Mr kunal is employed in a company at banglore. Calculate his income salary if you are given the following details Basic salary = 50000 = 50% of basic salary HRA = 6000 per month rent paid = 10000 per month professional tax (paid during the year) = 500
Q: Rocco's manufactures 1,600 units of product per year. The cost of materials for these products are…
A: The economic order quantity is the ideal size of orders (units) that company can accept from the…
Q: ne 1,
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: _____________ What type of income is Ramona’s $2,450 monthly take-home amount after taxes?a.…
A: The type of income Ramona’s $2,450.
Q: Terra Company has two divisions, the Retail Division and the Wholesale Division. The following…
A: Return on Investment: Return on investment, often known as ROI, is a mathematical formula that…
Q: Sales (30,000 balls) ..... Variable expenses Contribution margin.... Fixed expenses Net operating…
A: Degree of operating leverage (DOL): DOL reflects the variable and fixed cost relationship of an…
Q: 11. What is a post-closing trial balance? What purpose does it serve?
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…
A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…
Q: 11. Prepare Trading and Profit and Loss account from the following information for the year 31st…
A: The profit and loss account is prepared to record the revenues and expenses for the period. The cost…
Q: Q.1.2 Q.1.3 Q.1.4 Discuss how the replacement of the ceramic heater should be accounted for in the…
A: Q1.2.. The replacement of the ceramic heater will be accounted for by taking the difference between…
Q: Watts and Lyon are forming a partnership. Watts invests $40,500 and Lyon invests $49,500. The…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Discuss the various reasons why one corporation might invest in the stock of another corporation?
A: These are the companies which are identified as a seprate legal entity and has a feature of limited…
Q: at
A: Harold's Harold's Death Small Flat is valued = £170,000 other assets = £680,000
Q: On June 1, 2019, Al-Bader Construction Company contracted to construct a building for Nass Company,…
A: You have posted multiple-part questions so only the first three sub-parts are answered. If any other…
Q: Prepare adjusting entries as of December 31, 2021 for the following: DEFERRAL TYPE 1. A company…
A: A journal is the basic book of accounts which forms the very basis of all other books of accounts.…
Q: 1-a. Compute the throughput time for each month. 1-b. Compute the delivery cycle time for each…
A: Answer to (1) (1A) Compute the throughput time per month = Process Time + Inspection Time + Move…
Q: 53. Tea Tree Ltd has acquired some government bonds on 1 July 2022. The government bonds will…
A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct…
A: Theory concept: Total Manufacturing cost: Sum of all costs derives the Total manufacturing costs.…
Q: 3. Andy Mendoza makes handcrafted dolls, which he sells at craft fairs. He is considering…
A: Break-Even Point can be defined as a level of production at which the Revenue will equal costs…
Q: Lantz Company has provided the following information: Cash sales totaled $280,000. Credit sales…
A: Working Notes: Calculation of Gross Profit Gross Profit = Sales – Cost of goods sold Gross Profit =…
Q: Silver Company purchased a jewel polishing machine for P360,000 on January 1, 2021 and received a…
A: As per PAS20 "Accounting for government grants and disclosure of accounting assistance " grants…
Q: makes cross border logistics a breeze for Chinese sellers. The collaboration between Shopee and DHL…
A: Here discuss about the details of the responsibility of he seller for the delivery of goods to the…
Q: Required: Prepare the entries for each of the following. (Round intermediate calculations to the…
A: Journal entries refers to the official book of a firm/company which is used to record the day to day…
Q: McBurger, Inc, wants to redesign its kitchens to improve productivity and quality. Three designs,…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Prepare adjusting entries as of December 31, 2021 for the following: ACCRUAL TYPE 1. A company…
A: An adjusting entry is a journal entry in the books of accounts that is recorded in the books at the…
Q: 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Watts and Lyon are forming a partnership. Watts invests $40,500 and Lyon invests $49,500. The…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: A cash priority program would show that the loss absorption potential for Aces would amount to: a…
A: Given in the question: Loan payable to Joker = P10,000 Partner Hearts’ Due to Partnership = P15,000…
Q: Watts and Lyon are forming a partnership. Watts invests $40,500 and Lyon invests $49,500. The…
A: The partners shares the profits and losses in different manners such as equally, investment ratio,…
Q: Apparel Leasing Company signs a lease agreement on January 1, 2021, to lease equipment to Oman…
