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Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of th...
A: Solution.... Estimated manufacturing overhead costs = $328,000. Estimated direct labor hours =...
Q: Alex and Bess have been in partnership for many years. The partners, who share profits and losses on...
A: Liquidation: Liquidation is the method involved in finishing a business up and appropriating its res...
Q: Which of the following is not one of the lease classification tests? Purchase option Lease term Tr...
A: Solution: Following are the lease classification tests based on which lease is classified as finance...
Q: ckie derives its sole income from Zhakie. Said income is normally subject to withholding taxes. Jack...
A: There certain exemption to the tax expenses but they may be allowed for deduction to taxes but some ...
Q: Bulldogs Inc. wants to establish a bond portfolio consisting only of BDO bonds which has a maturity ...
A: The question is based on the concept of Financial Management. The fair value of the bond is the pres...
Q: H sold land to his sibling for $280,000. The land is used for farming and at the time of the sale ha...
A: The amount earned by an individual or company after deducting costs, allowances, and taxes is referr...
Q: Prepare all entries Bramble should have made in its accounting records during August 2020 relating t...
A: Solution:- Given, Bramble has leased a large, Alpha-3 computer system from the manufacturer. Lease ...
Q: The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Sp...
A: It is an arrangement between two parties in which one party (lessor) allows another party (lessee) t...
Q: Data for Al-Riyadh Company for the year ending in 2020: (10 Marks) Date Explanation Beginning Invent...
A: * As per Bartleby policy, in case question contains multiple subparts then answer first three only. ...
Q: SD acquired the net assets of both GM and SR. Paying cash in the amount of P185,000 and by issuing 1...
A: A merger refers to the business arrangement under which two existing companies form the new company....
Q: November 5 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n...
A: Solution: Under perpetual inventory method, record of each purchase and sale is maintained. Gross me...
Q: What percentage of the intercompany loss on plant asset sale should be used to adjust consolidated n...
A: Introduction: To present the Consolidated financial statement, the effect of transactions between th...
Q: Thomson Company makes small metal containers. The company began December with 250 containers in proc...
A: Equivalent units for conversion costs (weighted average method) = No. of units Completed + (Ending w...
Q: 35. Which of the following describes the lease term test? If the lease term is 90% or more of the...
A: Lease: It refers to a contract that carries the obligation on part of the lessor (transferor) to tra...
Q: quincy is single. his income of $250000 includes wages of $210000, $1500 of interest,$3500 of tax ex...
A: Net investment = Gross investment - Depreciation on capital asset
Q: On January 1, 2022, Lucas Company acquired 85% of outstanding shares of Luna Corp. The consideration...
A: Solution Non controlling interest is a scenario in which a shareholder holds less than half of the o...
Q: SD acquired the net assets of both GM and SR. Paying cash in the amount of P185,000 and by issuing 1...
A: Solution Calculation of purchase consideration paid by SD- Particulars To GM To SR Total Cash p...
Q: A company borrows $10,000 and signs a 90-day nontrade note payable. In preparing a statement of cash...
A: Short term notes payable are included in the financing activities of the cash flow statement. Howeve...
Q: Accounting Q.2 A company entered into two different leases on Ist January 2012: Machine 1 A total of...
A: Finance leases A finance lease is a type of financing in which the leasing firm purchases an asset ...
Q: The overhead cost per unit of Product A under the activity-based costing system is closest to: Grou...
A: The correct answer is $73.44. Working Calculation of Activity rates Activity Cost Pool Activi...
Q: On January 1, 2022 an SME acquired 25% of the equity of each of entities A and B for P1,000,000 and ...
A: Excel formulas which are used to calculate the carrying amount of investments.
Q: On June 1, 2020, Straw Company acquired 20% equivalent to 20,000 shares of Berry Company for P3,000,...
A: Introduction:- A controlling interest in a corporation is one that owns enough voting stock shares t...
Q: Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administr...
A: Solution Cost of good manufactured is the calculation of a company's Total costs of production duri...
Q: Whenever I have to choose between 2 investments, I should chose the one that provides the biggest st...
A: The cash/ revenue is not the only factor to be considered while choosing the investment. There are o...
Q: amortized debt premium should be reported on the balance sheet of the insurer as a Group of answer ...
