Our company rented a store with a monthly rent of 5.000 TL on 27.01.2021 and transferred the rental amount from the account of Garanti Bank Kadıköy Branch to the account of the store owner by deducting 20% withholding tax. Record the relevant journal (daily book).
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Our company rented a store with a monthly rent of 5.000 TL on 27.01.2021 and transferred the rental amount from the account of Garanti Bank Kadıköy Branch to the account of the store owner by deducting 20% withholding tax. Record the relevant journal (daily book).
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- Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $650,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 8.5%. Each year on December 31, the company pays down the principal balance by $80,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.6) Our company rented a store with a monthly rent of 5.000 TL on 27.01.2021 and transferred the rental amount from the account of Garanti Bank Kadıköy Branch to the account of the store owner by deducting 20% withholding tax. Record the relevant journal (daily book).On March 20, the Agricultural Bank deducted engineer Valdez a rate of 18% annual simple in a document that expires on the following November 15, said document was signed on January 22 to guarantee a credit of 40,000. On June 12, the bank transfers the document to Banco Mercantil with a simple 16% annual discount. How much was the profit for the Agricultural Bank?
- On October 1, 2024, Microchip lent $99,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2025. On November 1, 2024, the company paid its landlord $12,000 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. On August 1, 2024, collected $18,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $18,000 represents one year’s rent and the entire amount was credited to deferred rent revenue at the time cash was received. Depreciation on office equipment is $6,500 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $10,000. The company records vacation pay as salaries expense. Microchip began the year with $4,000 in its asset account, supplies. During the year, $8,500 in supplies were purchased and debited to supplies. At year-end, supplies costing $4,250 remain on hand. Required:…Egnab Inc. had the following transactions during the current fiscal year ending December 31 . August 01. They borrowed $100,000 from Valley Bank, signing a 90-days, 7.50% Note Payable. October 15. Egnab Inc. purchased a truck from Trusty Cars for $29,500. Trusty Cars agreed to accept, as full payment, a 5.00%, two months Note for the invoice amount. November 1 Egnab Inc. paid Valley Bank the Note Payable plus the accrued interest. November 15. Egnab Inc. purchased merchandise (inventory) from Easy Food Corp. for $13,900. Easy Food Corp. accepted a 120-days, 6.50% Note as full settlement of the purchase. December 15. The Note Payable to Trusty Cars matured today and Egnab Inc. paid the accrued interest as well as 70.00% of the Note Payable. For the remaining amount, a new Note was issued for 45-days with 9.00% Interest. (show your calculations and round to 2 decimal places, please) (a) Prepare Journal Entries to record the above transactions. Use a 360-day year in making the Interest…Stanmer Ltd has produced accounts for the year ended 31 May 2021. Profit before tax has been calculated at £1,750,000. Included in this calculation are; Interest paid on overdraft £27,900 Depreciation £113,500 Client entertaining (note 1) £34,750 Legal and professional fees (note 2) £34,000 Miscellaneous (note 3) £97,650 Notes; Made up of entertaining and 10 x Christmas food and drink hampers Legal and professional fees includes charges for chasing customer debt (£17,500) and for the purchase of a new freehold property (£3,500) Includes a £500 qualifying charitable donation to a national charity Revenue includes £10,000 of sales (£10 per unit) from a wholly owned subsidiary operating in a tax regime with lower corporate tax rates than the UK. HMRC considers that a more appropriate selling price would be £15 and will seek to make an adjustment to total taxable profit. The tax written down value in the general pool brought forward at 1 June 2020 was £365,000. The tax written down value…
- A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.On May 25, Al Mujaaz Company made a credit sale of OMR 220,000 to Al Zahir Company and received a note for four months with 8% interest from him in settlement of account receivables. Al Mujaaz Company closes their accounts every year on July 31st and calculated accrued interest on the note of May 25. Al Mujaaz Company received Notification from Al Zahir that he was unable to honour his note on the due date and it is expected that AlZahir will pay at a later date but On 1st OctoberAl Zahir has paid full amount on note, On May 25, Another note for 60 days 11.5% interest has been received for OMR 112,000 from Al.Zubair Company has been honoured on the due date. Prepare Necessary Journal entries for the above TransactionsA seller of goods had the following details of sales and collection during the month: Receivables, beginning P 200,000.00 Gross sales 400,000.00 Less: Collection 500,000.00 Receivables, end P 100,000.00 1. What is the amount subject to business tax? a. P500,000 b. P400,000 c. P300,000 d. P200,000 2. In the immediately preceding problem, determine the amount subject to business tax if the taxpayer is a seller of services. a. P500,000 b. P400,000 c. P300,000 d. P200,000
- State the accounting entries required if a business made sales on credit of $10,000, on which it must account for sales tax at the rate of 20%.The accountant for Eastern Appliances manages the “no money down” arrangements offered to its customers. A customer purchased a refrigerator normally priced at $1,284.53 with all taxes included. Using a required rate of return of 9% compounded quarterly, the accountant determined that, after a deferral period, the customer should make 12 monthly payments of $119.16, with the first payment due on November 1, 2020. On what date was the refrigerator purchased?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.
