Donler Tax Service performed services on account for $10,200 and paid expenses totaling $5,400. What is Donler's Net Income or Net Loss?
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- Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts receivable were $25,000. During the year, Mosh collected $100,000 from customers. At the end of the year, accounts receivable were $15,000. What was Mosh's gross taxable income for the current year? A. $75,000 $90,000 B. C. $100,000 D. $110,000Stella, a single proprietor engaged in service business, reported the following business income and expenses: Service income- P500,000, Collections during the year- P490,000, Expenses actually incurred during the year- 150,000, Expenses paid during the year-200,000. How much is the net income from business?Wagner Accounting & Tax Services provides accounting and tax services in Tampa, Florida.The following account balances appear on the year-end adjusted trial balance of Wagner Accounting & Tax Services: Retained Earnings, $210,000; Service Revenue, $800,000; Salaries Expense, $370,000; Rent Expense, $130,000; Interest Expense, $65,000; and Dividends, $40,000.
- You are provided with the following amounts for Janet Mattera for the current year: • Net employment income = $6,600 • Business A: Gross income = $21,000 • Business B: Gross income = $118,000 • Business A: Expenses (for income tax purposes) = $32,000 • Business B: Expenses (for income tax purposes) = $28,000 • Interest income = $1,500 • Taxable amount of dividends = $2,640 Based on the above, the total amount reported pursuant to ITA paragraph 3(a) in the computation of Janet Mattera's net income is:Mr. Reyes is both employed and self-employed. He had the following income receipts during the month: Gross compensation income P 120,000.00 Director's fees 80,000.00 Professional fees 200,000.00 Total gross income P 400,000.00 The total amount subject to business tax is?The following items of income are reported by Cute, a CPA Salary as an accountant P150, 000 Overtime pay 30,000 13th month pay and other bonuses 15,000 Audit retainers fee 60,000 Capital gains from sale of car 25,000 How much is the tax due?
- During the month of June, a tax service prepared tax returns for 20 clients at $200 each. By the end of June, the service had collected from 8 clients. Under accrual accounting, what are the net amounts that impact the financial statements for June? statement of earnings: $2,400; statement of cash flows: $2,400 statement of earnings: $4,000; statement of cash flows: $1,600 statement of earnings: $1,600; statement of cash flows: $1,600 statement of earnings: $4,000; statement of cash flows: $4,000Sam paid £8,874 for rent during the current year. At the beginning of the year, £745 had been brought forward as prepaid for rent, and at the end of the year, £1,450 had been prepaid. How much would be shown as the expense for rent in the income statement for the current period? A. The rent expense is £11,069 B. The rent expense is £8,169 C. The rent expense is £6,679 D. Cannot be determined from the data givenLisa and Bob Zee have a combined income from salaries of $87,980. They received 1099 forms for $1,100 in interest from their bank and $1,300 in stock dividends. They have a total of $4,000 in adjustments to their gross income. Determine their adjusted gross income.
- A business paid out $12,450 in net wages to its employees. In respect of these wages, the followingamounts were shown in the statement of financial position.$Income tax payable 2,480National Insurance payable – employees' 1,350– employer's 1,500Pension payable for employees' contributions 900Employees' gross wages, before deductions, were ........................................A, keepers of garage, whose gross receipts in year 2017 totaled P 3,050,000. In year 2018, the total receipts of A amounted to P 4,000,000 with disbursements of operating expenses of P 2,000,000. What is the common carriers tax due from A?A 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: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00