1500 in meal and entertainment expenses show as a permanent difference for tax. prepare the necessary adjusting entries.
Q: Kingbird Company reports pretax financial income of $73,500 for 2020. The following items cause…
A: Taxable income of the company is adjusted financial income on which company has to pay taxes.
Q: At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391…
A: Tax Payable:- It is the payment which one made on the income earned within the country or from…
Q: 4,000,000. The difference is due to rental received in advance. Rental income is taxable when…
A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…
Q: Compute the following amounts for Maria's wages for the current week. (Round FICA taxes, State…
A: A payroll sheet records the payroll accounts for employees. It starts with the gross pay and…
Q: Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary…
A: Calculate the net income of Company Alvis’s:
Q: Assume that Tyre Distributors Inc. prepared the following journal entry on December 31, 2021…
A: Note: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered…
Q: How much is the business tax payable for the October?
A: Vat payable is the amount of tax which a business have to pay to the government which has been…
Q: Required: Assuming a tax rate of 21%, what will be Yebo’s net income? What will Yebo report in the…
A:
Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…
A: VAT refundable states that the taxpayer has paid in excess amount of money during the tax period as…
Q: Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is…
A: In Philippines generate Vat tax rate is 12% on goods and services provided in the domestic territory…
Q: When Lowes Home Improvements sells a new $223 air compressor to a customer, the sale is subDject to…
A: 223
Q: J-Matt, Inc., had pretax accounting income of $291,000 and taxable income of $300,000 in 2016. The…
A:
Q: The following are the data extracted from the books of a retailer and registered with the National…
A: VAT is the indirect form of tax which is levied by the government on the goods and services. VAT is…
Q: Integrity Company computed a pre-tax financial income of P2,200,000 for its first year of operations…
A: According to the given question, we are required to compute the total income tax expense in 2021.…
Q: for Schedule C in individual income tax, how do I calculate the expense for transportation of 5725…
A: Deductible expenses in respect of gifts = $ 400.
Q: At year end on August 31, 2020, Clutch Home Decor Inc. has accounting income (before income tax…
A: Income tax expense = Income before income tax expense x tax rate = $237000 x 35% = $82,950
Q: J-Matt, Inc., had pretax accounting income of $319,000 and taxable income of $352,000 in 2021. The…
A: The temporary difference due to estimated product warranty costs would result in deferred tax asset.…
Q: A company reports 2021 pretax accounting income of $38 million, but because of a single temporary…
A: Introduction: Taxable Income is the Income earned and received during the tax year on which…
Q: As of Dec. 31, 2016, accrued salaries are $4,000 and accrued labor wages are $9,000. Don't forget…
A: Payroll tax: It is the amount of taxes that are withheld from the salaries of the employees and paid…
Q: In the quarter ended 31 March 20X2, Chas had taxable sales, net of sales tax, of $90,000 and taxable…
A: Sale tax is the tax levied on sale of goods. Sale tax paid on purchases can be booked as receivable…
Q: Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary…
A:
Q: 1. & 2. Determine the type of accounting change and prepare the appropriate journal entry to record…
A: Introduction:- Deferred tax liability arises due to timing difference in the value of assets as per…
Q: A company reports pretax accounting income of $10 million, but because of a single temporary…
A: Income tax expense: The expenses which are related to the taxable income of the individuals and…
Q: paid on beginning inventory 4,800 16. How much is the input tax? 17. How much is the value added tax…
A: VAT is the short term Value Added Tax, which is a form of consumption tax collected incrementally…
Q: For the year ended December 31, 2006, Grim Company's pretax financial income was P2,000,000 and its…
A: The total income tax provision need to be reported in the following two components 1) current…
Q: A company reports pretax accounting income of $10 million, but because of a single temporary…
A:
Q: Here is another question: From here what should I put as the total income on a 1040 line 6 where it…
A:
Q: Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Times-Roman Publishing Company reports the following amounts in its first three years of operation:…
A: Amount of Deferred Subscription Revenue = Beginning balance + Subscription payments received -…
Q: Keira's Kites Inc. reported a deferred tax liability of $40,000 at the beginning of 2020. At the end…
A: (a) Calculate income tax payable for 2020.
