As franchisee, Virgie delos Reyes had the following data on revenue and receivables: From Operations covered by the franchise From Operations not covered by the franchise Revenues Receivables, beg Receivables, end 2,000,000 300,000 400,000 600,000 90,000 80,000
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- Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Exercise 11-6 Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer’s September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $80 for this pay period.Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Exercise 11-5 Computing payroll taxes LO P2, P3 Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.)Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Exercise 11-7 Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer’s September 30 journal entries to record the employer’s payroll taxes expense and its related liabilities.
- Bluedragon is engaged in the following business activities for the year 2021: buying and selling of computer of computer parts with gross sales of P1,500,000 and as a freelance graphic artist with gross receipts of P1,000,000. Determine the business tax and the business tax due. a. Percentage tax 1%; P 25,000 b. Percentage tax 3%; P 75,000 c. VAT 12%; P 300,000 d. VAT Exempt; P 0Ferran 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?Melanie operates Mel's Bakery in Foxboro, Massachusetts, and has retail stores in Connecticut, Maine, Massachusetts, New Hampshire, and Rhode Island. Mel's Bakery also ships specialty breads nationwide upon request. Determine Mel's Bakery's sales tax collection responsibility and calculate the sales tax liability for Massachusetts, Connecticut, Maine, New Hampshire, Rhode Island, and Texas, based on the following information: Note: Leave no answer blank. Enter zero if applicable. Required: The Massachusetts stores have $620,000 in sales. Massachusetts's sales tax rate is 5 percent; assume it exempts food items. The Connecticut retail stores have $496,000 in sales ($360,000 from in-store sales and $136,000 from catering) and $22,000 in delivery charges for catering activities. Connecticut sales tax is 6 percent and excludes food products but taxes prepared meals (catering). Connecticut also imposes sales tax on delivery charges on taxable sales. Mel's Bakery's Maine retail store has…
- As a retailer, Zertan Corporation sells software programs manufactured and packaged by other parties. Zertan also purchases computer parts, assembles them as specified by customers in purchase orders, and sells them as operating stand-alone computers. All of Zertan's operations take place in State F, which levies a 9% sales tax. Results for the current year are as follows: a) What is Zertan's own sales tax expense for the year? __________ b) How much State F sa;es tax must Zertan collect and pay to the state on behalf of other taxpayers subject to the tax? ___________Sally, the MWE, also has a small business with the following data: sales of P500,000, cost of goods sold of P100,000, operating expenses of P60,000, and non-operating income of P10,000. What would be the income tax due under the graduated rates, and under the 8% income tax rate option? a. P23,600; P54,564 b. P18,000; P42,350 c. P20,000; P40,800 d. None of the above.A VAT registered person engages in both VAT and VAT exempt business. During the year total sales amounted to P500,000, exclusive of the VAT. Sale of the VAT exempt business amounts toP200,000. During the quarter, the business incurred the following: Input VAT arising from repairs amounting P6,000. On the other hand, input on supplies, for common use amounted P1,200. The creditable input tax is
- The following are relevant information pertaining to the results of the business operations for Maisarah Islamic Window for the year 2020: Income from Operations2600000Expenses from Operations1180000Indirect Income (Fee Based)300000Indirect Expenses260000The above profit from operation is prior to the distribution of profit to mudharabah depositors. The agreed profit sharing ratio between the Bank and mudharabah depositors is 60:40 respectively.Required:Assuming that the Separate Investment Account Method SIAM is used, calculate the net profit/loss to the Islamic Bank (Before Tax and Zakat)FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000The following are your clients as a Consultant: Who among them is qualified to use 8% optional income tax? a. an architect who opted for method of deduction and whose gross receipts amounted to Php 23 Million b. a partner in ABC & Co. CPAs whose share in income of GPP amounted to Php 1 Million c. a duly registered Barangay Micro Business Enterprise with gross sales of Php 3 Million d. a doctor operating his own clinic with gross receipts of Php 1 and at the same me an employee of ABC Hospital and Medical Center with a gross salary of Php 3M