Direction: Solve the following problems and show your complete solution. 1. Aina, who works in an accounting firm, earns a monthly salary of P35,000 per month and also receives P3,500 for a monthly allowance. Her monthly contributions are as follows: P1,466 for income tax, P300 for PhilHealth, P800 for SSS, and P100 for Pag-IBIG. Find her gross and net income for this month. USTI
Q: Liquidity describes how easily an asset can be
A: An asset is something of worth that is owned or under the control of a person, business, or…
Q: Lakeside Incorporated produces a product that currently sells for $70 per unit. Current production…
A: Incremental Approach :— Under this method, Incremental profit or loss is calculated by deducting…
Q: Required informa [The following information applies to the questions displayed below.] The following…
A: Trial Balance - Trial Balance is the summary of all the ledgers. After recording all the journal…
Q: Sport Box sells a wide variety of sporting equipment. The following is information on the purchases…
A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…
Q: There are two projects under consideration by the Rainbow factory. Each of the projects will require…
A: Internal rate of return(IRR): It is the discount rate that makes the net present value (Difference…
Q: Example: The following information has been extracted from the financial statements of Takeo…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Dividends Per Share Lightfoot Inc., a software development firm, has stock outstanding as follows:…
A: Dividend per share (DPS) is a financial ratio that represents the amount of dividends that a company…
Q: Bears Incorporation manufactures chainsaws that sell for $94. Each chainsaw uses $16 in direct…
A: Total manufacturing cost is the amount of cost incurred on the making of the goods. It includes the…
Q: Whispering Corporation issued 350 shares of $10 par value common stock and 105 shares of $50 par…
A: The company issues common and preferred stock to raise money. The company may issue the shares at a…
Q: a. the revenue test, b. the profit and loss test, and c. the asset test
A: A business may have many segments based on the geographical area or the products etc. But not all of…
Q: The following T-account is a summary of the Cash account of Sweet Acacia Company. Cash (Summary…
A: Cash flow statement :— It is one of the financial statement that shows change in cash and cash…
Q: Compute the residual income for the Manufacturing Division. Greenlink, Inc. produces…
A: Residual income is the concept majorly used in the performance measurement of divisions in large…
Q: The following transactions are recorded in the Accounting Equation for M James, a wholesale…
A: A fundamental accounting theory known as the "accounting equation," or "balance sheet equation,"…
Q: Macee Store has three operating departments, and it conducts advertising that benefits all…
A: In this question, we need to compute the percent of total sales for each departmental sales and need…
Q: The accounting records of EZ Company provided the data below. Net income Depreciation expense…
A: A CFS (cash flow statement) is a type of financial statement that shows the source/uses of cash…
Q: The following data (in thousands of dollars) have been taken from the accounting records of Rayburn…
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…
Q: Macon Mills is a division of Bolin Products, Inc. During the most recent year, Macon had a net…
A: ROI stands for Return on investment. It is used to analyze the profit of the investment of the…
Q: S. source income reign source income. xable income $19,000,000 2,890,000 $21,890,000 son paid…
A: The term taxable income refers to any gross income earned that is used to calculate the amount of…
Q: company reports the following: Cost of goods sold $4,445,700 Average inventory 255,500 Determine…
A: Lets understand the basics. Inventory turnover ratio is a ratio which indicates how many time…
Q: Grove Audio is considering the introduction of a new model of wireless speakers with the following…
A: Break even point = It is the level of sales wherein the company have no profit no loss. below the…
Q: Case Defence sells smartphone cases and uses the perpetual inventory system. The following is…
A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…
Q: During 2021, Pepe Guardio purchases the following property for use in his calendar year-end…
A: The solution is based on the MACRS general depreciation system (GDS), and all assets are non-farm…
Q: QUESTION 9 Rich & Sweet Candy Company's budgeted contribution income statement assumed it would…
A: A flexible budget adjusts to changes in actual revenue levels. This budget is focused on variable…
Q: Haley has an annual salary of $1,000,000 in 2019, 2020, and 2021. She is thinking about retiring at…
A: An employer-sponsored retirement programmes known as a defined-benefit plan calculates employee…
Q: Required information A potential investment has a cost of $395,000 and a useful life of 7 years.…
