Janine Stubos estimates that she will owe $20 thousand in tax in 2021. She owed $14 thousand in tax in 2020 and $18 thousand in tax in 2019. Assuming she makes all her installment payments using the no-calc method and that her estimated tax owing for 2021 is correct, how much will she need to pay on April 30th, 2022? a. $6 thousand O b. $4 thousand O c. $2 thousand O d. $Nil
Q: Primare Corporation has provided the following data concerning last month’s manufacturing…
A: Introduction: The total manufacturing costs of goods completed throughout a given accounting period…
Q: I got requirements 1-3 correc
A: The forecast may also be done about the cash balance in hand the organization forecasts to keep and…
Q: 1 An employee's raise is a function of the Annual Evaluation Score that they received. 2 An employee…
A:
Q: Cape Cod Cotton Candy Company had the following information available regarding last year's…
A: Contribution = Total Sales - Variable cost
Q: Contributed services circumstances. Locate the citation in the FASB ASC that defines when donated…
A: Not for profit organization are those organization whose motive in not earning profit but to provide…
Q: Peabody Company prepared the following purchases budget: MONTH BUDGETED PURCHASES June 35200 July…
A: The cash budget is prepared by the management to estimate the expected cash receipt and cash…
Q: A process manufacturer will have a separate work in process account for each process or department.…
A: Process costing is used by the manufacturer when homogeneous products are produced. It involves…
Q: Hamad Town Company had the following balances in the stockholders' equity accounts at Dec. 31, 2020:…
A: Journal Entries - Journal Entries are the primary record of the transaction entered into by the…
Q: From March Direct Materials Direct Labor Applied overhead Beginning goods in process For April…
A: Overhead Applied :— Applied overhead is a type of direct overhead expense that is recorded under the…
Q: Which of the following is a type of real property that can also be classified as personal-use…
A: We are authorized to answer one question at a time, since you have not mentioned which question you…
Q: On her recent birthday, April 22, 2001, Nicole was given by her mother a certain sum of money as…
A: Simple interest seems to be a way of calculating the sum of interest imposed on a balance or…
Q: Determine Joe and Jessie's AGI and taxable income for the year.
A: If you are married, you and your spouse can be agree to file either a joint tax return or separate…
Q: Question 2: Beta Airline reports the following information in its financial statements as of…
A: The accounts receivable represent the sales made by the company on account. The company provides…
Q: Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old son,…
A: Workmans Gross Income computed as follows Description Amount ($)…
Q: A new barcode reading device has an installed cost basis of $22,820 and an estimated service life of…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Depreciation…
Q: A product has a sales price of $383 and a per-unit contribution margin of $40. What is the…
A: The contribution margin ratio states the marginal benefit of producing and selling products.…
Q: Use the table to the right to calculate the federal income tax due for a taxable income of $87,000…
A: Income tax is the amount of tax which is to be paid on the income earned by the taxpayer during the…
Q: Company A has current sales of $10,717,172 and a 43% contribution margin. Its fixed costs are…
A: Degree of operating leverage The degree of operating leverage is nothing but an indicator or a…
Q: 1.Entity F acquired three patents in Jan 2021. The patents have different lives as indicated in the…
A: Amortization - Intangible asset costs are spread out across the shorter of their useful life and…
Q: Required: a. Assume that only one product is being sold in each of the four following case…
A: Introduction:- CVP analysis is used to identify the changes in costs and volume affect a company's…
Q: Depreciation on the company's equipment for the year is computed to be $16,000. The Prepaid…
A: The journal entries are prepared to record the transactions on the regular basis. The adjustment…
Q: atrick Smith On 18 December 2007 Patrick Smith purchased a residence for R1 500 000. He used it…
A: When property is sold on the profit than there is need to pay the capital gain tax on the profit…
Q: Question 3 of 5 RETAIL SALES A bookstore can obtain a certain gift book from the publisher at a cost…
A: >Optimal Selling price would be that selling price per unit at which the bookstore would be…
Q: The following data from the just completed year are taken from the accounting records of Mason…
A: Schedule of cost of goods manufactured refers to all the production cost incurred on the production…
