Journal entries 21- Sent a bill to R. Hernandez, P2, 500 for car service rendered at his wedding. 23- Gas and oil bills paid, P1, 800. 25 Paid P15, 000 for repairs of automobiles.
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- Gerald Inc. of Session opens a sales agency in Julia and a working fund of ₱100,000 isestablished on imprest basis. The first payment from the fund is ₱5,000 for rent of thestore space. What is the entry in the books of the home office to record the payment ofrent by the agency?Hannah received an invoice in the mail from Carpet Country for $4235. The invoice was dated March 22 and had term 3/15, 2/20 , n/60. If she made payment of $1000 on each of April 2, April 9, and April 22, how much does Hannah still owe?ng gifts to sales contracts. Can Armelio deduct the cost of the lapel buttons as business gifts? 49. Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals in restaurants, and $150 for cab fare. LO 1-2
- During the current year holiday season, Bob, a barber, gave business gifts to 34 customers. The values of the gifts, which were not of a promotional nature, were as follows:10 at $10 each8 at $25 each8 at $50 each8 at $100 eachFor the current year, what is the amount of Bob's business gift deduction? a.$700 b.$0 c.$850 d.$1,500 e.None of these choices are correct.Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office booksJan 5 Received $800 from a client for auto repair, receipt 250 in general jounal
- Bonnie opens a computer sales and repair service during the current year. Her records for the year show: Repair revenue Computer sales Computer purchases Employee wages Supplies, utilities, etc. Gross income: Repair revenues Computer sales Total revenue Deductions: Cost of goods sold Employee wages Supplies, utilities, etc. Total deductions Cash Sales Made Received Taxable income $30,000 26,000 $22,000 18,000 Bonnie has computers on hand on December 31 that cost $40,000 and have a retail selling price of $65,000. Compute taxable income under the various methods. Liability Incurred Cash Paid Accrual $55,000 12,000 9,000 Hybrid $27,500 $ 10,000 6,000This year Evans graduated from college and took a job as a deliveryman in the city Evans was paid a salary of $72,300 and he received $700 in hourly pay for the part-time over the weekends. Evans summerized his expenses aa follows. . Cost of moving his possessions to the city (125miles) $1,200. .interest paid on accumulated student loans $2,800. .Cost of purchasing a delivery uniform $1,400. .contribution to state university deliveryman program $1'300. Using TaxAct, complete page 1of Evans form 1040 for 2019 and calculate his adjusted gross income and taxable income.Casa Palawan, vat registered, offers different services to its guests. The following data taken from the b0oks of the taxpayer are for the first quarter of 2021; Collections Input vat Revenues P2,000,000 P1,500,000 Hotel rooms Dining Hall: Sale of food and refreshments Sale of wine, beer and liquor Disco: 850,000 650,000 1,000,000 700,000 Sale of food and refreshments 600,000 500,000 550,000 450,000 Sale of wine, beer and liquor Input vat not directly attributable to any of the business activities P400,000 41. How much is output vat for the quarter? с. РА32,000 d. P438,000 а. Р240,000 b. Р360,000 42. How much is the creditable input vat for the quarter? а. Р60,000 b. P100,000 с. Р300,000 d. P400,000 43. How much is the vat payable for the quarter? а. Р60,000 b. P100,000 с. Р300,00 d. P400,000
- TB ES Qu. 05-108 (Algo) Juan works as a landscaper for local businesses... Juan works as a landscaper for local businesses on weekends, and he often provides services in exchange for property. This year Juan provided lawn-mowing services in exchange for $1,910 of car repair services, $5,450 of groceries, and a certificate of deposit (CD) for $3,900. The CD matures next year with interest. Finally, Juan received a gift card that can only be applied for $1,230 of clothing at a local mall. Juan has only applied the gift card to purchase $245 of clothing. Compute Juan's gross income, assuming that he uses the cash basis of accounting.Assessment Direction: Analyze and answer the following problems provided below. Problem 1. On July 1 of the current year Kenneth Brown formed the Pampanga Transport Line popularly called PTL. The following transactions occurred for the month of July: July The owner invested cash P 1,000,000 Bought furniture and fixtures making a 50% down payment of P150,000 with balance on account Second hand buses were ordered from Japan, through its domestic dealer Hino Motors Corporation, amounting to 8,444,000 in Japanese Yen. A yen is equal to P.45. The amount was loaned by Hong Kong and Shanghai Bank after Brown issued an five – year promissory note 8. The buses were delivered by Hino Motors 10 Entered into an agreement with Petron who will supply the gas and oil of PTL, payable at the end of the month 11 Paid radio advertisements and billboards which amounted to P 100,000 12 Passenger fares collected amounted to P 240,000 2020.11.19 23:25 o 1. 2.rented out a house at a monthly rent of Rs. 20,000. During the year incurred following expenses in respect of the house: Repair of house Rs. 15,000 Insurance premium 10,000 Property tax Rs. 6,000 Interest on loan from HBFC Rs. 12,000 Legal expenses Rs. 2,000 Required: Compute the amount that is chargeable to tax under the head "Income from Property
