Which account is the difference and how? saved?
Q: On 7/1, the beginning balance in sales tax payable is a $50,000 credit. On 7/15, a $45,000 cash…
A: Liability means the amount which is to be paid to an outsider . When any liability is paid in cash ,…
Q: Current tax credit balance 1,600,000 Deferred tax liability 5,200,000 the halance on current tax…
A: Deferred Tax Assets / Liability: When the book accounting profit is more than taxable profit then it…
Q: Compute the following amounts for Maria's wages for the current week. (Round FICA taxes, State…
A: A payroll sheet records the payroll accounts for employees. It starts with the gross pay and…
Q: 3. Consider the following accounts and determine if the account is a current liability, a long-term…
A: Current liabilities are short term obligation that to be paid within one year and liabilities having…
Q: expected to produce P70,000, which must be allocated to unse P105,000. The following are some of the…
A: The answer is stated below:
Q: Consider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan =…
A: Taxes are to be paid as per the applicable tax rate on the Taxable Income of any organization.…
Q: Name No. of Earnings Deductions Marital W/H (a) (b) (c) FICA (d) (e) (f) (g) Status Allowances…
A: Payroll taxes: Payroll tax can be defined as the amount of tax withheld from the salary of the…
Q: consider the following accounts and determine if the account is a current liability, a noncurrent…
A: The balance sheet is the statement of financial position of the business.
Q: An accountant needs to withhold 21% of income for taxes if the income is below $50,000, and 28% of…
A: The Spreadsheet expression to calculate the withheld amount can be given as follows:-
Q: The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q: 2. In this pay, Moss Company deducted OASDI taxes of $5,276.24 and HI taxes of $1,233.95 from the…
A: Moss company’s portion of the social security taxes includes the taxes of OASDI (old age, survivors…
Q: (Accounting and Classification of Deferred Income Taxes)Part A: This year, Gumowski Company has each…
A: Since the student has not mentioned any specific requirement, only the first question is answerable.…
Q: In Part 5 of Form 940, Peterson Company reported FUTA tax liabilities as follows: First quarter:…
A: FUTA Tax Provisions: In the event that the FUTA tax exceeds 500, it must be paid by the last day of…
Q: Differences between pretax accounting income and taxable income were as follows during 2021:…
A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…
Q: In the quarter ended 31 March 20X2, Chas had taxable sales, net of sales tax, of $90,000 and taxable…
A: Sale tax is the tax levied on sale of goods. Sale tax paid on purchases can be booked as receivable…
Q: A person who owes total federal income taxes of $4,420 but had total withholdings of $3,980 would:…
A: Total Federal Taxes = $4420 Total withholdings = $3980
Q: GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST…
A:
Q: Zuma Company incurred P175,000 of interest expense during the year. In the same year, final taxes…
A: The deductible interest expense is the interest incurred by assesee. The final taxes paid is not…
Q: Trade receivables have a carrying amount of P4,000. The related revenue has already been included in…
A: SOLUTION TAX BASE OF RECEIVABLES = IF RECEIVES PAYMENT OF RECEIVABLE HAS NO TAX CONSEQUENCES , ITS…
Q: Maria reports the following transactions Gross sales-840,000; sales discount-25,000; cost of…
A: Calculation of Net Taxable Income.... Gross sales-840,000 sales discount-(25,000) net sales…
Q: PA11. Record the journal entries for each of the following payroll transactions. Apr. 2 Paid $650…
A: Step 1 Journal is the part of the book keeping.
Q: The statements of financial position of Nedburg include the following extracts: Statements of…
A: We have the following information: The tax charge in the statement of profit or loss for the year…
Q: Current liabilities include interest revenue received in advance, with a carrying amount if P1,000.…
A: Tax base is the value that is assessed for an item in balance sheet as per taxation of that…
Q: he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit…
A: a. Record journal entry for payment of wages, payroll and withhold taxes payable as shown below:…
Q: Part A: This year, Gumowski Company has each of the following items in its income statement. 1.…
A: Since the student has posted multiple questions, we will answer only the first two.
Q: Determine if the timing differences are temporary or permanent. Net income per books (after-tax)…
A: Due to the differences between financial accounting and tax accounting there arises some differences…
Q: Journalize this transaction: Payroll cost was $12,000, there was Federal Income Tax withheld of…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of…
A: Journal entry is always needed to make to record event and transaction that occurs during a…
Q: See attached picture A. Compute taxable income for 2017 B. Compute pretax financial income for 2017
A: Income tax expense: The expenses which are related to the taxable income of the individuals and…
Q: The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit…
A: Given the following information: Payroll: $67,000 The total payroll is taxable under FICA Taxes-HI;…
Q: 10. Payments made for income taxes P760,000 Income tax payable increased by 200,000 Deferred tax…
A: Accrual basis accounting is an accounting method in which income or expenses are recorded when a…
Q: Consider gross earnings of $59,000. • The standard deduction is $12,000 and itemized deduction is…
A: An income tax is kind a type of tax that governments impose on income generated by businesses and…
Q: Pretax accounting income is computed to be $117,000 after including the effects of the appropriate…
A: Taxable income is the income earned during the period which is taxable by the taxation authorities.…
Q: 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500…
A: Given that, Kip Bowmen is a owner and sole employee of KB Corporation Salary of Kip Bowmen = $1500…
Q: Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: revenue $878,412.00 general & administrative expense $352,666.00 depreciation expense…
A: Excel Spreadsheet:
Q: Eight independent situations are described below. Each involves future deductible amounts and/or…
A: Tax: Tax is a financial charge imposed by the county's government on the income of the person, and…
Q: Example 4-9 From the above example, if you indicate separately on Robinson’s paycheck stub the…
A: Payroll tax can be defined as the amount of tax withheld from the salary of the employee and paid to…
Q: Current liabilities include interest revenue received in advance, with a carrying amount if P1,000.…
A: Under Cash basis of taxation, income and expenses are recognized in the year when they are actually…
Q: 391- The balance of the calculated VAT account is 10,000 TL, 191 The balance of the deductible VAT…
A: The answer for the multiple choice question and relevant explanation are presented hereunder :
Q: revenue
A: revenue $878,412.00 general & administrative expense $352,666.00 depreciation expense…
Q: r each transaction in the books of anuary, 20-.
