Question 2 Nicanor, a Person with Disability (PWD) married with Inday, has two children. One day, they ate in Pink CAB, a VAT-registered fast-food chain located in Manila, where they bought a group meal. The cost of their total bill amounts to P 2464 (before presenting Nicanor’s PWD card).
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Nicanor, a Person with Disability (PWD) married with Inday, has two children. One day, they ate in Pink CAB, a VAT-registered fast-food chain located in Manila, where they bought a group meal. The cost of their total bill amounts to P 2464 (before presenting Nicanor’s PWD card).
Compute for the actual VAT paid
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- E Ellie and two friends spent $17.76 on lunch. Each person paid the same amount. How much did each person spend? A. $5.22 B. $5.92 C. $8.33 D. $8.88 Only typing answer Please explain step by steppoints Karl works at Moe's grocery. This year Karl was paid $43.000 in salary but he was allowed to purchase his groceries at 10% below Moe's cost. This year Karl spent $3.600 to purchase groceries costing Moe $4,000 and worth $6,000. What amount must Kart include in his gross income? A $46,600 B$47,000 OC $49,000 D. 543,400 E $45,500Which of the following will result in the recognition of gross income? a.Havana is a lawyer. The law firm she works for pays for her subscription to Lawyer's Weekly, a trade magazine for attorneys. b.Hannah purchases a new sofa from her employer, Sofas-R-Us, for $1,200. The cost of the sofa to the furniture store is $1,100 and the sofa normally sells for $1,700. c.Jayden's employer purchases her commuting pass for the subway at a cost of $325 per month. d.Gail's employer allows her to set aside $4,000 from her wages to cover the cost of daycare for Gail's four-year-old daughter. Gail's daycare costs are $4,300 for the year. e.None of these choices will result in recognition of gross income.
- 1. Jackie owns a temporary employment agency that hires personnel to perform accounting services for clients. During the year, her expenses for her clients include the following: Cab fare to and from restaurants $ 490 Gratuity at restaurants 440 Meals 4,700 Cover charges 390 All expenses are reasonable. Required: How much of these expenses can Jackie deduct? How is the deduction classified?Jack Allen, a graduate in childcare services, wants to open a daycare under the name Little Wolves. Here are the transactions relating to his company until September 18, 2018: Sept 01: Jack personally borrows $15,000 from his mother and deposits this sum at Banque Boréale in an account established in the name of Little Wolves. Sept 01: Purchase on credit of a set of children's toys from Toys Games Inc. for the sum of $3,000 (invoice no. 2715). Sept 06: Bank loan of $9,000 from Banque Boréale on behalf of Little Wolves. Sept 08: Issuance of check no. 1 for $1,000 & Toys games Inc., in partial payment of invoice no. 2715 of September 1, 2018. Sept 10: Cash purchase (check No. 2) of desks and chairs for a total of $4,500. The actual value of the furnishings is $7,500. Sept 12: Purchase of swings on credit: $1,000. Sept 14: Purchase by check (No. 3) of educational games: $2,000. Sept 16: Electronic transfer of $300 made to repay part of the bank loan (line of credit). Sept 18:…Josue 35 years old is an accountant. He receives medical insurance and fringe benefits from the employee. His wife, Laura is 33 years old and works part-time as an office manager. They have 1 child, Anna 4 years old (qualifies for the $2,000 child care credit. They live in NYC and Laura’s mother cares for Amy at no cost. Josue’s Gross salary $56,400 Laura’s salary $22,000 Cash gift $5,000 Interest Income from bank acc $100 Federal income tax w/h $2,500 State income tax $3,680 Charitable contributions $6,000 Rent paid $10,000 Made a loan on March 1 in the current year to a friend, who was starting a business. Principal amount was $10,000 and interest is due on December 31 annually. The interest rate is 5%. Calculate the amount (Loan was done as part of arm’s length transaction and interest was paid on time) Purchased 100 shares of IBM for $2,000 in April of this year and sold the stock for…
