An entity entered into a one-year tenancy contract from March 1, 2021, to February 28, 2022. The monthly rental was P90,000. For the year ended December 31, 2021, the entity paid P1,080,000 for the contract and recorded it as rental expenses. The profit for the year ended December 31, 2021, was
Q: On May 17, 2021, Parnassus Core Equity Fund, an open-end mutual fund, has the following assets and p...
A: Mutual fund is pool the money of investors and invest money in securities.
Q: Using equivalent uniform annual cost method, determine the value of alternative A and alternative B:
A: Total cost is the cost incurred in the total production of a unit. It includes all direct and indire...
Q: 4. Currently, the three types of fabrics are produced simultaneously in different locations of the f...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: On December 1, 2002, Blake Inc. signed an operating lease for a warehouse for ten years at $24,000 p...
A: The prepaid expenses are the expenses that are paid but not yet due for payment. Such payments are r...
Q: Looking for cost savings in administrative areas, the vice-president for human resources at McMahon ...
A: Partial labour Productivity is measure related to total output at single input labour hour.
Q: James Company has an arrangement with with Jorge Company that operates a customer loyalty program. T...
A: Customer loyalty programs are accounted for as per IFRS 15. Such a program is used by a company to i...
Q: PART II - Below are 2019 FMT Company Cash flow accounts. Increase in bonds 170.0 Net income 117.5 In...
A: The question is related to Cash Flow Statement. The Cash Flow Statement is a Statement of Cash Recei...
Q: 6. Galera Corporation debited Cost of Goods Sold and credited Manufacturing Overhead at year-end. On...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: red i DKK per kilogram). s in the same way, but the plants her seed potatoes s oes Inger is going to...
A: Given: Q = 1,200 - 30PP = 40 - (130)Q Here, Q = qi + qj Marginal cost of Inger (MCi) = 10Marginal co...
Q: You are auditing the financial statements of Austin Software Company, which is a fast-growing softwa...
A: Introduction:- Audit procedures are actions taken by auditors to obtain all relevant information abo...
Q: Dewey Company purchased a machine that was installed and placed in service on January 2, 2001, at a ...
A: Double declining balance method is a method of depreciation under which depreciation is being charge...
Q: For each of the following, record the transaction entry made during the month of December (record de...
A: Sno Account Titles and Explanation Debit Credit 1 Supplies $ 3,300 Cash $ 3,300 ...
Q: Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a plan...
A: The overhead cost can be allocated to production on the basis of traditional costing or activity bas...
Q: For a liability to exist, a. a past transaction or event must have occurred. b. the exact amount mus...
A: Since you have posted multiple questions , we will do the first one for you . Please re-post the oth...
Q: July 1- Sold 1,000 subscriptions for common shares at $20 per share. Subscribers paid $5 per share ...
A: Common shares can be issued on subscriptions basis where shares are issued on receipt of last paymen...
Q: Cobra Company sells appliance service contracts agreeing to repair appliances for a three-year perio...
A: In the given question, the company is engaged in providing appliance service and repairs and in retu...
Q: Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provide...
A: Lets understand the basics. Entity calculates the predetermine overhead first to allocate the cost t...
Q: Explain why proponents of LIFO argue that it provides a better match of revenue and expenses. In wha...
A: Inventory Valuation: An inventory valuation is the financial sum related to the products in the stoc...
Q: total tax expense?
A: Tax rate 30 % for 2020 year And 25 % for 2021 year Total tax expense as follows
Q: Raider-X Company budgets sales of 14,000 units for April and 16,000 units for May. Beginning invento...
A: The purchase budget is prepared to estimate the requirements for the future period.
Q: True/False Indicate whether the statement is true or false.
A: The question is related to True or Flase. The Statements are gjven.
Q: The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, a...
A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder. Profi...
Q: The fixed costs incurred by a automotive shop are $200,000 per year. Variable costs are 60% of the a...
A: Formula: Net profit = Revenues - Expenses
Q: Permission to Dance Company completed the following transactions in the year to December 31, 2021: ...
A: Related Party Disclosure According the PAS 24 which are deal with the related party disclosure which...
Q: PART II - Below are 2019 FMT Company Cash flow accounts. Increase in bonds 170.0 Net income 117.5 In...
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...
Q: CSM Machine Shop is considering a four-year project to improve its production efficiency. Buying a n...
A: Net present value is is one of the capital budgeting technique widely used by the management to eval...
Q: re the lands affected by its mining activities. Management Expects restoration costs to be P2,000,00...
A: On 01.01.2020, 1. Machu Inc. acquired mining rights = P20000000 for 10 years. No cash payment made ...
Q: Live Company acquired a fire insurance on Nov. 1, 2021. The company paid P12,000 for the said annual...
