Which of the following is not an economic entity? А. Aldo, Baldo, Calvo & Associates, a law firm St. Benedict Collegea non-stock, non-profit corporation C. Nap Qles, a filipino citizen who owns JLN Piggery EN's Corner, (a "sari-sari" store) with assets of only P100,000 В. D.
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- please just categorize which are tax object and which are not Prize we received after competing as the best employer in the financial industry Income from transferring some of our investment in shares to another Indonesian company Income from mutual fund Income from Unit Link insurance Payment from insurance company due to fire in our office in Semarang. Sale of one of our branch building Gain from foreign exchange1) Mr. Roger sets up Roger & Co., a sole proprietorship business. Which of the following assertions apply Roger & Co? A.Roger & Co. is a business entity, not a legal entity and can sue Tim Horton as Roger & Co. B. Roger & Co. is not a business entity, but is a legal entity and has a limited life. C. Roger & Co. can file tax return in own business and has limited life but unlimited liability D. Roger & Co. does not have unlimited life or limited liability but actually is a business entity. 2) Tania purchased a land ($750,000) and a little old home ($150, 000) located on the land for $900,000. She will depreciate the amount of A. $900,000 over the useful life of the Land B. $150,000 over the useful life of the Home C. $750,000 over the useful life of the Land D. $900,000 over the useful life of the HomeThe following persons are your clients: Who is allowed to claim deduction? - Nicanor, an employee of ABC Corp. - ABC Corp, a foreign corporation doing business in the Philippines - XYZ Corp. a foreign corporation based in Europe - Inday Manoban, a Thai-Korean and member of the PinkBlack K-Pop Group based in Korea a. Nicanorb. ABC Corpc. XYZ Corpd. Inday
- Franklin, John, Henry, and Harry have decided to pool their financial resources and business skills in order to open up and run a coffee shop. They will share any profits or losses that the business generates and will be personally responsible for making good on any debt that their business undertakes. Their business should be classified as a. corporation. b. sole proprietorship. c. partnership. d. none of the above.This business starts with relatively small amount of capital and the owner proprietor is only person entitled to receive all profits and liable to bear all losses and debts. a. Partnership b. Multinational Companies c. Corporation d. Sole ProprietorshipNicholas is a software engineer and is starting a consulting practice. What form of businessorganization limits his liability to the amount he has invested in the business?a. Proprietorshipb. Partnershipc. Corporationd. None of the above
- Mr. Chan set up a company called Good Home Limited. The company holds several properties in Hong Kong and lease out to earn rental income. Mr. Chan wonders whether the company should pay property tax or profits tax. He also concerns if double taxation of the same income derived from a property under property tax and profits tax will charge to GoodHome Limited and how it can avoid this if so. Question: Advise Mr. Chan.Al Waha is a legal enterprise, and the company is paying a massive amount of taxes to the government along with the complicated rules and regulations. The company is dealing with both stockholders and stakeholders to further proceed with the business. The type of business ownership is a .LLP b .LLC c . Sole proprietorship d .CorporationIdentify whether the following items are subject to regular income tax, final tax, or exempt from income tax. Dividend income received from a domestic corporation by a nonresident foreign corporation Dividend income received from a resident foreign corporation by a domestic corporation Dividend income received from a resident foreign corporation by a resident foreign corporation Prizes from USA lotto Share in the net income of ordinary partnership Money received from reporting a company engaged in illegal activities Bag full of cash amounting to P500,000 found along the road Annual salary of a garbage collector not exceeding P200,000 Travel allowance liquidated and fully supported by receipts Performance bonus equivalent to 3x of the monthly salary P100,000 Royalties on songs written Sale of shares of stocks not listed in stock exchange Rent payments received by a resident alien for the lease of his residence abroad Cash prize of P1,000,000 for winning the…
- Which of the following is NOT the weaknesses of sole proprietorship? Manakah di antara berikut BUKAN kelemahan perniagaan milikan tunggal? Select one: A. Limited skills and capability /Keupayaan dan kemahiran terhad B. Do not have proper financial record /Tidak memiliki rekod kewangan yang baik C. Unlimited liability /Liabiliti tidak terhad D. Business information can be kept confidential /Maklumat perniagaan tidak perlu didedahkanThe following describe several different business organizations. Determine whether each description bestrefers to a sole proprietorship (SP), partnership (P), corporation (C), or limited liability company (LLC). Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business debt.Listed below are several statements regarding different forms of business organization. For each statement, indicate if that statement is true or false for each proprietorship and partnership.(a)Owners have limited liability.(b)Records of the business are combined with the personal records of the owner or owners.(c)Required to follow IFRS.(d)Pays income taxes on its profits.(e)Owners are called "shareholders."(f)Will have more than one owner.(g)Has a limited life.(h)Has a separate legal existence from its owners.