Executive Lawn provides $100 of landscape maintenance to Peterson Law on April 10. Consider three scenarios: a. Peterson pays for the lawn service in advance on March 28. b. Peterson pays for the lawn service on April 10, the day of service. c. Peterson pays for the lawn service the following month on May 2. If Executive Lawn uses accrual-basis accounting, on which date would Executive Lawn record the $100 revenue for each scenario?

Executive Lawn provides $100 of landscape maintenance to Peterson Law on April 10. Consider three scenarios: a. Peterson pays for the lawn service in advance on March 28. b. Peterson pays for the lawn service on April 10, the day of service. c. Peterson pays for the lawn service the following month on May 2. If Executive Lawn uses accrual-basis accounting, on which date would Executive Lawn record the $100 revenue for each scenario?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 6MCQ: Estimated payments for individual taxpayers are due on the following dates: Twice a year on April 15...

See similar textbooks

Similar questions

Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the information given, compute the amounts listed below for a weekly payroll period. Hint: It is important to ascertain whether a person's wages are considered wages or drawings. If an amount is zero, enter "0". Round your answers to the nearest cent. OASDI Taxable Name and Position Zena Vertin, Office Nicole Norge, Sales Bob Mert, Delivery Audrey Martin, Partner Beth James, Partner Totals Employer's OASDI Tax Employer's HI Tax Salary $720 per week 1,410 per month 485 per week 465 per week 465 per week $ Earnings $ OASDI Tax HI Taxable Earnings $ HI Tax
Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss in January costing 2,889, another in May costing 2,605 and the last in December costing 1,003. If Faisal has an aggregate deductible of 1,084. How much will the insurer pay?
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?
The Cable TV Co., an accrual basis taxpayer, allows its customers to pay by the month ($10 each month), by the year ($110 per year), or two years in advance ($200). In December this year, the company collected the following amounts applicable to future services: January next year services (monthly contracts) $11,000 January - December next year Services (annual contracts) $44,000 January - December Services for the next two years $16,000 The income from the above that must be reported as gross income for this year is: $55,000. $71,000. $16,000. $27,000. None of the above
Bailey Plyler has three employees in his carpet cleaning business. The payroll is semimonthly and the employees earn $710, $835, and $1100 per pay period. Based on the fact that the employer is required to pay the SUTA tax, calculate when and in what amounts FUTA tax payments are to be made for the year.
Tabitha sells real estate on March 2 of the current year for $305,200. The buyer, Ramona, pays the real estate taxes of $15,260 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona. Tabitha: Ramona: $ b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale. Tabitha: $ Ramona: $
Tabitha sells real estate on March 2 of the current year for $298,000. The buyer, Ramona, pays the real estate taxes of $14,900 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona.Tabitha: $fill in the blank 1Ramona: $fill in the blank 2 b. Calculate Ramona's basis in the property and the amount realized by Tabitha from the sale.Tabitha: $fill in the blank 3Ramona: $fill in the blank 4
A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a.File his April 2022 VAT Return on the 15 May 2022 b.He is not required to file a VAT Return as the sales is below the VAT threshold. c.File his February 2022 VAT Return on the 15 March 2022 d.File his March 2022 VAT Return on the 15 April 2022
A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a. File his April 2022 VAT Return on the 15 May 2022 b. He is not required to file a VAT Return as the sales is below the VAT threshold. c. File his February 2022 VAT Return on the 15 March 2022 d. File his March 2022 VAT Return on the 15 April 2022
The City of Greensboro provides its employees two weeks of paid vacation per year. As of December 31, 65 employees have earned two weeks of vacation time each to be taken in the following year. If the average weekly salary for these employees is $900, what is the required journal entry to accrue compensated absences? Debit Salaries and Wages Expense for $58500 and credit Salaries and Wages Payable for $58500. Debit Salaries and Wages Expense for $117000 and credit Salaries and Wages Payable for $117000. No journal entry required. O Debit Salaries and Wages Payable for $116495 and credit Salaries and Wages Expense for $116495.
Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.
Through November, Cameron has received gross income of $80,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,760 of revenue at a cost to Cameron of $4,100, which is deductible for AGI. In contrast, engagement 2 will generate $9,250 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description (1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGI deduction (4) Adjusted gross income (5) Greater of itemized deductions or standard deduction (6) Deduction for QBI Taxable income Engagement 1 Engagement 2