the first quarter of the year, the business has taxable sales of $63,400. Current expenses on which the GST was paid total $26,275. Due to numerous burglaries, Sew it Seams spends $44,900 on a sophisticated security system. All of these amounts are before the inclusion of GST. The system is being amortized over five years on a straight line basis for accounting purposes. The store is used exclusively for the sale of taxable supplies (e.g. merchandise). Compare the GST payable using the regular method applicable to GST calculations with the amount that would be payable using the Quick Method. Please show all your work and calculations.T Corp sold tangible personal property to its customers for $500. T Corp has nexus in the state where the sales tax rate is 5%. The company will make a journal entry for the transaction. Identify the accounts that the company will use. Account Debit Credit [Select ] ["Sales Tax Expense", "Revenue", "Sales Tax Payable", "Cash or Accounts Receivable"] $525 [Select ] ["Revenue", "Sales Tax Expense", "Cash or Accounts Receivable", "Sales Tax Payable"] [Select ] ["Cash or Accounts Receivable", "Sales Tax Payable", "Sales Tax Expense", "Revenue"] $25 $5001. BERT operates a cockpit. Inside the cockpit, he also operates a restaurant. Data for the particular quarter follow: Gross receipts: Cockpit operation - P 500,000Restaurant operation: Sale of food - 100,000Sale or liquor - 150,000. Using the same data, except that the restaurants not owned by BERT but is owned by an another person. Chikababes, not VAT-registered and whose annual gross sale never exceeded P3M. The amusement tax due from BERT is: 2. BERT operates a cockpit. Inside the cockpit, he also operates a restaurant. Data for the particular quarter follow: Gross receipts: Cockpit operation - P 500,000Restaurant operation: Sale of food - 100,000Sale or liquor - 150,000. Using the same data, except that the restaurants not owned by BERT but is owned by an another person. Chikababes, not VAT-registered and whose annual gross sale never exceeded P3M. The percentage due from Chikababes is:
- As a real estate salesman, Fred earned a base salary of $8,000 and received commissions of $7,000. In relation to his real estate work, he incurred the following expenses: Dues to a local real estate association Fee for a three-day seminar on how to be an effective salesperson Advertising-calendars and pens Automobile operating costs Promotion (meals and drinks for clients) Personal meals (during in-town business) $ 400 3,000 1,700 4,000 2,800 400 Purchase of a cellhone Fred used his own automobile for his real estate activities. The car has an undepreciated capital cost for tax purposes of $10,000. During the year, he drove a total of 30,000 km, of which 27,000 was related to selling real estate. His employer provided him with a monthly car allowance of $200 ($2,400 per year). 600 Required: Determine the expenses that Fred may claim from his real estate sales income.Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the EmpireMall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $10,000 cash plus4 percent sales tax. The clock had originally cost Ahlers $6,000. Show the accounting equationeffects and prepare the journal entries related to this transaction. Assume Ahlers uses a perpetualinventory system, as explained in Chapter 61. Mr. X, an importer of wheat, imported wheat for Tk. 70. He paid VAT @15%. He sold it to a wholesaler Mr. W for Tk. 100 and collected VAT @ 4.5%. Mr. W sold it to a retailer for Tk. 150 and collected VAT @7.5%. Give necessary journal entries for these transactions. 2. Mr. X, an importer of wheat, imported wheat for Tk. 70. He paid VAT @15%. He sold it to a wholesaler Mr. W for Tk. 100 and collected VAT @ 4.5%. Mr. W sold it to a retailer for Tk. 150 and collected VAT @15%. Mr. W maintains all the necessary documents/records as required by the VAT laws. Give necessary journal entries for these transactions.
- Bart has the following income and expenses for his Schedule C: 1099-MISCs received: Jack’s Builders $ 42,000 Smith’s Fine Homes 35,750 Murphy’s Builders 24,730 Total Revenue $ 102,480 Wages (46,000 ) Payroll taxes (3,519 ) Payroll tax penalties (300 ) License fee (200 ) Supplies (5,300 ) Cell phone (588 ) Meals (3,000 ) Internet service (780 ) What is Bart's self-employment income?Bonnie opens a computer sales and repair service during the current year. Her records for the year show: Repair revenue Computer sales Computer purchases Employee wages Supplies, utilities, etc. Gross income: Repair revenues Computer sales Total revenue Deductions: Cost of goods sold Employee wages Supplies, utilities, etc. Total deductions Cash Sales Made Received Taxable income $30,000 26,000 $22,000 18,000 Bonnie has computers on hand on December 31 that cost $40,000 and have a retail selling price of $65,000. Compute taxable income under the various methods. Liability Incurred Cash Paid Accrual $55,000 12,000 9,000 Hybrid $27,500 $ 10,000 6,000What is Schedule C net income (Business income)? Paul sells real estate in the evening and on weekends (considered an active trade or business). He runs his business from a rental office he shares with several other realtors. Paul has been operating in a business-like way since 2004 and has always shown a profit. He had the following income and expenses from his business: Commissions earned $21,250 Expenses: Advertising 2,200 Telephone 95 Real estate license 130 Rent 6,000 Utilities 600 This real estate activity qualifies as a trade or business under the Internal Revenue Code for purposes of the Qualified Business Income deduction.
- 2. Assume that you are the owner of Samuel's Café, a special coffee shop in Victorias City. At the end of June 2020, you collected the ff: a. Sales, per cash register records, totaled P470,000. There was a sale on credit of P7,500. b. With the help of a friend Jefer who is an accountancy student, you determined that the costs of goods sold during June was P160,000. C During the month, you paid P140,000 for salaries, rent, ads. And other expenses. Utilities of P6,800 for June was unpaid because of late billing. What is the profit for June 2021?X, operates a restaurant in San Mateo. The restaurant provides delicious foods and drinks to various customers at a very low price. In 2018, X has a total sales of 3,500,000 (500,000 are still on credit) ; while the cost of sales and expenses is 1,000,000. Can X avail the 8% optional tax rate? a. Yes b. No, because his sales exceeded 3M c. No, because his sales, excluding on credit is 3M d. No, because he sells VAT exempt goods e. None of the aboveAs the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales tax. If sales for the month are 48,680, find the combined amount of sales and tax. Thomas Dugally of Century 21 Real Estate sold a small home for 174,900. The commission was 6% of the sale price. Since Dugally both listed and sold the home, he receives 60% of the commission, and his broker receives the remainder. Find the amount received by Dugally.