Income statement With formula. Sales Revenue496,625Cost of Goods Sold207,400Bad Debt ExpenseRent Expense4,90020,000Interest Expense2,000Legal Fees ExpenseInsurance Expense4505,200Property Tax Expense1,250Postage ExpenseSalaries Expense (admin)22459,850Advertising ExpenseUtilities Expense26,70022,500Payroll Tax Expense (operations)Income Tax Expense11,4458,133Payroll Tax Expense (admin)8,978Salaries Expense (operations)Depreciation Expense76,3006,500Supplies Expense4,200

Answered: Sales Revenue 496,625 Cost of Goods…

Sales Revenue 496,625 Cost of Goods Sold 207,400 Bad Debt Expense 4,900 Rent Expense 20,000 Interest Expense 2,000 Legal Fees Expense Insurance Expense 450 5,200 Property Tax Expense 1,250

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 3MC

See similar textbooks

Similar questions

37. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5% Below are the data provided to you by Nicanor, a top withholding agent for the month…
39. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5% Below are the data provided to you by Nicanor, a top withholding agent for the…
41. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5% Below are the data provided to you by Nicanor, a top withholding agent for the month…
Problem 2: Sander Company presents the following information below: Sales P970,000 Cost of Goods Sold Gross profit Total Operating Expenses Taxable income from business Less: Personal Deduction Less: Additional Deduction 387,000 272600 50,000 50,000 Net Taxable Income TaskRequirements : Compute the gross profit, taxable income from business and tax due for Sander Company.
36. SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5% Below are the data provided to you by Nicanor, a top withholding agent for the month…
Corporation.Gross income $25,240,000Total sales 24,324,000Total credit sales 18,785,000Net income 2,975,000Cost of goods sold 12,600,000Total assets 10,550,000Average inventory 2,875,000Average receivables 3,445,000a. Compute the receivable turnover ratio.b. Compute the inventory turnover ratio.c. Compute the asset turnover ratio.
ated from HQ07 - Regular Income Tax-Deductions from Gross Income View Document e click "View Document" to reference essential context about the question. H 35. The following were taken from the income statement of ABC corporation for the year 2007: Gross profit on sales P800,000 Less: Deductible expenses P440,000 Provision for bad debts 80,000 520,000 Net income before income tax P280,000 Additional information: a. Accounts written-off during the year and charged to allowance for bad debts- P50,000. b. Recoveries on accounts receivable previously written-off in 2006 and credited to allowance for bad debts. Allowed as deduction by the BIR Disallowed by the BIR as deduction P 30,000 20,000 d. P340.000 The net income before income tax of ABC Corporation is: b. P260,000 a. P280,000 c. P330,000 bad Attachments 089351-4055212.jpeg Question Show Comment Report Issue Skip
SCHEDULE OF EXPANDED WITHHOLDING TAX (EWT) Income Payment EWT Income Payment EWT Professional/Management/Consultancy fees (Individual) Gross receipts 3M or below with sworn declaration - 5% Gross receipts over 3M or VAT-reg or without sworn declaration – 10% Purchase of goods or properties by Top Withholding Agents (TWA) - 1% - goods 2% - service Professional/Management/Consultancy fees (Non-Individual) Gross receipts 720,000 or below - 10% Gross receipts over 720,000 – 15% Partners in general professional partnerships (drawings, advances, sharings, allowances, etc.) 720,000 or less -10% Above 720,000 – 15% Contractors/subcontractors (security, janitorial, etc.) 2% Commission (if not employee) 10% Director’s fees (if not employee) 10% or 15% (720,000 threshold) Income distributed to beneficiaries of estates/trusts 15% Rental 5% Below are the data provided to you by Nicanor, a top withholding agent for the month of…
how did they get the Income Before Tax? Proforma Income Statement 1/31/21 Total Revenue $ 28,959,000.00 Cost of Goods $ 15,299,000.00 Gross Profit $ 11,535,000.00 Operating Expenses $ 7,609,000.00 Total Operating Expenses $ 7,609,000.00 Operating Income or Loss $ 3,926,000.00 Interest Expense $ 434,000.00 Income Before Tax $ 3,644,000.00 Income Tax Expense $ 963,000.00 Income from Continuing Operations $ 2,681,000.00 Net Income $ 2,681,000.00
If the net sales 1250 000 ID., selling expenses 250 000 ID., Administrative expenses 250 000 ID., the cost of goods sold 1o00 000 ID., the cost of purchases 750 000 ID., the income tax 45 * -:000 ID., the gross profit are 250 000 ID. O 1500 000 ID. ) 1000 000 ID. O no one
Below are the Income Statement of ABC Company for two consecutive years. ABC Company Net Sales Cost of Goods Soldxs3 Year 1 P 5,000,000 880,000 Year 2 P 6,500,000 950,000
3. Not for profit accounting accounts for expenses in the following manner: NET goods or services (before taxes) plus i. 18% of the former PST portion (8%) of HST* ii. 50% of the former GST portion (5%) of HST** *82% of the 8% is put through an HST recovery line **50% of the 5% is put through another HST recovery line With the above information in mind, please indicate the $ amounts that should be allocated to the Expense and HST Recovery lines. Expense $584.18 HST $75.94 Total $660.12 Enter your answer