P74,500
Q: Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories.…
A: Predetermined overhead rate = Total overhead*/Total machine hour = $29300/4000 = $7.325 *Total…
Q: t that the client might be making duplicate payments to vendors. The risk that the client’s…
A: Auditing refers to the process of tallying all the transactions of a company by physically checking…
Q: Mochaccino Express Coffee Company roasts and packs coffee beans. The process begins by placing…
A: 1. Mochaccino Express Coffee Company Cost of Production Report-Roasting Department For the…
Q: Employment Income Income (Loss) From Business Rental Income (Loss) Taxable Capital Gains Allowable…
A: Total income refers to the gross income that is earned from various sources after deducting all…
Q: erhead to jobs on the is estimated at 102, are incurred, and 10
A: Manufacturing overhead refers to the expenses involved in manufacturing a product by a company, it…
Q: Franklin Company obtained a $110,000 line of credit from the State Bank on January 1, Year 1. The…
A: Interest Expense Recognition :— Interest expense is a non-operating expense shown on the income…
Q: C.) If Cullumber's sales were to increase by $100,000 with no change in fixed expenses, by how much…
A: Introduction:- CVP analysis is used to identify the changes in costs and volume affect a company's…
Q: Which of the following statements aptly describes the user-based definition of quality?
A: Quality is one of the biggest concerns to this competitive market to the company and every business…
Q: blem 3 East Company submits the following data for May, 2022 Direct labor cost Cost of goods sold…
A: Cost of goods sold means actual cost of goods that are being sold to the customers. It includes…
Q: Record the foreign exchange loss for the third quarter.
A: Foreign exchange loss is the loss which has been incurred to the company when the translation or the…
Q: A Contractor submitted its Progress Billing No. 1 to the Project's Owner. Under the contract as well…
A: Progress billing in Contract Progress billing is an accounting technique where the client is…
Q: A small warehouse has 100,000 square feet of capacity. The manager at the warehouse is in the…
A:
Q: On January 1, 20x1, an entity issued an interest bearing note payable of P1,600,000 in exchange for…
A: All necessary entries for above transaction are as follows
Q: Knight Company reports the following costs and expenses in May. Factory utilities Depreciation on…
A: Manufacturing Overhead comprises of indirect manufacturing costs that cannot be directly traced to…
Q: Activity-Based Costing: Factory Overhead Costs The total factory overhead for Bardot Marine Company…
A: Activity-based costing is used to distribute the unallocated overhead on the basis of activity.…
Q: age 57, recently suffered a stroke. She was in intensive ital, she spent 25 days in a nursing home…
A: Insurance plan refer to the form of a contract in which the policyholder and the insurance company…
Q: What are some questions I can ask for an employee about their knowledge about collusion in auditing?
A: Audit To ensure that all departments are using a documented system of documenting transactions, an…
Q: Establish a T-accounts for the following transactions. Thanks
A: T accounts are used in second step of accounting cycle process. Under this, recorded transactions…
Q: 13. [4-a-13] Adjusting Entry. Because the city uses a periodic inventory system a physical count of…
A: Introduction: In order to record an income or cost in the time that it is incurred, an adjusting…
Q: Given $140.10 per month; cash price $5,600; down payment $0 Cash trade months with bank-approved…
A: Interest per $100= (finance charged/ amount financed)*100 (2806/5000)*100 = 56.12
Q: The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the…
A: Sales 1462000 Divide by Selling price per pair of skis 430 Units sold 3400 Beginning…
Q: On January 1, 2021, Sampson Co. purchased 100,000, representing 10% of Fraser's outstanding shares.…
A:
Q: Profit equals: O (P x Q-V x Q) - fixed expenses.
A: PROFIT=[P X Q - V X Q]- FIXED EXPENSES
Q: What is the purpose of a double-line rule in a balance sheet? to show a balance sheet was checked by…
A: In accounting the double line rule is used when making financial statements. This rule is applied to…
Q: Problem 1-16: Statement of Cost of Goods Sold Jenna Company has provided the following data…
A: Cost of goods sold is the total amount your business paid as a cost directly related to the sale of…
Q: After the accounts have been adjusted at June 30, the end of the fiscal year, the following balances…
A: Account Debit Credit Personal Accounts The Receiver The Giver Real Accounts What…
Q: Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories.…
A: Calculation of plantwide predetermined overhead rate are as follows
Q: P3.5A (LO 2, 3, 4) Financial Statement On November 1, 2020, the account balances of Hamm Equipment…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Private equity funds invest either in the equity of publicly traded or private firms, wanting to…
A: The answer for the True or false question and relevant explanation are presented hereunder : What is…
Q: Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income…
A: The Cost of Goods Manufactured is the total manufacturing costs of goods that are finished during a…
Q: Ghislaine has bought a house. She borrowed most of the price of the house from Monster Bank, which…
A: Ans. A Ghislaine is the bank's receivable (debtor) and Monster bank is Ghisline's mortgagee.