Q: The Keppners file a joint income tax return. Assume the taxable year is 2022. Required: a. Compute…
A: Tax is imposed on the gross income of individuals and entities/corporations/firms by federal, state…
Q: c. Make changes to the following accounts via journal entry 1 as of 12/31/23 with an offset to…
A: The accounts receivable account is the result of a credit sales transaction which thereby affects…
Q: 2. Chris Company presented the following bank reconciliation for the month of November: Balance per…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: 3. Determine the revenues, expenses, and net income of Reliable Repairs & Service after the…
A: 2) Revenue Fees Earned $ 2,99,210 Expenses Wages Expense $…
Q: S The company's adjusted trial balance includes the following accounts balances: Cash, $15,000;…
A: Adjusting Journal entries :— An income summary is a temporary account in which all the revenue and…
Q: Salvador Manufacturing builds and sells snowboards, skis and poles. The sales price and variable…
A: Introduction: The break-even point is the point during which total cost and total revenue are equal,…
Q: ABC Ltd was registered on 1" January 2021 with an authorized share capital of 1,000,000 shares at a…
A: The process of funding the capital of a firm by issuing ordinary or equity shares to the public is…
Q: ABC Corporation sold 1,200 units for the month at an average selling price of P5,000. Its target…
A: Total sales variance refers to the difference between actual sales and standard sales . If actual…
Q: Build up a unit rate per m³ of excavation work by using an excavator. Data Capital Cost Interest…
A: Calculation of Unit Rate per m3 of excavation work by using an excavation RM Interest Cost (4% of…
Q: Due to erratic sales of its sole product-a high-capacity battery for laptop computers-PEM,…
A: Solution Net profit is calculated by deducting all operating , interest and tax expenses from the…
Q: Amazing Corporation gathered the following information for Job #928: Standard Total Cost Actual…
A: In this question, we need to compute direct labor efficiency variance. Direct labor efficiency…
Q: You have heard the saying CASH "not profit" is KING". However in this course, you will read that…
A: Simply said, the phrase "cash is king, not profit" indicates that cash reigns supreme. The adage…
Q: m industrial plant bought a generator set for P90,000. Other expenses including stallation amounted…
A: There are method of depreciation methods one declining balance and other is double declining balance…
Q: Question 2 During January 2017, Esy PC Ltd, a retailer of personal computers, began operations. The…
A: Inventory Valuation Method includes: FIFO method LIFO method Weighted average method FIFO method -…
Q: A 13-43 Ethics involved with statement of cash flows preparation (Learning Objectives 1, 2, & 3) The…
A: Professional ethics seem to be norms established by professional associations for the behaviour as…
Q: Fields Company has two manufacturing departments, forming and painting. The company uses the…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: wrong. Please check it again. Than
A: Free cash flows refer to the cash value a company takes into consideration after creating a base…
Q: pecific examples of both cash receipts and cash payments based on 2 different business scenarios of…
A: A statement of cash flows categorises the cash inflows and payments into three groups. Detailed…
Q: Jarvene Corporation uses the FIFO method in its process costing system. The following data are for…
A: Solution Fifo method is the valuation method in which asset acquired first are sold , dispose and…
Q: MR. MAGBITANG MADE A MONEY MARKET PLACEMENT OF P100,000,000 FOR 30 DAYS AT 12% PER YEAR. IF THE…
A: Amount = 100,000,000 Time Period = 30 Days or 1 Month Monthly Interest Rate = 12%/12 = 1%…
Q: Z Corporation has 1,000 shares of K20 par value common stock outstanding. The company is considering…
A: Stock Split - Stock Split is the issuance of additional shares to the existing shareholders in the…
Q: ! Required information [The following information applies to the questions displayed below.] The…
A: Trail Balance :— Posting of Closing balance of all general ledger after adjusting into the trail…
Q: K From the following, calculate what would be the total of assets on the balance sheet. B. Fleese,…
A: Assets :— It is the resources that company owns. It has debit balance and reported in debit side of…
Q: edit Card Unearned Revenue Owner Distributions Owner’s Investment Retained Earrings Equity Sales…
A: Accounts receivables refer to the concept which is issued when the company makes a credit sale to…
Q: Dake Corporation's relevant range of activity is 2,300 units to 5,500 units. When it produces and…
A:
Q: Do journal entries for all the transaction
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Please answer with explanation.