A: Capital budgeting refers to the financial technique used for evaluating the viability and…
Q: In its Year 5 annual report, Allen Company reports the following (in thousands): Year 5 Year 4…
A: Depreciation is used to record capital expenditure over the period of useful life of asset. There…
Q: d. If the employees are not covered, what is the maximum amount Ken can contribute for himself? Only…
A: SEP plan: An employer or self-employed person can open an individual retirement account (IRA) known…
Q: Preparing the schedule of cash receipts for the months of March and April Prepare schedule of cash…
A: Budgets are important to help us prepare in advance for future obligations. A cash budget means…
Q: The comparative balance sheets and income statements for Gypsy Company follow. Assets Cash Accounts…
A: Cash flow statement :— It is one of the financial statement that shows change in cash and cash…
Q: The following report was prepared for evaluating the performance of the plant manager of Marching…
A: Direct material cost is the cost of raw material produced or purchased for producing the final…
Q: in house will cost - .52 cents in materials .20 cents in overhead, .37 cents in labor and .33 cents…
A: A make-or-buy decision is choosing between manufacturing a product in-house or purchasing it from…
Q: Required: Compute Dow's basic and diluted earnings per share for the year ended December 31, 2024.…
A: It is a crucial indicator of organizational profitability and is frequently applied to stock…
Q: Due to a strike in its supplier's plant, Andretti Company is unable to purchase more material for…
A: Contribution margin is the difference between the sales and variable expense. When fixed cost is…
Q: Bennette Corporation has provided the following data concerning its overhead costs for the coming…
A: The activity rate is calculated as estimated cost divided by the estimated activity usage. The…
Q: Current Attempt in Progress On January 1, 2025, Indigo Company purchased 12% bonds having a maturity…
A: Bond purchase refers to the process in which a loan is to be provided by the issuer to the…
Q: On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 160,000 shares of no-par common…
A: The amount which the company receives in exchange for shares issued to common and preferred…
Q: by Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NC at the…
A: Depreciation per year = (Cost - Salvage value)/ Life Depreciation per year = ($22,000 - $1,000) / 5…
Q: Data for January for Bondi Corporation and its two major business segments, North and South, appear…
A: Variable Cost :— It is the cost that changes with change in activity of cost driver. Variable cost…
Q: Pitney Company purchased an office building, land, and furniture for $798,600 cash. The appraised…
A: Horizontal Statement - Horizontal Statement is a statement where all the financial Statements are…
Q: Rapid Delivery Services Prepaid Insurance account had an unadjusted normal balance of $ 5,400, and…
A: Introduction:- This is an accounting question that involves the use of a worksheet to adjust the…
Q: ThreeRivers Corp. is considering the purchase of a new piece of equipment with a life of 12 years.…
A: The process of assessing and choosing long-term investments that will benefit a corporation over a…
Q: Question 9 of 20 View Policies Current Attempt in Progress Pension expense for 2022 is O $1923200.…
A: Employee benefits cost is one of important cost being incurred in business. This is also known as…
Q: Gaffney Corporation is a wholesale distributor of auto parts and uses the cash method of accounting.…
A: Threshold limit to be considered as a small business taxpayer, which are related with the cash…
Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…
A: a.July 9: Treasury Stock 367,500 Cash 367,500 (To record the reacquisition of 4,900 shares of…
Q: On June 3, Patrick Company sold merchandise to Chester Company having a sale price of $5,200 with…
A: Journal entry It is a record of a business transaction in the business books. In double-entry…
Q: Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her…
A: A Cash flow statement is a financial statement that provides the summarised information regarding…
Q: Specialty Corp is a cash basis
A: In cash basis , the tax payer gets tax deduction if the bills are paid in cash in the…
Q: Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts…
A: Balance sheet is the financial statement which is prepared by the entity for the purpose of…
Q: cleanliness of rooms lost customer reservations incorrectly prepared room service meals training…
A: Cost of quality are very important costs to be analyses for the purpose of decision making. Quality…
Q: Coronado Group provides many of the laminated products that teachers use in their classrooms.…
A: Journal entry It is a record of a business transaction in the business books. In double-entry…
Step by step
Solved in 3 steps
