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Please show the proper way step by step how to do the calculation.Please show the proper way step by step how to do WRITE if based on Australia
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- 8:05 Xil Edit A. The following are information about Trixie's Sari-Sari Store: • On December 31, 2018, before Trixie closed the store for the night, she counted the content of her cash box and found P657.50. Two of her regular customers gave the following checks to pay off their accounts: a. P1,650 check dated December 31, 2018. b. PI423 check dated January 5, 2019. There are two bank accounts in the name of the store with the following balances: a. Balance of the savings account on December 31, 2018 according to the passbook is P45,000. b. A time deposit certificate for P70,000 for 60 days. Compute for the following: 1. How much is cash to be reported as of December 31, 2018? 2. How much are cash and cash equivalent to be reported as of December 31, 2018? Inside the cash box are the following: two pleces of P1,000 bills, two pieces of P500 bills, three pieces of P200 bills, 14 pieces of P100 bills, 22 pieces of PS0.00 bills, and 52 pieces of P20.00 bils. There are no coins inside the…Which of the following is NOT an example of a contingency? Salaries payable to top management Potential expense related to repair or replace products sold under warranty Note receivable sold with recourse An amount potentially payable to settle a lawsuit All the other alternatives are contingenciesNote: Just provide the right answers no need for many information or explanations. 44 a penalty charged by a commercial bank on the early withdrawal of money from acertificate of deposit account can be deducted for adjusted gross incomeA true B false45 self-employed taxpayers deduct qualified moving expenses for AGI assuming theypass the distance and employment tests.A True B false46 when taxpayer are charged an early withdrawal penalty they reduce the amount ofinterest they include in gross incomeA True B false47 Deductible interest includes interest paid on a qualified home equity loanA True B False48 A taxpayer is allowed to take an itemized deduction for a loss resulting fromdamage to the taxpayers automobile caused by a collision, even if the taxpayer was atfaultAtrue B false49 To be deductible as an itemized deduction. Personal property taxes must be advalorum taxesA ture B false50 When an activity ( excluding horse activities) shows a profit in any three of fiveconsecutive…
- 37. Sale of an capital assets is subject to * a. Regular Income tax b. Capital Gains Tax c. Excise Tax d. Final income Tax 38. Which is not a Exempt Interest Income * a. Interest income from long-term deposit or investment in the form of savings, common or individual trusty funds, deposit substitute, and other investments. b. Interest income derived from loans, bonds, and other domestic securities and deposits in banks in the Philippines by foreign governments c. Interest income from Foreign currency deposit units deposits of non-resident individuals and corporations. d. Interest Income from deposits in BankQuestion 5 If company sells its accounts receivables to a factor (such as a finance company), which of the following is not true: O a. the selling company credits accounts receivable for the face value of the A/R sold. O b. the selling company is no longer responsible for collecting cash from the customers. O c. the selling company records a contra revenue for the fee paid to the factor. O d. the selling company pays a service charge (usually a percent of the A/R sold) to the factor. Moving to another question will save this response.Which of the following statements is false? Group of answer choices A.Prepaid expenses are fully deductible when paid for a cash basis taxpayer. B.Reasonableness is most often considered in the context of compensation. C.Inventory can not be deducted when paid. D.You are considered to have paid at the date you pay with a credit card, even though you still owe the bank.
- 8. The amounts charged to income for bad debts on accounts receivable will generally be the same for both tax and accounting purposes True or False? 9 A self employed individual cannot deduct CCA on a home office in his principal residence unless it is used exclavely for income producing purposes. True or False?A firm decides to sell a pool of receivables to a factor with recourse (i.e. the firm selling the receivables must make payment to the buyer of the receivables in the event that the party that originally owes the money does not pay). Under Current U.S. GAAP, which of the following statements is (are) true: A. The firm selling the receivables is prohibited from reporting any Gain or Loss on the sale. B. Any cash received from such a transaction must be reported in the Financing Section of the Statement of Cash Flows. C. Both Statements A & B are true. D. None of the above statements are true.1. Define and briefly discuss a loss contingency. 2. What are the similarities and differences of the accounting treatment and financial statement reporting of a loss contingency between U.S. GAAP and IFRS? 3. As a manager, would you like to report a debt as a current or non-current liability if you had a choice? Explain. And under what kind of circumstances could a short-term obligation be reported as a non-current liability?
- Is bad debts allow for deduction under Malaysia Tax Act? Discuss about the procedure of bad debts written off.True or False 1. A debtor may authorize anybody to pay the creditor on his behalf. 2. The creditor has no right to refuse payment from person authorized by the debtor. 3. The debtor is obliged to pay the loan unconditionally. 4. Creditor has the right to demand payment of cash only. 5.18 - The entity made a discount due to the premature payment of the receivable arising from the sale it made on credit. In which account and how should this transaction be recorded? A) Domestic Sales account receivable B) Sales Discounts account receivable C) To the debt of the Domestic Sales accountD) To the debt of General Administrative Expenses accountE) To the debt of Sales Discounts account