1. Donnie is an employee of Holt Corporation. The corporation regularly mails payroll checks to employees to arrive on, or before the last day of each month. Donnie's check arrives in the mail at his house on December 31, 2022. However, Donnie was vacationing in Cancun and did not return until January 8, 2023. Donnie deposited the check into his account the next day. Which concept is primarily responsible for the tax treatment?
Q: 14 -A company in Niterói wants to discount trade bills at a commercial bank that offers it a…
A: Discounting of bills of exchange/trade bill is a process whereby a bank buys a bill of exchange at a…
Q: Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and…
A: The cash budget is a part of the master budget and it is used prepared by the management to estimate…
Q: The main objective of most for-profit businesses is to maximize:
A: Profit is the extra income over expenses. The main objective of for-profit businesses is to earn…
Q: Explain the initial & subsequent recognition of interest-bearing long-term notes receivable.
A: Long term notes receivables are those receivables which are to be receivable to the company at a…
Q: , $10 billion in preferred stock, and $20 billion in common stock... A. How much capital is it…
A: If a corporation holds $40 billion in bonds, $10 billion in preferred stock, and $20 billion in…
Q: 17. A college student working on a degree in accounting received the following: A $4,000 scholarship…
A: Taxable Income: Any amount of gross income produced that is included into the calculation of the…
Q: Use the 2016 marginal tax rates to compute the tax owed by the following couple. A married couple…
A: Taxable income is the income on which tax is calculated using the effective tax rates. Tax credit is…
Q: David sold mutual fund shares he had owned 2 years so that he could use the proceeds to return to…
A: Capital gain refers to the amount earned from the increase in the value of the capital asset and…
Q: Weston Products manufactures an industrial cleaning compound that goes through three processing…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Required information [The following information applies to the questions displayed below.] Year 1…
A: Dividend per Preferred Share=Par Value per Preferred Share×Dividend RatePreferred Dividend=Dividend…
Q: BE4-3 (LO 1), C The following selected accounts appear in the adjusted trial balance columns of the…
A: calculation of above requirement are as follows
Q: Required information Comprehensive Problem 02-76 (LO 02-1, LO 02-2, LO 02-3, LO 02-4, LO 02-5)…
A: The term depreciation refers to an accounting method used to allocate the cost of a tangible or…
Q: The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 First…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Using…
Q: QUESTION 2 Jane Lee maintains double-entry records; she has supplied the following information: RM…
A: Ledgers are the accounts that summarize transactions related to a particular head so that the net…
Q: 1. Prepare cost statement and income statement for the following unit. Costs for year ended December…
A: The cost statement is prepared to record the different costs incurred during the period. The costs…
Q: Ocean Sails manufactures sailing boats in two models: the Wave Rider and the Stress Killer. The…
A: Given in the question: Fixed Manufacturing Overhead = 3,500,000 The variable cost of goods sold is…
Q: Supply the missing data in the following cases, each case is independent of the others. Schedule…
A: INCOME STATEMENT Income Statement is One of the important part of the Financial statement of the…
Q: Required information [The following information applies to the questions displayed below.] Karane…
A: Solution: Description Cost $ 179expenses MACRS Basis Rate Current MACRS Depreciation Total…
Q: n respect to GASB, how important is budgeting?
A: GASB stands for Governmental Accounting Standards Board and is an independent, private-sector…
Q: Taxable capital employed in Canada in excess of what amount will lead to a reduction of the business…
A: Taxable capital employed refers to amount which is computed as the company's share capital and the…
Q: Performance Gloves, Inc. produces three sizes of sports gloves: small, medium, and large. A glove…
A: The overhead rate is computed by dividing the total estimated overhead for a certain reporting…
Q: If a company is using the lower-of-cost-or-market rule and a write-down is required, how will that…
A: Cost of ending inventory (asset) can be decreased as an adjustment. An adjusting entry needs to be…
Q: Use the following information to prepare the September cash budget for PTO Company. Ignore the “Loan…
A: A Cash Budget represents a detailed plan of Cash Flows (Both Inflow and Outflow) in the future. It…
Q: Prepare the journal entry to record Zende Company's issuance of 65,000 shares of $4 par value common…
A:
Q: Accounting Selected accounts with amounts omitted are as follows: Work in Process 251,340 Aug. 31…
