Instructions: Write “true" if the statement is true and "false" if otherwise. 15. SThe$ $maximum$ $of $additional$ $community$ $tax$ $for$ $individuals$ $is P 5,000.00.
Q: 2 Compute the Net Income. Service Income Php 356,867.00 Prepaid Rent Interest Expense 16,800.00…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: axable year 2X18: Tuition Fees Miscellaneous Fees Interest on Bank Deposits Rent Income Salaries and…
A: Not for Profit Organisations : These are the organisation whose motive is not to earn the profit but…
Q: ncome taxes otes payable (secured by land) ccounts payable alaries payable to employees $16,000 for…
A: Solution: Calculation of the Current amount of Total Assets available to Pay Liabilities with…
Q: w (inputting a similar table, with related work shown above or below, is suggested). Payment EOY…
A: Loan are paid by equal amount but the amount of interest and principal amount paid are different for…
Q: 39. The closing entries for Salaries Expense, with a balance of P250,000 is (1 Point) (Dr) Salaries…
A: At the time of closing of expense account, Income summary account will be debited and particular…
Q: Q.1. Mr. Daniel, a disable person, is an executive manager in a public company. He has furnished the…
A: This is a taxation question. As in the question, Currency is mentioned in Rs. It is assumed that the…
Q: PLEASE ANSWER THEM ALL CORRECTLY FOR AN UPVOTE AND POSITIVE RATINGS.
A: Worki ng notes :- As per BIR rule 2020 Gross…
Q: 1. If assets are 28,000 and owner's equity is 10,000 liabilities are
A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…
Q: The owner’s initial capital to the business is ₱50 000.00. If the business has ₱150 000.00 revenue…
A: The owners equity is calculated as the sum of owner contribution and any changes to equity. Changes…
Q: 1. How much is the tax due if Mr Danny chose the option to use the itemized deductions?…
A: Cost of Goods Sold = Beginning Inventory + Purchases - Ending Inventory = 30,000 + 1,800,000 -…
Q: Enrichment Activity Since it was already discussed the theory of debit and credit in the use of a T…
A:
Q: How much revenue (franchise revenue, service revenue and sales revenue – machinery and equipment)…
A: 4. From the above question option d is the correct option i.e P417591.50 Explanation: Dominador's…
Q: Directions: Read carefully and analyze the problem then fill in the blanks the correct answer/s to…
A: The question is based on the concept of Financial Accounting.
Q: Comprises the total assets of a business A. Income B. Revenue C. Gain D. Capital
A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…
Q: Computing Taxable Income: Ross Martin arrived at the following tax information… Gross salary:…
A: 1) Taxable income: Gross income of person is calculated from all resources , thereafter deduction…
Q: Ajjumiar bockkeeper aff Adams litdl. prepanedi the foilowing inaonmectt ffinancial statements att…
A: Here in this question, we are required to prepare income statement, statement of changes in equity…
Q: Begining od year Service Revenwes 200,000 salary expenseses Rent expenses 160,000 40,000 R00 o…
A: Temporary accounts are those which are closed at the end of each accounting year. So at the end of…
Q: 4 Fom the figures given below, prepare an Income and Expenditure At to 2020 Receipts Rs. Payments To…
A: Income and expenditures are nominal account and it is modified from profit & loss account As per…
Q: E24 (LO 1) The following information relates to Royale Real Estate Agency. Oct. ! James Royale…
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Directions: Perform the task below. Write your answers on the space provided. You may attach an…
A: Calculation of cash distribution Particular Liabilities killua loan killua capital Gon…
Q: Ice was exracted from the books of Syarikat Wawa at 31 2020: Particulars RM Capital Carriage in…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: he picture attached here is the problem. Choose the correct LETTER of answer: What is the net…
A: The following calculations are done for Darren and Darryl who have opted for a business combination…
Q: Assets Liabilities Owner's Equity $4 $333,300 $212,000 Need Help? Read It %24
A: Formula: Accounting equation: Assets = Liabilities + Owners equity
Q: Madelyn ravel Agency Dec. 31, 2020 Unadjusted Trial Balance 645,000 000'9ZI 110 Cash P. 130 Prep…
A: The balance sheet and income statement are the financial statements of the business.
Q: LO 3 See Examala 2-5 Ralph Henwood was paid a salary of $64.600 during 20-- by Odesto Company. In…
A: Self-employed tax rate: The self-employed tax rates for 2020 are 15.3 percent in which the 12.4% for…
Q: In cell B10, enter a formula using the IF and AND functions to indicate whether the revenue goal has…
A: In order to meet the revenue goal.
