Match the appropriate parts of tax for the following purchase. You purchase a new pair of shoes for $29.99 at Shoe Carnival The Tennessee State Sales Tax The Davidson County Sales Tax The Total Sales Tax The Total Purchase Price
Q: Pecan Theatre Inc. owns and operates movie theaters throughout Florida and Georgia. Pecan Theatre…
A: Dividends The proportion of net profits allocated to stock investors are called as dividends. This…
Q: (CO C) Suzanne transfers a building with an adjusted basis of $60,000 and a fair market value of…
A: Solution: 1. The gain is $60,000 2. The basis would be the fair value of $120,000
Q: Which of the following properly portrays the components of net position for proprietary funds?…
A: Net Position for proprietary funds consists of three components: Net Investment in Capital Assets,…
Q: (a) Prepare T accounts and enter the opening balances. (This has been done for you on the template.)…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: puter service, Fontan Computer Service. Analyze the following transactions he completed by recording…
A: Lets understand the basics. As per accounting equation, total assets are equal to total liabilities…
Q: Martin Ltd, in the first year of its operations, reported the following information regarding its…
A: Answer: Please fallow the answer below: Income tax is a tax levied on the net earnings of…
Q: Big City Bank processes the checks its customers write at Riverdale Operations Center (ROC). ROC…
A: Lets understand the basics. Banks need to calculate cost per process in order to understand the cost…
Q: Journal Entry for Owner's Withdrawal Prepare a journal entry on June 30 for the withdrawal of…
A: Lets understand the basics. Journal entry is required to make in order to record event and…
Q: Assume Anderson Cleaning Service had net income of $1,020 for the year. Anderson Cleaning Service's…
A: Given, Net Income = $1,020 Beginning total assets = $4,970 Ending total assets = $4,630
Q: The lower the revenue per employee, a. the more efficient the company is in generating revenue from…
A: Revenue per employee is the average money the employees generated for the store. It is the…
Q: Prime Purchase received a phone bill that amounts to $500 (related to calls made during 2021). Prime…
A: The accrual basis of accounting is defined as a type of method in which the value of expenses and…
Q: Dinnell Company, with a June 30 year-end, owns the following assets: A с 2017" 2019 $20,000 $100,000…
A: Depreciation is considered an expense charge on the value of the Asset. It can be calculated by…
Q: Question 1: Assume the following information pertaining to Star Company: Prime costs $…
A: Manufacturing costs: Manufacturing costs are the costs which are directly associated with products.…
Q: IT MUST BE ACCURATE AND COMPLETE EXPLANATION Discuss the computation of Operating Cash Flow using…
A: The cash flows from operating activities solely contain the cash inflows and outflows associated…
Q: Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track…
A: The journal entries are prepared to record the transactions on regular basis. The direct costs…
Q: Required information Problem 15-2A (Algo) Recording, adjusting, and reporting available-for-sale…
A: Available-for-sale securities are securities that are purchased with the intention of selling them…
Q: Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31.…
A: The Multistep income statement categories the different expenses uder different heads. The gross…
Q: Activity based costing is likely a more advantageous costing methold versus traditonal costing, to…
A: The costing uses different method in order to consider all the cost that are involve the…
Q: Best Bicycles manufactures three different types of bikes: the Tiny Tike, the Adult Aero, and the…
A: Process capacity refers to the technique which states the operators or machines capabilities in the…
Q: Assuming that the basic tax is PHP 120,000, the total amount payable is
A: Given in the question: Taxpayer has not filed his return for the taxable year 2019 on time. The…
Q: Presented below are the ending balances of accounts for the Kansas Instruments Corporation at…
A: Formula: Net working capital=Total current assets-Total current liabilities
Q: Please provide the type of audit procedures that was performed in the following actions or…
A: Audit procedures seem to be the procedures and techniques that auditors have been using to acquire…
Q: Dinoco manufactures racing products in a manufacturing facility with a total of 25,000 square feet…
A: The value of unused capacity will be completely based on the usage rate irrespective of the actual…
Q: Assume that IBM leased equipment that was carried at a cost of $96,000 to Blossom Company. The term…
A: Journal Entry :- The act of logging any transaction, whether or not it is an economic one, is known…
Q: Discuss state and local governments financial statements and what are the potentials changes to…
A: The financial statement is prepared for showing the results of the business and non-business…
Q: castern Chemical Company produces three products. The operating results of the current year are:…
A: Activity based costing is a system of cost accounting which takes into consideration the number of…
