During 2020 a company provides free meals to employees in its facility so that employees are...
During 2020 a company provides free meals to employees in its facility so that employees are available to help clients throughout the work hours. The employees can exclude the value of the meals eaten, and the company can fully deduct the meals provided to employees.
True or false?
Homework Answers
Thae given statement is True.
Employer providing meals to employees at the working places. It is allowed deduction from tax treatment.
Employer pay for or providing meals to his employees is allowed 100℅ deduction from income.
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During 2020 a company provides free meals to employees in its
facility so that employees are...
1. Blue Company Constructed a Childcare facility for $600,000 to be used by it employees with...
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Jacks sales sells photocopiers and provides parts and services to its customers. The company has 30...
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1. The company provides a money- back guarantee on its product. The product sells for $200...
1. The company provides a money- back guarantee on its product.
The product sells for $200 and the company estimates that 150 units
of product sold this accounting period will be returned. Make the
adjusting journal entry to record this expense.
A. Warranty Payable 60,000; Warranty Expense 60,000.
B. Warranty Expense 60,000; Warranty Expense 60,000.
C. Warranty Payable 30,000; Warranty Expense 30,000.
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The following payroll information is available.
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Question 2 Fringe Benefit Tax (FBT) (10 marks) Part A (i) Eazy Accounting Limited is a...
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Mystery Company, an accrual basis retailer with a 12/31 year-end, provided the following information to you regarding the company’s warranty accounting for January 2020.
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Please help me solve this problem, and provide the steps so i can learn. Thank you!! A company gives each of its 65 empl...
Please help me solve this problem, and provide the steps so i
can learn. Thank you!!
A company gives each of its 65 employees (assume they were all employed continuously through 2017 and 2018) 12 days of vacation a year if they are employed at the end of the year. The vacation accumulates and may be taken starting January 1 of the next year. The employees work 8 hours per day. In 2017, they made $29 per hour and in...
The Superior Gardening Service provides gardening services to its clients. The company uses an activity-based costing system for its overhead costs. The company has provided the following data from its activity-based costing system. Activity Cost Pool Total Cost Total Activity Gardening $125,425 17.300 hours Job support 28.134 1,775 jobs Client support 4,530 280 clients Other 150.000 Not applicable Total $308.089 The "Other" activity cost pool consists of the costs of idle capacity and organization- sustaining costs. One particular client, the...
1. The company provides a money- back guarantee on its product.
The product sells for $200 and the company estimates that 150 units
of product sold this accounting period will be returned. Make the
adjusting journal entry to record this expense.
A. Warranty Payable 60,000; Warranty Expense 60,000.
B. Warranty Expense 60,000; Warranty Expense 60,000.
C. Warranty Payable 30,000; Warranty Expense 30,000.
D. Warranty Expense 30,000; Warranty Payable 30,000.
The following payroll information is available.
Employee worked 40 hours at...
Peramu Housecleaning provides housecleaning services to its clients. The company uses an activity-based costing system for its overhead costs. The company has provided the following data from its activity-based costing system. Table 1 Activity Cost Pool Cleaning Job support...... Client support Other...... Total Cost RM 442,068 52.801 9,170 110,000 Total Activity 78,800 hours 1,900 jobs 350 clients Not applicable Total RM 614,039 The "Oiher" activity cost pool consists of the costs of idle capacity and organization- sustaining costs. One particular...
Question 2 Fringe Benefit Tax (FBT) (10 marks) Part A (i) Eazy Accounting Limited is a chartered accountancy firm. One of its employees is migrating to Japan for personal reasons. As a going away gift, the firm pays for the employee to have five free lessons to learn the Japanese language. Does the provision of the free Japanese language lessons give rise to a fringe benefit? Explain with references to ITA 2007. (2 marks) (ii) Mordena Dresses Limited sells women's...
Please help me solve this problem, and provide the steps so i
can learn. Thank you!!
A company gives each of its 65 employees (assume they were all employed continuously through 2017 and 2018) 12 days of vacation a year if they are employed at the end of the year. The vacation accumulates and may be taken starting January 1 of the next year. The employees work 8 hours per day. In 2017, they made $29 per hour and in...
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