Q: ZMAN Company reported a taxable income of $400,000 for 2019. The cumulative taxable temporary…
A: The temporary difference is the difference between the taxable income and pretax income of a…
Q: J-Matt, Inc., had pretax accounting income of $291,000 and taxable income of $300,000 in 2018. The…
A: Deferred tax asset The amount of taxes that is paid or carried forward but not yet identified in the…
Q: Sera Corporation has made and recorded its quarterly income tax payments. After a final review of…
A: Income tax: It can be defined as the type of tax charge that is imposed on the earnings of entities…
Q: Alvis Corporation reports pretax accounting income of $300,000, but due to a single temporary…
A: Since taxable income is less than pre tax income, a future taxable amount will occur once the…
Q: June 30, 2015, Patya Co. prepaid a 1,000,000 premium on an annual insurance policy. The premium…
A: Deferred tax liability is created when taxable income per books of accounts is higher than the…
Q: journal entrie
A: The two journal entries that are to be recorded for the year 2 - ASC 740 provision are: 1. The tax…
Q: A VAT registered person is engages in both VAT and VAT exempt During the year total sales amounted…
A: VAT credit allowed in the proportion of the VAT Sales.
Q: In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting,…
A: Journal Date Particular L.F. Debit (in $) Credit (in $) Dec 31, 2022 Income tax…
Q: David Company, organized on January 1, 2021, had pretax accounting income of P5,000,000 and taxable…
A: Total income tax expense in the income statement for 2021 = pretax accounting income X enacted tax…
Q: KAY Co. reported net income for the current year 2021 at P4,180,000 before taxes. Included in the…
A:
Q: A VAT-registered taxpayer has the following VAT-exclusive data for the month of January 2017:
A: VAT i.e value added tax is charged in Philippines at 12% on goods ,services and properties . So…
Q: Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Queno Company had FUTA…
A: Gross FUTA tax for the year = FUTA taxable wages x FUTA tax rate
Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…
A: In the Philippines, the Value-added Tax Rate is 12%. The Export sale is a Zero rated tax supply. The…
Q: sed to amount of $491,000. Taxable income for 2021 is $845,000. The tax rate is 30% for all years.…
A: Answer: Given: Year 2021 Temporary Difference ($491,000 - $388,000) $103,000 Financial…
Q: A company reports pretax accounting income of $10 million, but because of a single temporary…
A: Income tax expense: The expenses which are related to the taxable income of the individuals and…
Q: J-Matt, Inc., had pretax accounting income of $291,000 and taxable income of $300,000 in 2021. The…
A: Given information is: J-Matt, Inc., had pretax accounting income of $291,000 and taxable income of…
Q: Marigold Corporation began 2020 with a s39.560 balance in the Deferred Tax Lability acount. At the…
A: Tax Rate = 20% Taxable Income for 2020 = $348,300
1500 in meal and entertainment expenses show as a permanent difference for tax. prepare the necessary
Peyton provides for taxes at 25% of pertax income.
For the adjusting entries do I only include the $375.00 on the
I put the $375.00 as a debit to income taxes and a credit to income taxes currently payable. Is this entry correct?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells another cellular phone for $500. Sales tax is computed at 3.5% of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on October 23.A VAT taxpayer had the following data on its operations for he month of January 2018:Sales, total invoice price P 592,480Purchases of goods, VAT not included:From VAT registered persons 100,000From nonVAT registered persons 8,000From persons subject to percentage taxes 10,000Salaries of employees 60,000Other operating expenses 12,000This is the first month of being liable to value added tax. Data in inventories at the beginning of the period bought from VAT registeredpersons follow:Inventory at cost P 44,800Inventory at realizable value 49,000Value added tax paid on beginning inventory 4,80016. How much is the input tax?17. How much is the value added tax payable?At the beginning of 2021, Pitman Co. had pretax financial income of $1,200,000. Additionally, there was a timing difference of $300,000 due to an accounts receivable that will not be collected until the following year. The tax rate us 30%. A. Calculate the total taxable income for 2021. B. Calculate Income tax expense, income tax payable, and the deferred amount for 2021, and create the journal entry.