Q: 17. VAST Corporation incurred the following expenses. Which of the following is non-deductible? a.…
A: Some of expenses are deductible and some are not deductible. Deductible expenses reduces the income…
Q: Requirements: a. Give the entries to record the foregoing transactions using memorandum entry…
A: Delinquent on Shares Subscription When a person or organisation that has contracted to buy shares of…
Q: Hi, can you also post the Adjusting Entries, Balance Sheet and Income Statement for the given…
A: General Ledger In order to produce correct inputs for income statement, a general ledger is a list…
Q: ________ is the process of bringing different national Generally Accepted Accounting Principles…
A: Harmonization will help multinational companies to compare their financial statement globally.…
Q: Trumball Catering served 5,000 meals last month. Trumball recorded the following costs with those…
A: Total variable costs includes the cost of ingredients used, direct labor, indirect material and…
Q: At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the…
A: The statement of shareholders' equity include the amount for the accounts that belongs to the…
Q: Depreciation expense,
A: Depreciation is an important expense that lets you know the worth of an asset over time. It also…
Q: Which of the following is needed for a fiduciary relationship to exist?
A: A fiduciary relationship exists when one person or entity holds the assets of another person or…
Q: Luthan Company uses a predetermined overhead rate of $23.80 per direct labor-hou This predetermined…
A: The manufacturing overhead Applied is included in the manufacturing cost of product. The overhead is…
Q: n Required information [The following information applies to the questions displayed below.] Oslo…
A: Answer Formula = Sales - Variable Cost = Contribution margin Contribution margin in…
Q: Delaware Company incurred the following research and development costs during 2024, Salaries and…
A: Answer:- Research and development expenses:- Research and development expenses are those expenses…
Q: Explain the doctrine of judicial precedent and the ways a judge can avoid following a precedent by…
A: Doctrine of judicial precedent In common law countries like the United Kingdom, the United States,…
Q: Your client, Albert Hall Leasing Company, is preparing a contract to lease a machine to Souvenirs…
A: Lease is an agreement between the owner of the property or asset and other party who wants to use…
Q: Carlota and Dave formed an S corporation that is owned as follows: Carlota 75% and Dave 25%. The…
A: Recognized gain on S Corporation The rise in the worth of the corporation's assets as a consequence…
Q: Thad, a single taxpayer, has taxable income before the QBI deduction of $191,000. Thad, a CPA,…
A: Many owners of partnerships, S companies, sole proprietorships, and some trusts and estates may be…
Q: You are planning on buying a new house and want to make sure you can afford the monthly payments.…
A: Equal monthly payment refers to the stream of equal payment over the period when the whole loan gets…
Q: Required information Problem 15-3A (Algo) Debt investments in available-for-sale securities;…
A: A debt or equity security that is available for sale is one that is bought with the intention of…
Q: The inspection department at Sheffield Industries receives manufactured parts from its own…
A: Companies that manufacture identical or extremely similar goods in large quantities frequently…
Q: ration's cur year me statement, comparative information follow. the year, (1) all sales are credit…
A: Under accrual basis of accounting all revenues are recognized when earned and all expenses are…
Q: Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the…
A: The lower of cost or market (LCM) method is when valuing a company's inventory, it is recorded on…
Q: income taxes for 2021
A: Deferred tax liability is essentially a current liability account of a company and it’s reported on…
Q: Skip to question [The following information applies to the questions displayed below.] Stark…
A: The adjusted trial represents the final balances of each account of the business. The financial…
Q: Manufacturing Overhead consists of which of the following costs: (check all that apply) Utilities in…
A: The manufacturing overhead includes the indirect costs of production such as indirect materials,…
Q: For the movement of the INVEST commodity from 01.01.20X1 to 31.12.20X1 you are given the following…
A: Answer is as fallows below: Calculation of Cost of Sales, Gross Profit , Sales & Ending…
Help me sir please
Step by step
Solved in 4 steps with 1 images
- The taxpayer started operating a grocery store during 2018. He submits the following data: Merchandise Inventory P 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities 312,000 Determine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?Yesterday Estate Jewelers had total sales, including sales tax, of $16,502.50. The store is located in a state that has a sales tax of . the accountant for the 6 3/4% store , calculate : the anount of sales revenue and the amount of sales tax that must be sent to the state department of revenueTireCo is a retail store in a state that imposes a 6 percentsales tax. Would you expect to find sales tax expense andsales tax payable in TireCo’s financial statements? Explain.
