An accountant for a corporation forgot to pay the firm’s income tax of $725,896.15 (uh-oh) on time. The government charged a penalty of 12.7% annual interest for the 34 days the money was late. Find the total amount that must be paid
Q: the statement 1. Fixed assets that had cost $20,000 6½ years before and were being depreciated o...
A: Solution 1. Investing and operating activity Explanation: Sales value of fixed assets is shown in in...
Q: Which of the following froms of new partner admission will nt result in a change in the partnership ...
A: Admission of New Partner If new partner are admitted into the business which can be opted for bring ...
Q: Required information [The following information applies to the questions displayed below.] Wells Tec...
A: Adjusting Entries - Adjusting Entries are the entries which distinguish the expense or income of the...
Q: Problem 4 Elegant Co. was organized on Jan. 1, 2022. On that date, it issued 1,000,000 shares of P1....
A: Working Note 1. Number of Shares to be remaining to be sold Total Authorised Capital- Number of s...
Q: What is the balance of the unrealized profit in branch inventory on december 31, 2016?
A: A method of bookkeeping in which separate accounts are prepared for each branch and reported to head...
Q: On March 3, 2022, Tagaventah sold to Tagavilly 5 units of mobile phones at P12,000 each with terms o...
A: 1. Journal Entries - Journal Entries are the way of recording the transactions. It is four column jo...
Q: Practice 2.9 - Record journal entries in the general journal for Catalina Corp. 8/1 8/2 8/3 8/4 8/5 ...
A: Journal entries :- A Journal entry records a business transaction in the accounting records of a bus...
Q: 1. Which of the following statements is correct? A. Assets on the balance sheet include retained ear...
A: Cash flow statement only considers cash transactions and will thus exclude Depreciation and Amortiza...
Q: to improve the 90 per unit, an : will the two al me? (Round yo
A: Answer) Calculation of Selling price per unit to earn operating Income of $ 1,600 Operating Income =...
Q: The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31...
A: cost of goods manufactured: Cost of goods manufactured is a technique by which business managers and...
Q: Rita Company buys merchandise on account from Linus Company. The selling price of the goods is $900,...
A: Journal entry in the books of buyer and seller are as follows
Q: Lump-sum Liquidation Partnership is insolvent and partner/s are personally insolve- nd Vincent are p...
A: Workings Computation of personal assets realized value Vic PHP Victor PHP Vincent PHP P...
Q: The balance sheet data of Sweet Company at the end of 2020 and 2019 are shown below. 2020 ...
A: CFS stands for Cash Flow Statement which refers to the statement that shows the financial position o...
Q: How much is the compensation expense recognized in the accounts for the year ended December 31,2020
A: ABC Company has offered a share appreciation plan to its COO for motivating him to perform better. S...
Q: Darlene, Inc. manufactures item "B500" per the design and specification of its customers, and accord...
A: Billing price = Total costs incurred + (Total costs incurred x markup %) Factory overhead applied =...
Q: inancial information extracted from Ukulel ary ledger and general ledger at September scal quarter o...
A: Days past due Amount Due Percent Uncollectible Allowance for Doubtful Accounts 1-30 $ 15,00...
Q: 167 Computer Equipment 640 Rent Expense 168 Accumulated Depreciation-Computer Equipment 650 Office S...
A: Trial Balance: A trial balance is an accounting worksheet where the balance of all records is incorp...
Q: Given the following costs incurred in a recent period: Direct materials - P33,000 Depreciation on fa...
A: Product cost refers to the costs incurred that are related to the factory> Expenses incurred in m...
Q: Retained Earnings Statement Pressure Pumps Corporation, a manufacturer of industrial pumps, reports ...
A: The income statement (retained earnings statement) is a financial statement that summarizes a compan...
Q: . Accounting Apparel completed 3,600 expensive bags during the 1st quarter of the current year. The...
A: Answer) Calculation of Amount billed to customer Amount billed to customer = (Number of units produc...
Q: DECEMBER 31, 2019 Cash $8,500 Current liabilities $15,000 Current assets other than cash ...
A: The statement of cash flows is prepared for the year ending 2020. Operating activities provides net ...
Q: JPB Company has only one job in process on January 1, 2022, Job No. 97 for 75 units, carried at a co...
A: The overhead variance is the difference between the applied overhead and actual overhead cost incurr...
Q: . Assume that 50,000 units are put into production for Job 101 and the total cost of production was ...
A: Management considers spoilage to be normal to the general production process and includes normal spo...
Q: Consider the situation below showing the weekly income tax of a single (civil status) employee in a ...