- Lorenzo Ricci, a 38-year-old computer programmer, earns $96,000 a year. His monthly take-home pay is $4,800. His wife, Siena, works part-time at their children’s elementary school but receives no benefits. Under state law, Lorenzo’s employer contributes to a workers’ compensation insurance fund that would provide $2,250 per month for six months if he were disabled and unable to work. Use Worksheet 9.2 to calculate Lorenzo’s disability insurance needs assuming that he won’t qualify for Medicare under his Social Security benefits. Based on your answer in part a, what would you advise Lorenzo about his need for additional disability income insurance? Discuss the type and size of disability income insurance coverage that he should consider, including possible provisions that he might want to include. What other factors should he take into account if he decides to purchase a policy?LO.2 What is the taxpayers gross income in each of the following situations? a. Darrin received a salary of 50,000 from his employer, Green Construction. b. In July, Green gave Darrin an all-expense-paid trip to Las Vegas (value of 3,000) for exceeding his sales quota. c. Megan received 10,000 from her employer to help her pay medical expenses not covered by insurance. d. Blake received 15,000 from his deceased wifes employer to help him in his time of greatest need. e. Clint collected 50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wifes employer.Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, If your pet is not becoming to you, he should be coming to us. The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: Sept. 2Sold a fish aquarium on account to Ken Shank, 125 plus tax of 7.50, terms n/30. Sale No. 101. 3Sold dog food on account to Nancy Truelove, 68.25 plus tax of 4.10, terms n/30. Sale No. 102. 5Sold a bird cage on account to Jean Warkentin, 43.95 plus tax of 2.64, terms n/30. Sale No. 103. 8Cash sales for the week were 2,332.45 plus tax of 139.95. 10Received cash for boarding and grooming services, 625 plus tax of 37.50. 11Jean Warkentin stopped by the store to point out a minor defect in the bird cage purchased in Sale No. 103. The Harlands offered a sales allowance of 10 plus tax on the price of the cage which satisfied Warkentin. 12Sold a cockatoo on account to Tully Shaw, 1,200 plus tax of 72, terms n/30. Sale No. 104. 14Received cash on account from Rosa Alanso, 256. 15Rosa Alanso returned merchandise, 93.28 including tax of 5.28. 15Cash sales for the week were 2,656.85 plus tax of 159.41. 16Received cash on account from Nancy Truelove, 58.25. 18Received cash for boarding and grooming services, 535 plus tax of 32.10. 19Received cash on account from Ed Cochran, 63.25. 20Sold pet supplies on account to Susan Hays, 83.33 plus tax of 5, terms n/30. Sale No. 105. 21Sold three Labrador Retriever puppies to All American Day Camp, 375 plus tax of 22.50, terms n/30. Sale No. 106. 22Cash sales for the week were 3,122.45 plus tax of 187.35. 23Received cash for boarding and grooming services, 515 plus tax of 30.90. 25Received cash on account from Ken Shank, 132.50. 26Received cash on account from Nancy Truelove, 72.35. 27Received cash on account from Joe Gloy, 273.25. 28Borrowed cash to purchase a pet limousine, 11,000. 29Cash sales for the week were 2,835.45 plus tax of 170.13. 30Received cash for boarding and grooming services, 488 plus tax of 29.28. Wayward had the following general ledger account balances as of September 1: Wayward also had the following accounts receivable ledger balances as of September 1: New customers opening accounts during September were as follows: All American Day Camp 3025 Old Mill Run Bloomington, IN 47408-1080 Tully Shaw 3315 Longview Avenue Bloomington, IN 47401-7223 Susan Hays 1424 Jackson Creek Road Nashville, IN 47448-2245 Jean Warkentin 1813 Deep Well Court Bloomington, IN 47401-5124 Ken Shank 6422 E. Bender Road Bloomington, IN 47401-7756 REQUIRED 1. Enter the transactions for the month of September in a general journal. (Begin with page 7.) 2. Post the entries to the general and subsidiary ledgers. Open new accounts for any customers who did not have a balance as of September 1. 3. Prepare a schedule of accounts receivable. 4. Compute the net sales for the month of September.
- Melissa recently paid $595 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $380 fee to register for the conference, $295 per night for three nights' lodging, $180 for meals in restaurants, and $420 for cab fare. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. a. What amount of these costs can Melissa deduct as business expenses?Melissa recently paid $760 for round trip airfare to San Francisco to attend a business conference for three days. Melissa also put the following expenses: $370 fee to register for the conference, $365 per night for three nights' lodging, $250 for meals and $300 for can fare. what amount of these costs can Melissa deduct as business expenses. Explain the answerMelissa recently pod $760 for round trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $370 fee to register for the conference, $365 per night for three nights' lodging, $250 for meals and $300 for cab fare. Suppose that while Melissa was on the coast, she also spent two day's sightseeing the national parks in the area. To do the sightseeing, she paid $1,710 for transportation, $1,285 for lodging, and $475 for meals during this part of her trip, which she considers personal in nature. What amount of these costs can Melissa deduct as business expense?
