Subject:- Account Compute a schedule of deductible expenses related to the following hobby: Income $23,000 Mortgage interest and property taxes allocable to hobby $ 12,000 Depreciation Supplies and fees Telephone for hobby $4,000 $ 7,000 $3,000

FACTS / DATA / GIVEN: Тахрауer: Taxable period: Expenses/payments during the period: Resident citizen 2nd quarter Description 1st quarter expenses paid in 2nd quarter 2nd quarter expenses paid in 2nd quarter 3rd quarter expenses paid in 2nd quarter 1st quarter expenses incurred but unpaid 2nd quarter expenses incurred but unpaid Amount P15,000 20,000 5,000 8,000 11,000 COMPUTE: Expenses in the 2nd quarter using CASH basis A. 20,000 B. 25,000 C. 35,000 D. 40,000

where did you get $1150/12 for the depreciaition expense

FACTS / DATA / GIVEN: . Тахрауer: • Taxable period: Receipts/earnings/balances during the period: Resident citizen 2nd quarter Description Collections for services rendered in 2nd Amount P50,000 quarter Collections for services rendered in 1st 20,000 quarter Collections for services to be rendered in the 3rd quarter Uncollected billings-1st quarter Uncollected billings-2nd quarter 30,000 10,000 15,000 COMPUTE: Taxable income in the 2nd quarter using CASH basis A. 50,000 В. 60,000 О С. 80,000 D. 100,000

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Таx rate Assessed value Amount of property tax due $42.50 per $1,000 $ 105,000

F1

Please calculate capital allowance using declining balance method with the following information:                                 Details of the Fixed Assets: Details                             Cost                           NBV                            Tax Written Down                                       As at 31 Dec 2021   As at 31 Dec 2021          Value as at 1 Jan 2021Motor Vehicles                  10,00,000              7,200,000                         7,000,000Equipment                         15,000,00             12,00,000                          6,713,335Office buildings                 45,000,000            36,000,000                       36,450,000                                                      Included in the cost of motor vehicle is a lorry purchased on 1 April 2021 for $2,000,000…

Pete and his wife live in a home with their 13-year-old dependent son. This year, they had the following tax information. Pete's salary Wife's income as an independent contractor LT capital gains Deduction for % of self-employment tax State and local taxes Charitable Contributions Compute their adjusted gross income (AGI). #107 000 $ 60,000 95,000 2,800 6,712 9,200 3,500

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