A: Given: $75.00; cash sales slip no. 4923.$120.00; cash sales slip no. 4924.$58.60; invoice…
Q: The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: 2. Nix Company had the following balances in its general ledger before the entries for requirement…
A: If a business has employees, it has to record for payroll. Payroll is the aggregate expenditure on…
Q: deducted
A: Introduction: Tax is compulsory levy which is made by the government of all the countries on its…
9 - 391- The balance of the calculated VAT account is 5,000 TL, 191 The balance of the deductible VAT account is also
3 750 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 account
C) 360-To the debt of the tax and funds payable account
D) 190- To the receivable of the VAT account of the transferred
E) None
Step by step
Solved in 2 steps
- 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 taxRecording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.: Instructions Determine the following amounts for the employer payroll taxes related to the October 4 payroll: (a) FICA tax payable, (b) state unemployment tax payable, and (c) federal unemployment tax payable.13 - 391- The balance of the calculated VAT account is 10,000 TL, 191 The balance of the deductible VAT account is 15,000 TL, 190-The balance of the transferred VAT account is 4000 TL. How is the difference saved to which account?A) 190- To the receivable of the transferred VAT accountB) 360-To the debt of the tax and funds payable account C) 360-Tax and funds payable account receivable D) 190- To the debt of the transferred VAT accountE) None
- 6 - Which of the following is the account and amount that should appear in the dotted places in the journal article above? a) 191 VAT Deductible 5.400 TL B) 391 VAT to be calculated Hs. 5.400 TL NS) 391 Calculated VAT Hs. 6.300 TL D) 360 Taxes and Funds Payable Hs. 5.400 TL TO) 191 VAT Deductible 5,000 TLAt the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391 Rec. VAT: 60.000 TL. How much is the Tax (VAT) Payable? a. 30.000 TL b. 60.000 TL c. 10.000 TL d. 20.000 TLrevenue $878,412.00 general & administrative expense $352,666.00 depreciation expense $131,455.00 leasing expense $108,195.00 interest expense $78,122.00 if average tax rate is 3.4%, what is its net income after taxes? $878,412.00 minus $352,666.00 $131,455.00 $108,195.00 $78,122.00 $207,974.00 minus 3.4% *207974 $7,071.12 incom after tax $200,902.88 what is the cash flow?
- 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?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 12/31Example 4-9 From the above example, if you indicate separately on Robinson’s paycheck stub the amount of each payment, the amount of federal income tax to be withheld is computed as follows: Taxes Withheld Regular monthly earnings $2,400 $ 37.00 (from wage-bracket tax tables*) Quarterly bonus 4,600 1,012.00 ($4,600 × 22%) Totals $7,000 $ 1,049.00 The calculation of Robinson’s federal income tax for the quarter would be computed as follows: Taxes Withheld Regular monthly earnings $2,400 $37.00 × 3 months = $ 111.00 (from wage-bracket tables*) Quarterly bonus 4,600 1,012.00 ($4,600 × 22%) $1,123.00 *The percentage table could also be used. Note: OASDI and HI withholdings are calculated on total earnings per pay period multiplied by number of pay periods and then added together to arrive at a quarter’s total withholding. Quarterly and year-to-date information would appear on Robinson’s employee earnings record. The…
- Delta has interest receivable which has a carrying amount of $75,000 in its statement of financial position at 31 December 2020. The related interest revenue will be taxed on a cash basis in 2021. Delta has trade receivables that have a carrying amount of $105,000 in its statement of financial position at 31 December 2020. The related revenue has been included in its statement of profit or loss for the year to 31 December 2020. Required: According to HKAS 12 ‘Income Taxes’, what is the total tax base of interest receivable and trade receivables for Delta at 31 December 2020? A. $105,000 B. $75,000 C. Nil D. $180,000At 1 January 20X1, there was an allowance for receivables of $3,000. During the year, $1,000 of debts were written off as irrecoverable, and $800 of debts previously written off were recovered. At 31 December 20X1, it was decided to adjust the allowance for receivables to 5% of receivables which are $20,000. What figure should be included in the statement of profit or loss as the receivables expense for the year? $__________ DEBIT / CREDIT At31 December 20X2 a company's receivables totalled $400,000 and an allowance for receivables of $50,000 had been brought forward from the year ended 31 December 20X1. It was decided to write off debts totalling $38,000. The allowance for receivables was to be adjusted to the equivalent of 10% of the receivables. What charge for receivables expense should appear in the company's statement of profit or loss for the year ended 31 December 20X2? My question is what's the difference between these two as in question1 allowance at end is calculated (…Aloha Company provided the following information on December 31, 2020: Carrying amount Tax base Accounts receivable 1,500,000 1,750,000 Motor vehicle 1,650,000 1,250,000 Provision for warranty 120,000 0 Deposits received in advance 150,000 0 The depreciation rates for accounting and taxation are 15% and 25% respectively. The deposits are taxable when received and warranty costs are deductible when paid. An allowance for doubtful accounts of P250,000 has been raised against accounts receivable for accounting purposes but such accounts are deductible only when written off as uncollectible. The entity showed accounting income before tax of P8,000,000 for 2020. The income tax rate is 30% Thre are no temporary differences at the beginning of the current year: Required:…
