Required Information[The following information applies to the questions displayed below]In each of the following independent cases, Indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3)deductible neither for nor from AGI before considering income limitations or the standard deduction.Note: Leave no answer blank. Enter zero if applicable.a. Ted paid $70 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned.Deductible for AGIDeductible from AGINot deductible Required Information[The following information applies to the questions displayed below]In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3)deductible neither for nor from AGI before considering Income limitations or the standard deduction.Note: Leave no answer blank. Enter zero if applicable.b. Tyler paid $91 for minor repairs to the fence at a rental house he owned.Deductible for AGIDeductible from AGINot deductible

Adjusted gross income (AGI) is essentially your income for the year after accounting for all…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...

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Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income tax
Required information Skip to question [The following information applies to the questions displayed below.] Indicate the amount (if any) that Josh can deduct as an ordinary and necessary business deduction in each of the following situations. Note: Leave no answers blank. Enter zero if applicable. a. Josh borrowed $74,000 from First State Bank using his business assets as collateral. He used the money to buy City of Blanksville bonds. Over the course of a year, Josh paid interest of $9,900 on the borrowed funds, but he received $9,000 of interest on the bonds. b. Josh purchased a piece of land for $91,000 in order to get a location to expand his business. He also paid $8,500 to construct a new driveway for access to the property c. This year Josh paid $24,600 to employ the mayor's son in the business. Josh would typically pay an employee with these responsibilities about $22,900, but the mayor assured Josh that after his son was hired, some city business would be coming his way. d.…
1. The total amount remitted to the BIR through the Tax Remittance Advice? 2. How much is the unused Notice of Cash Allocation (NCA) for the quarter? 3. The entry to record the payment of payroll include a credit to? 4. The entry to recognize the payroll includes a?
State whether the following provisions impair or preclude negotiability, the instrument in each instance being otherwise in proper form. Answer each statement with either the word “Negotiable” or “Nonnegotiable” and explain why.a. A note for $2,000 payable in twenty monthly installments of $100 each that provides the following: “In case of death of maker, all payments not due at date of death are canceled.”b. A note stating “This note is secured by a mortgage on personal property located at 351 Maple Street, Smithton, Illinois.”c. A certificate of deposit reciting “June 6, 2014, John Jones has deposited in the Citizens Bank of Emanon, Illinois, Two Thousand Dollars, to the credit of himself, payable upon the return of this instrument properly indorsed, with interest at the rate of 6 percent per annum from date of issue upon ninety days’ written notice. (Signed) Jill Crystal, President, Citizens Bank of Emanon.”d. An instrument reciting “I.O.U., Mark Noble, $1,000.00.”e. A note stating…
9 - 391- The balance of the calculated VAT account is 5,000 TL, 191 The balance of the deductible VAT account is also3 750 T, 190-The balance of the transferred VAT account is 1000 TL. Which account is the difference and how?saved? A) 360-To the receivable of the tax and funds account payable B) 190- To the debt of the transferred VAT accountC) 360-To the debt of the tax and funds payable account D) 190- To the receivable of the VAT account of the transferredE) None
The bill of exchange written by W states that BPI Family Savings Bank will get the reimbursement of the payment from W’s savings account. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above The bill of exchange written by X indicates that for the payee to receive the money from the drawee bank, the payee must first sell his house and car and give the proceeds to charity. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above
In Part 5 of Form 940, Peterson Company reported FUTA tax liabilities as follows: First quarter: $397.50 Second quarter: $209.10 Third quarter: $274.50 Fourth quarter: $262.20 List the amounts and the dates of each required FUTA tax deposit: If an amount box does not require an entry, enter "0" and select "-" from the dropdown. First quarter Deposit: amount $fill in the blank 1 date 3/30 Second quarter Deposit: amount $fill in the blank 3 date 6/30 Third quarter Deposit: amount $fill in the blank 5 date 9/30 Fourth quarter Deposit: amount $fill in the blank 7 date 12/31
1. The bank collected a Note Receivable for the company and credited the company's bank account for P20,000. A. Added to the bank balance B. Added to the book balance C. Subtracted from the bank balance D. Subtracted from the book balance 2. The following are requisites of a valid tax, EXCEPT A. tax must not encroach upon inherent and Constitutional limitations B. the rule of taxation should be uniform C. tax should be used for public purpose D. tax is payable in money only
Mike Inc. is switching from a cash to an accrual method for tax purposes effective 1/1/X2. Mike filed for approval with the IRS and was granted permission to change its method. As of 12/31/X1 Mike Inc. had the following information: Receivables:Accounts receivable from sales to customers $ 300,000Interest receivable from municipal bonds 100,000 Accounts payable and accrued expenses:Accounts payable from ordinary & necessary Business expenses $ 125,000Accrued expenses pertaining to tax exemptIncome 25,000 What is the least amount of taxable income will Mike Inc recognize in 20X2 from switching from the cash to accrual method? a. $ 0b. $ 37,500c. $ 43,750d. $ 150,000e. $ 175,000
Determine the effects of the following on a cash basis taxpayer's gross income for 2023 and 2024. If an amount is zero, enter "0". Gross Income2023 Gross Income2024 a. On the morning of December 31, 2023, the taxpayer received a $1,500 check from a customer. The taxpayer did not cash the check until January 3, 2024. $fill in the blank 1 $fill in the blank 2 b. On the morning of December 31, 2023, the taxpayer received a $1,500 check from a customer. The customer asked the taxpayer not to cash the check until January 3, 2024, after the customer's salary check could be deposited. $fill in the blank 3 $fill in the blank 4 c. On December 31, 2023, the taxpayer received a $1,500 check from a customer. The check was not received until after the bank had closed on December 31, 2023. The taxpayer did not cash the check until January 3, 2024.
Shafron, Inc. is a calendar year-end, cash method taxpayer. It provides consulting services for various clients in the local community. Shafron, Inc. had the following transactions in 2020. Determine the tax treatment for each transaction. For credit, you must round your answer to the NEAREST DOLLAR. Do NOT enter the dollar sign in your answer - only enter the numbers (e.g., X,XXX). For example, one thousand dollars should be entered as 1,000. Enter zero (i.e., “0”) where necessary. (a) On March 15, 2020, Shafron, Inc. received $30,000 from JBD, Inc. for business consulting services. Shafron, Inc. estimated the project will take 6 months and began working on the project on April 1, 2020. How much (if any) of the payment is included in Shafron, Inc.’s gross income? $ (b) Shafron, Inc. purchases an 18-month liability insurance policy. Per the contract with the insurance company, Shafron, Inc. paid the entire cost of the insurance coverage ($36,000) on November 1, 2020. The coverage…
Tagum Inc. required additional cash for its operation and used accounts receivable to raise such needed cash, as follows: On December 1, 2021 Tagum Inc. assigned on a non-notification basis accounts receivable of P 5,000,000 to a bank in consideration for a loan of 90% of the receivables less 5% service fee on the accounts assigned. Tagum Inc. signed a note for the bank loan. On December 31, 2021, Tagum Inc. collected assigned accounts of P3,000,000 less discount of P 200,000. Tagum Inc. remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. Tagum Inc. sold P 1,550,000 of accounts receivable for P 1,340,000 . The receivables had a carrying amount of P 1,470,000 and were sold outright on a nonrecourse basis. Tagum Inc. received an advance of P 300,000 from Union Bank by pledging P 360,000 of accounts receivable On June 30, 2021,…

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