Maria reported has the following transactions for the year 2020. Gross sales-100,000 php Sales discounts- 55,000 php Cost of sales- 350,000 php Operating Expenses-100,000 php Interest income on bank deposit- 5,000 php a.Determine the net taxable income b. Determine the total taxable income
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Maria reported has the following transactions for the year 2020.
Gross sales-100,000 php
Sales discounts- 55,000 php
Cost of sales- 350,000 php
Operating Expenses-100,000 php
Interest income on bank deposit- 5,000 php
a.Determine the net taxable income
b. Determine the total taxable income
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- Alex Corporation has the following account balances on December 31, 2020: Accounts receivable ₱ 400,000 Allowance for uncollectible accounts 8,400 Alex completed the following transactions in 2019: Net credit sales, ₱ 4,000,000. Collections on accounts, ₱ 3,870,000. Write-off of uncollectible accounts, ₱ 10,000. Recovery of accounts previously written-off, ₱ 2,000. Uncollectible accounts expense, 2/3 of 1% of net credit sales. REQUIRED: 1. Journalize the foregoing transactions. 2. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Alex report on its December 31, 2020 balance sheet? 3. Assume that Alex uses the aging of accounts instead of the percent of sales method in estimating uncollectible accounts. Analysis indicates that Php 30,800 of outstanding accounts on December 31, 2020 may prove to be uncollectible. Compute the uncollectible accounts expense and the…Maria reports the following transactions Gross sales-840,000; sales discount-25,000; cost of sales-250,000; operationg expenses-190,000; interest income on bank deposit-10,000 What is the net taxable income? P565,000 P400,000 P385,000 P375,000 what is the taxable income? P565,000 P400,000 P385,000 P375,000Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income tax
- Consider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan = $22,500 Loan Principal Payment = $5,926 Loan Interest Payment = $2,400 MACRS Depreciation Deduction = $16,665 Which of the following is closest to the Taxable Income? a. −$2,491. b. −$91. c. $3,435. d. $14,174Current liabilities include interest revenue received in advance, with a carrying amount if P1,000. The related interest revenue was taxed on a cash basis. The tax base is * Your answerAmeera Enterprise had a balance on its allowance for doubtful debts of RM26,250 as at 31 December 2019. Allowance for doubtful debts was estimated at 5% on account receivable. On 31 December 2020, the balance of its net accounts receivable was RM550,000. Calculate the amount of doubtful debts to be shown in the statement of profit or loss for the year ending 31 December 2020 A.RM25,000 B.RM1,250 C.RM2,500 D.RM27,500
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- Use the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent): 2020 2021 Sales $ 18,049 $ 18,858 Depreciation 2,406 2,514 Cost of goods sold 5,840 6,761 Other expenses 1,364 1,193 Interest 1,125 1,340 Cash 8,691 9,337 Accounts receivable 11,518 13,572 Short-term notes payable 1,704 1,671 Long-term debt 29,150 35,304 Net fixed assets 72,838 77,700 Accounts payable 6,287 6,730 Inventory 20,475 21,892 Dividends 2,129 2,344 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)What hould i do the property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2021. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 .Consider the following data for 2019 from an after tax cash flow analysis.What is the after tax cash flow for 2019? Before-Tax-and-Loan = $23,000Loan Principal Payment = $3,203 Loan Interest Payment = $3,878. Depreciation Deduction = $12,490 Taxable Income = $6,633 Taxes Due = $1,658. a. $20,744 b. $14,262 c. $3,430 d. $1,175.