- Assume you purchased a car from a dealership in Arlington Heights in 2023 for $30,000. Including sales tax, the cost of the car was $33,000. Compute the amount of sales tax from this sale that would be reported by Arlington Heights as home rule sales tax revenue and intergovernmental revenue from sales taxes for 2023. determine the sales tax rate and how it is allocated to the State, Village, Cook County, and a Special District.mary steiner purchased school supplies at office emporium for $97.62. she then purchased a dictionary for $22.95 and a CD for $14.78 at books express. for all purchases she must pay the state sales tax of 6.5% and the county tax of 0.5%. what is the total tax on her purchases?Harriet is the owner of a small grocery store with gross sales in any one year period that do not exceed P3,000,000. She is not a VAT registered taxpayer. She submits the following data for the month of January 2021.Merchandise Inventory, Dec 31, 2020, P123,450Gross sales, P240,000Purchases from VAT registered suppliers, P156,980How much is the percentage tax due? P9,963 P2,400 P28.800 P6,780
- Problem 1 The taxpayer started operating a grocery store during 2018. He submits the following data: Merchandise Inventory 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities 312,000 Determine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?Use the following information for the next two questions:Shirley is a sales clerk in a certain mall. She earned P410,000.00 in 2019.9. What is the tax rate based on the graduated tax schedule?a. 20% of the excess over P250,000b. P30,000 + 25% of the excess over P400,000c. P130,000 + 30% of the excess over P800,000d. P490,000 + 32% of the excess over P2,000,000 10.What is the tax due?a. 2,500b. 10,000c. 30,000d. 32,50Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased goods from Mr. Elise worth P200,000 (exclusive of vat) on account.All of them are VAT registered taxpayers. How much is the balance of input tax of Dani at the end of the period? How much is the balance of Purchases account of Ms. Dani at the end of the period?
- As the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales tax. If sales for the month are 48,680, find the combined amount of sales and tax. Thomas Dugally of Century 21 Real Estate sold a small home for 174,900. The commission was 6% of the sale price. Since Dugally both listed and sold the home, he receives 60% of the commission, and his broker receives the remainder. Find the amount received by Dugally.Roxy operates a dress shop in Arlington, Virginia. Lisa, a Maryland resident, comes in for a measurement and purchases a $2,800 dress. Lisa returns to Virginia a few weeks later to pick up the dress and drive it back to her Maryland residence, where she will use the dress. Assuming that Virginia's sales tax rate is 5 percent and that Maryland's sales tax rate is 6 percent, what is Roxy's sales tax collection obligation? Multiple Choice $0 $140 to Virginia $140 sales tax to Virginia and $28 use tax to Maryland $168 to Marylandfor Schedule C in individual income tax, how do I calculate the expense for transportation of 5725 total miles traveled, entertainment in total of $4200 and gifts of $450? I know only up to $400 can be deducted in gifts but do I just put 0 can be deducted. Thanks in advance for your help.