A: Prepaid expense: Prepaid expense means future expenses which are paid in advance. Initially, Prepaid...
Q: Lala Company reported the following information in 2021: · Sales revenue- P500,000 · C...
A: Answer) Total Comprehensive income before tax includes all Operating and non-operating incomes net o...
Q: machine-hours. If Job Cost of Goods Sold per shirt was:
A: Selling and Shipping cost will not be included in COGS. COGS covers direct material cost , Direct la...
Q: Required information [The following information applies to the questions displayed below.] Illinois ...
A: TRANSFER PRICING ACCOUNTING OCCURS WHEN GOODS OR SERVICES ARE EXCHANGED BETWEEN DIVISION OF THE SAME...
Q: cribe the factors in selectir ntify the sources of short-t ermine the costs of short-t . SHORT TERM ...
A: Short-term financing refers to the type of loan taken by the borrower which is for a shorter period ...
Q: Investing Cash Flows A company has the following information available, related to the current repor...
A: Cash flow from investing activities refers to the activities which involves purchase and sale of lon...
Q: Yara manufactures state-of-the-art chairs. Manufacturing costs are expected to be £120 per chair, co...
A: Special order is one time order which a company received. The decision regarding whether to accept i...
Q: A library shelving system has a first cost of $24,500 and a useful life of 7 years. The annual maint...
A: benefit-cost ratio = Present value of cash inflows / Present value of cash outflows Present valu...
Q: Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700 Sales discounts 5,000 17,500 600 4,800 Sales returns an...
A: Formula: Gross profit = Net sales - Cost of goods sold
Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpe...
A: under perpetual inventory system estimation of of inventory based on electronic record is done not o...
Q: Kabooga publishes quarterly interim financial reports. Kabooga’s annual depreciation for items of P...
A: Solution: Depreciation expense to be recognized quarterly on proportionate basis. Reduction in value...
Q: A corporation has an excess input VAT due to its excessive local purchases of goods and services. T...
A: Solution Vat is the consumption tax on goods and services that is levied at each stage of the supply...
Q: 30. Find the monthly payment needed to save a P240000 down payment for a house in an annuity that pa...
A: Time value of money is the concept widely used by the management and individuals to determine the co...
Q: Hayabusa is a resident citizen earning compensation and business income for 2021 as follows:
A: working note tax computation. 250,000 tax rate 0% 250,000 to 400,000 tax rate 20% 400,000 to ...
Q: Given the two machines' data Machine A Machine B First Cost P8,000.00 P14,000.00 Salvage value Annua...
A: Entity have two option to buy machine, machine A and machine B Following is the calculation
Q: Entity A publishes quarterly interim financial reports. Entity A’s annual depreciation for items of...
A: As per IAS 2, Inventories are to be measured at lower of cost or Net realizable value.
Q: 3. Penelope purchased a $10,000, 8% quarterly bond, held it for five years, received twenty coupon p...
A: In this question, we are required to calculate Purchase Price of the Bond given that Bond value is $...
Q: Use the following to answer questions 7– 17 During September, KC Company sells 730 mountain bikes fo...
A: Using FIFO method, older units are sold first and using LIFO method newer units are sold first. Cost...
Q: Crispin Santos started a retail merchandise business on January 1, 2021. During the year ended Decem...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: Note: This case is based on an actual situation.) tan Sewell paid $50 000 for a franchise that entit...
A: 1 The capitalization of the franchise's market worth is immoral in this case. Even though the value ...
Q: Prepare the bottom portion of Sheridan's 2021 income statement, beginning with “Income from continui...
A: Income statement refers to a statement which shows the revenue and expense of the company of a parti...
Q: urchase the interest by paying 126, 000 and no goodwill is to be recorded C. The partnership will pu...
A: As per Bartleby policy, only 3 interlinked questions are answered, therefore only till (c) the answe...
Q: please answer this thank you
A: In this question, we have to find out the taxable income of Kagura under different circumstances.