A: Lease Receivable: It is the present value of lease receipts expected during the duration of lease…
Q: Mutual Inc, a 10 million dollar company, bought a domain subscription for $70 using a credit card.…
A: The depreciation is related to a decrease in the value of fixed assets. The tangible assets are…
Q: Paris Company owns and manages Hilton Hotel. The hotels total floor space is 10,000 sq. meters.…
A: Investment property is Land or Building or both which can be used for : - Rental -Capital…
Q: A process cost system will be used by all of the following manufacturing companies except a(n)…
A: Features of Process cost system includes the following: The production is constant i.e. continuous…
Q: On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $300 cash. On…
A: Introduction: Journals: All the business transactions are to be recorded in journals. Al the…
Q: HUGZ COMPANY uses the aging analysis in determining its doubtful accounts. Accounts receivable shows…
A: Aging analysis of accounts receivable gives the information that for how many days an account…
Q: A truck working in an open pit mine for 500 hours during a month was under repair for 80 hours and…
A: In order to determine the percentage utilization, the total hours are required to be divided by the…
Q: 2. Calculate inventory valuation using FIFO method using the following information The following…
A: Inventory valuation is the method in which inventories are valued using selected method among FIFO,…
Q: Question 2 Kris Inc. sold its vacant lot to Moca Corporation for P10,000,000, which it acquired at a…
A: Tax is the payment made to the applicable authority by those parties who have generated some sort of…
Q: PROBLEM 5 On January 1, 2021, Son Co. Company purchased a machine for 300,000 in exchange for a…
A:
Q: share. On the date of payment, the shares were selli The journal entry to record the foregoing…
A: When liability is repaid the liabilities of company would decrease and since liabilities have credit…
Q: A product is manufactured by passing materials through two processes. Production costs for 2021…
A: Process account is the specific account which is made for calculating the cost of specific…
Q: Calculate the percent change in net income from Quarter 1 to Quarter 2 from the following income…
A: The net income is calculated as difference between total revenue and total expenses.
Q: plan to select. The "regular" plan charges a fixed fee of P55 per month for 1,000 minutes of e plus…
A: Requirement: Perla purchased a cellular phone but he is confused to take monthly plan. He want to…
Q: A cement manufacturer has supplied the following data: Tons of cement produced and sold Sales…
A: Contribution Margin = Sales revenue - Variable cost Contribution Margin ratio = ContributionSales…
Q: Print Company manufacturers laser printers. It has outlined the following overhead cost drivers:…
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…
Q: Problem 11-5A Calculate and analyze ratios (LO11-6) Cyberdyne Systems and Virtucon are competitors…
A:
Q: Assume the $11,700 Treasury bill, 6% for 10 weeks. Calculate the effective rate of interest. (Use…
A: Effective rate is calculated by adjusting annual rate as per the maturity period.
Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the…
A: Recording of Transactions: The process of recording transactions in a business's many books of…
Q: Complete the below table to calculate the price of a $1.5 million bond issue under each of the…
A: The price of a bond is calculated by adding the present value of the interest received over the life…
Q: Salaries and wages payable Salaries and wages expense Utilities expense Equipment Accounts payable…
A: Income statement is prepared by the business organizations so as to know how much amount of Gross…
Q: Question 3 of 75. Xavier (39) earned $236,000 in wages in 2021. His employer contributed $1,750 to…
A: The health saving account is an account that is made under high-deductible plans. The health saving…
Step by step
Solved in 2 steps with 2 images
- Mr Ramu is a chief operating office of the company and being paid a salary of RM15,625 per month. His percentage portion for Employees Provident Fund contribution is 17%. He intent to buy a car worth RM290,000 and would be making a bank loan of RM100,000 to finance building an extension for his house kitchen. He also plans to bring his wife (housewife) and four children (two studying in a local university and the rest in secondary school) for an overseas holiday trip with an estimate cost RM15,000. He also plans to have a servant and a driver where he would be paying them with an annual salary of RM15,000 and RM24,000 respectively. His company is willing to prepared to restructure his remuneration package to accommodate the above needs. REQUIRED: (a) Explain how Mr Ramu’s remuneration package can be restructure on a more tax efficient basis based on the above information only. ( b) Based