Q: The production supervisor of the Machining Department for Hagerstown Company agreed to the following…
A: The question is based on the concept of cost Accounting.
Q: What amount did the company borrow?
A: Given in the question: Interest rate on note = 7% It has been given in the question that there are a…
Q: Archie’s Apples grows organic apples and sells them to national grocery chains, local grocers,…
A: Decision-making within management accounting could be simply described as selecting a plan of action…
Q: The Converting Department of Tender Soft Tissue Company uses the average cost method and had 2,100…
A: EQUIVALENT UNITS OF PRODUCTION Equivalent Units Production is the Cost Accounting Technique on…
Q: A job order cost sheet for Wildhorse Company is shown below. Job No. 92 Beg. bal. Jan. 1 8 12 25…
A: Introduction: The overall costs charged for certain work are listed on a job order cost sheet. It is…
Q: The operation of a resource companies oil sands activities result in environmental damage. Well the…
A: The purpose of accounting is report the financial information about the business and…
Q: E4.3 (LO 1, 4) Financial Statement Worksheet data for Auburn Company are presented in E4.2 The owner…
A: Income Statement : - It is a part of financial statement of a company in which revenue and expenses…
Q: Jones Co. recently sold a piece of equipment. Which of the following journal entries would be most…
A: Journal Entry - Journal Entry is the primary way of recording transactions entered into by the…
Q: August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1,…
A: The total manufacturing costs are calculated as sum of direct materials, direct labor and…
Q: Which of the following statements is false? A. Mutual funds are pool investor funds to…
A: Working capital is the capital which is required to operate day to day working of a business. It…
Q: 5 [The following information applies to the questions displayed below.] Allied Merchandisers was…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Pop Corp owns 200 shares of stock in Small Corp, which represents 35% in Small Corp. The value of…
A: Pop Corp owns 35% in Small Corp that is 200 shares of stock = $100 Market value = $500 End of 2021,…
Q: Braxton Corp. was organized on January 1, 2010, to operate a limousines service to and from the…
A: Investing activity Investing activity are those transaction which are reflect the changes…
Q: Clint M. Invests $30,000 into Merle Company. The Effect to Assets would be: Clint M. Invests $30,000…
A: The accounting equation is shown in the balance sheet of the company. It shows that the assets are…
Q: Elliott Company produces large quantities of a standardized product. The following information is…
A: The production cost report summarizes the production and cost activity within a department for a…
Q: E3.4 (LO 1, 2, 3) Luong Corporation encounters the following situations: 1. Luong collects $1,300…
A: In business, adjusting entries are recorded for correct reporting of all incomes, expenses, assets…
Q: Qualified opinion indicates that the statements are not presented fairly or are materially…
A: The auditor issues an audit report providing their opinions on the company's financial statements at…
Q: 1. The shareholders equity of Saffron Co. showed the following data on December 31, 2021: 12% Share…
A:
Q: Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct…
A: DIRECT MATERIAL OF INVENTORY DIrect material Inventory are those Direct Material which is left…
The following tax expenses related to business were paid by Palmyra Trading in 2022: Business taxes, other than VAT, P20,000 Documentary stamp taxes, P1,000 Automobile registration fees, P3,000 Import duty taxes, P50,000 Postage stamp taxes, P500 Stock transaction tax, P2,500 Income tax, P600,000 Value-added tax, P240,000 Donor’s tax, P8,000 How much is the amount of taxes deductible from gross income?
