In the last quarter of 2016, Alexander, a Filipino supervisory employee, was given 15,000 worth of groceries for personal use. Provide the journal entry.
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- In the last quarter of 2016, Alexander, a Filipino supervisory employee, was given 15,000 worth of groceries for personal use. Compute fringe benefit tax and provide the journal entry.Hannah received an invoice in the mail from Carpet Country for $4235. The invoice was dated March 22 and had term 3/15, 2/20 , n/60. If she made payment of $1000 on each of April 2, April 9, and April 22, how much does Hannah still owe?Molly receives 1.6% of eBay sales plus $1.65 for each item she lists through her eBay listing service. In June she listed 366 items that sold for a total of $17,905. What were her gross earnings?
- During the current year, Paul, the vice president of a bank, made gifts in the following amounts: To Sarah (Paul's personal assistant) at Christmas $36 To Darryl (a key client)—$3 was for gift wrapping 53 To Darryl's wife (a homemaker) on her birthday 20 To Veronica (Paul's boss) at Christmas 30 In addition, on professional assistants' day, Paul takes Sarah to lunch at a cost of $82. Presuming that Paul has adequate substantiation and is not reimbursed, how much can he deduct? Do not round intermediate computations. If required, round your final answer to the nearest cent.Chris opens a chiropractie office in Houston on January 1, 2018. In 2018, Chris drives a total of 4,200 miles from his office to elients homes to do chiropraetie adjustments. In addition, he drives a total of 3,000 miles for commuting between his home and his office in 2018. He elects to use the standard mileage method. On January 1, 2018, Chris purchases an annual subscription to a chiropractic journal for $200 and a l-year medical reference service for $500. Calculate Chris's deduction for the above items for the 2018 tax year.Kim ran a small business where she sold refurbished furniture. The following events occurred during the month: a) On April 2, 2022. Kim sold 15 gift cards with a value of $20 each. No GST was charged on the sale. b) On May 1, 2022, Kim sold a refurbished chair with a sale price of $40, plus 5% GST for a total transaction price of $42. The customer paid with a $20 gift card and the remaining in cash. Required: Record the required journal entries for both a) and b) above.
- A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a.File his April 2022 VAT Return on the 15 May 2022 b.He is not required to file a VAT Return as the sales is below the VAT threshold. c.File his February 2022 VAT Return on the 15 March 2022 d.File his March 2022 VAT Return on the 15 April 2022A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a. File his April 2022 VAT Return on the 15 May 2022 b. He is not required to file a VAT Return as the sales is below the VAT threshold. c. File his February 2022 VAT Return on the 15 March 2022 d. File his March 2022 VAT Return on the 15 April 2022Prepare a journal entry on June 30, for the withdrawal of 11,500 by Dawn Pierce for Personal use.
- Mr. Sojo opened up a merchandising business on October 1 2019 with a cash investment of 50,000. The following activities were given:Neil Brown is a businessman who buys packages of goods and wholesalesthe package for cash. His business is registered as a Vat Vendor. DuringMarch 2022 he purchased for cash a package of goods for R28 000(exclusive of 15% Vat). Neil used a mark-up of 30% on the cost price andsold the package for R41 860 (Inclusive of 15% VAT). Neil uses the perpetualinventory system to keep records of his trading activities. Required:Record general journal entries for the purchase and sale of the package ofgoods. You do not have to record the dates but must include a brief narrationappropriate for both the purchase and sale of the goods above.Jack Allen, a graduate in childcare services, wants to open a daycare under the name Little Wolves. Here are the transactions relating to his company until September 18, 2018: Sept 01: Jack personally borrows $15,000 from his mother and deposits this sum at Banque Boréale in an account established in the name of Little Wolves. Sept 01: Purchase on credit of a set of children's toys from Toys Games Inc. for the sum of $3,000 (invoice no. 2715). Sept 06: Bank loan of $9,000 from Banque Boréale on behalf of Little Wolves. Sept 08: Issuance of check no. 1 for $1,000 & Toys games Inc., in partial payment of invoice no. 2715 of September 1, 2018. Sept 10: Cash purchase (check No. 2) of desks and chairs for a total of $4,500. The actual value of the furnishings is $7,500. Sept 12: Purchase of swings on credit: $1,000. Sept 14: Purchase by check (No. 3) of educational games: $2,000. Sept 16: Electronic transfer of $300 made to repay part of the bank loan (line of credit). Sept 18:…