Mr Sahrif owns a building which is on rent. The Following information is available Rent received2,300,000Rs Depreciation on Building400,000Rs Property Tax 100,000Rs Local government Taxes 100,000Rs Calculate Tax liability under the relevant head
Q: Consider the following information for company XYZ (shoe manufacturer): The relevant range is 7,000…
A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…
Q: Question 20 During the current year, the entity paid suppliers 4.9M and reported the following…
A: Cost of goods sold is actual cost of goods being sold to the customers. It includes beginning…
Q: 3. Counselors of Griffin purchased equipment on January 1, 2023, for $67,000. Counselors of Griffin…
A: Introduction: A journal entry is indeed a record of a commercial transaction in a company's…
Q: Compute the following requirement. Data is as follows: • Beginning Raw Materials Inventory is…
A: Cost of goods sold is the amount of cost incurred on the goods that are to be sold. It is the amount…
Q: Ruby Company produces a chair that requires 6 yards of material per unit. The standard price of one…
A: Introduction: Variance analysis is a quantitative examination of the difference between actual and…
Q: Choo Choo Corp produces and sells a single product whose selling price is $100.00 per unit and whose…
A: The break even sales are the sales where business earns no profit no loss during the period. The…
Q: The static budget column in the contribution report is replaced with a flexible budget column. b)…
A: You have asked various multiple sub-parts under a single question kindly resubmit remaining…
Q: Required information Dierich Company uses an activity-based costing system with three activity cost…
A: Activity based costing is one of the costing method which is used for allocation of indirect costs…
Q: Wendy Marvel sold $260,000 of its inventory to Carla during 2021 for $400,000. Carla sold $300,000…
A: Calculation of intra entity gross profit Sales = $ 400000 Cost of goods sold= $ 260000 Gm% =…
Q: Insurance expense incurred on a factory building would be treated as a a.period cost b.selling cost…
A: Introduction: The sum paid by a corporation to get an insurance contract, as well as any additional…
Q: Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance…
A: Introduction: Inventory turnover is a financial indicator that examines the frequency with which a…
Q: Which of the following is most associated with financial accounting reports? a.prepared in…
A: Introduction: Financial reporting is characterized by the publishing of financial statements, which…
Q: Explain 8 negative impacts of implementing software-based Accounting Information System (AIS)…
A: INTRODUCTION: An organization's decision-making processes use an accounting information system…
Q: Richy Limited has plant that cost R 345 000 on 01 January 2016. Installation and modification costs…
A: Depreciation- Depreciation is a cost incurred on fixed tangible assets to account for the decrease…
Q: Which of the following statements is false? a.Financial accounting must conform to GAAP.…
A: Financial and managerial accounting both are branches of accounting wherein financial accounting is…
Q: Received in cash as capital 5.000 euro from George Smith. Paid 600€ as rent for shop premises. (from…
A: Working notes 1) cash balance calculation Capital £5000 Less…
Q: Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the…
A: Inventory is also known as Stock which is remaining at the end of year. It is valued by different…
Q: When the "Income Summary" account has a credit account balance of $100,000 after closing entries…
A: The closing entries are required at the year end. The closing entries close the temporary accounts…
Q: Bobbi Clothing manufactures clothing. Information about a production week is as follows: Standard…
A: Time variance (Actual hours worked - standard hours) * standard rate per hour
Q: On May 1, Splish Brothers Corporation purchased 3.200 shares of its $10 par value common stock at a…
A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…
Q: An entity reported the following data on December 31,2019: Cash in bank, net of bank overdraft of…
A: Cash in bank net of bank o/d of 100000 = 1200,000 Cash in bank (Gross) = 1200,000 + 100,000 =…
Q: During the planning phase of an audit client, Ana Alitick (auditor) utilises analytical procedures.…
A: Introduction: An audit is the examination or safety checks of various books of accounts by an…
Q: What is the number of shares outstanding?
