June 1, 2021. How much final tax is withheld by the bank at pre- termination? * a. Zero
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A: Tax is the amount which an individual or business is liable to pay the government for business…
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A: A current liability is a debt that must be paid up either this year or next year, whichever comes…
Q: 21, Quezon, Inc. placed P1M in the 5-year time deposit of Bank of Laguna. The placement earns 10%…
A: Tax refers to the mandatory percentile charges levied by the government over the earnings gained by…
Q: Gilpin, Inc.'s payroll for November 2020 is summarized as follows: Amount of Wages Subject…
A: Payroll Taxes of Employer The employer is liable to pay for FICA taxes ( social security &…
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A: Adjusted taxable income=Taxable income-Accrued wages=$600,000-$68,000=$532,000
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A: Debit the salary, salary and company payroll taxes you paid. This will increase your expenses for…
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A:
Q: consider the following accounts and determine if the account is a current liability, a noncurrent…
A: The balance sheet is the statement of financial position of the business.
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A: In the question, it is mentioned, we will compute the standard amount to be withheld using Forms W-4…
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A: The type of ledger account or statement which records only the amount related to tax is known as…
Q: Gore Company, organized on January 2, 2021, had pretax accounting income of $6,200,000 and taxable…
A: Journal entries refers to the systematic documentation of the financial transactions of the company…
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A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: Joe Bob is an employee of Rollo Corporation who receives a 2020 salary of $14,000 per month. How…
A: Social security taxes are one of the federal taxes that is being payable by the individual to the…
Q: A C corporation has a fiscal year-end of August 30. It requests an automatic extension of time to…
A: C corporation include those corporations who taxed separately and need to pay their taxes at…
Q: PAYROLL LIABILITY: On 15 September 2020, Speedy directly transferred $30,000 to employees’ bank…
A: Payroll transaction is journalized by debiting the total salaries expense and crediting the amount…
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A: In Philippines interest for late filing of income tax return is levy at 12% per year from the date…
Q: Final Income taxation is characterized by: Full taxes are withheld by the income payor at source.…
A: Here discuss about the final withhold taxes which are incurred for the certain income payments which…
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A: The following calculations represent the schedule of the total cost of wages of the employer:
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A: Part 1:
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A:
Q: At December 31, 2020, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31,…
A: Income Tax:Income earned by a taxable person during a financial year is subject to income tax, and…
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A: Social Security tax = Gross Earnings x Social Security tax rate = $108000*6.20% = $6,696 Medicare…
Q: TRUE OR FALSE?
A: TRUE
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A: As per IRC 6656, if penalties are not deposited in a timely manner or the deposits are made for less…
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A: Payroll Accounting:The process of payroll accounting includes the computation and payment of…
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A: For employees, withholding is the amount of federal income tax withheld from your paycheck. The…
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A: Payroll taxes are shared by the employer and employee, each paying 6.2% of wages along with a 1.45%…
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A: Given that the balance in accounts receivable of $250,500 Accounts receivable which are proved…
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Q: The payroll of Swifty Company for September 2019 is as follows. Total payroll was $ 444,000, of…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: If a calendar year S Corporation does not request an automatic extension of time to file its income…
A: An income tax return is documentation that determines the company’s or individual’s income earned…
Q: the right to the column Move across the line to the column showing 3 allowances. showing the…
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A: As per standard accounting practices Current Liabilities…
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A: Journal: Recording of a business transactions in a chronological order.
Q: Prepare the journal entries to record: a) the March 31, 2018 instalment amount payable, b) the…
A: Step 1 Journal is the pat of book keeping.
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A: A deferred tax asset is an item on the balance sheet that results from the overpayment or the…
Q: The payroll of Pearl Company for September 2019 is as follows. Total payroll was $444,000, of which…
A: Working note: Computation of FICA taxes payable: Computation of FUTA and SUTA tax payable:
Q: Federal income taxes are allowed as an itemized deduction but are limited to $10,000? Ture or false
A: Introduction: Taxable income: Tax is levied on taxable income only.