Q: Income Tax Expense Interest Expense Supplies Expense Totals 0 $ 107 $ 107 Transactions and events…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: emier ation online, we know eing shared on the Internet especially in Independence every 12th of…
A: Income summary account: It can be defined as a temporary account in which all revenues and expenses…
Q: 2.0 BUSINESS TRANSACTION The following is the business transaction for August 2020: August 1…
A: A journal entry records a business transaction in the accounting system for an organization. Journal…
Q: 5 Problem 3. From the foilowing prepare Income & Expenditure Alc of Bombay Sports Club for the year…
A: Solution is here below
Q: Purchased equipment for OR5,400, paying OR1,000 down and signing a two-year, 10% note for the…
A: Equipments means the fixed asset which is used in business for earning profits. Note payables means…
Q: 4. On Jan 1. 2020, the company had $1,000 of supplies on hand. On Jan. 10 they purchased $400 of new…
A: Solution: Supplies are consumable items that are maintained by business to support its operations.…
Q: uestion 2: If a business owns a eal estate worth $250,000, and they owe 180,000 on a loan for that…
A: Owner’s equity is the amount of owner’s capital in the total amount of investment. It is the amount…
Q: Juan and Pedro have the following transactions during the year: Juan: Beginning capital –…
A: Average Capital ratio is nothing but a ratio based average capital balance during the year.
Q: Problem 4: Blum Services has the following unadjutad belances at yoarend. $12.900 2,000 1300 Cash…
A: Worksheet is a statement or sheet which lists down all unadjusted general ledger balances, then…
Q: Date December 2020 Particulars Post Ref Amount $ Dr Amount $ Cr 1 Cash - Dr Motor Vehicle -Dr…
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…
Q: nstructions: Prepare the entries to record the following independent transactions vith explanations.…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: The following information was taken from the records of Kaka Distress Company: Accrued rent income…
A: The Cash basis refers to a key accounting approach which recognizes income and expense on receipt or…
Q: Question 2 The following information was taken from the books of Towel Talk for January and February…
A: All amounts are in R.
Q: Provide Solution and Answers ASAP Compute the missing amounts in the SCE of the owner. Write your…
A: Capital means the amount that belong to the owner of the business. Any profit will increase the…
Q: Journalize the following transactions in the books of AHMED for the month of March. 2020 2020…
A: A journal entry is used to record the business transactions in business journal using double entry…
Q: Act. No. 2018-20 Conf. No. Name of Customers Balance 18,000 Melba dela Cruz Ronald Magno 001 2018-35…
A: Account No Name of customer conf no Address Per client Confirmation result returned by post office…
Q: Please lable the following accounts as Assets, Liability, or Equity. Also if they are a DR or CR…
A: Step1: For the proprietorship, accounting equation is formed from asset, liabilities and owner’s…
Q: Withdrew from the agency, Php5,000 for personal use. A. Debit Cash, Credit J. Ilagan, capital B.…
A: Drawings is a amount/goods withdrawn by business owner from its business.
Q: Miriam deposite an amount of php89632.37 from abc bank on the 7th birthday of her daughter that pays…
A: Interest is the amount which has been earned by the company or the depositor on the money which has…
Q: 2.) Find the actual and approximate time from December 19, 2020, to June 6, 2021. Show the two…
A: Since you have asked multiple questions, we will solve the first question for you. Please ask…
Q: Could you tell me if the following Accounts are Assets, Liabilities or Equity?1) Accounts…
A: Assets are the resources available from which a business is expected to derive future economic…
Q: Directions: Compute the missing amount in the equation. Write your answers on a separate sheet of…
A: Accounting equation implies that the assets equal the sum of liabilities and owner's equity of the…
[fifteenth item] true or false
Step by step
Solved in 2 steps