A: The bonds are issued at premium or discount to face value of bond. The issuer has to pay the premium...
Q: QUESTION 10 Wok of Fame, Inc. produces and sells 50 units of a single product. $400 Selling price pe...
A: The break-even point (BEP) is an accounting term that refers to the moment at which a company's reve...
Q: ariable cost per unit $2.45 Fixed cost per unit 4.75 Total cost per unit $7.20 Determin...
A: In marginal costing , the variable cost per unit and the total fixed cost remains unchanged irrespec...
Q: 5.. Wildhorse Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it t...
A: Lessee is the person to whom the asset has been granted to be used up to a certain lease period on t...
Q: QUESTION 6 Sort the following contribution margin income statement line items in the correct order f...
A: The Contribution Margin income statement is prepared under CVP Analysis on order to get the Variable...
Q: P20,000,000. The supplier provides the entity one additional truck of the same kind with a fair valu...
A: whenever a company purchase it's asset is recording is done in the balance sheet at historical cost...
Q: In addition to other costs, Grosha Telephone Company planned to incur $600,000 of fixed manufacturin...
A: Predetermined overhead rate = Estimated manufacturing overhead cost / Estimated total units in the a...
Q: Purchase Returns and Allowances and Merchandise Returns. Customer Refunds and Customer Allowances.
A: Purchase means buying goods from supplier . The difference between purchase return and allowances an...
Q: Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020, Susan...
A: A tax credit is a monetary amount that taxpayers can deduct straight from their tax returns. Unlike ...
Q: Trenton Company has two departments (Processing and Packaging) and uses a job-order costing system. ...
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base a...
Q: The following employees of CIBA Ironworks in Bristol, Ilinois, are paid in different frequencies. So...
A: The Net pay is calculated by reducing the amount of gross pay by all the deductions allowable. The d...
Q: The information in the statement of cash flows helps investors, creditors and others do all of the f...
A: The information in the statement of cash flows helps investors, creditors and other :- show the i...
Q: On September 1, 2022, Curly Company approved a formal plan to sell a business segment. The sale will...
A:
Q: ories: of AB s of AB 15,000 kg 2,000 units 60,000 units
A: To calculate the number of kilograms of raw materials that should be purchased, the budgeted product...
Q: 31. The classifications of a lease by the lessee are operating and finance leases. operating, sal...
A: A lease is a contract that describes the terms under which one party agrees to rent another party's ...
Q: ulldogs Inc. has Dog bonds outstanding with P1,500 face value and 8 years is remaining before its ma...
A: Formula: Approximate yield to call = Coupon payment + [(Face value – Call Price)/ Number of years to...
Q: When using the indirect method to prepare the operating section of a statement of cash flows, which ...
A: Solution: Under indirect method of statement of cash flows, operating activities section is starts f...
Q: On December 31, 2019, the liability section of Antonio Company's statement of financial position inc...
A: Solution Working note - Calculation of interest Accrued = P4000000*12%*3/12. =P120000.
Q: The capital structure of Bulldogs Inc. is comprised of 50% ordinary stock, 25% preferred stock, and ...
A: Formula: Weighted Average Cost of Capital = (Cost of Ordinary Stock X Weightage of Ordinary Stock) +...
Q: The initial direct costs of leasing include lessor advertising costs. are generally borne by the l...
A: Introduction:- Initial direct costs included costs incurred by the lessor. It includes the amounts o...
Q: Choose the combination that best reflects the appropiate classification of cash received from operat...
A: Lets understand the basics. Cash flow from operating activity includes cashflow from activities whic...
Q: Some insurance policies have deductibles. A deductible is an amount of a claim not covered by nsuran...
A: In insurance deductibles are those amounts that the policy holder will have to pay before the insura...
Q: Bulldogs Inc. has a financial break-even point at P163,500. How much is the total preferred dividend...
A: Financial Break-even point is the point where Earnings before interest is taxes is sufficient to cov...
Q: Classifying Costs of Quality Paul Miller, controller of Meta Medical, has reviewed the costs of qual...
A:
Q: For the coming year, Cleves Company anticipates a unit selling price of $80, a unit variabie cost of...
A: Formula: Break even sales units = Fixed cost / Unit contribution margin
Q: Stellar Industries and Pearl Inc. enter into an agreement that requires Pearl Inc. to build three di...