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A: Introduction: Every business organization has employees therefore it needs to record on an accrual…
Q: Roth Inc. has a deferred tax liability of $68,000 at the beginning of 2021. At the end of 2021, it…
A: Income tax expense:The expenses which are related to the taxable income of the individuals and…
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A:
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- Joshua borrowed $500 on January 1, 2021, and paid $30 in interest. The bank charged him a service charge of $21. He paid it all back at once on December 31, 2021. What was the APR? (Enter your answer as a percent rounded to 1 decimal place.) APR %Ms. Rose sold to Ms. Jasmine OMR 80,000 worth of goods on the 15th of April 2021 by accepting a 120 days,9% interest bearing note. Both Ms. Rose & Ms. Jasmine need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations. a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Rose prepared final accounts on the 10th of May 2021. d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Jasmine.Romeo started an RRSP on March 1, 2016, with a deposit of $35 000.00. She added $19 000.00 on December 1, 2017, and $8500.00 on September 1, 2018. What is the accumulated value of her account on December 1, 2020, if interest is 6.6% compounded monthly? a Ob Oc Od e $39 272.78 $41 260.10 $47 846.07 $70 993.80 $80 850.58
- A taxpayer filed his income tax return in October 28, 2018. The deadline for the return was April 15, 2022. If he has P40,000 net tax due, compute the penalties in the form of interest. What is the total surcharge penalty? P0 P10,000 P8,000 P20,000 add explanation thankssssOn March 1, 2021, X Co. assigns $60,000 of its accounts receivable as a collateral for a loan from John Finance Company. X signed a Note Payable to John for $50,0003; John then takes a fee of 5% of the accounts receivable. John also charges 12% interest on the amount of cash X received. If X collects $10,000 in March and remits this amount plus interest owed to John on March 31st, the journal entry X records on March 31st will include: Credit to Cash of $10,470 Debit to Interest Expense of $5,640 Credit to Cash of $10,000 Credit to Cash of $40,0001) On January 1, 2022 Hideki Matsuyama provides services in exchange for a $10,000 zero-interest bearing note due in 4 years. The effective interest rate for a note of this type is 15 percent. How much revenue does Hideki recognize on January 1, 2022? a) What journal entry to interest revenue does Hideki make on December 31, 2023? Use a positive for a debit, negative for a credit, and zero if there is no journal entry.
- Gallery located in Maine produces journals and photo albums. On May 1, 2021, G borrowed $250,000 from Midwest One Bank by signing a three year, 6% note payable. Interest is due each May 1. How much, if any, should interest expense be debited for on Dec 31, 2021? Fill in the blank. Omit $ sign.16. We must make remittances to Canada Revenue Agency (CRA) on a regular basis. What taxes are considered to be statutory deductions? What does my company have to contribute to these taxes? If the monthly remittances averaged $26,500 in 2018, what is our remitter type? When do I have to have my remittances in to CRA for my May 31, 2020 payroll?Kelly Jones and Tami Crawford borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 11 Debit Credit
- On February 1st, 2021, Seen This Before Inc. (STB) accepted a non-interest-bearing note from its customer Dolon Inc for services rendered. All services had been completed on February 1st, 2021, and they also meet the criteria for revenue recognition. The total amount of the note was $500,000 and was to be paid in full on February 1st, 2024. Dolan's typical borrowing rate is 5%. and paid the note in full on the due date. The present value of the note on February 1st, 2021, is: $431,920. STB and Dolon Inc both follow IFRS. Provide In good presentation form the journal entries that would be required on February 1st, 2021, December 31st, 2021, December 315t, 2022, and December 31st, 2023On August 31, 2018, BetsyTotten borrowed $1,000 from Iowa State Bank. Totten signed a note payable, promising to paythe bank principal plus interest on August 31, 2019. The interest rate on the note is 6%. Theaccounting year of Iowa State Bank ends on June 30, 2019. Journalize Iowa State Bank’s (a)lending money on the note receivable at August 31, 2018, (b) accrual of interest at June 30, 2019,and (c) collection of principal and interest at August 31, 2019, the maturity date of the note.Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. what is the entry to record the receipt of the funds from the loan? what is the entry to accrue the interest on June 30?