A: Given income tax is $1,980.18 From the given table we can observe that if income is more than $7,958...
Q: Accounting for Assets: Receivables piscUss Slow Running Shoes uses the Aging of receivables method t...
A: Allowance Method - Entry for allowance method - Debit Uncollectible Accounts Credit Accounts Receiva...
Q: BE5.2 (LO 1), AP The following are the components in Gates Company's income statement. Determine the...
A: Gross profit is an excess of revenue over the cost of goods sold and operating income is the remaini...
Q: Emily in Pares, a French-Filipino fusion restaurant owned by Émilie Joy Marie Batumbakal, has the fo...
A: Gross profit = Net sales - Cost of goods sold where, Net Sales = Sales - Sales return and allowances...
Q: Beginning 1/1/2018, for individuals with purely gross compensation income, the following may not be ...
A: Aliens, whether residents or not, who are receiving only salary or compensation income are not allow...
Q: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5...
A: Ratio Analysis - The ratio is used to recognize liquidity, Solvency and Profitability of the company...
Q: BCD Company has 7,000 obsolete toys carried in inventory at a manufacturing cost of Phó per unit. If...
A: Given that 7,000 toys are carried in inventory at a manufacturing cost of Ph6 per unit Total cost = ...
Q: A medium-sized manufacturing firm seeks to expand its operation in Mindanao. With a loan amounting t...
A: Amortization is the average amount that would be paid off in a loan arrangement over the period of t...
Q: stockholders equity, paid in capital , retained earnings and net
A:
Q: X Company's Job AAA manufactured 12,000 units that were completed in April at unit costs presented a...
A: Selling Price per Unit: The selling price per unit is the amount of money that a buyer is willing to...
Q: rate of return of 10%. For one of your prospects (i.e. Charmaine’s Champagnes), you expect a rate of...
A: Following is the answer.
Q: yan Roque Steel Company manufactures steel products. During the current period, an order or 30,000 u...
A: The question is related to Process Costing. The cost of good units to be calculated with the help of...
Q: ovak Company buys merchandise on account from Bramble Corp.. The selling price of the goods is $1,35...
A: Solution Given Novak Company buys merchandise on account from Bramble Corp The selling price of the ...
Q: Non-market based performance conditions include vesting based on achieving all of the following exce...
A: Solution Note : dear student as per the Q&A guideline we are required to answer the first questi...
Q: Find the interest on a used car loan of $5000 at a rate of 16% for a period of 8 months.
A: Interest rate = 16% Loan amount = $ 5000 Period = 8 months Interest on loan = Loan amount * Interest...
Q: Grant's Western Wear is a retailer of western hats located in Atlanta, Georgia. Although Grant's car...
A: A trade or investment's breakeven point (break-even price) is determined by comparing an asset's mar...
Q: If an accounting manager asks you to delay recording an invoice for the purchase of merchandise unti...
A: Income statement is prepared by the business organizations so as to know how much amount of gross pr...
Q: What were the equivalent units for conversion costs in the Assembly Department for the month?
A: answer Weighted-Average Method:- Given units transferred to Next Department = 65,000Ending work in P...
Q: Exercise 7-42 (Algo) Job Costing in a Service Organization (LO 7-4) Allocation Busters (AB) is a dis...
A: An income statements statement that shows the income and expenses of a company. It also indicates wh...
Q: Zovio (ZVO) Dec. 31, 2020 Dec. 31, 2019 Cash 69,280 166,307 Accounts receivable, less allowance of $...
A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Accou...
Q: Present the journal entries for the following dates/transactions. May1,2007—Inception of futures co...
A: Sl No Account head Debit Credit 1. No entry 2. Unrealized Loss 2,000.00 ...
Q: Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000 Sal...
A: The income statement is the financial statement that shows the financial performance of the business...
Q: Sarasota Corporation had the following 2020 income statement. Sales revenue $183,000 Cost of go...
A: The Statement of cash flow can be prepared under two methods. It is Direct Method and Indirect Metho...
Q: Rancho Cucamonga Inc. established the following direct materials and direct labor standards for its ...
A: Formulae Used: Direct materials quantity variance=(Standard Price×Standard Quantity)-Standard Price×...
Q: Inventories Thor company included the following items in inventory: 1,960,000 280,000 Raw materials ...
A: Raw Material 1,960,000 Advance for material ordered 0 Goods in Process 910,000 Unexpired...
Q: he deposit in transit balance for the previous and current months are P200,000 and P100,000, respect...
A: Total Book deposits = Deposit in transit for current month + Total deposits acknowledged by Bank - D...