- wner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500Concept Review 3.1- Please turn to page 151 of the text and complete Financial Planning Problem 1. (Personal Finance, 13th ed., Kapoor, Dlabay) Computing Taxable Income: Ross Martin arrived at the following tax information… Gross salary: $56,145 Interest earnings: $205 Dividend income: $65 Standard deductions: $12,000 Itemized deductions: $11,250 Adjustments (subtractions) to income: $1,200 What amount would Ross report as taxable income?For you performance task#2 identify what do the underline words refered to Miriam deposite an amount of php89632.37 from abc bank on the 7th birthday of her daughter that pays 1% interest compounded anually she received an amount of php100000 on the 18th birthday of her daughter
- The picture attached here is the problem. Choose the correct LETTER of answer: What is the net (debit) credit amount of adjustment for Darren and Daryl? a. P50,000 P50,000 b. P(50,000) P(50,000) c. P(14,000) P(35,000) d. P14,000 P35,000 e. None of the above What is the amount of total assets after the formation? a. P1,900,000 b. P1,800,000 c. P1,700,000 d. P1,600,000 e. none of the aboveGIVEN:REF. AMOUNT Business Transactions1. 120,000 DEPOSITED CASH FOR HIS CPA PRACTICE BUSINESS2. 15,000 PAID OFFICE RENT FOR DEC 20193. 80,000 EQUIPT PURCHASED; P40K D/P; P40K PROMM NOTE4. 10,000 OFFICE SUPPLIES BOUGHT ON ACCT5. 25,000 BOOKEEPING SERVICES DONE & PAID FOR CASH6. 12,000 Salary paid7. 6,000 RECEIVED UTILITY BILLS FOR DEC 20198. 35,000 BILLED CLIENTS FOR SERVICES; NO CASH YET9. 6,000 PAID CREDITOR IN PART, SEE #310. 15,000 RECEIVED CASH FROM BILLED ACCTS, SEE #811. 16,000 W/DRAWN CASH FROM #1, FOR PERSONAL USE12. 10,000 TAX CONSULTATION SERVICES, RECEIVED IN CASH13. 6,000 UNUSED SUPPLIES REMAINING, SEE #4 REQUIRED: A TRANSACTIONAL ANALYSIS USING ACCOUNTING EQUATION AND SPECIFIC ACCOUNT TITLESPROFORMA TEMPLATE: A S S E T SGIVEN: Accts SHOPref. Amount, Cash, Rec'ble,Supplies,Equipments…1. soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and Revenues: TL3.375.000. How much is the Tax Payable if the business prepaid income tax of TL15.000 during the accounting period? a.TL30.000 b.TL15.000 c.TL45.000 d.TL60.000
- Show the solution in good accounting form. Thank you! 1. How much should be shown in FIVE's 2021 income statement as gross rental income? a. ₱ 60,000 b. ₱ - 0 - c. ₱ 6,000 d. ₱ 30,000Q4Journalize the following transactions in the books of AHMED for the month of March. 2020 2020 March. 1 Introduced cash as capital OMR 50,000. March. 5 Goods purchased on cash for OMR 10,000. March. 8 Purchased furniture on credit for OMR 10,000. March. 10 Paid OMR 2,000 as charity in COVID-19 fund. March. 15 Paid tuition fee for owner’s children from the business bank account OMR 200. March. 18 Paid electricity bill OMR 100. March. 20 Purchased goods from Rashid for OMR 8,000 and paid only 4,000 to him. March. 22 Purchased an extra machine for cash OMR 10,000 March. 25 Paid salaries OMR 500 from the bank account March. 28 Cash sales to Mohammed OMR 1,000.In cell B10, enter a formula using the IF and AND functions to indicate whether the revenue goal has been met that month: a. Enter the logical test using the AND Function to determine if the Fundraisers amount in cell B7 equals 0 and the Total in cell B8 is greater than 20,000. b If the logical test is true, display Yes (using "Yes" for the value_if_true argument). c. If the logical test is false, insert a nested IF function. d. Enter the logical test of the nested IF function using the AND function to determin if the Fundraiser amount in cell B7 is greater than 0 and the Total in cell B8 is greater than 200,000. e. If the logical test for the nested IF function is true, display YES ( using "Yes" for the value_if_true argument). f. If the logical test if false, display No (using "No" for the value_if_false argument) I have tried to figure this excel formula out for about an hour now, this is what I have. but this is only half of the formula. I need the correct formula please.…
- information to answer question 5. Cash R10 000 Accounts receivable(debtors control) R30 000 Inventory R80 000 Prepaid insurance R 6 000 Fixed assets R200 000 Accounts payable (creditors control) R30 000 Income received in advance R25 000 Wages payables R5 000 Long-term liabilities R70 000 Capital R196 000 Calculate the acid test ratio. A. 0.83:1 B. 1:1 C. 1.3:1 D. 0.76:1Direction: Act as an accountant. Enter the given data in excel and compute for the gross income, the exact amount of partial deductions, total deductions, and net pay. Deductions: SSS = 4% Philhealth = 1.50% Pagibig = 2% Tax = 12% (Please show the formula in excel)Identify the relevant transaction for this entry: Assets Owner’s equity Liabilities +R8000 +R8000 0 Received R8000 cash for debtors R8 000 cash paid for rent Cash sales of inventory R8 000 Received R8 000 cash for rent
