How much is the income tax applicable on the transactions?
Q: The payment schedule of purchases made on account is as follows: 75% during the month of purchase,…
A: Payment for credit purchases in December = 10% of October + 15% of November + 75% of December
Q: n October 1, 2021, a company declared to its shareholders a property dividend in the form of pieces…
A: Introduction:- The following basic information as follows under:- On October 1, 2021, a company…
Q: ne Atlantic Company sells a product with a break-even point of 4,247 sales units. The variable cost…
A: Break even point in units= fixed cost/ contribution per unit 4247 = $110,422/contribution margin per…
Q: During 2020, Strawberry Corporation purchased several equity securities, all of which are designated…
A: Here discuss about the purchase and sale of share investment which are made through the fair value…
Q: Assume that Zandile's Boutique registered as a VAT vendor effective 1 March 2019. Zandile's Boutique…
A: Introduction:- The VAT control account records all the VAT on both sales and purchases.…
Q: Prepare adjusting entry for October 31. Show computation. A bank loan amounting to P100,000 was…
A: Adjusting entry is that type of journal entry, which is passed at the end of the period in order to…
Q: MORGAN Merchandising is preparing its Production Budget for the 3rd Quarter of 2020. Its Sales…
A: Production Budget Template: Estimated Sales for the Quarter XXX Add: Desired Ending Inventory…
Q: Winston Company had two products code named X and Y. The firm had the following budget for August:…
A: Introduction:- The following formula used as follows under:- Budgeted units = Budgeted sales /…
Q: received an indorsement from C. The indorsement was located at the back of the check. Upon…
A: The undated Check has no effect on the negotiability of an instrument. The date part of the undated…
Q: From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March…
A: Gross profit is the profit a company makes after deducting the costs of manufacturing, selling, and…
Q: The net income reported on the income statement for the current year was $116,600. Depreciation…
A: Lets understanding the basics. Cashflow are divided into three type of activities which are, (1)…
Q: White Airlines sold a used jet aircraft to Brown Company for P800,000, accepting a five-year 6% note…
A: Fixed assets are those assets which are held by the business for longer period of time. These assets…
Q: On April 5. 2020, Paul Company purchased P50 par, 10,000 ordinary shares of George Company at P80…
A: Right Shares: - Right shares are those shares that are issued by the company to its existing…
Q: In the year, Jack owed RM2,000 and Rose owed RM5,000 to Wakanda Enterprise. At the end of the year,…
A: The business allows credit facility to the customers regarding sales. If the customers cannot repay…
Q: The stockholders’ equity of A Company at the end of 2023 and 2022 are as follows: 2023 2022…
A: To calculate the issue price per share of preferred stock, firstly we need to calculate the no. of…
Q: In preparation for the quarterly cash budget, the following information have been compiled. Month…
A: Cash budget means the expected cash receipts and expected cash payment for the next year. Cash…
Q: 23. TRUE or FALSE: Partnerships are tricky and are sometimes difficult to know if one exists. Group…
A: A partnership firm is a firm wherein two or more persons come together and form a joint partnership…
Q: Determine variable and fixed cost components using the high-low method. BE2.8 (LO 3) Westerville…
A: High low method: Highest activity = 40,000 units Lowest activity = 18,000 units
Q: Thank you, how did you get the Adjusted Production Volume Variance?
A: Production Volume Variance = It helps the businesses to assess their performance and how much they…
Q: n 2021, wow company issued 1,000,000 no-par value ordinary shares for P1.15 per share. The stated…
A: Company means a form of business where the share holder invest money in business in form of shares…
Q: A company retired 50,000 shares of P5 par value common stock it held in treasury at an average cost…
A: No. of shares outstanding means shares issued by the company and currently are with the…
Q: 26. TRUE or FALSE: Joint and severally liability for partners in a partnership means that a creditor…
A: Partnership is one of the agreement or arrangement between two or more than two persons, under which…
Q: poration has the fo
A: The cost of goods manufactured is the cost assigned to produced units in an accounting period. The…
Q: Part I. Using the adjusted trial balance of Margie Decorating Services, compute for the following:…
A: Income Statement Revenue Professional fees 660,000.00 Total Revenue 660,000.00…
Q: A company had 100,000 shares of common stock outstanding in January 2003. The company distributed a…
A: No. of shares outstanding means shares issued by the company and currently ar with the stockholders.…
Q: The total cash receipts have to be put in the final part?