A: The shares which are outstanding is the shares which has been in the market which means those shares…
Q: (b) David commenced to trade on 1 July 2017 and prepared accounts to 31 December 2017 and to 31…
A: In the context of the given question, we are required to compute the capital allowances for the…
Q: d. $4,299
A: It includes all the same elements as the individual financial statement but in consolidated form.…
Q: Question 3 a. Premier Berhad is a retailer operating in Kota Warisan. Premier Berhad uses the…
A: Since you have specified that you need 'a' , Answering (a) only. FIFO is one of the widely used…
Q: Required information [The following information applies to the questions displayed below.] Oslo…
A: Break-even point is that point at which a company is making no profit no loss. In other words at…
Q: Describe how the over or under application of overhead should be corrected in the accounting…
A: Over application of overhead: A corporation is said to have overapplied overhead when the actual…
Q: A Company grants all employees ten (10) days paid vacation for each year of employment. Unused…
A: As per the question given, we need to find what amount should be reported as liability for vacation…
Q: ABC Corporation is a franchisor. On Dec. 31, 2020, it ent into a franchise agreement that requires…
A: Notes are to be settled by equal installments that carry the payment for interest and payment for…
Q: LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash…
A: The cash collection schedule is prepared to estimate the amount of cash collected during the period.
Q: Which of the following are basic phases of the management process? a.supervising and directing…
A: Introduction: The management process is a set of essential procedures used to manage any activity,…
Q: H has a 75% owned subsidiary S. During the year ending 31 December 2021 H sold inventory to S for an…
A: Consolidated financial statements are the financial statements of an entity that has a subsidiary or…
Q: Explain the tax effects on the cash flows relevant to the lease versus buy decision. What is the…
A: 1. Tax effects on the cash flows relevant to the lease versus buy decision. Lessor pays tax under…
Q: follow up question is as follows: Is the $90 for the fixed factory overhead volume variance…
A: Fixed overhead volume variance is difference between recovered overhead and budgeted over head.…
Q: Zigzag Ltd has prepared its draft financial statements for the year ended 30 June 2022. It has…
A: IFRS 15 states that revenue includes the income arising from ordinary course of activity of the…
Q: Taxpayer for the Gross sales Cost of sales Sales discounts granted (for timely payments) Discounts…
A: The income available after payment of all operating expenses and itemized deduction is net taxable…
Q: The ABC Manufacturing Company has the following transactions: 1. The company processed P400,000 raw…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Compute for the cost of inventory on consignment in the hand of Urban Furniture Co.
A: In consignment sales, the goods are sold through consignee. Consignor is the person who has goods…
Q: You organize an 8-hour training for 6 h local employees. The training is led by
A: Training : It is the event provide by the skilled persons to trained the workers to enhance their…
Q: Compute conversion costs given the following data: direct materials, $389,300; direct labor,…
A: Conversion cost is the cost incurred by the manufacturing entity to convert raw material ( inputs)…
Q: rporation is a franchisor. On Dec. 31, 2020, it entered into a franchise agreement that requires the…
A: Notes are to be settled by the equal annual payments that carry the payment for interest and…
Q: Exercises Exercise 4-1 Construction accounting The Gagliano Construction Company contracted to…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Determine the cost of goods manufactured. $fill in the blank 1
A: Cost of Manufacturing as name suggest, is the cost of producing the goods during the year It…
Q: (a) The amount of interest charged on May 31 is $. (Round the final answer to the nearest cent as…
A: Given in the question: The limit of line of credit = $44,000 Each Months Principal’s payment at the…
Q: The total of the period costs listed above for December is: 89,000 325,000 310,000 399,000
A: In accounting period costs are those costs that are not included in the product costs. These costs…
Q: 080 < CO #3 TABLE 4 Present Value of an Annuity of 1 (u) Payments 12% 5% .95238 %L 0.93458 %6 .91743…
A: Net present value calculation is one of the important technique of project evaluation. This is…
Q: Which of the following is the proper accounting treatment for your company? Disclose the basic…
A: Financial Statement : Financial Statement is one of the important statement prepared by the company…
Q: The number of Equivalent Units for Conversion for the month of June (in applying the first-in,…
A: 1. Equivalent units : This term is used to calculate the completed units from work in process…
Q: 5 Major Steps: 6 - Forecast FY 2011 7 - Indentify volume driven (or variable) expense categories 8…
A: Budgeting is a process of forecasting of numbers in order to provide for the same in future In the…
Mr Sahrif owns a building which is on rent. The Following information is available
Rent received2,300,000Rs
Property Tax 100,000Rs
Local government Taxes 100,000Rs
Calculate Tax liability under the relevant head.