A: Journal entries (JE) refers to the entries which are recorded in the original or first book of accou...
Whilst looking at the income tax returns applicable to corporate entities, Jackie was curious why there is a need for tax-exempt entities to still file for their ITR given that they are already exempted.
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- Which is NOT a proper exercise of administrative feasibility?a. Electronic Tax Payment System (eTPS)/Land Bank Remittance System (LBRS)b. Payment of tax thru credit/debit/prepaid cards/G-Cashc. Requirement to all taxpayers to file tax returnsd. Substituted Filing of Qualified Compensation Income EarnersTax accounting is a service offered by public accounting firms that involves both tax planning and which of the following? Multiple Choice A.)tax compliance B.)tax avoidance C.)tax elimination D.)tax payment. Please explain incorrect and correct option without plagiarismWhich option is the correct definition of tax base? Select one: a. Tax base is the amount the asset or liability is recorded at in the accounting records. b. Tax base is a comparing the balance sheet derived using accounting rules with balance sheet that would be derived from taxation rules c. Tax base is the recognition of assets and liabilities in the balance sheet based on the differences between accounting and tax values of assets and liabilities. d. Tax base is defined as the amount that is attributed to an asset or liability for tax purposes.
- Assuming that you were a tax consultant of a certain company, discuss the specific provisions of the TRAIN LAW which you can use in tax planning. Apply your knowledge in tax saving strategies.What’s the difference? Explain to Laura how differences between financial reportingstandards and income tax rules might cause the income tax expense and the amount ofincome tax paid to differ.1. Bob is issued with a notice of assessment. What does the Commissioner rely on when issuing a notice of assessment?a. Taxpayer's honesty.b. Asset register.c. Taxpayer's income tax return.d. Material collected from auditing an accountant.
- Examples for the permanent differences between financial reporting and reporting for the IRS in taxes. Why do you think items like life insurance proceeds or included on this list? Would a company be the beneficiary? Is this list for personal and corporate tax structures? ExplainHow is Gross Income defined in the Tax Code and what are the implications to individual and business taxpayers? Name several examples of gross income for individuals and for corporations. Also, discuss the concept of Adjusted Gross Income for Individuals and provide two examples of deductions from gross income to arrive at AGI as well as two examples of deductions from AGI to get to taxable income. What are the three fundamental and general requirements in order to deduct business expenses for tax purposes? What is your opinion of these general requirements and support that opinion?Why are you learning tax accounting? Does your why in any way related to the business "why"? No plagiarism please.
- As a taxpayer referring to the information provided by your classmates related to the informational needs of the user group you have chosen, state whether the objectives of financial reporting they have listed meet your needs, whether any additional information is needed by your user group, and why this information would be beneficial to the financial decisions you would need to make. Are there any additional objectives that should be listed for your user group, if so what are they? How do your needs differ from the other user groups? how would I respond to the following: In reviewing the FASB concepts, I will address them from the school department point of view, which operates under the city government. Concept no.1 requires that financial statements help users to assess whether to donate to an organization, and to understand how (if they choose to donate) their resources will be used. For a school department it is imperative that the public know what their tax dollars are used for,…As a tax consultant you receive on continuous basis inquiries and tax forms from your clients. Following are independent inquires that you have to check and reply back to your clients. For each enquiry below and listed 1 to 4, comment on whether the given calculations are correct or not, explain your answer and give the correct calculations by showing your workings if you disagree. 1. Jurisdiction A imposes income tax on businesses. The income tax is equal to 1% of income up to $ 200,000 and 1.5% of income in excess of $200,000. Nasha Company reported $1,564,000 net income for the year ended December 2020. Nasha's accountant reported an income tax of $23,460. 2. Taxpayer D has taxable income of $172,450. He operates in a Jurisdiction where the tax equals 10% of the first $34,000, 15% from $34,001 to $138,000 and 25% in excess of $138,000. Taxpayer D believes that his average tax rate equals his marginal tax rate of 25%. 3. Taxpayer E lives in a jurisdiction which impose 15% individual…remedy in recovering the overwithholding? a. Claim the overwithholding as tax credit for the year b. File for a tax refund with BIR c. File for a civil suit against the erring client d. Collect the overwithheld amount from the client