X4, Bright Line reported the following revenues and expenses: Sales - $142,000, Cost of Goods Sold - $82,00O, Depreciation Expense - $41,000, Long-Term Capital Gains - $7,000, Qualified Dividends - $5,200, and Municipal Bond Interest - $3,200. How much ordinary business income (loss) will Bright Line allocate to Kim on her Schedule K-1 for X4?

Q: You are provided with the following amounts for Janet Mattera for the current​ year:   • Net…

A: Taxable income is the net income earned by an individual on which the tax is payable. It is…

Q: ual to $320,000. Tiptop had interest expenses of $80,000 and depreciation expenses of $75,000 durin…

A: Explanation of concept  Tax:- A tax is the compulsory payment which is imposed by the government on…

Q: 4-5. Asta, Corp has the following data: Gross income of P 400,000 • Interest expenses-business…

A: Allowable deductions Allowable deductions from the business income of a private trust or private…

Q: During the year 2020, Mr. Ahmed purchased goods for $ 500, 000 and sold 3/5th of the goods for $…

A: Net profit calculated by Mr. Ahmed is as per Matching concept.    Matching concept: As per matching…

Q: Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the…

A: a) Taxable income is derived by subtracting expenses and depreciation from gross income. Taxable…

Q: 15 ABC Corp. registered in 2010 made available the following financial information for TY2021:…

A: Answer:   Income Statement       Gross sales PHP             100,000,000 Less: Cost of Sales…

Q: In preparing the Annual Income Tax Return of Nicanor, the following information were culled from his…

A: From the currency  Php itis Philippines .    For individual  businesses  the tax slab for 2020 is--…

Q: How much is the income tax payable for each quarter?

A: Income tax: The tax payable on the income earned during the accounting year is known as income tax.…

Q: Bluedragon is engaged in the following business activities for the year 2021: buying and selling of…

A: Relevant provision:- Persons who are not VAT-registered,  who sell goods, properties or services and…

Q: Mr. Pamplona earned total gross receipts of P800,000 and paid P300,000 in expenses in his accounting…

A: Taxable income: It is the part of the income on which tax is calculated that is to be paid to the…

Q: For the current year,  santos has wages of $80,000 and the following property transactions: Stock…

A: AGI means adjusted gross income of the individual on which taxes needs to be paid. These taxes are a…

Q: Magnus Corporation has $120,000 of revenues for the year. They also have the following expenses…

A: Corporate taxable income=Gross Income-Allowable Deductions

Q: If Nicanor will sell the shares of stocks for Php 2 Million and he ask you how much is the capital…

A: Capital gain the gain which is gained from the investment by holding the investment. By gain it…

Q: The following data are available for X Corp, a Domestic Corporation, with Total Assets of P40…

A: In the context of the given question, we are required to compute the income tax payable in Quarter…

Q: The Loquat Corporation has book net income of $222,400 for the current year. Included in this figure…

A: Particulars Amount $ Net income as per Books 222400 Federal income tax expense…

Q: Robin Corp. had the following in 2020: Taxable Income: $330,000 Federal income tax: $69,300 Interest…

A: It is the measure of a company’s ability to pay dividends to its shareholders. The current year’s…

Q: A derived its income from its self-operated talpakan business. The details of his business for 2021…

A: Income tax:   Income tax is the tax that an individual is responsible for on their earned income. It…

Q: In 2018, a domestic corporation paid for the monthly rental of a residential house of its branch…

A: Fringe benefits tax is applicable on the fringe benefits. Fringe benefits means services or…

Q: DER Company has the following in the current year: Capital gains of $8,500 Capital losses of $18,500…

A: Solution:- the following will be included in Net Income for Tax Purposes for DER Company:-…

Q: During the year, JK Corporation has gross sales of P20,000,000 and operating expenses of P2,000,000,…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: At the beginning of the year, Penguin Corporation (a calendar year taxpayer) has a deficit in…

A: E&P is the earnings and profit of the company available for the distribution of dividends.…

Q: The owner's capital of FDNACCT was P100,000 on October 1, 2020, the beginning of its fiscal year.…

A: Owner's capital at year end will be (Beginning capital  + Additional Investment + Net Income -…

Q: March 1, 2019, Tina Corporation reported the following business income and expenses: Sales…

A: The net income is calculated as difference between total revenue and total expenses incurred during…

Q: A resident corporation has the following data on income and expenses in 2018:             Gross…

A: In this question, we have to find out the taxable income using the itemized deduction.