- The Sirap Co had sales for the year at $150000. Only $105000 was collected in cash, The remaining $45000 should be collected in cash next year. The income is not taxable until it is collected in cash. The only expense for the business in income tax and the rate is 25% for this year and in all future years. how do you Make all journal entries necessary to record income tax for the year. ?Ma1. In 2020, DFS medical supply recognized rent revenue of 500 for financial accounting purpose and collected $600 cash for next year's rent. Unearned rent revenue at the beginning of 2020 was $80. For income tax reporting, the rent is taxed when collected. Pre-tax accounting income was $1600 for 2020.There were no other temporary differences and no permanent differences between taxable income and pre-tax accounting income. The enacted tax rate is 25%. A) Does the temporary difference due to rent revenue create deferred tax asset or liability? Determine the balance of deferred tax asset (or liability) at the end of the year. B) Prepare the journal entry to record income tax expense for 2020.Tim's gross pay for this month is $8,850. His gross year−to−date pay, prior to this month, totaled $127,000. What is the amount of FICA tax withheld from Tim's pay for this month? (Assume an OASDI rate of 6.2%, applicable on the first $132,900 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Do not round any intermediate calculations, and round your final answer to the nearest cent.)
- Dee is paid $2,345 on November 8, 20--. Dee had cumulative gross earnings, including overtime pay, of $131,600 prior to this pay. Round your answers to the nearest cent. a. The amount of OASDI taxes to withhold from Dee's pay is $ b. The amount of HI taxes to withhold from Dee's pay is $A seller of goods had the following details of sales and collection during the month: Receivables, beginning P 200,000.00 Gross sales 400,000.00 Less: Collection 500,000.00 Receivables, end P 100,000.00 1. What is the amount subject to business tax? a. P500,000 b. P400,000 c. P300,000 d. P200,000 2. In the immediately preceding problem, determine the amount subject to business tax if the taxpayer is a seller of services. a. P500,000 b. P400,000 c. P300,000 d. P200,0001. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. The percentage tax due for the quarter is 2. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. Assuming the taxpayer is VAT-registered, the VAT payable is:
- In the third quarter of 2017, a taxpayer engaged in the sale of services whose annual grossreceipts do not exceed P1,919,500 has the following data:Accounts receivable, beginning of the quarter 50,000Sales during the quarter, on account 100,000Accounts receivable, end of quarter 75,000Purchase of supplies, total invoice amount 11,200The percentage tax due for the quarter is_______________Assuming the taxpayer is VAT-registered, the VAT payable is __________________At the end of the year, a deductible temporary difference of $40 million has been recognised due to the difference between the carrying amount of a liability account for estimated expenses and its tax base. Taxable income is $50 million. No temporary differences existed at the beginning of the year, and the tax rate is 35%. Required: a. Prepare the journal entry(s) to record income taxes during the period. b.How much will income tax expense be shown in the income statement? c. What will be the balance sheet disclosure during the period regarding taxes?J-Matt, Inc., had pretax accounting income of $291,000 and taxable income of $300,000 in 2018. The only difference between accounting and taxable income is estimated product warranty costs for sales this year. Warrantypayments are expected to be in equal amounts over the next three years. Recent tax legislation will change thetax rate from the current 40% to 30% in 2020. Determine the amounts necessary to record J-Matt’s income taxesfor 2018 and prepare the appropriate journal entry.