A: WORK IN PROCESS INVENTORY Work-in-process inventory is materials that have been partially…
Q: Davis Inc. uses the gross method for recording purchase and sales discounts. They had the following…
A: Periodic Method :— It is one of the method of inventory valuation which uses the physical counting…
Q: Cozy, Inc., manufactures small and large blankets. It estimates $389,225 in overhead during the…
A: The traditional method of overhead allocation is based on a predetermined overhead rate. The…
Q: Duke Company's unadjusted bank balance at March 31 is $3,850. The bank reconciliation revealed…
A: Bank reconciliation statement A bank reconciliation statement compares an entity's bank account…
Q: Vi ..S At a sales volume of 38,000 units, Tirri Corporation's property taxes (a cost that is fixed…
A: Variable Cost :— It is the cost that changes with change in units. It is constant in per unit.…
Q: Katie has taxable income of $45,000. She is single and her tax rates are 10% on the first $7,000 of…
A: The average tax rate is calculated by dividing the total tax paid by the company by the taxable…
Q: Which of the following is a cost pool used with the activity-based costing method? a. total factory…
A: The ABC cost system or activity based system is used to allocate the overhead costs on the basis of…
Q: Ziegler Inc. has decided to use the high-low method to estimate the total cost and the fixed and…
A: Variable cost is the one which varies with the change in the level of activity whereas fixed cost is…
Q: Which Expense account is usually shown as the last Expense item on the Income Statement, regardless…
A: INCOME STATEMENT income Statement is one of the Important Financial Statement of the Company. It…
Q: A report prepared periodically by a processing department, summarizing (1) the units for which the…
A: The cost of production report (CPR), a document utilized in process costing systems, compiles data…
Q: from an analysis of the retained earnings columns, compute the net income or net loss
A: Retained earning is part of total income available after all distribution. It includes current year…
Q: Balance sheet
A: Liabilities is the amount of money that a business owns to outsiders. The liabilities are further…
Q: Aram’s taxable income before considering capital gains and losses is $81,000. Determine Aram’s…
A: Since you posted a question with multiple sub-parts, we will solve the first three sub-parts for…
Q: the populatio: % per year. opulation in How many
A: Basic Concept of Time Value of Accounting shall used to calculate future value with help of provided…
Q: On January 1, 2022, Tony Orlando Industries had outstanding $1,000,000 of 12% bonds with a book…
A: Bonds refer to the instrument considered as fixed income that is representing the loan to a borrower…
Q: Custom’s makes two types of hats: polyester (poly) and silk. There are two cost pools: setup, with…
A: Applied Overhead: The amount of overhead cost that has been applied to a cost object is referred to…
Q: Landis Company is preparing its financial statements. Gross margin is normally 40% of sales.…
A: Cost of Goods Sold :— It is the cost of units sold during the period. Cost of Goods sold =…
Q: The two categories of cost comprising conversion costs are O direct labor and direct materials…
A: Conversion costs are those costs that are used to convert the raw material into finished goods. The…
Q: QUESTION 17 Which entry would be used to record depreciation on manufacturing equipment: O Debit…
A: Depreciation is recorded to record reduction in value of asset over the period of time. Accumulated…
Q: Vibrant Company had $980,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased…
A: calculation of gross profit and showing of error are as follows
Q: OK thank you for explaining dividend declared. Also, which amounts did you add together to get to…
A: Net change in cash flow from all activities is the overall change in the cash balance of an entity…
Q: Fellwell is a company producing flight safety parachutes for drones. The cost of producing a…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Governmental entities have one major advantage over nor-for-profit organizations, what is it? O a.…
A: Government entities are those that are operated by the government, are government affiliated and the…
Q: 6. [Para. 5-a-6] July 6, 2023, the contractor for the Elm Street Project reported that the project…
A: The contract refers to the contract between two parties who made an agreement for meeting the mutual…
Q: JJ Company produces a variety of products. The company's project income statement for the coming…
A: Contribution margin is part of total revenue which is left after absorption of variable cost. Break…
Q: Part III. Calculate and Prepare Adjusting Entries (P4-5B) A review of the ledger of Greenberg…
A: Interest On Loans :— It is the amount charges by the lender for the borrowing of loan. It is the…
please answer all parts within 30 minutes...
