Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For the year, 2021, Bruno reported Professional Fees of P 3,250,000 and P1,520,000 operating expenses. On December 31, 2020 and December 31, 2021, he had the following accounts with balances as follows: Prepaid expenses Accrued expenses Professional Fees receivable Dec. 31, 2021 P16,100 27,500 38,000 86,700 Dec. 31, 2020 P15,000 33,400 P185,000 42,800 Unearned professional fees Tnda the go gNual hasis Duofascional Tags bu Aths Raun for tha vags 2021 a ueunts

Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For the year, 2021, Bruno reported Professional Fees of P 3,250,000 and P1,520,000 operating expenses. On December 31, 2020 and December 31, 2021, he had the following accounts with balances as follows: Prepaid expenses Accrued expenses Professional Fees receivable Dec. 31, 2021 P16,100 27,500 38,000 86,700 Dec. 31, 2020 P15,000 33,400 P185,000 42,800 Unearned professional fees Tnda the go gNual hasis Duofascional Tags bu Aths Raun for tha vags 2021 a ueunts

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
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Following emoluments are received by Ms Sangeeta during the previous year ended on 31.3.2021 Basic salary 250000Dearness Allowance 10000Commission 2500Entertainment allowance 2000Medical expenses reimbursed 25000Professional taxes paid 2000(Rs1000 paid by employer) Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident FundShe has no other income.Compute the income from salary for A.Y 2022-23, and give reasons and explanationswherever required, If Ms. Sangeeta is a Government employee. A) please first tell the formula and understanding of the question B) second what are the steps to be followed to get the answer C) please write the answer in c option and what can we clarify from this
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Skip to question [The following information applies to the questions displayed below.]At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part a - Journal Entry a-2. Record the journal entry to show the effect of the accrual that should have been made as of March 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. Jan 15 - Paid an employee B. Vaughn gross pay of $2,000 for January 1-15 salary, calculated as follows: Deductions FICA Medicare Gross Pay Net Pay Income taxes 15% FICA Social Total deductions Security 6.2% 1.45% $2,000 The company matches FICA deductions. Required: a. Calculate B. Vaughn's net pay and journalize the entries to record her payroll. b. Prepare journal entries to record the above transactions. Show necessary calculations.
Skip to question [The following information applies to the questions displayed below.]At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part a - Horizontal Model Required:a-1. Use the horizontal model to show the effect of the accrual that should have been made as of March 31, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
In 2019, SBC Inc. paid the various household expenses of its vice president for operation, which are broken down as follows (refer to the data below). The vice president for operation receives an annual salary of Php. 300,000 and fixed representation and travel allowance of Php. 50,000 per month in addition to the above mentioned household expenses. 5 housemaids Housemaid with a monthly salary of Php. 3,500 Personal driver of the wife with a monthly salary of Php. 6,000 1 driver House gardener and maintenance with a monthly salary of Php. 4,000 Driver of children attending school with a monthly salary of Php. 6,000 Garbage due at Php. 500 per month Homeowner's monthly dues of Php.800 2 gardeners 1 driver COMPUTE FOR THE TOTAL ACTUAL MONETARY VALUE COMPUTE FOR THE GUMV COMPUTE FOR THE FBT How much is the total credits to Cash?