Hi, can you answer this question in more detail?

Subject: Hong Kong Personal Financial Planning Practice

Q5. D

Ms. X is a fresh graduate and just found a job at a bank. Her monthly salary is $15,000, with no bonus and no commission. After some calculation, she knows that she needs to save $60 per month for tax payment. She lives in Sha Tin and works in Central, so her transportation cost per working day is $31 and she spares $40 for lunch per working day. She works 22 days a month. She lives with her parents and plans to give $4,000 to them every month for housing and utilities expenses. She spends 10% of her monthly income on entertainment and 15% on clothing and cosmetics. Calculate her monthly net cash flow, please show all the steps.

Hi, can you answer this question in more detail?

Subject: Hong Kong Personal Financial Planning Practice

Q5. A

Ms. X is a fresh graduate and just found a job at a bank. Her monthly salary is $15,000, with no bonus and no commission. After some calculation, she knows that she needs to save $60 per month for tax payment. She lives in Sha Tin and works in Central, so her transportation cost per working day is $31 and she spares $40 for lunch per working day. She works 22 days a month. She lives with her parents and plans to give $4,000 to them every month for housing and utilities expenses. She spends 10% of her monthly income on entertainment and 15% on clothing and cosmetics. Calculate her monthly net cash flow, please show all the steps.

The managing director of Small Ltd has asked you to calculate the taxable income for 30/6/2017 and prepare the journal entry to record current tax liability based on the data below. Assume tax rate is 30% Accounting Profit before tax $ 60 000 After debiting the following Expenses: Entertainment costs * 6 500 Goodwill impairment loss * 8 000 Fines and Penalties * 10 000 Depreciation on equipment 11 000 Annual Leave expense 5 000 Warranty expense 6 000 For tax purposes: Tax depreciation on equipment 22 000 Annual Leave paid 7 500 Warranty paid 8 000 • These items are non-deductible for tax purposes Required 1. Calculate current tax liability? 2. Prepare the journal entry to record income tax expense?

Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to have a useful life of 5 years (straight-line basis) and no residual value. For taxation purposes, the ATO allows the company to depreciate the asset over 4 years. The profit before tax for the company for the year ending 30 June 2017 is $600,000. To calculate this profit the company has deducted $60,000 entertainment expense, and $80,000 salary expense that has not yet been paid. Also the company has included $70,000 interest as income that the company has not yet received. The tax rate is 30%.

Required: (a) Calculate the company’s taxable profit and hence its tax payable for 2017. (b) Determine the deferred tax liability and/or deferred tax asset that will result. (c) Prepare the necessary journal entries on 30 June 2017.

Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to have a useful life of 5 years (straight-line basis) and no residual value. For taxation purposes, the ATO allows the company to depreciate the asset over 4 years. The profit before tax for the company for the year ending 30 June 2017 is $600,000. To calculate this profit the company has deducted $60,000 entertainment expense, and $80,000 salary expense that has not yet been paid. Also the company has included $70,000 interest as income that the company has not yet received. The tax rate is 30%.

Required:

(a) Calculate the company’s taxable profit and hence its tax payable for 2017.

(b) Determine the deferred tax liability and/or deferred tax asset that will result.

(c) Prepare the necessary journal entries on 30 June 2017.

Jaguar Ltd purchased a machine on 1 July 2016 at a cost of $640,000. The machine is expected to have a useful life of 5 years (straight line basis) and no residual value. For taxation purposes, the ATO allows the company to depreciate the asset over 4 years.

The profit before tax for the company for the year ending 30 June 2017 is $600,000. To calculate this profit the company has deducted $60,000 entertainment expense, and $80,000 salary expense that has not yet been paid. Also the company has included $70,000 interest as income that the company has not yet received. The tax rate is 30%.

Required:

(i)Calculate the company’s taxable profit and hence its tax payable for 2017.

(ii)Determine the deferred tax liability and/or deferred tax asset that will result.

(iii)Prepare the necessary journal entries at 30 June 2017.

Some boxes of a certain brand of breakfast cereal contain a card with an access code for a free month of a particular entertainment streaming service. The company that makes the cereal claims that the access code can be found in 20% of the boxes. However, based on their experiences consuming the cereal, a group of students believes that the proportion of boxes which contain access codes is less than 20%. The group of students purchases 40 boxes of cereal to investigate the company’s claim. (Assume that the 40 boxes purchased by the students are a random sample of all boxes of this particular cereal). Of those 40 boxes, 6 contained the access code. Based on this sample, is there support for the claim that the proportion of boxes with access codes is less than 0.2? Use an alpha of 0.1. Your answer should contain statements of the null and alternative hypotheses, appropriate and correct calculations, and an answer to the question in the context of the scenario.

1. What would be deductible if you lived and worked in MI but work sent you to WI for a temporary assignment?

What if while in WI, you decided to quit your job and instead work for them as an independent contractor?

What if you moved to WI permanently and continued your work there as an independent contractor?

2. What did the TCJA change about the meals and entertainment deduction?

3. Home-office deduction - Pete works for his employer 100% of the time from his home office. There is a desk for him at work but he is allowed to choose where he works from. He also operates a side business for which he is self-employed. He works from the same home office and does all of his self-employed related work there. Is Pete allowed a home-office deduction for either, both or none of these situations?

Information for Entity A for the year ended December 31, 2019 ($ in millions):

  

Show work.

A. Prepare the appropriate journal entry to record income taxes. Show work where possible.

Wonder World Ltd. operates amusement parks similar to those such as Six Flags, Universal Studios, Disneyland etc. Wonder World's mission is to provide high quality family entertainment that exceed guests' expectations and will create lifelong memories. To achieve this goal, Wonder World strives to provide safe, clean, friendly family environments at reasonable prices. In addition to the amusement parks, the company operates a community outreach program. Through volunteerism, it offers educational and recreational programs (e.g. after school programs for children and teenagers, employment related training for adults) and special events at its facilities.

Wonder World's president, Applie Baker, has asked you to lead a team of employees in developing a balanced scorecard for its parks.

Required: 1) For each balanced scorecard perspective identify two measures of performance that relate to Wonder Worlds' key success factors.