Supposed you are the one designated to prepare the annual income statement. Create a pro-forma income statement based on the given details below. The annual census for the year 2022 are as follows: I Pregnancy Test- 10,000 (Php 175 each) Syringe- 125 boxes (Php 250 each) HbsAg- 15,000 (Php 225 each) Fecalysis- 23,000 (Php 80 each) Internet- Php 10,000 Centrifuge Maintenance- Php 80,000 Specimen container- 185 packs (Php 65 each) Salaries and Wages- Php 25,000 Electricity Bill- Php 25,000
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- Read the following information and answer questions that follow.Brian Ndlovu is employed as a manager in Gaborone. During the year ended 30 June 2020, hehad the following incomes and expenditures:Amount (P)Salary 1,40,000Performance related award 50,000Entertainment allowance 60,000Barclays Bank Interest 40,000Commission 70,000Interest from BBS Subscription shares 10,000Other Investment Income 20,000Medical aid contributions from the employer 5,000Compensation for injury at work 6,000Rental Income 1,60,000Expenses incurred during the year:Approved Pension contributions 10,000Contributions to approved retirement annuity fund 15,000Annual subscriptions to ACCA 1,500Contributions to an unapproved fund 20,000Contributions to life assurance policy 15,000P.A.Y.E. deducted 40,000Additional Information:(1) During the year, the company paid a total of P10 000 to Brian for private telephone andelectricity bills(2) Brian had the use of a company car that cost P100 000 for which he paid for his…During 2020, Jeff has the following startup costs for his new lawn-care business: · Employee Training & Orientation Costs: $5,000 · Legal and Accounting fees: $8,000 · Market Research and Surveys: $4,000 Jeff’s business begins operations on January 1, 2021. Determine the amount that Jeff should deduct and when. Group of answer choices $5,000 in the 2020 tax year. $5,800 in the 2020 tax year. $5,800 in the 2021 tax year. $17,000 in the 2021 tax year.GV is a small accounting firm supporting wealthy individuals in their preparation ofannual income tax statements. Every December, GV sends out a short survey to itscustomers, asking for the information required for preparing the tax statements. Basedon 50 years of experience, GV categorizes its cases into the following two groups:• Group 1 (new customers): 20 percent of cases• Group 2 (repeat customers): 80 percent of casesThis year, there are 50 income tax statements arriving each week.In order to prepare the income tax statement, GV has three resources.The activities are carried out by the following three persons:• An administrative support person who processes every tax statement.• A senior accountant (who is also the owner) who processes only tax statements fornew customers.• A junior accountant who only processes tax statements for repeat customers.What is the total demand rate for each of the three resources?
- Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Determine the missing amounts assuming that the Social Security tax is 6.2 percent, the Medicare tax is 1.45 percent, and the state income tax is 20 percent of the federal income tax. Assume that the employees are married and have one withholding allowance. All earnings are subject to Social Security and Medicare taxes. If required, round your answers to the nearest cent and use the rounded answers in subsequent computations. Enter all amounts as positive values. BROWN RINGNESS TOTAL Regular earnings $3,500.00 $fill in the blank 1 $fill in the blank 2 Overtime earnings fill in the blank 3 120.00 fill in the blank 4 Total earnings $3,646.00 $fill in the blank 5 $fill in the blank 6 Federal income tax withheld $312.08 $fill in the blank 7 $fill in the blank 8 State income tax withheld fill in the blank 9 35.18 fill in the blank…Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Determine the missing amounts assuming that the Social Security tax is 6.2 percent, the Medicare tax is 1.45 percent, and the state income tax is 20 percent of the federal income tax. Assume that the employees are married and have one withholding allowance. All earnings are subject to Social Security and Medicare taxes. If required, round your answers to the nearest cent and use the rounded answers in subsequent computations. Enter all amounts as positive values. BROWN RINGNESS TOTAL Regular earnings $3,520.00 $ $ Overtime earnings 124.00 Total earnings $3,675.00 $ $ Federal income tax withheld $320.00 $ $ State income tax withheld 36.80 Social Security tax withheld 227.85 170.00 Medicare tax withheld 53.29 39.76 Charity withheld 34.00 96.00 Total deductions $699.14 $526.56 $ Net pay $ $2,215.44 $Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the year’s results. Gross income = $320,000 Business expenses = $149,000 MACRS depreciation = $95,000 Average federal tax rate = 18.5% Average state tax rate = 6% City and county flat tax rates combined = 4.5%Determine the following for Marylynn.a. Taxable income.b. Exact amount of federal income taxes.c. Estimate of percent of the GI needed to pay all income taxes—federal, state, city and county.
- Dixon Development began operations in December 2021. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2021 for lots sold this way was $20 million, which will be collected over the next three years. Scheduled collections for 2022–2024 are as follows: 2022 $ 8 million 2023 10 million 2024 2 million $ 20 million Pretax accounting income for 2021 was $29 million. The enacted tax rate is 40%. Required:1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2021.2. Suppose a new tax law, revising the tax rate from 40% to 35%, beginning in 2023, is enacted in 2022, when pretax accounting income was $24 million. No 2022 lot sales qualified for the special…U.S. Census Bureau statistics show that the annual earnings for persons with a high school diploma are $35*220 versus $57,925 for someone with a bachelor's degree. If the cost of attending college is assumed to be $30,000 per year for 4 years and the forgone earnings during those years are assumed to be $35,220 per year, what rate of return does earn a bachelor’s degree represent? Use a 35-year study period.Last year Diane's annual income was $92,052. Use the following Income Tax table to calculate how much Daan paid last year in income tax. In the image. Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526
- A VAT taxpayer had the following data on its operations for he month of January 2018:Sales, total invoice price P 592,480Purchases of goods, VAT not included:From VAT registered persons 100,000From nonVAT registered persons 8,000From persons subject to percentage taxes 10,000Salaries of employees 60,000Other operating expenses 12,000This is the first month of being liable to value added tax. Data in inventories at the beginning of the period bought from VAT registeredpersons follow:Inventory at cost P 44,800Inventory at realizable value 49,000Value added tax paid on beginning inventory 4,80016. How much is the input tax?17. How much is the value added tax payable?Dixon Development began operations in December 2021. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2021 for lots sold this way was $12 million, which will be collected over the next three years. Scheduled collections for 2022–2024 are as follows: 2022 $ 4 million 2023 5 million 2024 3 million $ 12 million Pretax accounting income for 2021 was $16 million. The enacted tax rate is 25%. Required: Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2021. Suppose a new tax law, revising the tax rate from 25% to 20%, beginning in 2023, is enacted in 2022, when pretax accounting income was $20 million. No 2022 lot sales qualified for the special…Carol Blane’s cumulative yearly earnings for the year are $29,000, counting her current payperiod salary amount of $4,500. Assume the FICA tax rate is 6.2 percent for Social Security, witha limit of $106,800, and 1.45 percent for Medicare, applied to all earnings. The FUTA tax is 0.6percent, with a limit of $7,000, and the SUTA tax is 5.4 percent, with a limit of $7,000. Theemployer's payroll tax expense entry will include a credit to: a. FICA Tax Payable for $279.00.b. FICA Tax Payable for $344.25.c. Federal Unemployment Tax Payable for $27.00.d. State Unemployment Tax Payable for $243.00.e. Federal Unemployment Tax Payable for $270.00.