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 TL
Q: What amount must be remitted if invoices dated June 28 for $815, July 7 for $780 and July 14 for…
A: solution : given Invoice dated Amount June 28 $815 July 7 $780 July 14 $895…
Q: GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Credit for partial payment and net amount due if the invoice is $8303 and the partial payment is…
A: Net amount due = Net price - Partial payment due
Q: Eight independent situations are described below. Each involves future deductible amounts and/or…
A: Given, Pretax Accounting Income = $190 Million To Calculate Taxable income: Temporary Difference…
Q: Company Z has a deposit with ABC Bank. It obtained a loan from ASAP Financing Corp. in connection…
A: Here discuss about the details of the allowable deduction from the interest expenses which are…
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: Which account is the difference and how? saved?
A: 9. 391- The balance of the calculated VAT account is 5,000 TL , 190-The balance of the transferred…
Q: compounded monthly is now $2,997.78. How much of this amount is principal and how much is interest?…
A: Future value of amount is value of principal amount and interest while present value is amount of…
Q: P5 Pre-tax profit Items not recognized at year-end were as follows: Prepaid insurance Accrued wages…
A: Pretax profit =5000000 Prepaid insurance =250000 Accrued wages =200000 Rent revenue collected in…
Q: 2. Proud Co.'s records on Dec. 31, 20x1 show the following account balances: Trade accounts payable…
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…
Q: GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner…
A: Note: Only the calculation of interest has been answered as it has been selected/highlighted.…
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: Kingbird Corporation factors $ 276,900 of accounts receivable with Kathleen Battle Financing, Inc.…
A: RECOURSE FACTORING IS THE MOST COMMON AND MEANS THAT FACTOR CAN DEMAND MONEY BACK FROM THE COMPANY…
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: RECEIVABLE FINANCING REQUIRED: 1. At what amount on the current assets section of the December 31,…
A: Account receivable is the amount of which is owned from the customer for the credit sales made to…
Q: Princess EJ Corporation factors P350,000 of accounts receivable with XYZ Financing on a with…
A: A journal entry is the process of chronicling the financial transactions in the books of the…
Q: 2. On April 1, 2021, Faircloud Variety Company deposited $24 000 into a savings account earning…
A: Simple interest method is a method of computing interest on borrowed amount where interest is…
Q: revenue has been recognized in 2021 in connection with the loan. What is the loan impairment loss on…
A: Impairment means a sudden reduction in the asset value that a company has which can be fixed or…
Q: CPA Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with…
A: Loss on the transfer of accounts receivables =accounts receivables assigned x finance charge %
Q: At year-end, Roth Compan note payable in exchange for services nto f296
A: Note payable is the amount that has been borrowed in exchange for the note issued by the company. It…
Q: What amount must be remitted if invoices dated June 28 for $815, July 7 for $780 and July 14 for…
A: Here in this question, we are required to calculate discount. It is based on the concept of EOM…
Q: special itemized deductions from gross income?
A: Special itemized deductions includes real estate tax , sales tax , mortgage interest , property tax.…
Q: 4. Help the inexperienced accountant of Ala-alipaw Co. Discount on notes payable on initial…
A: Loan amount = 1,119,272 Yearly Payment = 400,000 Interest expense in year 1 = 179,084
Q: Accounts payable and other liabilities include debts, taxes and assessments due to the National…
A: Liquidation Process In the liquidation process in a company first to taken up whole assets which can…
Q: An amount of 5 million is placed on deposit from 17 August to 31 December at 6.7%. What would be the…
A: ACT/365, ACT/360, and 30/360 basis are different day/year conventions used to calculate interest…
Q: On 9/1, the Knight's Stop issues a new the previous year. The new part was is: On 9/1, Knight's Stop…
A: Warranty are provided to customers and warranty are laibilties of customers to company for warranty…
Q: Consider the above balance sheet and income statement. The account payable deferral period is equal…
A: The account payable deferral period is the period of time taken by the company to pay off its…
Q: 1) Prepare a balance sheet, assuming that the current portion of the note payable is $7,000
A: Introduction: Current assets are projected to be consumed, sold, or converted into cash in one year…
Q: The books of Blue moon bank as on 31/12/2019 showed the following information: Rebate on bills…
A: Rebate on bills discounted means discount received in advance. It is portion of discount which…
Q: ocker Rent 3500 Income from Government securities 2274 Interest on deposits 473 Transfer fees…
A: Net profit means the difference between the income and expenses. In case of bank , non interest…
Q: Eight independent situations are described below. Each involves future deductible amounts and/or…
A:
Q: GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Garcia…
A: Interest Revenue - Interest Revenue is the revenue earned from the notes issued by the company.…
Q: A, B, and C borrowed P3M from D, E, and F evidenced by a promissory note worded as follows to wit:…
A: The promissory note is used for the purpose of borrowing money from one party from another party,…
Q: Entity A received a 12%, ₱200,000, one-year, note receivable on October 1, 20x1. Entity A uses a…
A: Note receivable- It is type of financial instrument which is given to the entity at a fixed rate of…
Q: revenue $878,412.00 general & administrative expense $352,666.00 depreciation expense…
A: Excel Spreadsheet:
Q: n0-14 Defining common receivables terms Lea Match the terms with their correct dcinition.…
A: Since there are multi sun-parts, we will solve first three for you. To get the remaining sun-parts…
Q: Consider the descriptions of the following accounts and determine if each account is a current…
A: Liability means the amount which is to be paid to an outsider. Current liability mean the amount…
Q: How much is the balance of the “Allowance for Uncollectible Accounts” to be reported in the…
A: Calculation of amount of Uncollectible accounts expense Uncollectible accounts expense = Estimated…
Q: he records of Aloha Company on December 31, 2021: Carrying amount Tax base Accounts receivable P…
A: According to the applicable standard 'Income Taxes,' if there is a discrepancy between the tax base…
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: Statement 1; The balance of allowance for uncollectible account as of December 31, 2021 is P34,000.…
A:
Q: Entity A received a 12% P200,000, one-year, note receivable on October 1, 2001. Entity A uses a…
A: Accrued interest is the amount of interest which is being earned by the business, but not yet…
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: 16. Jim Havey receives an invoice amounting to $2916 with cash terms of 3/10 prox. and dated June 7.…
A: Credit terms refers to the total time period allowed by the company to the customers to avail credit…
Q: 1. federal income tax payable this year [ Select one] a. current liability b.…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Question 2 With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $6,750 Credit…
A: FUTA means the "Federal Unemployment Tax Act" which provides for the levy of tax on the wages…
6 - |
Which of the following is the account and amount that should appear in the dotted places in the journal article above? |
|
Step by step
Solved in 2 steps
- Match the words with the term. Question 13 options: 12345 mortgage 12345 trade receivables 12345 equipment 12345 working capital 12345 inventory 1. factoring 2. warehouse financing 3. line of credit 4. term loan 5. buildingq11 Which of the following is an arrangement by which one party promises to pay a sum of money to policyholder as protection against an adverse or unfavorable occurrence of event? a. Short Term Loans b. Fixed Deposit c. Insurance d. Investment q12 Insurance companies and brokerage houses are examples of which of the following. a. Financial instruments b. Financial institutions c. Medium of exchange d. Financial marketsSuppose that the assets of a bank consist of $100 million of loans of BBB-rated corporations. The PD for the corporations is estimated as 1%. The average maturity is five years and the LGD is 60%. What is the total risk-weighted assets for credit risk under the Basel II advanced IRB approach? Question 5Answer a. $178.1 million b. $13.2 million c. $165.4 million d. $100 million
- Q12. The following are commonly used plug items, except a. cash and marketable securities b. equity c. short-term debt d. long-term debt e. all of the choicesIf the cost of debt after tax for Sohar Textiles is 0.198 and its tax rate is 0.248 then what is the cost of debt? Select one: a. 0.1587 b. 0.1489 c. None of the options d. 0.2633 e. 0.2471ThefollowingtrialbalancehasbeenextractedfromtheledgerofMr.Cole,asoletrader:Trialbalanceasat31December,2020ParticularsDebit¢Credit¢Sales138,000Purchases82,350Travelexpenses5,200Drawings7,800Rent,rates&insurance6,600Postageandstationery3,000Advertisement1,330Salariesandwages26,420Baddebt8,700InvestmentIncome15,890Debtors12,120 Creditors 130 Cashinhand1,700Cashatbank1,000Inventoryasat1January,202011,800Equipmentatcost58,000Loan19,000Capital53,000226,020226,020Inventoryatthecloseofbusinesshasbeenvaluedat¢13,500Required;Prepareanincomestatementfortheyearending31stDecember2020andabalancesheetasatthatdate.
- QUESTION 18 Which of the following is not a correct statement? ST US govt debt instrument is called Treasury bill. LT US govt debt instrument includes Treasury note with maturity up to 10 years and Treasury bond with maturity up to 30 years. ST refers to maturity up to 3 years. LT corporate debt instrument is called corporate bond. Bond is the term for LT debt instruments in general.A bank has estimated its net income for 2020 is $2,000,000. It has also estimated the following ratios of its capital: CET1 = 7% Tier 1= 7.50% Tier 1+2= 9% Under Basel 2, what is the maximum, it can pay out in dividends? a $0.00 b $400,000.00 c $800,000.00 d $1,200,000.0012 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 X BANK DTH DOLAR XXX120 02 INTERNATIONAL BUYER XXX646 02 IR. CHANGE DIFFERENCE XXXWhich transaction does the journal entry belong to? A) Collection record of the export in the current periodB) Import fee transfer recordC) Foreign income registrationD) Recording of the return of the export priceE) Registration of collection in the next period of the export
- A bank has estimated its net income for 2020 is $2,000,000. It has also estimated the following ratios of its capital: CET1 = 7% Tier 1= 7.50% Tier 1+2= 9% Under Basel 2, what is the maximum, it can pay out in dividends? $0.00 $400,000.00 $800,000.00 $1,200,000.00Explain why y0u disagree 0r agree with the f0ll0wing statements. The answer sh0uld n0t be m0re than 3 sentences (with reference of google links) Step 1 Define Treasusy BondS & Corporate Bonds Step 2 Difference between annuity due and ordinary annuity Step 3 Treasury b0nds are riskier than c0rp0rate b0nds. All 0ther things held c0nstant; the future value 0f an 0rdinary annuity is always having a higher future value than annuity due. All 0ther things held c0nstant, the price 0r interest rate risk 0f sh0rt-term b0nd is always l0wer than l0ng-term b0ndMatch the following money market securities with their issuers. Securities Issuers a. Treasury bills 1. depository institutions b. negotiable CDs 2. U.S. government c. commercial paper 3. banks d. banker’s acceptances 4. business firms and institutions