Q: Liberty Corporation, an S corporation, had the following book-tax differences for the current year:…

A: The AAA is an account used for accounting adjustment to the book income recorded by the company.

Q: ng the year, Irv had the following transactions: Long-term loss on the sale of business use…

A:

Q: Here is another question: From here what should I put as the total income on a 1040 line 6 where it…

A:

Q: Gross sales – Php 1,500,000  Cost of sales – Php 500,000  Gross Profit – Php 1,000,000…

A: Particulars Amount (Php) Particulars Amount (Php) Cost of sales 500,000  Gross sales 1,500,000…

Q: Mr. Sanchez, a sole proprietor, shows the following: Sales P800,000 Interest income, net of final…

A:

Q: of the calendar year, what amount would her assets be sitting at?   a.R690 000 b.R710 000 c.R700…

A: Basic Accounting Equation is given as under:     Assets  = Equity  + Liabilities    Meaning, Total…

Q: If Nicanor will sell the residential house and lot for Php 7 Million and he ask you how much is the…

A: In Philippines, the capital gain tax on real properties is 6% but this percent is based on the…

Q: Anji, a resident citizen, realized the following gains from the sale of assets: Capital Gains on…

A: Capital Gain Taxes In  Philippines the calculation of capital gain taxes which can be taken consider…

Q: Ferran operates a boutique yarn store from their own. The store had accounting income after tax of…

A: Calculation of farran's taxable income as per law:

Q: Rourke Enterprises is owned by Dallas. For the year, Rourke had net income per books of $450,000.…

A: STEP 1 Part 1: SINCE tax is always paid before distributing dividend so tax base should be $490000,…

Q: TPW, a calendar year taxpayer, sold land with a $535,000 tax basis for $750,000 in February. The…

A: Rate of Profit=Gain realizedContract Price×100

Q: A mixed income earner realized P920,000 from compensation, P2,000,000 in sales, P100,000 other…

A: Income tax is levied by the central and state government on the income earned by the firm in the…

Q: Which of these businesses would NOT be required to file a balance sheet with the tax return? ORB, a…

A: If a business has total gross receipt and assets less than $250,000, then it is not required to file…

Q: On March 31, 2020, TAYLOR and SWIFT contributed cash of P100,000 and P75,000, respectively. They…

A: Introduction: Partnership: Its an agreement between two or more members for forming a business with…

Q: A derived its income from its self-operated talpakan business. The details of his business for 2021…

A: Taxable income is calculated as net income before taxes. The net income before taxes is calculated…

Q: What is Robin Corp.’s current E&P? Assume that there is no cash surrender value on the life…

A: E&P refers to Earnings & Profits. It is generally the amount of earnings and profits…

Q: a. Assuming Bourne reported $50,000 of nonrecaptured net §1231 losses during years 1–5, what amount…

A: Solution :- Given, Bourne Guitars, a corporation, reported a $157,000 net §1231 gain for year 6.

Q: * Interest on bank deposits, P4,500; * Capital gain on sale of land, P138,000; * Fines and penalties…

A: Taxable Income Calculation of taxable income which can be determined by the net income after…

Q: Pioneer College, a private educational institution, has presented the following data for the year:…

A: Here discuss about the income tax payable for education institution which are treated as corporate…

Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost…

A: CREATE is the law named "Corporate Recovery and Tax Incentives for Enterprises Act" which provides…

Q: Zhie reports the following business transactions: Gross sales P840,000 Sales discounts 25,000 Cost…

A: Working note:-                               Net income from business Particulars Amount P Amount…

Q: In year k, the before-tax cash flow of a corporation is $513,422. During year k, the expense is…

A: ATCF (After tax cash flow): = before tax cash flow  - expenses - depreciation - taxes

Q: In 20X1, Ameer Bhd took a bank loan of RM5M to finance construction of a building. It incurred a…

A: Interest cost refers to the borrowing cost that is incurred with respect to a loan. The interest…

Emergency Fund

The emergency fund is an amount that is kept aside to meet financial emergencies such as medical expenses and debt settlements. Emergency funds reduce the burden on people during their hardships. People save small portions of their earnings or paychecks as emergency funds to meet financial emergencies. Emergency funds should be saved or invested in such a way that they must be easily liquidated during emergencies. The main purpose of an emergency fund is its availability when required.