A private educational institution submitted the following data for the fiscal year ending April 30,2020: Tuition fees P9,500,000 Miscellaneous fees 1,200,000 Cash dividends from domestic 80,000 corporation Income from bookstore 350,000 Interests on peso bank deposit 70,000 Income of school canteen 280,000 Salary, allowances and bonus of employees 6,400,000 Other operating expenses 2,600,000 Other expenditures for improvement of school facilities: Construction of add'l class rooms 1,300,000 (depreciation; P75,000) Furniture and equipment of 400,000 library (depreciation; P50,000)
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- On January 1, Southwest College received $1,200,000 in Unearned Tuition Revenue from its students for the spring semester, which spans four months beginning on January 2. What amount of tuition revenue should the college recognize on January 31? Group of answer choices $300,000. $800,000. $900,000. $600,000.Haidia corporation, an educational institution provided the following data for the current year: Income from tuition fees Php 3,500,000 School miscellaneous fees 1,500,000 Dividend income: Domestic corporation 2,000,000 Foreign corporation 2,000,000 Rent income (net of 5% withholding tax) 1,900,000 Operating expenses 4,000,000 The income tax due of the school is:During 2020, Reliable Corporation had cash and credit sales of $21,760 and $15,225, respectively. The company also collected accounts receivable of $9,765 and incurred operating expenses of $27,700, 80% of which were paid during the year. In addition, Reliable prepaid $4,500 for an 18 month advertising campaign that began September 30. Reliable’s accrual basis net income (loss) for the year ending December 31, 2020 was: Group of answer choices A. $8,535 B. $14,075 C. ( $775) D. $9,285
- Read the following information and answer questions that follow.Brian Ndlovu is employed as a manager in Gaborone. During the year ended 30 June 2020, hehad the following incomes and expenditures:Amount (P)Salary 1,40,000Performance related award 50,000Entertainment allowance 60,000Barclays Bank Interest 40,000Commission 70,000Interest from BBS Subscription shares 10,000Other Investment Income 20,000Medical aid contributions from the employer 5,000Compensation for injury at work 6,000Rental Income 1,60,000Expenses incurred during the year:Approved Pension contributions 10,000Contributions to approved retirement annuity fund 15,000Annual subscriptions to ACCA 1,500Contributions to an unapproved fund 20,000Contributions to life assurance policy 15,000P.A.Y.E. deducted 40,000Additional Information:(1) During the year, the company paid a total of P10 000 to Brian for private telephone andelectricity bills(2) Brian had the use of a company car that cost P100 000 for which he paid for his…The following balances are extracted from the records of VKS Corporation as of December 31, 2021:· Commercial savings account, DVD- P1,500,000· Commercial checking account, DVD- P1,800,000· Travel advances for executive travel for the 1st quarter of 2022 (employee to reimburse through salary deduction)- P375,000· Cash fund for retirement of long-term debt- P2,000,000· Petty cash fund- P20,000· I.O.U. from an officer- P50,000· Bank overdraft, BPI- P450,000· Certificates of deposits, maturity of 120 days acquired on December 1, 2021- P3,000,000· Check received from customer dated January 2, 2022- P175,000· Maintaining balance at DVD to ensure future credit availability- P200,000· Currency and coin on hand not yet deposited - P25,000 How much will be reported as cash and cash equivalents on December 31, 2021?On January 1, 2020, the ledger of Chuan-Kwang contains the following liability accounts (amounts in thousands). Accounts Payable NT$52,000 Sales Taxes Payable 7,700 Unearned Service Revenue 16,000 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling NT$20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of NT$10,000. (Credit Service Revenue) 14 Paid revenue department for sales taxes collected in December 2019 (NT$7,700). 20 Sold 900 units of a new product on credit at NT$50 per unit, plus 8% sales tax. This new product is subject to a 1‐year warranty. 21 Borrowed NT$27,000 from First National Bank on a 3‐month, 8%, NT$27,000 note. 25 Sold merchandise for cash totaling NT$12,420, which includes 8% sales taxes. Instructions: Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and…
- December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…
- December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…The following transactions apply to Walnut Enterprises for 2018, its first year of operations: Received $50,000 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, 2018. Received $130,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. Paid $62,000 cash for other operating expenses during the year. Paid the sales tax due on $110,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until 2019. Recognized the accrued interest at December 31, 2018. The following transactions apply to Walnut Enterprises for 2019: Paid the balance of the sales tax due for 2018. Received $201,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. Repaid the principal of the note and applicable interest on April 1, 2019. Paid $102,500 of other operating expenses…December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year.2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end, an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…