Parrish Pg 37 T-Accounts (Taxes Payable) Please find the missing T-Account amount and explain clearly the method used to find the amount. Taxes Payable DRs 2/28 Transaction C UNKNOWN CRs 2/1 Beginning Balance 30,000 2/6 Transaction A 25,000 2/22 Transaction B 3.500 Ending Balance 45,000
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Parrish Pg 37 T-Accounts (Taxes Payable)
Please find the missing T-Account amount and explain clearly the method used to find the amount.
Taxes Payable
DRs
2/28 Transaction C UNKNOWN
CRs
2/1 Beginning Balance 30,000
2/6 Transaction A 25,000
2/22 Transaction B 3.500
Ending Balance 45,000
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- (2) On 10/05/20X1, the company "OMEGA" sells goods to customer "D" in lieu of the amount of 1,000 € by credit. On 31/12/20X1, the company "OMEGA" after information on the financial situation of customer "D" expects to receive 500 €. On 20/02/20X2, the company "OMEGA" collects: (A) 450€, (b) 550, (c) 0€. It is requested: to make the relevant journal entries of the above accounting events for each of the cases. (Ignore any tax consequences such as VAT)6 - Which of the following is the account and amount that should appear in the dotted places in the journal article above? a) 191 VAT Deductible 5.400 TL B) 391 VAT to be calculated Hs. 5.400 TL NS) 391 Calculated VAT Hs. 6.300 TL D) 360 Taxes and Funds Payable Hs. 5.400 TL TO) 191 VAT Deductible 5,000 TLConcept Review 3.1- Please turn to page 151 of the text and complete Financial Planning Problem 1. (Personal Finance, 13th ed., Kapoor, Dlabay) Computing Taxable Income: Ross Martin arrived at the following tax information… Gross salary: $56,145 Interest earnings: $205 Dividend income: $65 Standard deductions: $12,000 Itemized deductions: $11,250 Adjustments (subtractions) to income: $1,200 What amount would Ross report as taxable income?
- Wages $300 before any deductions Income tax withholding 10% FICA 6.2% Med 1.45% FUTA 0.8% SUTA 5.4% Required 1. Provide journal entry 2. Record the payroll 3. Record employment taxesPROBLEM 2 Complex Company reported the following information relating to income before the 30% tax for accounting purposes: 2021 P 2,000,000 2022 3,000,000 2023 4,000,000 2024 5,000,000 In 2021, Complex Company recognized doubtful accounts of P100,000. Such accounts were considered worthless or uncollectible in 2022, P40,000 and 2023, P60,000. Analysis of the tax and book records disclosed P120,000 in unearned rent income on December 31, 2021 that has been recognized as taxable income in 2021 when the cash was received. Also, on December 31, 2021, estimated warranty cost of P300,000 had been recognized as expense on the books in 2021 when the product sales were made but is not deductible for tax purposes until paid. The unearned rent income on December 31, 2021 is realized and the actual warranty payments were made as follows: Rent income per books Actual warrant payments 2022 P 40,000 P…Parrish 2-8 #2 Pg 32Complete this as a T-Account. Calculate the missing amount and write it in the space in the T-Account. Assume that the beginning and ending balances are on the normal side of the account, that, the side on which the balance increaes Taxes Payable On the left side of the T-Account1) 2/28 $ Unknown -Debit On right side of T-Account2) 2/1 Beginning balance $300003) 2/6 Transaction A $250004) Transaction B $3500
- PROBLEM 3 The following information was extracted from the records of Aloha Company on December 31, 2021:Carrying amount Tax baseAccounts receivable P 1,500,000 P 1,750,000Motor vehicle 1,650,000 1,250,000Provision for warranty 120,000 NilDeposits received in advance 150,000 NilThe depreciation rates for accounting and taxation are 15% and 25% respectively. The deposits are taxable when received and warranty costs are deductible when paid. An allowance for doubtful accounts of P250,000 has been raised against accounts receivable for accounting purposes but such accounts are deductible only when written off as uncollectible. Alpha Company showed net income of P8,000,000 in its 2021 income statement. There are no temporary differences at the beginning of the current year. The tax rate is 30%. a. Determine the deferred tax liability on December 31, 2021. b.Determine the deferred tax asset on December 31, 2021. c. Determine the current income tax expense.H1. Account I would need to calculate with the following information provided. This is all that was provided to me. COGS: 68% - SGA: 13% - R&D: 2% - Depreciation, Interest expenses are fixed as stated. Tax rate is 19% ***Please do provide a step by step calculations and explanation***Intermediate Accounting ll ch. 16 4. Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $250,000. At the beginning of the year, no temporary differences existed. Required: Assuming a tax rate of 25%, what will be Alvis’s net income? What will Alvis report in the balance sheet pertaining to income taxes?
- 6-7A.LO2,3 payroll accounting by Beig and Toland Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax-OASDI...........6.2% on first $128,400 FICA tax-HI..........1.45% on total pay Federal income tax....$232.00 per pay SIT.....22%of the federal income tax withholding FUTA.....0.6% on first $7,000 SUTA.....0.05% on first 14,000 Additional payroll deductions include: 401k plan....3%per pay Child support garnishment......$100 Health insurance premium...$95 per pay Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $31,500)Concept Review 3.2- Ann and Carl Wilton (Personal Finance, 13th ed., Kapoor, Dlabay) Please turn to page 151 of the text and complete Financial Problem 6 Ann and Carl Wilton In addition to answering the question (do they get a refund or owe taxes?) also indicate the tax owed or the refund they would receive. Adjusted gross income: $42,686 Standard deduction: $24,000 Child care tax credit: $100 Federal income tax withheld: $1,490 Tax rate on taxable income: 10%Pg 37 T- Accounts Please find the missing amount on the follwoing T-Account. and explain CLEARLY and indepth (showing formula or method) on how you found the amount. Accounts Payable DRs 6/4 Transaction A 1500 6/8 Transaction C 2000 CRs Beginning Balance 3000 6/6 Transaction B UNKOWN 6/29 Transaction D 3,400 Ending Balance 6,700
