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How much of the following is gross income subject to income tax?
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- 15 One of the following is not a transaction deemed sale and is therefore not subject to VAT. Which is it? Group of answer choices Distribution or transfer to creditors of goods or properties of a VAT-registered person in payment of debt. Transfer, use or consumption not in the ordinary course of business of goods or properties originally intended for sale or for use in the course of business. Consignment of goods if actual sale is not made within 30 days following the date such goods were consigned. Distribution or transfer to stockholders or investors of goods or properties as share in the profits of a VAT-registered person.Accounting A. Tax payer incurred expenses of SAR 10,000 to alter and improve equipment with a cost base of SAR 100,000. Are these expenses deductible under article 18 of the law? B. Tax payer recorded the following journal entry Dr. Bad debt expense 10,000 Cr. Provision for doubtful receivable 10,000 Required: Is that provision deductible under article (14) of the law C. 1n 2020 Dr. Accounts receivable (Ibrahim) 100,000 Cr. Sales 100,000 In 2021 Dr. Bad debt expense 20,000 Cr. Accounts receivable Ibrahim) Required: Is that bad debt expense deductible under article (14) of the law?What is the amount of the casualty loss on a business use truck that had a fair market value of $14,000 before an accident and $4,000 after an accident, if its adjusted basis is zero? a. 0 b. 4000 c. 10,000 d. 14,000 e. none of the above.
- Saved ☆ 009 Help Save & Exit Submit To calculate a gain or loss on the sale of an asset, the proceeds from the sale are reduced by which of the following? Multiple Choice О Tax basis of the property Selling expenses О Amount realized О Tax basis of the property and selling expenses All of these choices are correct.Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectivelyPayment of delinquent property taxes assumed Facetious Company incurred the following expenditures Payment of land mortgage and related Purchase price of land and an old apartment building related to the construction of a new home office: 3. What is the cost of land improvement? Cost of razing the apartment building Legal fees, including fee for title search Interest cost on specific borrowing during construction Payment of medical bills of employees accidentally 2,000,000 1,800,000 10,000 Fair value of land interest due at time of sale Grading and drainage on land site Architect fee on new building Payment to building contractor 50,000 20,000 30,000 15,000 200,000 8,000,000 300,000 injured while inspecting building construction Cost of paving driveway and parking lot Cost of trees, shrubs and other landscaping Cost of installing lights in parking lot Premium for insurance on building during construction Cost of open house party to celebrate opening of building 10,000 40,000 55,000…
- True or False 6. Entities may apply a simplified approach when recognizing impairment losses on trade receivables7. When there is a significant increase in the credit risk of a financial asset since its initial recognition but there is no objective evidence of impairment, interest revenue is computed on the net carrying amount of the financial asset (i.e. gross carrying amount less loss allowance)8. an entity recognizes impairment gain when there is an improvement in the credit quality of a previously impaired financial asset9.According to IFRS 9, expected credit losses are weighted average of credit losses with the respective risks of a default occurring as the weights10. a financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occuredYour answer 14. An entity has the following information relating to its biological assets during 素 the year, compute for the costs to sell. * Commision to brokers P 4,000 Transportation costs to the market Levies by commodity exchange 2,800 1,200 Transfer taxes and duties 2,000 Advertising costs 800 Your answer Clear form Page 2 of 2 Back Submit Never submit passwords through Google Forms. Th This content is n d nor endorsed by Google Report Abuse-Temms of Service-Emecy Polce e tner create! Required information [The following information applies to the questions displayed below.] Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue Long-term capital gains Cost of goods sold Depreciation-MACRS Amortization of organization costs. Guaranteed payments to partners for general management Cash distributions to partners $ 65,500 $ 4,800 Ordinary income (loss) $ (22,100) $ (7,900) $ (1,240) $ (15,600) $ (3,600) a. Given these items, what is Turtle Creek's ordinary business income (loss) for the year?
- Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)Hauswirth Corporation sold (or exchanged) a warehouse in year O. Hauswirth bought the warehouse several years ago for $89,000, and it has claimed $24,400 of depreciation expense against the building. Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount. Required: A. Assuming that Hauswirth receives $80,600 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. B. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $80,600, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. C. Assuming that Hauswirth receives $35,500 in cash in year 0 and a $81,500 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year 0 and in year 1. cWhich of the following is not deductible from business income? Group of answer choices Casual losses on properties connected in the conduct of trade or business Loss of business property due to embezzlement Loss on exchange of capital assets NOLCO