tax
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A: Ans. Intangible assets are the assets which cannot be touched or felt.
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Q: Answer letter c and d only
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- Del Rio began Rio Enterprises on January 1 with 200 units of inventory. During the year, 500 additional units were purchased, 500 units were sold, and Del ended the year with 200 units. Del is very satisfied with his first year of business although the cost of replacing his inventory rose continually throughout the year. The 500 units sold for a total of 320,000 and the 500 units purchased to replace them cost 256,000, so his cash account has increased by 64,000. Del is concerned however because he has three obligations yet to meet: taxes, dividends, and his wife. Federal and state income taxes will take 40% of his income. His investors are to receive dividends equal to half of any income after taxes are paid. And finally, Del promised his wife a big trip to Hawaii if she let him quit his job as a professor and start his own business. He promised her hed make at least 50,000 after taxes. That will give us 25,000 after paying off the investors. Del kept fairly good records during the year and knows the specific cost of each inventory unit sold. He has prepared the following table to summarize his purchases and sales. Reset the purchase prices to their original values (cells C11 through C14). Suppose Del had purchased 250 units on November 20 rather than 150. Enter 250 in cell C14 and alter column G in the Data Section. Explain what happens to net income under each inventory cost flow assumption and why. Also, what management implications might this have for Del?During the last five months of the year, Dwana opens a new Internet telecommunications business called Dwan-Com. Dwan-Com bills 50,000 of revenues, but receives only 40,000 cash. Dwan-Com incurs 3,000 of supply expenses, and 41,000 of labor costs. Dwan-Com pays for 2,200 of the supplies and 38,000 of the labor costs in the current year. a. What is Dwan-Coms taxable income if it elects the cash method of accounting? b. What is Dwan-Coms taxable income if it elects the accrual method of accounting? c. What method of accounting do you recommend that Dwan-Com elect?Shawn John and his wife operate a successful snack packaging business, Healthy Snacks, in St Mary, Jamaica. The bulk buying of the raw materials (nuts and dried fruits), the packaging and delivery to corporate area shops are done by the members of the family. The accounts for Mr. John’s business at 31st December 2015 showed a profit of $4,500,000 after charging: • $180,000 depreciation of equipment and office furniture; • $750,000 for salary to his wife who supervises the office, $496,000 to his 18 year old son Shane, and $1,720,000 to himself. • $78,000 interest on a loan he had obtained to expand his business 3 years ago. (a) Prepare a statement; with notes where applicable; of the Healthy Snacks business showing the taxable profits and income tax liability for the year of assessment 2015 for Shawn John (b) Shane is a part-time student at the University of the West Indies. What is his tax liability, if any?
- Kate is an executive for the Cozy Furniture Manufacturing Company. She purchased furniture from the company for $9,500, the price Cozy ordinarily would charge a wholesaler for the same items. The retail price of the furniture was $12,500, and Cozy’s cost was $9,000. The company also paid for Kate’s parking space in a garage near the office. The parking fee was $600 for the year. All employees are allowed to buy furniture at a discounted price comparable to that charged to Kate. However, the company does not pay other employees’ parking fees. Kate’s gross income from the above is: answer choices: $3,500. $4,100. $-0-. $900 $600.John Works as a distribution agent in DRC for diamond floor tiles. Under an agreement with manufacturers, he purchases the tiles and received a commission of 1% on purchases for the year ended on the previous 31st March in May. For several years, he has been obtaining a gross profit of 40% on all the sales. In a burglary which occurred in January 2001, he lost stock costing shs 4 million as well as most of his accounting records. However after careful investigations, the following information was obtained covering the year to 31st March 2001. a) Assets and liabilities as at 1st April 2000Shs’000Buildings at cost 10,000Provision for Depreciation (buildings) 6,000Motor vehicles at cost 5,000Provision for depreciation (vehicles) 2,000Inventory at cost 3,200Trade receivables 6,300Agency commission receivable 300Trade expenses prepaid 120Bank balance 4,310Trade payables 4,200Accrued vehicle expenses 230John was notified that he will receive an agency commission of shs 440,000 on May…“Louis's firm had the following situations during the year: Louis's CEO purchased a Ferrari for personal use and charged it to the company. Louis added five additional weeks to its fiscal year so it could improve its income. The accounting period for the previous years were 52 weeks. Equipment with a cost of £100,000 is reported at its market value of £150,000. Recently, Louis purchased a beach house for his personal use. However, he plans on using it for company retreats and for hosting large clients. Hence, he decided to list the asset and the corresponding liability for this reason (he used a loan to purchase this asset). Louis included £10,000 in accounts receivable and retained earnings for a service that he will provide next year. Since he is an honest man and will provide the service, he decided to record the amount this year. The company had paid £3,000 for insurance but uses only £2,000 during the period. The accountant has recorded £3,000 as insurance…
- Ferran operates a boutique yarn store from their own. The store had accountingincome after tax of $50,000. Already deducted from that number are depreciation of$5,000, financing fees of $2,500, and salaries to arm's length employees of $10,000.CCA would be $4,000.Calculate Ferran's taxable income based on what you know about them?Solomon Company started year 1 with $270,000 in its cash and common stock accounts. During year 1, Solomon paid $202,500 cash for employee compensation and $62,100 cash for materials. Required Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to make 1,500 chairs. Further, assume that Solomon sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statementDrex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021: April 4 The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250. April 4 Paid three months advance rental to Ninang Lessor for 1,500 per month. April 4 Paid Casualty insurance PRU UK amounting to 1,800. April 6 Received cash from GTZ Enterprise on sale of merchandise for 3,000. April 7 Purchase additional furniture on account from Crizfat Furniture amounting to 1,800. April 8 Cash Sales from walk in client amounting to 800 April 11 Paid Cash advertisement to Bulgar Newspaper amounting to 120. April 12 Paid debt amounting to 800…
- Drex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021: April 4 The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250. April 4 Paid three months advance rental to Ninang Lessor for 1,500 per month. April 4 Paid Casualty insurance PRU UK amounting to 1,800. April 6 Received cash from GTZ Enterprise on sale of merchandise for 3,000. April 7 Purchase additional furniture on account from Crizfat Furniture amounting to 1,800. April 8 Cash Sales from walk in client amounting to 800 April 11 Paid Cash advertisement to Bulgar Newspaper amounting to 120. April 12 Paid debt amounting to 800…Drex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021: April 4 The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250. April 4 Paid three months advance rental to Ninang Lessor for 1,500 per month. April 4 Paid Casualty insurance PRU UK amounting to 1,800. April 6 Received cash from GTZ Enterprise on sale of merchandise for 3,000. April 7 Purchase additional furniture on account from Crizfat Furniture amounting to 1,800. April 8 Cash Sales from walk in client amounting to 800 April 11 Paid Cash advertisement to Bulgar Newspaper amounting to 120. April 12 Paid debt amounting to 800…Greene operates a parking lot that yielded net income of $13,000 during the current year. The only other transactions that Mr. Greene had during the year were: 1) a gain of $16,000 on the sale of some Dell Corporation stock that he bought two years ago; 2) a loss of $10,000 on the sale of one acre of the land used in his parking lot business; 3) a gain of $4,000 on the sale of half an acre of the land used in his parking lot business. All of the land used in his parking lot operations was purchased seven years ago. Mr. Greene's net capital gain from sale or exchange of capital assets for the current year is Question 14 options: 20,000 16,000 10,000 10,000