- Gross Income Compute how much will be included and excluded in the gross income given the following scenarios. 1. A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of P15,166, which includes SSS, PhilHealth, and Pag-Ibig contributions. What will be the amount for his annual gross income?Give typing answer with explanation and conclusion Louise Gendron’s monthly gross income is $4,800. Her employer withholds $720 in federal and provincial income taxes, $210.68 towards the Canada Pension Plan, and $68.67 for EI contributions. Louise contributes $180 per month to her RRSP. Her monthly credit payments for Visa and MasterCard are $83 and $73, respectively. Her monthly payment on an automobile loan is $465. a. What is Louise’s debt-payments-to-income ratio? (Round your answer to 2 decimal places. Omit "%" sign in your response.) Debt payments–to–income ratio % b. Is Louise living within her means?Direction: Solve the following problems and show your complete solution. 1. Mr. Gonzaga earned an annual income of 450,000, what is the a. Weekly salary? b. Biweekly salary? c. Semi-monthly salary? d. Monthly salary? CHARACTER SER 2. Ms. Lui earned an annual income of 775,000, what is the a. Weekly salary? b. Biweekly salary? mual income of 775,000. c. Semi-monthly salary? d. Monthly salary? UNI
- G, the Manager of ABC Co., was given a fringe benefit of a Household Expense account for the salary of his driver and other personal expenses in the amount of P20,000 per month for the current year. Compute the following: 1) Grossed Up Monetary of the Fringe Benefits 2) Fringe Benefits Tax Payable 3) If G is employed in an Offshore Banking unit, compute the fringe Benefits Tax. Upload your solutions in Spreadsheet Format.Anna has the following income for the quarter: a. Professional income P80,000 b. Income from her business P30,000 c. Compensation income P40,000 d. Interest income from bank deposit P10,000. 1. What amount of income will Anna report in her quarterly income tax return? a. P80,000 b. P110,000 c. P120,000 d. P150,000 2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR? a. P6,400 b. P8,800 c. P9,600 d. P12,0001. Ms. Evelyn is tax compliance officer at the Bureau of internal revenue earning a monthly salary P35,196.00. How much is Ms. Evelyn's take home pay? 2. Allan S. Gala is a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00. Over his monthly salary of P24,300.00. How much is his monthly net pay?
- Give typing answer with explanation and conclusion Pierre works for a firm in Montreal. He gets paid twice a month with gross pay of $3200 per pay period. Calculate his deductions including income tax, QPP, QPIP, EI. Also calculate his employers contributions in each of the above. How much in total does his employer have to remit to Revenue Quebec/CRA?1. Payroll. Lorna Chavez is a line manager of Sunday Machine Works and is receiving a monthly salary of P30,000. She is the head of the family with two dependents. She got a cash advance of P1,500 on March 20 to be deducted from her take home pay on March 31. a) How much is her monthly net taxable income? b) How much is her take home pay as at March 15? March 31? Use the SS contribution rate of 4%, 2.75% for Philhealth, 2% of P5,000 for Pag-ibig. Gross Pay Less SS Semi monthly taxable income Less Withholding tax PH SS for half month Philhealth for half month Pag-ibig for half month Net earnings (take home pay) PxXx (xx) (xx) (xx) Pxx / 2 Pxx Use the Semi-monthly Withholding Tax Table Column 2. Pag-ibig Net Monthly Taxable Income Semi-monthly Taxable Income Pxx (xx) (xx) (xx) (xx) PrxTamara works for FunCorp. She makes $65,000 per year in salary. How much does she pay in FICA taxes for the year? $4,030.00 O $4,972.50 O $8,060.00 O $9,945.00
- Take me to the text Jaclyn earns a salary of $50,000 per year and is paid semi-monthly. The current CPP rate is 5.45%, the current El rate is 1.58% and her income tax rate is 20%. Calculate her net pay for each semi-monthly pay period. Properly account for the $3,500 exemption Do not enter dollar signs or commas in the input boxes. Use the negative sign for values that must be subtracted. Round your answers to 2 decimal places. Gross Pay $2083.33 Canada Pension Plan $ Employment Insurance $ x Income Tax $-416.67 Net Pay X Check Note: The "check" button does not submit your attempt.To submit the attempt, go to the end of the quiz and click on the "submit all and finish" button.2.Allan S. Gala is a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00 over his monthly salary of P24,300.00. How much is his monthly net payAnalyze and calculate your average monthly disposable and discretionary incomes. Suppose your salary is your only source of income. You receive Php 72 000.00 gross monthly income. You pay personal income taxes of 32%. You are living with your parents so you do not pay rent. However, you settle your family's utilities such as average monthly electricity bill of Php 2 300.00, water bill of Php 550.00, and cable and Internet bill of Php 1 999.00. You spend an additional P5 000.00 for transportation expenses and allot Php 10 000.00 per month for your savings.