A: The cash receipts means the amount of money received either through cash mode or bank.
Q: Use the given statement of comprehensive income below in answering the question. DEF Company, Income…
A: Formula: Operating Expenses as a percentage of sales = Operating Expenses of the year/ Sales of the…
Q: Sako Company’s Audio Division produces a speaker that is used by manufacturers of various audio…
A: Solution 3a: If Audio Division can sell all of its speaker to outside customers for 88 per speaker,…
Q: The Danice Corporation was incorporated on January 1, 2005, with the following authorized…
A:
Q: 30. In a make-or-buy decision, a potential supplier comes to you offering to make your product for…
A: Net income will be the same at a price equal to the Relevant cost per unit of making the product.…
Q: 55. On March 1, 2021, a company issued a four-year, P3,000,000 face value, 11% term bonds for…
A:
Q: Until its involvement as Enron’s auditor, Arthur Andersen was recognized as one of the most…
A: Financial statement fraud refers to the willful misrepresentation of financial statements by one or…
Q: The Harvard Company acquired a 30% equity Interest in Baywatch Company for P4,000,000 on January 1,…
A: The investment made by company in shares of other company is recorded as assets in the balance…
Q: Effect of Financing on Earnings per Share Henriksen Co., which produces and sells biking equipment,…
A: The earnings per share on common stock is calculated as net income available to common stockholders…
Q: Swirlix Semicon Manufacturing Inc uses machine-hours (MHs) for its overhead rate. The production…
A: Applied overhead is the amount of overhead allocated to the actual activity using predetermined…
Q: When is it necessary to adjust the parent’s retained earnings account in the preparation of…
A: Retained earnings can be referred to as accumulated earnings of a corporation which is available to…
Q: It says that step a is wrong. That those are not the right ROI's. Is there another way to solve that…
A: Introduction:- Return on investment indicates how well an investment performed in comparison to the…
Q: Bramlett Plc is considering a new project, code named PJ6. This project requires an initial…
A:
Q: Alexia Jones is a worker at a local 24-hour pharmacy. Alexia works the night shift and is the only…
A: In case of a company, the risk for fraud means the chance of committing willful attempt to defraud…
Q: ember 31. The bonds are convertible into 40,000 of the company’s ordinary shares with par value of…
A: Given as, The total number of 1000 bonds are convertible in 40000 in shares of $100 each.
Q: HRMG 3400 LTD Lab Activity_ Vocabulary: Qualifying period, aka elimination period, aka waiting…
A: The face value of the insurance policy is known as the benefit volume. This is calculated using the…
Q: Donahue Oil has an account titled Oil and Gas Properties. Donahue paid $6,700,000 for oil reserves…
A: Journal entry is the primary step to record the transaction in the books of account. The debit and…
Q: 2021, a company issued 6% bonds with a maturity value of P40,000, together with 1,000 shares of its…
A: Share premium is amount which is paid in excess of par value of ordinary shares. It is given that…
Q: A positive value for EFN means that the company needs to? A) Sale items B) close the company c)…
A: Value of EFN means how much external funds are needed for business operations, because internally…
Q: what is the dollar amount for the four cash dividends
A: The dividend is paid to the shares which are issued and outstanding. The treasury stock shares do…
Q: QUESTION 23 During the year of 2021, Bradford Corporation, an S Corporation has a recognized…
A: The answer for the multiple choice question and relevant working are presented hereunder : What is…
Q: Kiro Corporation acquired a real estate located in Manila City at the beginning of 2020 for a total…
A: Comment- Multiple questions asked. Acquisition cost- The cost of acquiring a fixed asset, another…
Q: What shall be the proper treatment of donated shares from stockholders? Group of answer choices a.…
A: when shares are donated from shareholders they received the shares and shareholders is right to…
Q: A wood products company has decided to purchase new logging equipment for $139805 with a trade-in of…
A: Depreciation Accounting is the method of debiting the cost of an asset and crediting it to a…
Q: John Wells, CPA, is planning the audit of CVG Services Inc. As a result of his risk assessment…
A: Events or situations that imply an incentive or motivation to conduct fraud or give a chance to…
Step by step
Solved in 2 steps
- An individual, who is a real estate dealer, sold a residential lot in Quezon City at a gain of P100,000.00 (selling price of P900,000.00 and cost is P800,00.00). The sale is subject to income tax as follows: a) 6% capital gains tax on the gain; b) 6% capital gains tax on the gross selling price of fair market value, whichever is higher; c) Ordinary income tax at the graduated rates of net taxable income; d) 8 % income tax on net taxable income.Anderson disposes a vacant lot for P3,000,000. The lot has an Assessor's fair value of P2,800,000, a zonal value of P3,200,000, and an appraisal value of P3,500,000. What is the capital gains tax? P 0 P180,000 P192,000 P210,000During the year, JK Corporation has gross sales of P20,000,000 and operating expenses of P2,000,000, inclusive of representation expense amounting to P300,000 with proper documentation. How much is the allowable regular itemized deductions? A foreign corporation sold a condominium unit to Mr. Mauricio for P10 million which it acquired at a cost of P5 million. The fair market value of the said property per tax declaration was P12 million while its zonal value was P15 million. How much is the capital gains tax?
