Vicki Vale operates a convenience store while at the same time offers bookkeeping services to her clients. In the year 2020, her gross sales amounted to Php1,800,000, in addition to her gross receipts from bookkeeping services of Php400,000. During the same year, her cost of goods sold and operating expenses were Php1,325,000 and Php320,000, respectively. How much is her taxable income assuming she availed of the optional standard deduction: a. Php1,320,000 b. Php720,000 c. Php160,000 d. Php525,000
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- Mary's transactions for her Coffee Shop during May 2020 are indicated below: Profit from services rendered: P47,500 Expenses for the maintenance of her car: 15,000 Expenses for rent: 120,000 annually Expenses for electricity: 24,600 Expenses for salary of each of her 2 employees: 5,000 Expenses incurred for the month of May 2020 shall be recorded at what amount? a. 212,100 b. 154,600 c. 149,600 d. 59,600 e. 164,600 f. 44,600 g. 54,600Mr. Juan Dela Cruz operates a mini bakeshop while he offers cleaning services to his clients. In 2018, his gross sales amounted to P280,000 in addition to his receipts from cleaning services of P20,000. He incurred cost of sales and operating expenses amounting to P20,000 and P5,000, respectively or a total of P30,000. He consulted you if he could avail of either the graduated income tax rates (0%-35%) or the flat 8% income tax rate. Compute for the income tax due for 2018 considering the tax option that is more favorable to him.Give typing answer with explanation and conclusion Donna owns and operates a dress shop . In 2022, her total sales were$80,000. She refunded $950 to customers who were unsatisfied. Her cost of goods sold was $30,000 what is Donna's gross income on her schedule c, profit or loss from business (sole proprietorship)
- Marina has a small store. Last month, she purchased merchandise costing ₱75, 000 for which she gained 10% of the cost price. She also paid ₱2,000 for interest onmoney she borrowed for her store. a. How much was her cost of sales? b. How much profit did she make?Sonia, an executive of Ang Probinsyano Promotions, earned in 2018 P1,200,000 compensation income, inclusive of 13th month pay and other benefits amounting to P190,000. Aside from her employment, she owns a farm, with gross sales of P3,000,000. His cost of sales and operating expenses are P900,000 and P450,500 respectively, and with non-operating income of P200,000. Compute for the Taxable Income in her employment. Compute for the Taxable Income in her business. Compute for the Total Income Tax Payable/ Tax Due: Compute for the Total Income Tax Payable/ Tax Due if she signify her intention to be taxed at 8% Optional Gross Receipts Tax.On July 01, 2020, Maria initially invested P200,000 cash into Maria Merchandising. On the same date, she paid P45,000 for six months rent on the store space, P10,000 for business licenses and permits, and P50,000 for various store furniture. She also bought P60,000 worth of office supplies on account with the intention to sell them at a higher price. However, the next day, the business received a P1,500 credit memo for allowance granted on the purchased merchandise. The supplies were bought from 123 Supplies Store on terms n/60. On July 6, the business bought from 45 Supplies Shop P5,000 worth of supplies to be used in the store on terms 50% downpayment, balance n/30. Francisco, a part time employee, was able to sell on July 12 some of the store's merchandise to Mr. Sam for P16,000 on terms 50% downpayment, balance 2/10, n/30. On July 24, the business sold to Mrs. Aslani merchandise for P12,000 on terms 2/10, n/30. On July 30, Mr. Boom paid the business P42,000 for merchandise bought…
- During 2022, Janice reported the following income and expense items connected with her business. Income from sale of articles Rent $95,000 16,500 Utilities 7,900 Supplies 1,800 Insurance 5,000 Travel (including restaurant meals of $600) 2,900 Calculate Qualified Business Income.Tamara works for FunCorp. She makes $65,000 per year in salary. How much does she pay in FICA taxes for the year? $4,030.00 O $4,972.50 O $8,060.00 O $9,945.00G, the Manager of ABC Co., was given a fringe benefit of a Household Expense account for the salary of his driver and other personal expenses in the amount of P20,000 per month for the current year. Compute the following: 1) Grossed Up Monetary of the Fringe Benefits 2) Fringe Benefits Tax Payable 3) If G is employed in an Offshore Banking unit, compute the fringe Benefits Tax. Upload your solutions in Spreadsheet Format.
- Jim Young, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Young collected P460,000 from his patients. At December 31, 2020, Dr. Young had accounts receivable of P50,000. At December 31, 2021, Dr. Young had accounts receivable of P70,000 and unearned revenue of P10,000. On the accrual basis, how much was Dr. Young's patient service revenue for 2021? a. P 410,000. b. P 470,000. c. P 480,000. d. P 490,000.Direction: Solve the following problems and show your complete solution. 1. Aina, who works in an accounting firm, earns a monthly salary of P35,000 per month and also receives P3,500 for a monthly allowance. Her monthly contributions are as follows: P1,466 for income tax, P300 for PhilHealth, P800 for SSS, and P100 for Pag-IBIG. Find her gross and net income for this month. salary of basic salary of P3 2. Cathy, a police officer, gets a basic P39,000 a month, monthly allowance of P2,000 and a hazard pay of P2,500. Find her annual gross income.From 1 March 2021 to 28 February 2022, employee A used her own vehicle for business purposes. She received a travelling allowance of R20 000 per month for this purpose. She travelled a total of 65 000 kilometers during the year of which 45 000 kilometers was for private travel. She kept an accurate logbook during the period she received the travel allowance. She purchased a motor vehicle for R660 000 (including VAT) on 28 February 2020. Finance charges for the current year was R105 000 and insurance was R3 500 a month, fuel was R7 000 a month and maintenance was R12 000 for the period. Do not use R, brackets, spaces, signs or decimals (unless specifically instructed) The deemed cost per kilometer is R?? (calculate to 3 decimals) Blank 1 Travel allowance for the year: Blank 2 Wear and tear: Blank 3 Finance charges: Blank 4 Insurance: Blank 5 Fuel: Blank 6 Maintenance: Blank 7 Actual cost per kilometer in Rand (calculate to 3 decimals): Blank 8 Possible deduction allowed for business…