How much is the Net cash paid by the Government? Sale on Account to Government (VAT Inc) 672,000.00 Input VAT paid pertaining to the sale 32,000.00 O 642,000 O 672,000 O 640,000 O other:
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- Income tac was $300,409 for the year. Income tac payable was $28,102 and $42,997 at the beginning and end of the year,reapectively. Cash payants for income tac reportés on the statement pc cash flots usine the direct method la a. $ 285,514 b. 315,304 c. 300,409 d. 371,508In an economy, it has the following monetary asset information as of December 2019. Cash in the hands of the public = P300BDemand deposits = P400BOther Checkable Deposits = P150BTraveler’s checks = P50BSavings Type accounts = P2000BMoney Market Mutual Funds = P1000BSmall-Time Deposits = P500BLarge Time Deposits = P450B Determine the value of M1 and M2.After-Tax Cash FlowsFor each of the following independent situations, compute the net after-tax cash flow amount by subtracting cash outlays for operating expenses and income taxes from cash revenue. The cash outlay for income taxes is determined by applying the income tax rate to the cash revenue received less the cash and noncash (depreciation) expenses. A B C Cash revenue received $92,000 $452,000 $222,000 Cash operating expenses paid 56,000 317,000 147,000 Depreciation on tax return 14,000 32,000 22,000 Income tax rate 40% 30% 20% Do not use negative signs with any of your answers below. A B C Cash revenue Answer Answer Answer Cash outlays: Operating expenses Answer Answer Answer Income taxes Answer Answer Answer Total cash outlays Answer Answer Answer Net after-tax cash flow Answer Answer Answer
- How much is the total net cash flow? O P430.000 O P270.000 O P620.000 O P695,000The following information relates to transactions of the Consolidated Fund for the year ended 31st December, 2019. GHc’000 Tax revenues 200,000 Non tax revenues 98,500 Grants 67,000 Purchase of goods 41,000 Purchase of Furniture and Fittings 34,000 Construction of Roads 85,000 Domestic borrowing 40,000 External bilateral borrowing 70,000 Eurobonds issued 92,000 Repayment of domestic borrowing 22,000 Purchase of motor vehicle 21,000 Repayment of Eurobond 33,400 Interest paid 25,000 Sale proceeds from disposal of Equity Investment 43,500 Consultancy services paid 15,500 Consumption of fixed capital 50,000 Bank and cash balance ( 1/1/19) (80,000) Bank balance and cash (31/12/19) 254,100 Required: Prepare Cash Flow Statement for the Consolidated Fund for the year ended 31st December 2019 in accordance with the IPSAS 2: Cash Flow Statement.9 - 391- The balance of the calculated VAT account is 5,000 TL, 191 The balance of the deductible VAT account is also3 750 T, 190-The balance of the transferred VAT account is 1000 TL. Which account is the difference and how?saved? A) 360-To the receivable of the tax and funds account payable B) 190- To the debt of the transferred VAT accountC) 360-To the debt of the tax and funds payable account D) 190- To the receivable of the VAT account of the transferredE) None
- The following information pertains to Yoyo Projects for the three months ended 31 May 2020:ActualBudgetedMarchRAprilRMayRRevenue (20% for cash and 80% on credit)360 000380 000400 000Purchases (10% for cash 90% on credit)240 000280 000320 000Salaries and wages paid40 00060 00060 000Cash expenses24 00028 00032 000Depreciation2 0002 0002 000Additional Information:a) It is expected that debtors will settle their accounts as follows:• 20 % in the month of invoice• 70% in the month after the month of invoice, and• 5% in the second month after the month of invoice• The remaining 5% is usually written off as bad debts.b) Trade creditors are paid in the month after purchase at a discount of 5%.c) 50% of the salaries and wages are weekly wages. Since wages are paid weekly, usually 10% of the wages are paid in the month following the month in which they were incurred.d) Expenses are paid as they arise.e) The favourable bank balance on 1 April 2020 was R 21 000.RequiredPrepare the Cash Budget of…13 - 391- The balance of the calculated VAT account is 10,000 TL, 191 The balance of the deductible VAT account is 15,000 TL, 190-The balance of the transferred VAT account is 4000 TL. How is the difference saved to which account?A) 190- To the receivable of the transferred VAT accountB) 360-To the debt of the tax and funds payable account C) 360-Tax and funds payable account receivable D) 190- To the debt of the transferred VAT accountE) NoneWhat is the amount of total cash withheld on January 31, 2021? P550,000P1,600,000P1,750,000P1,700,000
- The following transactions incurred by a National Government Agency during the period of FY 2021: Received Notice of Cash Allocation (NCA) amounting to P10,000,000. Earned total revenue of P2,500,000 from billings and collections of unbilled income. Issued Notice of Transfer Allocation (NTA) amounting to P2,000,000. Incurred total expenses of P8,000,000. Remitted total taxes withheld of P1,500,000 to the BIR through Tax Remittance Advice (TRA). The unused NCA balance is P1,000,000 at the end of the period. How much is the net financial assistance or subsidy for the period in the statement of financial performance?Entity XYZ is a national government agency. Some of the major transactions of the agency for the year 202X were as follows: 1.The approved legislative appropriation for the year was 1 Billion. 10% of this appropriation was alloted by the Department of Budget and Management (DBM) to Entity XYZ.This allotment is broken down as follows: Capital Outlay 50% Maintenance and other operating expenses (MOOE) 40% Personnel Services (PS) 10% 2.Received Notice of Cash Allocation (NCA) from DBM, P20 million,net of tax 3.Obligations were incurred as follows: Capital Outlay 5million Obligation for (MOOE) 3million Personnel Services (PS) 2million 4. Delivery of office equipment and office supplies on account: office equipment 3million office supplies 200,000 5.Payable to officers and employees upon approval of payroll: Salaries and wages P1,000,000 Personnel economic relief allowance(PERA) 150,000 Gross Payroll 1,150,000 Less:Deductions Withholding Tax P35,000 Government service Insurance…Entity XYZ is a national government agency. Some of the major transactions of the agency for the year 202X were as follows: 1.The approved legislative appropriation for the year was 1 Billion. 10% of this appropriation was alloted by the Department of Budget and Management (DBM) to Entity XYZ.This allotment is broken down as follows: Capital Outlay 50% Maintenance and other operating expenses (MOOE) 40% Personnel Services (PS) 10% 2.Received Notice of Cash Allocation (NCA) from DBM, P20 million,net of tax 3.Obligations were incurred as follows: Capital Outlay 5million Obligation for (MOOE) 3million Personnel Services (PS) 2million 4. Delivery of office equipment and office supplies on account: office equipment 3million office supplies 200,000 5.Payable to officers and employees upon approval of payroll: Salaries and wages P1,000,000 Personnel economic relief allowance(PERA) 150,000 Gross Payroll 1,150,000 Less:Deductions Withholding Tax P35,000 Government service Insurance…
