Mr. Vavalu, had the following income and expenses for the year Philippines P 2,000,000 Gross Sales Sales return Cost of sales Deductible expenses Other sources of income: Lotto winnings Prize on contest Royalty on books Interest income 50,000 1,450,000 200,000 100,000 15,000 20,000 30,000 USA P 500,000 20,000 300,000 80,000 50,000 10,000 15,000 25,000
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If Mr. Vavalu is a non-resident citizen, how availed optional standard deduction how much is his income tax due for the year 2023?
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- Prepare an income statement if your company’s gross sales isP300,000, with operating expenses of P100,000, and administrativecosts of P30,000. What is its gross income?Based on the following information what was Simmond’s profit for the year? During the year Simmond’s drawings were £6,000 and she introduced a further £2,000 capital 1 January 2021 31 December 2021 Assets £87,500 £106,200 Liabilities £65,300 £76,200 a) £7,800 b) £20,000c) £18,700 d) £11,800The accounts for this income year show the following:Income ($)Sales (excluding GST) 240,000Expenses ($)Cost of goods sold 130,000Interest on capital paid to Richard and Tracy 8,000Salary to Alice 25,000Superannuation to Alice 6,000Lease payments on car (excluding GST) 7,000Other deductible operating expenses (excluding GST) 14,000The leased car was used 80% of the time for business and 20% of the time for private purposes.Required:With reference to the facts above:A.Calculate the net income of the partnership.B.Show the allocation of net income to each of the three partners.C.You must refer to relevant legislation and/or case law in your answer.
- The sole proprietor had the following data for the year 2020. Sales P500,000; Beginning inventory, P50,000; Net purchases P200,000, Freight out P15,000: Ending inventory P25,000; Supplies inventory 10,000; Operating expenses P35,000. What is the gross profit?Adriana Co., with annual net sales of $5 million, maintains a markup of 25% based on cost. Adriana’s expenses average 15% of net sales. What is Adriana’s gross profit and net profit in dollars?Oreo reported the following for the period:Sales P1,000,000Cost of Sales P300,000Operating expenses P100,000Determine the OSD assuming that Oreo is a corporation
- Given the following information, prepare an income statement for Jonas Brothers Cough Drops. Note: Input all your answers as positive values. Selling and administrative expense $ 301,000 Depreciation expense 198,000 Sales 2,050,000 Interest expense 128,000 Cost of goods sold 521,000 Taxes 167,000Read the below information and answer the following questionsINFORMATIONExtract of the Statement of Comprehensive Income for the month ended 31 May 2022Sales 100 000Cost of sales 50 000Rent income 2 500Advertising 5 000Salaries and wages 15 000Rates and taxes 900Other operating expenses 20 000 Additional information1. Sales are expected to increase by 20% each month.2. Thirty percent (30%) of the sales is for cash and the balance is on credit. Collections from credit sales are asfollows:* 30% in the month of the sale, and these customers are entitled to a discount of 5%;* 65% in the month after the sale.The balance is usually written off as bad debts.3. Inventories are kept at a constant level. The business uses a fixed mark-up of 100% on cost. All purchases arefor cash.4. In terms of the lease agreement, the rental…Herbert Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $656,810 $672,346 Cost of Sales $54,269 $53,251 Sales Revenue $259,368 $212,962 Inventory $35,505 $45,285 Accounts payable $120,483 $129,398 Accounts receivable (Debtors) $59,498 $79,380 Owner's Equity $1,523,999 $1,131,784 Based on the information provided, calculate the Days in Accounts Receivable for 2021, expressed in days to 2 decimal places.
- uarez Department Store has derived the following data from the store’s operations in the year ended December 31, 2019. Net Sales $10,000Net Income ? Current Liabilities 2,000Selling Expenses 1,000Long term liabilities 1,600Total Assets 6,800Stockholders’ equity ?Gross Profit ?Cost of Goods Sold 7,000Current Assets 4,000Income tax expense and other non-operating items 220Operating income ?General and administrative expenses 980Plant and equipment 2,600Other assets ?Using the given data, prepare for Juarez Department store a: Classified balance sheet at December 31, 2019. Classified income statement for the year ended December 31, 2019. Show supporting computations used in determining the missing amounts. How does Income tax expense differs from normal operating expenses such as advertising and salaries? How do you present income tax expense in a classified income statement? An income statement is a summary of revenues and expenses and gains and losses, ending with net income for a…The following are extracts from a statement of profit or loss and other comprehensive income for the year ended 31 December 2009: R’000 Sales revenue 10 000 Cost of sales (8 500) Distribution costs (300) Administrative expenses (200) Net interest paid (150) Taxation (500) Dividends (100) The gross profit is______. Select one: a. R1 500 000 b. R1 200 000 c. R10 000 000 d. R1 000 000evenue for the year amounted to R4 500 000 and represents net sales to third parties of goods purchased for resale. Rainbow Limited maintained a 40% gross profit percentage throughout the year. How much would be the cost of sales for Rainbow Limited? Select one: a. R7 500 000 b. R11 250 000 c. R2 700 000 d. R1 800 000