How much is the Total Service and Business Income collected
Q: determine the net income
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Q: which of the following would be considered in the calculation of gross profit? Sales and returns…
A: Gross Profit is the operating profit calculated by deducting the cost of goods sold from the revenue…
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A: Expense: It can be defined as the cost of running a company's operations to generate or earn…
Q: How much is the Total Service and Business Income collected
A: Total service income collected: Particulars Amount(P) Permit Fee 410000 Processing fee 8000…
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A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…
Q: termine income from the operations?
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A: Operating Expenses (OpEx) are those expenses which are directly associated with the day to day…
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A: The bottom line of income statement is net income. It’s the outcome of sales and gains minus the…
Q: Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: What does an Income statement tell about a business?
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Q: How to calculate or compute the operating income and the net income
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Q: Define net income and explain its computation.
A: Net income is the amount of income which is left over revenue after all the expenses have been…
Q: what the difference between accounting income and economic income?
A: Accounting income can be defined as an estimate of the performance in the operations of the company.…
Q: Using the following information, what is the amount of income from operations?
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Q: Explain how to report various income items.
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Q: How do I calculate Net Income & Net Profit Margin
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Q: What is the gross profit? | Select) How much is the operating expense? [ Select ] | Select) How much…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Discuss how to report various income items.
A: Introduction Income/Revenue is the money received from business/profession/service. There are many…
Q: record the share in the profit
A: A partnership is a form of business in which two or more persons come together with a common…
Q: Define components of net income.
A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…
Q: What do accountants mean by the term revenue?
A: Revenue is the sum that a corporation earns from selling products and/or supplying its clients and…
Q: Identify which one of the following formula is used to calculate the net income of the service…
A: NET INCOME= REVENUE - EXPENSES.
Q: entries and compute the company's gross profit.
A: Sales Revenue 840,000 Less Deductions Sales Returns and Allowances (10,000) Sales Discounts…
Q: what is the revenue and gross profit
A: Revenue is the amount or income which has been earned during particular period of time. Gross profit…
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- Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000. How much is the Total Revenue collected?6. Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P410,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000 How much is the Total Service and Business Income collected5. Agency XYZ collected the following income during the month: Income Taxes - Individual, P510,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000 How much is the Total Revenue collected
- 5. Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes - Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000 How much is the Total Revenue collectedAgency DEF collected the following income during the month: Income Taxes – Individual, P1,500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P1,400,000, Processing Fee 108,000, Rent Income 115,000 and Import Duties 1,400,000. The salary of the employees collecting these income amounts to P48,000How much is the Total Tax Revenue collected?Giga Inc has the following information: Unearned service revenue=$16,680 Sales tax payable=$8,490 Accounts payable=54,470 1.In the month of January dated 05, the company sold merchandise of cash amounting to $16,200, which includes 8% sales tax amount. 2.Jan-12-Services to customers who made advance payment of 11,490 3.Jan-14-Payment paid to state revenue department for sales tax collected in december 2014 (8,490) 4.Jan-20-Company sold 800 units of a new product on credit at 50 per unit, plus 8% sales tax 5.Jan-21-Borrowed 27,000 from Emerald Bank on 3-month, 8%, 27,000 note. 6.Jan-25-Company sold merchandise for cash totaling 10,098 which includes 8% sales tax. Required: January transactions-Journal entries
- The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $325,000 Income tax withheld $116,200 Warehouse salaries 192,000 U.S. savings bonds 14,388 Office salaries 137,000 Group insurance 11,772 You are in Column Salaries: $654,000 You are in Column Deductions: Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% You are in Column Tax rates assumed:Medicare You are in Column Tax rates assumed:1.5% You are in Column Tax rates assumed:Federal unemployment (employer only) You are in Column Tax rates assumed:0.8% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. December 30, to record the employer’s payroll…A VAT taxpayer had the following data on its operations for he month of January 2018:Sales, total invoice price P 592,480Purchases of goods, VAT not included:From VAT registered persons 100,000From nonVAT registered persons 8,000From persons subject to percentage taxes 10,000Salaries of employees 60,000Other operating expenses 12,000This is the first month of being liable to value added tax. Data in inventories at the beginning of the period bought from VAT registeredpersons follow:Inventory at cost P 44,800Inventory at realizable value 49,000Value added tax paid on beginning inventory 4,80016. How much is the input tax?17. How much is the value added tax payable?In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $11,500, and state income tax withheld was $1,050. Calculate net pay for January. Net pay for January $enter Net pay for January in dollars
- Required Information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. செ Gross Pay through August 31 Gross Pay for September $ 6,800 2,400 131,800 $ 700 2.500 8.400 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Tax Tax Rate Tax Amount Subject to Tax FICA-Social Security FICA-Medicare FUTA BUTAThe ledger records has the under mentioned accounts: Unearned service revenue=16,680 Sales tax payable=8,490 Accounts payable=54,470 1.In the month of January dated 05, the company sold merchandise of cash amounting to 16,200, which includes 8% sales tax amount. 2.Jan-12-Services to customers who made advance payment of 11,490 3.Jan-14-Payment paid to state revenue department for sales tax collected in december 2014 (8,490) 4.Jan-20-Company sold 800 units of a new product on credit at 50 per unit, plus 8% sales tax 5.Jan-21-Borrowed 27,000 from Emerald Bank on 3-month, 8%, 27,000 note. 6.Jan-25-Company sold merchandise for cash totaling 10,098 which includes 8% sales tax. Required: 1.January transactions-Journal entries 2.January transactions-Journal entries at Jan 31 for outstanding notes payableSerbesa Company is a manufacturer of local beer. During a particular quarter, it had the following transactions (net of VAT): Jan. 2: Consigned beer to a retailer in Quezon City amounting to P200,000 Feb. 14: Exported PI,000,000 worth of beer to UK. Feb. 27: President of Serbesa Company celebrated his birthday, consuming P50,000 worth of beer given to him by the company as a birthday gift. Mar. 20: Declared property dividend of one case of beer for every 10 shares amounting to P150,000. Additional Information: From January to March, domestic sales to wholesalers amounted to P600,000. No beer was returned by the consignee until the end of the quarter. The output tax for the quarter is: