V. Levy a prop tax of 90; expect to only collect 62 W. Place an order for goods of 79 X. The goods arrive but the price is 83 ( 2 entries) (x1 and x2) Y. At Jan 1, the state legislature says we can spend 400 during this upcoming year. Z. Receive a notice from the Fed govt that they will send us a gift of 2,000. ZZ. Fund Y decides to transfer $148 to us..

V. Levy a prop tax of 90; expect to only collect 62 W. Place an order for goods of 79 X. The goods arrive but the price is 83 ( 2 entries) (x1 and x2) Y. At Jan 1, the state legislature says we can spend 400 during this upcoming year. Z. Receive a notice from the Fed govt that they will send us a gift of 2,000. ZZ. Fund Y decides to transfer $148 to us..

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 18P

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Pepare entries for the following:: Levy a prop tax of 60; expect to only collect 55 Place an order for goods of 75 The goods arrive but the price is 78 ( 2 entries) At Jan 1, the state legislature says we can spend 500 during this upcoming year. Receive a notice from the Fed govt that they will send us a gift of 1,000. Decide to transfer 200 to Fund X.
4 On March 25, 2021, you were engaged by XYZ Corporation to check its tax compliance and at the same time, were tasked to file its up coming 1st quarter VAT Quarterly Return (BIR Form 2550Q) The following data were gathered from the Sales and Purchases Books of XYZ Corporation: Excerpt from company’s sales invoices Sales (VAT Inclusive for sales with 12% VAT) Amount Regular Sales 8,960,000 Sales to government 6,720,000 Zero-rated sale 4,000,000 VAT-exempt sale 2,000,000 Excerpt from supplier’s invoices Purchases (VAT Inclusive) Amount Purchase of capital goods 1,120,000 Domestic purchase of goods 3,360,000 Domestic purchase of service 2,240,000 Importation 560,000 Excerpt from vouchers with liquidation report VAT monthly payment (Jan-Feb returns) P 400,000 Required: How much Total Amount Payable/(Overpayment) will you input in line 29 of…
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