Lolo Boy, a senior citizen went to MCDO to treat his 4 grandchildren on account of his retirement. They consumed goods and beverages with a gross amount of P1,120 VAT inclusive. How much is the total amount to be paid by Lolo Boy?
Q: rs are the allocation base. Carter is considering switching to an ABC system by splitting its manufa...
A: A.The indirect manufacturing costs assigned to Product A under the traditional costing system =1,00,...
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: Consolidated financial statements are those financial statements which are prepared for combination ...
Q: As of January 1, 2015, DLSU Inc. has a total of 2,000 employees. Under the SSS Law, DLSU is required...
A: Accrued Expenses arises when payment of expenses is less than the required expenses whereas prepaid ...
Q: A. Explain the matching concept by incorporating the terms ‘recognized’, revenue recognition princip...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Super Soups, Inc. is a Chicago based company that produces soup. Super Soups is publicly traded and ...
A: Recoverable Amount is higher of the following : Fair value less cost of disposal = $110,000 Value...
Q: On January 1, 2020, Diluc acquired land for a cost of P3,000,000 and a building costing P6,000,000. ...
A: Land is not a depreciable asset , therefore no depreciation will be charged on Land . As per provisi...
Q: PROBLEM III. FNE Company (classified as SME) acquired 4,000 shares of the outstanding stock of HCYSY...
A: Consolidated net income is the income of the parent company which does not include any income from i...
Q: Studying AIS helps students understand business processes from an accounting perspective. Which of t...
A: AIS Accounting information systems involves collection, storage and processing of finance and accoun...
Q: Prepare the sales section of a multiple-step income statement based on this information. Barto Compa...
A:
Q: Taxable income of a corporation:
A: As per the guidelines, only one question is allowed to be solved. Please resubmit the question separ...
Q: On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7% ins...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Shear Co.'s Year 1 financial statements included profit from an installment sale of $2,600 that was ...
A: Answer - “Deferred Tax Expense” is created due to the difference in the timing of book profit and t...
Q: Chance Company had two operating divisions, one manufacturing farm equipment and the other office su...
A: Income statement is prepared by the business organization so as to know how much amount of Gross pro...
Q: Prepare compound journal entries for each transaction. a. The owner, J. Cruz, invests $12,500 cash a...
A: >Accounting cycle is the flow or steps carried out to complete the accounting process. These are ...
Q: On July 1, KAW Inc. purchased 75 cows which, at that time were 2.5 years old for a total cost of P1,...
A: Computation of fair value of 3 years old cow 25000 * 75 = 1875000 Computation of fair value of 0.5 y...
Q: Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30. (Credit account ...
A: In the question, adjusted trial balance is given which indicates that the preapaid rent of $22,320 i...
Q: P Corporation acquired an 80% interest in S Company on January 1, 2020 for P425,000. On this date, t...
A: Calculation of Goodwill recognized at January 1, 2020: Amount (P) Share capital 175,000 Ret...
Q: Question 7 Explain the financial presentation and classification of cash and cash equivalent. (Write...
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please ...
Q: Singh and Danzin is an architectural firm that provides services for residential construction projec...
A: Lets understand the basics. In activity based costing, activity rate is calculated by the dividing b...
Q: Prepare any journal entries to record the revenue arrangement for Bonita Bundle B on July 1, 2020, a...
A: Accounting refers to recording of financial transactions for a given period. It is a summary of comp...
Q: Determine the fair value of consideration transferred on the business combination? How many shares w...
A: solution given Number of ABC co’s share 60000 Par value per share 40 Fair value of i...
Q: 1. On December 31, 2019, what is the consolidated net income? 2. How much is the carrying value of g...
A: William Corp has acquired 80% shares of Kate company and hence is the holding company of Kate Compan...
Q: What do we understand, when we say that Social and Economic Accounting is a "comprehensive,
A: GIVEN when we say that Social and Economic Accounting is a "comprehensive, consistent and integrat...