I will really upvote.
Step by step
Solved in 3 steps
- On January 1, 2019, Kunto, a cash basis taxpayer, pays 46,228 for a 24-month certificate. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives 50,000. In your computations: a. Compute Kuntos gross income from the certificate for 2019. b. Compute Kuntos gross income from the certificate for 2020. Round any amounts to the nearest dollar.Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2019 gross income: a. On September 30, 2019, she cashed in Series EE bonds for 10,000. She purchased the bonds in 2009 for 7,090. The yield to maturity on the bonds was 3.5%. b. On July 1, 2018, she purchased a CD for 10,000. The CD matures on June 30, 2020, and will pay 10,816, thus yielding a 4% annual return. c. On July 1, 2019, she purchased a CD for 10,000. The maturity date on the CD was June 30, 2020, when Marlene would receive 10,300.On June 30, 2019, Kelly sold property for 240,000 cash and a 960,000 note due on September 30, 2020. The note will also pay 6% interest, which is slightly higher than the Federal rate. Kellys cost of the property was 400,000. She is concerned that Congress may increase the tax rate that will apply when the note is collected. Kellys after-tax rate of return on investments is 6%. a. What can Kelly do to avoid the expected higher tax rate? b. Assuming that Kellys marginal combined Federal and state tax rate is 25% in 2019, how much would the tax rates need to increase to make the option identified in part (a) advisable?
- Ms. White has net tax owing for 2017 of $4,500, net tax owing for 2018 of $8,000, and estimated net tax owing for 2019 of $7,500. If she wishes to pay the minimum total amount of instalments for the 2019 taxation year, her first payment on March 15 will be for what amount? Nil. $1,125.00 $1,875.00 $2,000.00Jamie receives a basic pay of P29,880 a month and a 2% commission on her sales. She sold P505,000 in December 2021. How much is her Taxable income? How much is her Tax due? P5. Jeri purchased an annuity contract for $18,600 ($50/month for 15.5 years). The contract began paying Jeri and Christina monthly payments of $200 in June 2022, when Jeri turned 65 and Christina was 59. The contract will continue to pay monthly payments while Jeri and Christina are living. How much income should they report on their 2022 tax return related to the annuity payments? $980 $1,400 $1,050 $0
- Use the following information for the next two questions:Shirley is a sales clerk in a certain mall. She earned P410,000.00 in 2019.9. What is the tax rate based on the graduated tax schedule?a. 20% of the excess over P250,000b. P30,000 + 25% of the excess over P400,000c. P130,000 + 30% of the excess over P800,000d. P490,000 + 32% of the excess over P2,000,000 10.What is the tax due?a. 2,500b. 10,000c. 30,000d. 32,50B15. Mrs. Emily Robinson just celebrated her 72nd birthday on October 1, 2022. Her qualified plan had a balance of 984,589 on December 31, 2020. She takes her first distribution of 35,000 from the qualified plan on April 1, 2022. Determine how much she will owe in the minimum distribution tax penalty associated with her first year’s distribution.On January 1, 2021, Kunto, a cash basis taxpayer, pays $138,684 for a 24-month certificate of deposit. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives $150,000. Round all calculations to the nearest dollar. a. Compute Kunto's gross income from the certificate for 2021. b. Compute Kunto's gross income from the certificate for 2022.
- Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 612%612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) Penalty Pay b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.) Total Amount< Daniel's standard deduction for 2023 is $13,850. a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible". Payment of alimony (divorce finalized in March 2021) Mortgage interest on residence Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) Contribution to United Church Loss on the sale of real estate (held for investment) Medical expenses State income tax Federal income tax What is Daniel's gross income and his AGI? Gross income: $ AGI: $ b. Should Daniel itemize his deductions from AGI or take the standard deduction? Because Daniel's total itemized deductions (after any limitations) are $ he would benefit from 10:34