(i) A reasonable allowance for salaries‚ wages‚ and other forms of compensation for personal services actually rendered‚ including the grossed-up monetary value of fringe benefit furnished or granted by the employer to the employee: Provided‚ That the final tax imposed under Section 33 hereof has been paid; (ii) A reasonable allowance for travel expenses‚ here and abroad‚ while away from home in the pursuit of trade‚ business or profession; (iii) A reasonable allowance for rentals and/or other
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FINANCIAL MANAGEMENT BUSINESS CASE “Assets Evaluation” Adapted from: Marshall‚ D.H.‚ McManus‚ W.W.‚ and Viele‚ D.F. (2008). “Accounting: What the Numbers Mean”‚ 8th edition. New York: McGraw-Hill Irwin. You have been approached by the President of MT Construction Company for your advice on a number of business and accounting-related matters. Your conversation with the President‚ which took place in January 2011‚ proceeded as follows: President: “The Accounts Receivable shown on the Statement
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of deductible temporary differences existing at the end of the current year. F 7. A company reduces a deferred tax asset by a valuation allowance if it is probable that it will not realize some portion of the deferred tax asset. T 8. Companies should consider both positive and negative evidence to determine whether it needs to record a valuation allowance to reduce a deferred tax asset. F 9. A company should add a decrease in a deferred tax liability to income taxes payable in computing income
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entire cost of the purchase in the year it was purchased. Instead‚ you will depreciate the times and deduct a portion of the cost annually on your tax return. To save more and deduct more in the year the item was purchased‚ use the special depreciation allowance. You can take 50 percent of the cost of the item as a deduction the year the item is purchased. The rule will apply to almost anything tangible you purchase. In addition‚ you might be able to deduct 100 percent of the cost of of business
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TAX FORM/RETURN PREPARATION PROBLEM C9-57 The Dapper-Dons Partnership (employer identification no. 89-3456798) was formed ten years ago as a general partnership to custom tailor men’s clothing. Dapper-Dons is located at 123 Flamingo Drive in Miami‚ Florida 33131. Bob Dapper (Social Security No. 654-32-1098) manages the business and has a 40% capital and profits interest. His address is 709 Brumby Way‚ Miami‚ Florida 33131. Jeremy Dons (Social Security No. 354-12-6531) owns the remaining 60%
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Chapter 6 _____Deductions: General Concepts and Trade or Business Deductions SUMMARY OF CHAPTER Tax deductions are allowed to taxpayers only if specifically authorized by the Internal Revenue Code. Deductions allowable to individual taxpayers fall into three categories: trade or business deductions‚ production of income deductions‚ and personal deductions. This chapter is also concerned with business deductions as they appear on a sole proprietor ’s Schedule C‚ which is included as part of the
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1 Marks: 5 Which of the following events involves an accrual? Choose one answer. | a. Recording interest that has been earned but not received | | | b. Recording supplies that have been purchased with cash but not yet used. | | | c. Recording revenue that has been earned but not yet collected in cash. | | | d. A. and C. | | Correct Marks for this submission: 5/5. Question 2 Marks: 5 Which resource provider typically receives first priority when resources are divided
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PROJECT SUMMARY Name of the Business “Pitu de Goma” will be the name of the business. This name was conceptualized by the proponents due to the nature of industry or services that will be offered by the proposed business. Pito de Goma will focus on providing vulcanizing services and other tire problem to its target clienteles. Location of the Business The proposed business will be established at Barangay Tagongtong‚ Goa Camarines Sur near the Goa Municipal building. This location was considered
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Ch 1. Accounting Information and Decision Making Financial accounting: Measurement and communication‚ measures business activities of a company & communicate to external parties Managerial Accounting: methods accountants use to provide info to managers (acct 210) Who needs to make decisions about companies? Investors Creditors-lend money Customers-big customers (i.e. Apple buys memory chips from Samsung) Suppliers-ability to pay Managers-production/expansion Employees-employment opportunities
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Financial Accounting Summary Financial Accounting – Summary Notes Financial Accounting – Summary Notes 1 Financial Statement Basics 3 Understanding of the 3 financial statements – (balance sheet‚ income statement and statement of cash flows). What does each financial statement represent? 3 What is the structure of each statement? 3 What is the link between the three statements? 4 Understanding of the basic mechanics of financial accounting – (debits‚ credits‚ transaction journal entries‚ adjusting
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