Q: The following amortization and interest schedule reflects the issuance of 10-year bonds by Cullumber...
A: >Bonds Payable are the source of finance for the companies. >The bondholders are entit...
Q: Reversing entries are made at the beginning of the new accounting period in order to transfer all ac...
A: Revising Entries: It is possible to make an accounting period-ending journal entry that reverses cer...
Q: In 2018, SoundSmart Company started its production, specialising in nanufacturing motorcycle helmets...
A: SOLUTION CALCULATION OF MANUFACTURING COST- INDIRECT MATERIALS RM5 *120000 RM600000 FACTORY EQ...
Q: 1. D. Belle created a new business and invested $6,400 cash, $6,000 of equipment, and $12,400 in web...
A: See , you have posted debit items into credit and credit items into debit , Otherwise the whole answ...
Q: Required: Adjusting entries in the books of royal and blue
A: Partnership is one of the agreement or arrangement between two or more than two persons, in which th...
Q: Coronado Company buys a $20600 van on credit. The transaction will affect the income statement only....
A: Solution: Van purchased on credit is Non current asset. Purchase on credit will give rise to a liabi...
Q: Problem 9 Johnson Corporation is preparing a flexible budget and desires to separate its electricity...
A: High low method: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest ...
Q: What is the difference between ‘Cash’ basis and ‘Accrual’ basis of accounting.
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Required: Show adjusting entry required on 30 June 2021 for depreciation of the delivery vehicle acq...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A:
Q: August 1 8 $140 $ 1,120 August 4 August 11 August 13 August 20 August 26 August 29 inventory Sale ($...
A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of invent...
Q: Maggie Vitteta, single, works 30 hours per week at $14.00 an hour. How much is taken out for federal...
A: Here asking about to calculate the Federal Income taxes using the withhold allowance for single tax ...
Q: The Kingbird Company issued $240,000 of 8% bonds on January 1, 2020. The bonds are due January 1, 20...
A: Bonds are the instrument by which company raises the money for a fixed interest payment as finance c...
Q: S1-9 Brazos Medical, Inc., ended 2019 with cash of $24,000. During Brazos earned net income of $120,...
A: Statement of Cash Flow show the inflow and outflow of cash during the year. In Statement of Cash Flo...
Q: purchase price. It costs the Book Shop $500 to place a single order. The maximum sale for the Book S...
A:
Q: Identify the items from the following list that are likely to serve as source documents. Is this a I...
A: >Analyzing and recording the transaction is the first stem in the Accounting cycle.>Transactio...
Q: The Martinez Company issued $230,000 of 12% bonds on January 1, 2020. The bonds are due January 1, 2...
A: >Bonds Payable are the source of finance for the companies. >The bondholders are entit...
Q: Which of the following is not a true statement with regard to a merger? a. one entity continues to ...
A: Merger refere to the unity of two companies to a single company under one name. It is formed as a se...
Q: QUESTION 43 Ben is a sole trader carrying on a computer repair business and has four employees. Ben ...
A: Fringe benifit are additional benifits provided by employer to its employees on their performance.
Q: Required information [The following information applies to the questions displayed below.] Following...
A: Journal is the book of primary entry. All the transactions are recorded initially in the journal,acc...
Q: Skysong Co. is building a new hockey arena at a cost of $2,310,000. It received a downpayment of $49...
A: Since, the yield is less than the bond interest rate, they are issued at a premium. Premium of the b...
Q: esidual value and will be depreciated using the straight line method. On March 1, 2020 the equipm...
A: journal entries refer to the concept of documenting all the transactions of a company in its books.
Q: Juan, resident citizen, had the following income: Interest income from deposits in a foreign bank lo...
A: Answer: The income that is earned within Philippines are taxable within Philippines. Any income earn...
Q: Jane Corporation produces model toy cars. Each sells for $25.75. Its variable cost per unit is $12.4...
A: The Break-even point indicates that total units are to be sold by the business entity to recover its...
Q: Discuss ROPs and to tal costs.