Step by step
Solved in 2 steps
- The following tax expenses related to business were paid by Palmyra Trading in 2022:Business taxes, other than VAT, P20,000Documentary stamp taxes, P1,000Automobile registration fees, P3,000Import duty taxes, P50,000Postage stamp taxes, P500Stock transaction tax, P2,500Income tax, P600,000Value-added tax, P240,000Donor’s tax, P8,000How much is the amount of taxes deductible from gross income? a. P73,500 b. P73,000 c. P74,500 d. P76,000Using the Corporated Federal Income Tax Rate (2006), calculate the federal income tax that should be paid by a company that has a gross income of $250,000, expenses of $70,000, and depreciation of $20,000 O a. $22,250 O b. $160,000 Oc $45,650 O d. $62,400Below is a snip from the Financial Statement of Angat Bunay Corporation for 2019: Philippines: Sales 3,000,000 Sales Discount 500,000 Cost of Sales 1, 200,000 Operating Expenses 700,000 Interest Income on Bank Deposits 60,000 Japan: Gross Income 1,000,000 Business Expenses 700,000 Assuming the corporation already operated for more than 4 years. How much will be its tax due? Select the correct response: 180,000 46,000 270,000 390,000
- The following data were provided by ABC Corporation (Domestic Corporation) for 2022: Taxes and licenses P40,000 Documentary stamp taxes 4,000 Other percentage taxes 120,000 Refund of local business taxes and licenses paid in 10,000 2021 Income tax due for 2022 300,000 Refund of income tax for 2021 25,000 Interest income From trade notes receivable 100,000 From peso bank deposits 100,000 From bank deposits abroad 20,000 Interest expense on bank loan 150,000 Tax assessment on underpayment of percentage 75,000 taxes Surcharges on tax assessment 25,000 Interest expense on tax assessment 12,500 Interest expense related taxpayer 10,000 Corporate Tax Rate 25% Compute the total deductible expenses.A retailer has a gross sales of P1,400,000 with cost of sales of P560,000 and allowable deductions of P150,000 November2021. Its total assets of P180,000 as of November 30, 2021. Corporate Tax Rate is 25%. If the company can realize 25% increase in its gross sales for December2021, what is the possible tax implication?A domestic corporation started its operations in year 2008. The following data on income taxes during the years 2012 to 2019 were made available: YEAR RCIT MCIT 2012 25,000 100,000 2013 100,000 150,000 2014 300,000 190,000 2015 250,000 300,000 2016 100,000 50.000 2017 70,000 50.000 2018 5.000 40.000 2019 85,000 60,000 How much is the income tax payable for the year 2018 and 2019, respectively? O 50,000 : 70.000 O 40,000 ; 85,000 O 40,000: 50,000 O None of the choices
- XYZ corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: a. If it is a domestic corporation, compute for its income tax after tax credit. b. If it is a resident corporation, compute for its income tax. c. If it is a non-resident corporation, compute for its income tax. d. If it opts to claim the tax paid abroad as deduction from gross income, compute for its income tax.ABC corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: A. If it is a domestic corporation, Compute for its income tax after tax credit. B. If it is a resident corporation, Compute for its income tax. C. If it is a non-resident corporation, Compute for its income tax. D. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. E. If it is private educational institution, Compute for its income tax due…1.Assuming EMERALD Corporation is engaged in exporting goods, as well as local selling of goods.EMERALD had the following data for 2021:Export Sales, net of VAT 2,000,000Local Sales, gross of VAT 1,120,000Input tax directly allocable to export sales 100,000Input tax directly allocable to local sales 40,000Input tax not allocable to any sales 30,000 Required: Determine the VAT payable, assuming input tax on zero rated sales are claim for taxrefund. 2.EMERALD Corporation has the following sales during the month:Sale to private entities subject to 12% - 100,000Sale to private entities subject to 0% - 100,000Sale of exempt goods - 100,000Sale to gov’t. subjected to 5% final VAT Withholding - 100,000Total sales for the month - 400,000The following input taxes were passed on by its VAT suppliers:Input tax on taxable goods (12%) - 5,000Input tax on zero-rated sales - 3,000Input tax on sale of exempt goods - 2,000Input tax on sale to government - 4,000Input tax on depreciable capital goodnot…
- Greenville Industries uses the accrual basis to account for all sales transactions. Sales for 2022 total $500,000. Included in this amount is $70,000 in receivables from sales on installment. Installment sales are considered revenue for book purposes, but not for tax purposes. Operating expenses total $170,000 and are treated the same for book and tax purposes. Assuming a 40% tax rate, what is the amount of Greenville's deferred tax asset or liability? OA. $14,000 deferred tax liability B. $28,000 deferred tax liability OC. $28,000 deferred tax asset OD. $14,000 deferred tax assetLENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00K Ltd. paid an employee a tax-free travel allowance of $5,300 based on 9,000 kilometres of out-of-town driving in 2022. What amount can K deduct for tax purposes?