Step by step
Solved in 2 steps
- Assume the following taxpayer information: The taxpayer is a South African manufacturing company (not a small business corporation as defined) with a 31 March 2022 year of assessment. Calculate the tax value of the machine BELOW. Information pertaining to manufacturing machine: Events Date Amount R560 000 Sold 30 November 2021 Puchased 1 June 2019 R230 000 Recoupment (before limited to capital allowances previously claimed) R514 000 Ⓒa. R46 000 Ob. R nil OCR184 000 Od. R284 000A taxpayer had a 300,000 net income before the following dealings in properties: Ordinary Gain Capital Gain 80,000.00 60,000.00 Ordinary Loss Capital Loss 90,000.00 70,000.00 If the taxpayer is an individual, compute the taxable net income? 300,000 280,000 290,000 O 260,000Lenj leases a building to a client. During the year, he received the following remittance from the lessee: Rental, net of 5% creditable withholding tax Real property tax of the leased building Reimbursement for utilities used by the lessee paid by Lenj P1,900,000 50,000 200,000 How much will be included in his gross income subject to regular tax? P2,050,000 P2,250,000 P2,000,000 P1,950,000
- 12. Required: Calculate Ms. Taylor’s Net Income for Tax Purposes with proper formatting. Ms. Taylor had employment income of $17,000 and rental income of $8,500. She carries on a business as a sole proprietor and experienced a current year business loss of $12,300. As the result of dispositions of capital property, she realized taxable capital gains of $17,400 and capital losses of $38,400. Her Subdivision e deductions for the year totaled $6,300. Fortunately for Ms. Taylor, she won $1,000,000 in a lottery on March 3, 2022.An investor has a taxable income of $125997. He has an investment property which earns $21780 in rental income and incurs $35782 in expenses, including maintenance, local council rates, land tax and interest on a mortgage loan. What is his total income tax payable (excluding the 2% Medicare surcharge)? a. $23865 b. $26865 c. $24865 d. $27865The executor of an estate is filing an income tax return for the current period. Revenues of $25,000 have been earned. Which of the following is not a deduction allowed in computing taxable income? Choose the correct.a. Income distributed to a beneficiary.b. Funeral expenses.c. A personal exemption.d. Charitable donations.
- An individual resident citizen taxpayer who owns a ten (10)-door apartment with a monthly rental of P15,000.00 for each residential unit, sold this property to another individual taxpayer. The sale shall be subject to * a presumed capital gains tax. a percentage tax. the schedular tax on taxable income. an excise tax.Assuming that Mimaropa is a corporate taxpayer, compute the taxable income. Mr. Mimaropa reported the following data in 2021. Sales Cost of Sales Gain on Sale of Equipment Interest Income from Bank Deposits Deductible Expenses Non-deductible Expenses Your answer P 1,000,000 600,000 60,000 40,000 300,000 200,000 mA derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: What is A's taxable income? Group of answer choices P40,000.00 P50,000.00 P90,000.00 P100,000.00
- A taxpayer had the following dealings in properties: Short-term capital gain 200,000.00 Long-term capital gain Short-term ordinary gain 100,000.00 50,000.00 Long-term ordinary gain 150,000.00 Short-term capital loss 100,000.00 Long-term capital loss 150,000.00 Short-term ordinary loss 200,000.00 Long-term ordinary loss 120,000.00 Assuming that the taxpayer is an individual, compute respectively the total items of gross income and the total items of deductions from gross income 200,000; 260,000 O 350,000; 260,000 500,000; 320,000 275,000; 320,000Required information Problem 6-38 (LO 6-2) (Static) [The following information applies to the questions displayed below.] Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance. Utilities Depreciation $1,000 500 3,500 900 650 950 8,500 During the year, Natalie rented out the condo for 75 days, receiving $10,000 of gross income. She personally used the condo for 35 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Problem 6-38 Parts a, b, c, d & e (Static) Assume Natalie uses the IRS method of allocating expenses to rental use of the property. a. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to the condo? b. What is the total amount of itemized…A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000
