Q: Which of the following is not included in the MHE, or PITI, payment? O Principal O Points O Interest…
A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…
Q: Rent paid in advance will be deducted from:
A: Solution: Rent paid in advance is prepaid rent for which expense will be recognized in future when…
Q: What is a description of loss of self-employment income statment? Give example
A: When the expense exceed the revenue then it result in loss. Self employment means the person is not…
Q: In what instances do you use unearned revenues and prepaid expenses?
A: Assets are the items owned by the firm or individual. It is calculated by summing up all the items…
Q: a) Write a function that transforms the old annual salary, S, into the new annual salary, N. b) Does…
A: Suppose the old salary be x dollars Since each employee is given a 6% cost of living and $2000…
Q: The increase in expenses and decrease in payables should be debited* O True O False
A: Expense accounts normally have debit balance and all payables normally have credit balance. For…
Q: I have a couple of questions. Please answer clearly, no typos and thoroughly. Thanks!1) What are…
A: Step1: Accrual adjustment. We have,Accrual adjustment is made when expenses should be reported for…
Q: Uncarned revenues are received and recorded as liabilities before they are earned. earned and…
A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…
Q: Taxable income is ????????????????? why not gross income less deductions????
A: Taxable Income is income on which tax is payable by the taxpayer. It can be calculated as follow…
Q: In computing the ending balance of defined benefit obligation, which of the following is deducted…
A: Defined benefit obligation is the present value of future pension liabilities of a company which it…
Q: income recieved but service not rendered, Please suggest the JE
A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…
Q: A person does not have to complete a return form if he has no income or chargeable income. Select…
A: As per the protocol and instruction we provide solution to the one question only but you have asked…
Q: calculate samsam salary after deductions
A: Salary after deduction can be calculated by subtracting the total deductions claimed during the…
Q: what should be withheld from a bonus in the year it is paid?
A: Explanation and correct answer is given below,
Q: Should options given as part of compensationpackages be reported on the income statement asan…
A: Stock options are recognized as a compensation expense in the financial statements of a company.…
Q: Elements of gross income
A: Option B is wrong because realized income is an element of gross income. Option C is wrong because…
Q: 2.A bonus is always given if there is a profit and also if the profit is enough to cover the bonus…
A: Bonus refers to the amount of money paid by the company in addition to the salary, to the employee…
Q: Unearned revenues are a. Earned and recorded as liabilities before they are received. O b. Earned…
A: 12. Unearned revenue is the revenue that is received by the company but not yet earned by the…
Q: Difference between deferral of expenses/revenue and accrued expenses/ revenue?
A: The business adjust the profits of the business for the current year considering deferred and…
Q: Compute the Income Tax due.
A: Income tax can be defined as the portion of income being paid to the tax authority or government.…
Q: It is a person's earnings before deduction. Salary Wage Gross pay Net pay
A: Employment is one of the major economic activities. Employees get some remuneration from their…
Q: Rent collected in advance shall be taxable when earned.
A: Meaning of Rent Received in Advance Rent Received in Advance is the amount of rent which is received…
Q: How do defreinciate between a accured income and prepaid income
A: Introduction: Accruals: Transactions recorded in the books but not yet received or paid cash called…
Q: The increase in expenses and decrease in payables should be debited O True O False
A: While recording any business transaction in accounting form we enterd this amountin two side one is…
Q: rovide a rationale for the expense based on the given problem. Also, explain what is rationale since…
A: rationale means the valid reason for the action to be taken . In this case we need new laptop units…
Q: The party to whom payment is to be made is called the payee. True O False
A: Payee the person to whom the payment is made or to be made.
Q: An accrued expense can best be described as an amount Paid and currently matched with earnings…
A: Solution Concept Accrued expense Accrued expense means the expense that has already been incurred…
Q: True or falss Gross earning is sometimes greater than net income.
A: Gross profit is the profit generated by the firm from operating activities without adjusting the…
Q: do not allo
A: In Philippines deduction is allowed from Business Income, Professional Income and mixed income but…
Q: One of the staff members asks you to explain the difference between the terms gross and net on the…
A: An employee gets compensated for the service by the employer. The employee receives a basic salary,…
Q: Which travel expenses are deductible and which ones are not? Provide reasons for both deductible and…
A: The travel expenses are costs usually related to the purpose of traveling for business-related…
Q: What is unearned income ,income recived in advance ?
A: Unearned income or Income received in advance: Earned revenue that represents to a future…
Q: Interest revenue need not be added to the gross income to compute for the total income.
A: Gross income and net income are two concepts associated with the accounting that helps to identify…
Q: is prepaid reant an expense
A: Prepaid expense:Prepaid expense is the advance payment for future expenses is called as prepaid…
Q: Under both accrual basis and modified accrual basis we recognize expenses when it is incurred. a.…
A: Accrual basis of accounting says that expense should be recorded in that period in which they are…
Q: What is the difference between: Salaries and wages expense on the income statement And Salaries and…
A: The income statement and balance sheet are the financial statements of the business.
Q: mpted by law or statute and it does not me on for services constitutes compensation in e as long as…
A: Compensation income refers to the form of income gained by an entity that arises out of an…
Q: In the following liabilities, the payee is known, however, the amount may have to be estimated.…
A: provision should be created for all the certain liabilities
Q: Explain why you would prefer to have an expense labeled as an adjustment to income instead of being…
A: There are two ways in which you can reduce the tax liability. The first one is by reducing the…
Q: What is the definition of gross income? “Gross income includes all income unless….”
A: As the name itself suggests that all kinds of incomes are included while computing gross income.
Q: 1. How much is the additional allowable training expenses, if any? 2. How much is the taxable net…
A: Taxable income of the company is the income which the company has earned during the year from the…
Q: What is the difference between Wages Payable and Wages Expense? What statement do they appear on?…
A:
Q: Wages refers to both pay and benefits. True false
A: Wages: It is considered direct labor cost which is paid to the laborers or the workers for the…
Q: What is the liability created by receiving revenue in advance called (before it is actually earned)?…
A: Revenue receipts in Advance is shown as unearned revenue.
Q: Questions: . How much is Mr. Quiton's gross earnings? . How much is his total deductions? - After…
A: solution given basic salary 15532 Allowances 1000 Deductions Social…
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- 4. Based on number 3, what is the VAT payable? ANSWER NO. 4 ONLY!34) 1. Fundamental purposes of the principle of indemnity include which of the following? I- To reduce physical hazards II- To prevent the insured from profiting insuranceOn what information return is the employment income of an individual reported? Question 10 options: a) T2 Return b) T5 c) T4 d) T4A