Step by step
Solved in 2 steps
- ! Required information [The following information applies to the questions displayed below.] Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,000. Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) d. Clyde picked up the check in December, but the check could not be cashed immediately because it was postdated January 10. Amount to be included in gross incomeDetermine the effects of the following on a cash basis taxpayer’s gross income for 2020 and 2021: a) On the morning of December 31, 2020, the taxpayer received a $1,500 check from a customer. The taxpayer did not cash the check until January 3, 2021. b)The same as part (a), except that the customer asked the taxpayer not to cash the check until January 3, 2021, after the customer’s salary check could be deposited. c) The same as part (a), except that the check was not received until after the bank had closed on December 31, 2020.Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450.Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Problem 5-53 Part-a (Algo) a. Paylate Corporation wrote the check and put it in Clyde’s office mail slot on December 30 of this year, but Clyde did not bother to stop by the office to pick it up until after year-end. Amount to be included in gross income - _______
- During the past week, one of your newly employed payroll associates dropped into your office to ask severalquestions regarding wage reporting for federal incomeand social security tax purposes. If you were the payrollsupervisor, how would you answer each of the followingquestions raised by your associate?1. I just noticed that the social security number is wrongon three of the employees’ W-2 forms. How do I goabout correcting the forms? Will the employees bepenalized for filing incorrect forms?2. Eileen Huang informed me today that we hadwithheld too much Medicare tax from her pay lastyear. She is right! What forms do I use to make thecorrection?3. You asked me last week to locate one of our formeremployees, Warren Bucks. I can’t seem to track himdown. What should I do with his Form W-2?4. Is it okay to use titles like “M.D.” and “Esq.” when Ikeyboard data in the W-2 forms?You are the junior accountant at CBW Bank. You have been asked to assist with the 30 June 2022 tax work: As part of the bank manager’s contract she was provided with a BMW luxury motor vehicle for her work travel. The contract for the provision of the car was entered into on 1 January 2020. The bank manager is permitted to take the car home at the end of the day and there is no restriction on her use of the car for non-work purposes. The car was originally acquired by the bank on 1 January 2019. The cost of the car was $90,000. Other details regarding the car are as follows: Petrol and oil $6,000 Registration $2,000 Insurance $1,800 Repairs and Maintenance $1,000 Speeding fine $600 The manager is required to contribute $100 per month. The car travelled 50,000 km for the year FBT year. Of these, 30,000 km related to business travel. Required: Calculate FBT liability for the car based on the most effective tax method. Type your answer in the space provided.Frances Newberry is the payroll accountant for Pack-It Services of Jackson, Arizona. The employees of Pack-It Services are paid semimonthly. An employee, Glen Riley, comes to her on November 6 and requests a pay advance of $750, which he will pay back in equal parts on the November 15 and December 15 paychecks. Glen is married filing jointly (There is no information for Step 4 and the W-4 was received in 2020. Box 2 is checked) with three dependents under 17 and is paid $50,000 per year. He contributes 3 percent of his pay to a 401(k) and has $125 per paycheck deducted for a Section 125 plan. Required: Compute his net pay on his November 15 paycheck. The applicable state income tax rate is 2.88 percent. Use the percentage method in Appendix C to determine the federal income tax. (Round your intermediate calculations and final answer to 2 decimal places.) Net pay
- In order to improve the cash flow of the company, Neal Emerald decided to postpone depositing all employment taxes a few months ago. He told his sales manager, “I’ll pay up before the IRS catches up with me.” What risks does Emerald face by not upholding his responsibility for the collection and payment of employment taxes?Lawyer is a cash basis taxpayer. The client calls Lawyer at 4.00 PM, December 31, 2022, saying she has Lawyer’s fee statement, has made out a check in full payment and, as she is about to leave for Europe, and she will leave the check with a desk clerk at Client’s apartment. Lawyer is ill, has no one to send to pick up the check, and he finally arranges to pick it up on January 2, 2023. In what year will the income from this transaction be recognized for tax purposes under cash method? Cite specific tax code/tax law in your response.In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2022. Question Content Area a. Is Sonja subject to the FBAR reporting requirement? Sonja is required to file an FBAR form for 2022 because on at least one day during 2022 she had over $fill in the blank 08426906fff3031_1 in a foreign bank account. Question Content Area b. Is the interest income taxable in the United States? , of the interest income earned from this account is taxable in the United States.
- f. Assume that on December 31, 2020, the treasurer of Hames decided to pay $15,000 of accounts payable. What impact, If any, this payment will have on the answers you calculated for parts e-d (Increase, decrease, or no effect). g. Assume that instead of paying $15,000 of accounts payable on December 31, 2020. Hames collected $15,000 of accounts recelvable. What Impact, If any, this receipt will have on the answers you calculated for parts a-d (Increase, decrease, or no effect).During 2020, Jackie sent her brother Junnie $2,500 via a telegraphic transfer through El Banco Prieto. The bank’s remittance clerk made a mistake and credited Junnie with $250,000 which he promptly withdrew. The bank demanded the return of the mistakenly credited excess, but Junnie refused to do so. The BIR entered the picture and investigated Junnie. Would the BIR be correct if it determines that he earned a taxable income under the facts? No, it was not her fault that the funds in excess of $2,500 were credited to him. Yes, income is a taxable income regardless of the source No, he had no income because he had no right to the mistakenly credited funds. No, the funds in excess of $2,500 were in effect donated to her.