- KNB sold real property to Firm P for $15,000 cash and Firm P’s assumption of the$85,000 mortgage on the property.Required: What is KNB’s amount realized on the sale?b. Compute KNB’s after-tax cash flow from the sale if its adjusted basis in the realproperty is $40,000 and its marginal tax rate is 35 percent.10. Sicilian Corporation purchased a condominium unit for P2,000,000. The zonal value is P2.500,000. The title to the property was transferred in the name of Lito. the company's finance manager. How much is the fringe benefit tax due? a. P 1,076,923 b. 269,231 d. C. 1,346,154 None CS Scanned with CamScannerGarcia disposed of his principal residence for P2,000,000 and immediately acquired a new one for P1,800,000. The old residence was acquired for P1,000,000 and had a fair market value of P2,500,000 on the date of sale. Compute the capital gains tax on the sale. * Zero 12,000 15,000 150,000
- A corporation sold a parcel of land used in its operation abroad. The selling price is P3,000,000. The property was acquired five years ago at P1,500,000. What is the amount of final income tax on the above transactions? Select the correct response: 180,000 90,000 3,000,000 ZeroKNB sold real property to Firm P for $15,000 cash and Firm P’s assumption of the $85,000 mortgage on the property. Required: What is KNB’s amount realized on sale? Compute KNB’s after-tax cash flow from the sale if its adjusted basis in the real property is $40,000 and its marginal tax rate is 35 percent.H6. A business sells real property for $950,000, with $600,000 of this amount being allocated to the building and the remaining $350,000 allocated to the land. The building, the only asset in its Class, had a capital cost of $800,000 and a UCC of $650,000. The adjusted cost base of the land was $250,000. What are the tax consequences of this disposition? A capital gain of $50,000 and a terminal loss of $50,000 © A capital gain of $100,000 and a capital loss of $50,000 C A capital gain of $50,000 and a terminal loss of nil © A capital gain of $100,000 and a terminal loss of $50,000 Please give accurate response Show proper step by step calculation
- Puerto Princesa Company sold its parking lot for P2,000,000. The lot has a zonal value of P2,500,000 and appraisal value of P1,800,000. The capital gains tax on the sale of the lot is a.P0 b.P120,000 c.P150,000 d.P108,000X Corporation opted to deduct OSD. The following are the results of its operation: Net sales -P3,450,000; Cost of Sales – P2,100,000; Dividend from Y Corporation, a domestic corporation – P150,000; Gain on sale of Building – P200,000; Selling Expenses – P70,000; Administrative Expenses – P30,000. What is the taxable net income? A. P 930,000 B. P 1,020,000 C. P 870,000 D. P 810,000X Corporation opted to deduct OSD. The following are the results of its operation: Net sales -P3,450,000; Cost of Sales – P2,100,000; Dividend from Y Corporation, a domestic corporation – P150,000; Gain on sale of Building – P200,000; Selling Expenses – P70,000; Administrative Expenses – P30,000. What is the taxable net income? P 930,000 P 1,020,000 P 870,000 P 810,000