ASAP
Step by step
Solved in 2 steps
- On June 1, 2021 Maroon Company entered into a 5-year nonrenewable lease, commencing on that date, for office space and made the following collections from the lessee: • Bonus to obtain lease, P300,000 First month's rent, P100,000 • Last month's rent, P100,000 In its income statement for the year ended June 30, 2021, what amount should Maroon report as rent income?Under accrual basis, rental income of Kamahal-Mahal Company for the year 2020 is P600,000. Additional information regarding the rental income are as follows: Unearned rental income, Jan. 1, 2020- P50,000 Unearned rental income, Dec. 31, 2020- P75,000 Accrued rental income, Jan. 1, 2020- P30,000 Accrued rental income, Dec. 31, 2020 P40,000 Under cash basis, how much is the rental income should be reported in year 2020? P585,000 P615,000 P625,000 P655,000Please answer in good accounting form. Thank you! 1. On September 1, 2021, AYE Company entered into one-year nonrenewable lease, commencing on that date, for an office space and made the following payments to XYZ Properties:• Bonus to obtain lease - ₱ 120,000• First month’s rent - ₱ 40,000• Last month’s rent - ₱ 40,000The lease is considered “Short-term lease” in its income statement for the year ended Dec. 31, 2021. What amount should AYE report as rent expense for the year ended, December 31, 2021? 2. On January 1, 2021, BEE Corporation signed a 3-year operating lease for various office furniture and equipment at ₱300,000 per year. The lease included a provision for additional rent of 5% of annual company sales in excess of ₱2,000,000. BEE’s sales for the year ended Dec. 31, 2021 were ₱2,500,000. Upon execution of the lease, BEE Corporation paid ₱100,000 as a bonus for the lease What is BEE’s rent expense for the year ended December 31, 2021 if the lease is considered a “Low…
- Under the accrual basis rental income of EL Company for the calendar year 2020 is P600,000. Additional information regarding rental income are presented below: Unearned rental income, January 1, 2020 P50,000 Unearned rental income, December 31, 2020 75,000 Accrued rental income, January 1, 2020 30,000 Accrued rental income, December 31, 2020 40,000 Under the cash basis, how much rental income should be reported by EL Company in year 2020? Group of answer choices d. P655,000 c. P625,000 b. P615,000 a. P585,000WITH SOLUTION-COMPUTATION 63. On July 1, 2019, an entity leased an equipment to a lessee under a 3-year operating lease. Total rent for the lease term is P3,600,000, payable P50,000 monthly for the first lease year, P75,000 monthly for the second lease year and P175,000 monthly for the third lease year. All payments were made when due. On June 30, 2021, what amount should be reported as accrued rent receivable?a. 2,100,000b. 1,200,000c. 900,000d. 017. On July 1, 2021, an entity leased an equipment to a lessee under a 3-year operating lease. Total rent for the lease term is P3,600,000, payable P50,000 monthly for the first lease year, P70,000 monthly for the second lease year and P180,000 monthly for the third lease year. All payments were made when due. On June 30, 2023, what amount should be reported as accrued rent receivable?
- How much should be shown in FIVE's 2021 income statement as gross rental income? * On December 31, 2021, FIVE Corporation signed an operating lease for a warehouse with Aye Company for ten years at P30,000 per year. Upon execution of the lease, Aye paid FIVE P60,000, covering rent for the first two years. FIVE closed its books on December 31 and correctly reported P60,000 as gross rental income in its 2021 income tax return.On September 1, 2021, DHI Sound System Company leased office furniture and equipment at a monthly rental of ₱40,000 for 3 years expiring August 31, 2024. As an inducement for DHI to enter into lease, the lessor permitted DHI to use the asset rent-free from September 1 to November 30, 2021. For the year ended December 31, 2021, how much TOTAL expense should DHI record related to the leased asset?Under the accrual basis, rental income of HAWK CORP. for the calendar year 2014 is P600,000. Additional information regarding rental income are presented below: Unearned rental income, January 1, 2020 P50,000 Unearned rental income, December 31, 2020 75,000 Accrued rental income, January 1, 2020 30,000 Accrued rental income, December 31, 2020 40,000 Under the cash basis, how much rental income should be reported by HAWK CORP. in year 2020? A. P720,000 B. P615,000 C. P820,000 D. P620,000
- On September 1, 2021, AYE Company entered into one-year nonrenewable lease, commencing on thatdate, for an office space and made the following payments to XYZ Properties:• Bonus to obtain lease - ₱ 120,000• First month’s rent - ₱ 40,000• Last month’s rent - ₱ 40,000The lease is considered “Short-term lease” in its income statement for the year ended Dec. 31, 2021. What amount should AYE report as rent expense for the year ended, December 31, 2021?On January 1, 2020, an entity leased a machinery with the following data: Annual rental payable at the end of each year for P80,000 with a lease term for 6 years and with an implicit rate of 7%. On January 1, 2023, the entity and the lessor agreed to amend the original terms of the lease by reducing the lease payment to P70,000 and increasing the implicit rate to 9%. Compute for the interest expense to be recognize on January 1, 2023. 15,947 18,968 14,696A Co entered into an agreement to lease office space on 1 April 2019 for afixed period of five years. As an incentive to encourage the office spaceto be occupied, a first-year rent-free period was included in theagreement after which A Co is required to pay an annual lease ofP360,000. How much lease should be accounted for in the year ended 31March 2020? A. P0B. P288,000C. P360,000D. P1,440,000