Kingsville Subd.‚ Antipolo City “STATEMENT OF MANAGEMENT’S RESPONSIBILITY FOR ANNUAL INCOME TAX RETURN” The Management of BTKPNB VENTURES is responsible for all information and representations contained in the Annual Income Tax Return for the year ended December 31‚ 2012. Management is likewise responsible for all information and representations contained in the financial statements accompanying the Annual Income Tax Return covering the same reporting period. Furthermore‚ the Management is responsible
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EXPENSE RECOGNITION The production‚ sales‚ or cash receipts method can be used to assign revenues to periods of time. Expense recognition involves assigning or matching expenses to periods of time. Some expenses are closely related to the revenues assigned to periods of time. For example‚ the costs of goods sold during a period reflect the costs of materials‚ labor‚ and manufacturing overhead incurred to produce units of product that were sold. These costs are called product expenses. Other expenses
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Assessable income=ordinary income + statutory income. Ordinary income: income deriving from the courts (s6-5) Negative propositions: items that are not income by ordinary concepts: 1.Amounts not convertible into money :In Tennant v Smith (1892) free accommodation provided to a bank manager was held not to be ordinary income because building could not be sub-let and the benefit thereby converted to money. In FCT v Cooke & Sherden (1980) an incentive prize offered by a manufacturer was not income of the
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Singapore Tax Rates and Income Tax System Introduction Singapore’s is one of the world’s biggest economies. Since the global financial crisis and more recently‚ the Eurozone sovereign debt crisis and the downgrading of the US credit ratings‚ many global and local investors has sought Singapore as a new safe haven for investing their wealth in and setting up businesses and regional headquarters. In 2010‚ Singapore’s economy has rebounded close to 15% year on year. Singapore‚ due to its
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Should the United States Adopt a “Flat” Federal Income Tax? Courtney Crowley ECO 211 Professor Reyes The tax system in the United States has changed throughout the years‚ with many attempts to make it "fair" or "equal" while at the same time generating enough income for the United States government to thrive. It is a complex issue‚ and a controversial one at that. While it may not be possible for our tax system to ever be fair‚ it is important to make sure it doesn ’t put more financial
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ASHFORD UNIVERSITY | Rising Medical Expenses | Are “Sin Taxes” the answer? | ENG122: English Composition IIInstructor: Laura Crittenden | Cory Pelisek | 6/23/2013 | When I think of taxes‚ it reminds me of a quote from one of our greatest presidents in United States history‚ Calvin Coolidge‚ he stated that “Collecting more taxes than is absolutely necessary is legalized robbery.” Raising taxes from one individual to pay for another individual is taking away from our Fifth Amendment
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William Pittman 10/14/14 Writing COMP – Han To Tax or not To Tax Two authors by the names of Paul Krugman and Fred E. Foldvary have varying opinions on the topic of taxing the rich. The debate they’re writing about is whether or not the US should increase the tax burden on the rich. Foldvary states in his “The Evil of Taxing the Rich” article that there are a lot of negative affects that would come along with taxing the rich. Mainly‚ he says the rich are paying a much larger percentage of federal
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11/10/13 Mountain Man Brewing Company Case Study Table of Contents What is the current situation? 2 What has made MMBC successful & distinguishes it? 2 What enabled MMBC to create such a strong brand? 3 What has caused MMBC’s decline in spite of its strong brand? 3 Should MMBC introduce a light beer? 4 Is MM Light financially feasible for MMBC? 5 Break-Even Point (BEP) Analysis 6 MM Lager Cannibalization 6 MM Light Marketing Strategies 7 Exhibit 1 – SWOT Analysis 9 Exhibit 2 – Financial
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Problem 1: Travel Expenses Problem Description: Write a C++ program that calculates and displays the total travel expenses of a business trip. The user must provide the following information: * Number of days spent on the trip. * The departure on the first day of the trip‚ and the time of arrival back home on the last day of the trip. The departure and arrival time must be entered in 12h or 24h formats. Your program should consider AM and PM. * The amount of meals eaten The company
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To Tax or Not to Tax: The Problem of America Money‚ like a cookie‚ is something everybody wants‚ and when it is gone a person blames everybody else for its absence; realizing later they were the one to consume it in the first place. Taxes‚ since the beginning of an organized economy‚ have been argued over for centuries. At the end of 2012 after surviving the “end of the world‚” tax payers were faced with another apocalyptic situation‚ the Fiscal Cliff. It had the potential to raise taxes to outrageous
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