How much is the gross income under accrual basis? A taxpayer engaged in service business provides you with the following: Description 2019 2020 Collections from services rendered-current Billings for revenues earned but uncollected Collections from uncollected billings in 2019 Collections from uncollected billings in 2020 P600,000 P800,000 500,000 200,000 470,000 50,000 Advance collections for services not yet rendered 300,000 200,000 2019:P1,400,000; 2020: P1,200,000 2019: P1,400,000; 2020: P1,720,000 2019: P500,000; 2020: P720,000 2019: P800,000; 2020: P920,000

Q: Calculate the amount of itemized deductions the Gibsons may claim for the year.

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A: Journal entries refers to the systematic recording of the financial transactions of a company in its…

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A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

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A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Mr. Allan derived the following income in 2019: Business income Compensation income Interest income…

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Q: Jackie forecasts the following for the taxable year 2023. Gross profit from regular operations -…

A: Working Note :-                                   Optional standard…

Q: In 2020, its initial year, Business Taxpayer incurred $52,300 in start-up costs. Determine the…

A: The initial cost incurred in starting up the business is known as start up cost. Start up cost is…

Q: In 2021, a company performed service for the customers. It will receive payments from the customers…

A: Deferred tax refers to the tax on the timing difference arrives due to difference in carrying amount…

Q: Jackie forecasts the following for the taxable year 2023.

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Q: An accountant agrees to perform $410 of tax services for an auto mechanic who has agreed to perform…

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Q: How do I calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade or…

A: Qualified business income deduction is the amount that needs to be deducted in order to find…

Q: A taxpayer buys a new cash register for $1,300 in January 2021. This is the only asset purcha in…

A: Cash register is an office equipment hence would be classified under 7 year- 200% asset class. Also…

Q: The formula for computing the federal gift tax payable on taxable gifts made in 2020 has the…

A: The gift tax is a federal tax that is levied on the taxpayer on the transfer of money or property or…

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Q: Loni Company paid $1,037,000 for tangible personalty in 2019 and elected to expense $1,020,000 of…

A: Taxable income refers to that part of the income which is used to determine the amount of tax an…

Q: Situation 1 You are required to calculate Rose's income tax liability for .the year 2019/20…

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Q: Anchor, inc, reports pretax financial income of $100,000 for 2020, S120,000 for 2021, and for 2022.…

A: Determination of taxable income    2020 2021 2022 Pretax Financial income $100,000 $120,000…

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Q: r the year ended December 31, 2019, Nelson Co.’s income statement showed income of $425,000 before…

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Q: A taxpayer engaged in service business provides you with the following. Determine the gross income…

A: Cash basis accounting method means receipts are recorded when actually received.

Q: A taxpayer engaged in service business provides you with the following: Description 2019 2020…

A: accrual method is a method of accounting in which accounting transactions are recorded according to…

Q: 020 Ming Xo Inc. generated taxable income of $420,000 and incurred expenses of $490,000. What is the…

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Q: GIVEN: • Taxpayer is a PEZA-registered enterprise Taxable year is 2021 • Financial data Related…

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Q: Calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade or…

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Q: Taxpayer started a calendar-year business on 1 August 2020. On that date, Taxpayer paid $9,600 in…

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Q: For the year ended December 31, 2019, Nelson Co.’s income statement showed income of $435,000 before…

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Q: Required: For the taxation year ending December 31, 2020, calculate the maximum CCA that can be…

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A: Under cash basis, cash received in 2nd quarter will be considered income for the 2nd quarter.

Q: Sparrow Corporation (a calendar year, accrual basis taxpayer) had the follow ing transactions in…

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Q: Sherina Smith (Social Security number 785-23-9873) lives at 536 West Lapham Street, Milwaukee, WI…

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Q: GIVEN: • Taxpayer is a non-stock and non-profit educational institution. • It has been granted with…

A: The correct option with proper explanation are as follows

Q: 2. Mr Asta, domestic corporation, revealed the following data for 2019: Gross income from business…

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Q: In 2018, Ryan Management collected rent revenue for 2019 tenant occupancy. For financial reporting,…

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Q: Required: Calculate Homework Corporation's taxable income for 2020. Clearly show your work and label…

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Q: A derived its income from its self-operated talpakan business. The details of his business for 2021…

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Q: Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in…

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Q: What is the maximum amount they can deduct for charitable contributions in 2021? a.$1,700 b.$2,000…

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A: Only current year service costs are deductible.

Q: What is the net income taxable?

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Q: How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000…

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Q: 1. Compute IRS Company’s taxable income for 2021   2. Prepare IRS Company's journal entry for…

A: Particulars Amount  Pretax financial income  $260,000 Less: Rent paid in advance  $30,000…