on (a), which are item (s) in the proposed remuneration package is/are taxable or exempted. (c)…During the previous year, X (40 years) is employed by a private company. He gets `70,000 as basic salary and `20000 as dearness allowance (40 percent of which is considered for end term benefits), tiffin allowance Rs.2200 per month, medical allowance `.2000 per month; children education allowance `2100 per month for his three children; research allowance: `20,000 (out of which only `13000 is used in the year on research related work). Besides he gets a fix commission of `5000 per month. Company has provided a rent free accommodation at Nagpur (population as per 2001 census 20 lakh), company has provided him a watchman, salary of `4000 per month is paid by the company (`1000 per month is recovered from X), company has also provided him a car (1800cc) for both personal as well as official purpose. Cost incurred in running and maintenance of the car by the company is `97,000. Company contributes 14 percent of the “salary” towards recognized provident fund. A matching contribution is made…Frederick Grant is employed by Jabex Ltd as an Engineer. He earns 270,000 per month as a gross salary. the company has an approval pension scheme to which he contributes 5 % of his salary. He also has a car loan payment of $25,000 per month. Calaulate Fredrick Grant income tax computation and net pay for the month April 2019
- Using the Train act shown below, how much annual tax will be paid by a salesman who earns a basic salary of Php. 450,000.00 per year plus a commission of 20% if he sold over Php. 30,000? Assuming the salesman was able to sell Php. 50,000 regularly per month. He has a total deduction of Php. 70,000 per year. What is his monthly tax deduction?After graduation, Charmaine have been offered an engineering job with a large company that has offices in Manila and Palawan. The salary is P350,000 per year at either location. Manila’s tax burden (state and local taxes) is 6.5% and Palawan is 4.07%. If you accept the position in Manila and stay with the company for 12 years, what is the FW of the tax savings? Your personal MARR is 10% per year.John got a new job through Island Recruiting Company.The job pays $55K per year, and the agency fee is equal to 30% of 1 month’s pay.How much must the employer pay the agency?
- Sam Smith is currently employed as a mechanical engineer and is paid$65,000 per year plus benefits that are equal to 30 percent of his salary. Sam wants to begin a consulting firm and decides to leave his current job.After his first year in business, Sam’s accountant informs him that he hasmade $45,000 with his consulting business. Sam also notices that he paid$6,000 for a health insurance policy, which was his total benefit during hisfirst year. What was Sam’s opportunity cost?Mikoy is a firm engineer receiving a basic monthly salary of 45,000.00 and commission on al sales of 2% Compute for his gross earnings for the month if he sold 1,500,000.00Shakera earns £45,000 p.a. as a graphic designer for Commercial Ltd, which prepares accounts to March each year. For the last two years Shakera earned bonuses from her employer as follows: Date paid £ Year ended 31 March 2020 1 June 2020 8,000 Year ended 31 March 2021 1 June 2021 11,000 What is Shakera’s assessable employment income for the tax year 2020/21?
- 1. Mr./Mrs. Tonu (Female students consider herself as male assessee and male students consider himself as female assessee, living in delhi with 21 crore net wealth). He/she hasagricultural income of Tk. 900,000, in the income year.Besides the above information, he/she is the manager of a textile mill at delhi. From the particulars given below for the year ended on 30 th June 2021, compute his/her incomefrom salary and tax thereon.I. Monthly basic salary 90,000 (5% TDS already adjusted) in the scale of 50000-10000x4-90000. He has the yearly increment on March 10, 2020.II. Two bonus equivalent to one month’s basic salary.III. She/he has been provided with a rent free quarter for which employer deducts7.5% of basic salary per month. The annual value of the house estimated tk.50,000. A mali has been provided by the employer at a monthly salary of TK.6000.IV. He has been provided with a car both for office and private use.V. Conveyance allowance Tk. 2000 per month.VI. Surgery expense paid…Sam was offered a job as an engineer on an oil rig in the Gulf of Mexico. His annual salary was $70,000 and he was provided room and board on the rig (for the employer's convenience) worth $30,000 per year. His W2 will show $100,000 in wages for his yearly earnings. True or FalseYou were hired as the accountant of XYZ Trading, a sole proprietorship business owned by Mr. Francisco Montano. One of your responsibilities is to prepare the income tax return of Mr. Montano. Annually, Mr. Montano pays P50,000 to P100,000 income tax. He told you to help him lessen his income taxes by 10%. As his accountant, what will you do to help him?