Q: If you invest $2000 at 12% annual interest rate, compounded weekly, how much would you have after 5 ...
A: The formula to be used is future value of a single payment
An accountant for a corporation forgot to pay the firm’s income tax of $725,896.15 (uh-oh) on time. The government charged a penalty of 12.7% annual interest for the 34 days the money was late. Find the total amount that must be paid
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Vulcan Company is a monthly depositor whose tax liability for March 20-- is $3,200. 1. What is the due date for the deposit of these taxes?April 15 2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a 365-day year in your computations. Round your answers to the nearest cent. a. Penalty for failure to make timely deposit. $ b. Penalty for failure to fully pay tax. $ c. Interest on taxes due and unpaid (assume a 6% interest rate). $ d. Total penalty imposed.An accountant for a corporation forgot to pay the firm's income tax of $725,769.12 on time. The government charged a penalty of 9.5% interest for the 37 days the money was late. Find the total amount (tax and penalty) that was paid. Assume 365 days in a year.An accountant for a corporation forgot to pay the firm's income tax of $725,718.89 on time. The government charged a penalty of 7.8% interest for the 43 days the money was late. Find the total amount (tax and penalty) that was paid. Assume 365 days in a year The total amount paid was $ (Round to the nearest cent as needed.) CELLS
- An accountant for a corporation forgot to pay the firm's income tax of $725,604.42 on time. The government charged a penalty of 9.8% interest for the 41 days the money was late. Find the total amount (tax and penalty) that was paid. Assume 365 days in a year. The total amount paid was $ (Round to the nearest cent as needed.)Vulcan Company is a monthly depositor whose tax liability for March 20-- is $3,130. 1. What is the due date for the deposit of these taxes? 2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a 365-day year in your computations. Round your answers to the nearest cent. a. Penalty for failure to make timely deposit. $fill in the blank 2 b. Penalty for failure to fully pay tax. $fill in the blank 3 c. Interest on taxes due and unpaid (assume a 6% interest rate). $fill in the blank 4 d. Total penalty imposed.Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 8% simple interest on the unpaid taxes of $4,100. Required: How many days late was the tax payment? What is the amount of the penalty (use exact interest)?
- Work the following applied problems. 35. Tax Penalty An accountant for a corporation forgot to pay the firm's income tax of $650,000 on time. The government charged a penalty of 5.2% simple interest for the 30 days that the money was late. Find the total amount (tax and penalty) that was paid.The Net Profit Before Tax is $1,500,000. You receive the following notes: Professional fees include legal fees of $40,000 incurred in defending a legal action brought against the company by an irate employee for wrongful dismissal.Bad debt expenses of $42,000 include $12,000 of this amount is owed by a corporate customer who has gone out of business. The balance is a general provision for doubtful debts based on estimates.Donations include an amount of $10,000 for political donations.Capital Allowances was $250,000.You have calculated the adjusted profit to be: a.$1,250,000 b.$1,330,000 c.$1,512,000 d.$1,280,000Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 6.60% simple interest on the unpaid taxes of $1,600. Calculate the penalty. (Remember that the government uses exact interest.)
- Albert Soft Top Corp. pays quarterly wages and incurs federal employment taxes of $3,150 on said wages. The corporation makes the deposit on the required date in the amount of $3,085 (due to an input error in the software). Which calculation illustrates the safe harbor rules that Albert SoftTop Corp. can adhere to (assuming they pay the shortfall by the shortfall date)? Oa. $65 is under the $1,000 limit so they are covered by safe harbor rules. b. $65 is less than 2% of the required deposit, so they are covered by safe harbor rules. e $65 is less than the greater of $100 or 2% of the required deposit, so they are covered by safe harbor rules. Od. the safe harbor rules would only apply if the shortfall was greater than $62 (2% x $3,150). Darla Simpson is self-employed. Her net income for the year is $152,000. Calculate the OASDI portion of her self-employment taxes for the year. O a. $10,863.00 Ob. $17,707.200 Oc. $8,537.40 Od. $18,848.00 If a new employer incurs $100,000 of unsatisfied…Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 8% simple interest on the unpaid taxes of $4,100. Due date: 15-April Payment sent on: 8-November Penalty charge of simple interest: 8% Unpaid taxes amount: $ 4,100.00 Required: Please use the above information to answer the following How many days late was Molly Ellen in sending payroll taxes? Calculate the penalty. Note: Remember that the government uses exact interest.Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 9.40% simple interest on the unpaid taxes of $4,200. Calculate the penalty. (Remember that the government uses exact interest.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)