A: Answer: ROP is defined as reorder point. This is the inventory level that is to be maintained at the...
Q: 1. Use the following information for the next five questions:On January 1, 2021, ABC Co. acquired al...
A:
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: solution given Purchase price 40000 Fair value of current assets of XYZ 26000 Fair v...
Step by step
Solved in 2 steps
- For each of the following, determine the amount that should be included in gross income: a. Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of 60,000. Peyton did not need the automobile, so he asked that the title be put in his parents names. b. Jacob was awarded the Nobel Peace Prize. When he was presented the check for 1,400,000, Jacob said, I do not need the money. Give it to the United Nations to use toward the goal of world peace. c. Linda won the Craig County Fair beauty pageant. She received a 10,000 scholarship that paid her 6,000 for tuition and 4,000 for meals and housing for the academic year.Fred, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five days conducting business and two days sightseeing. His expenses are 400 (airfare), 150 per day (meals), and 300 per night (lodging). What are Freds deductible expenses?Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
- Jack paid $5,000 in daycare expenses for his five-year-old daughter so he could work. His AGI for the year was $37,500 (all earned income). What is the amount of his child and dependent care credit? Show your working!!Last year Nate opened a savings account with a deposit of $17,250. The account was in the name of Nate and Derrick, joint tenancy with the right of survivorship. Derrick did not contribute to the account, but this year he withdrew $5,750. Required: a-1. Has Nate made a complete gift? a-2. What is the amount of the complete gift, if any, and when was the gift made? Complete this question by entering your answers in the tabs below. Req A1 Req A2 What is the amount of the complete gift, if any, and when was the gift made? Amount of complete gift At the time of withdrawalQOn February 15th, Jody had $17,000 in her RRSP. On that same day, she made a contribution of $6,500, increasing the total to $23,500. On March 1st, the RRSP was credited with $1,500 in earnings, increasing the RRSP balance to $25,000. On March 15th, Jody went to the bank to withdraw RRSP funds to help her purchase her first home. Considering that Jody wants to deduct her February contribution, what is the maximum eligible amount she can withdraw from her RRSP under the Home Buyers’ Plan?
- 11.Bonnie owns a hardware store. During the year, Bonnie gives business gifts having the indicated costs to the following individuals: Mrs. Johnson (a customer) $37 plus $3 for shipping. Mr. Johnson, (non client husband of Mrs. Johnson) $10 Ms. Doncan (a customer) $22 What is the amount of Bonnie's deduction for business gifts?Sue is a small business owner who often gives gifts to clients. She gives a $40 gift to her client, Mr. Smith, and his wife. Sue spent $6 to wrap the gift. She also gave out 400 calendars with her company name on them. Each calendar cost $1. Sue also gave her secretary a $370 watch for his 10 years of service. How much of the above expenses may she duduct?Nancy owns a small dress store. During 2015, Nancy gives business gifts having the indicated cost to the following individuals: Mrs Johns (a customer) : $37 plus $3 shipping Mr. Johns (nonclient husband of Mrs. Johns) : $10 Ms. Brown (a customer): $22 What is the amount of Nancy's deduction for business gifts? a. $ 0 b. $ 50 c. $ 53 d. $ 62 e. None of the above
- Grady is a member of a large family and received the following payments this year. For each payment, determine whether the payment constitutes realized income and determine the amount of each payment Grady must include in his gross income. (Leave no answer blank. Enter zero if applicable.) a. A gift of $21, 600 from Grady's grandfather.Lola Tinidora, 63 years old, was treated by her grandchildren Alden, Allen, and Ellen to Max's restaurant during the grandparent's day and their total bill is P2,240. How much is the discount on senior citizen? How much is the VAT? a. P240 b. P180 c. P100 d. P60Larry purchased an annuity from an insurance company that promises to pay him $1,000 per month for the rest of his life. Larry paid $105,120 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $1,000 this month. Use the expected number of payments in Exhibit 5-1 for this problem. a. How much of the first payment should Larry include in gross income? Amount to be included in gross income