Sundae Inc. sells land to Parfait Co. for 9k. The land had cost S 10k 5 years ago. Provide the workpaper entry to make w
Q: A business purchased a motor car on 1 July 20OX3 for $20,000. It is to be depreciated at 20 per cent…
A: The errors in accounting that affect the profit are called the error of commission and error of…
Q: tep by Step Solution All Parts
A: We will have to determine the final net price that a buyer will have to pay after all discounts and…
Q: What is the social audit? Who should prepare a social audit for the firm?
A: Audit in general term means to check the reliability. It is done to check whether the financial…
Q: W. W. Phillips Company produced 4,000 leather recliners during the year. These reclinerssell for…
A: Cost accounting is widely used by cost accountants to determine the cost per unit of the product…
Q: Monty Corp. reports the following for the month of June. Units Unit Cost Total Cost…
A: GIVEN Monty Corp. reports the following for the month of June. Units Unit Cost…
Q: Bramble Company manufactures a variety of tools and industrial equipment. The company operates…
A: Solution:- Preparation of a responsibility report for the home division as follows under:- Notes:-…
Q: (a) The business needs to have a sense of its future cash flows and therefore requires the…
A: Need to prepare Budgeted Cash Collection for Trade receivable Budgeted Cash Collection for Trade…
Q: d industry target?
A: From the cash budget, it is explained as,
Q: Sločk át 31 December 2015, 274,210. ii. Expenses to be accrued: Office Expenses GH¢215; Wages…
A: Income Statement The purpose of preparing the income statement is to know the net income which are…
Q: Total current Assets in the balance sheet?
A: Introduction: Balance sheet: All assets and liabilities are shown in balance sheet. It tells the net…
Q: Folsom Company manufactures specialty tools to customer order. There are three producingdepartments.…
A: A departmental overhead rate is a recurring fee based on the unit of activity produced by a…
Q: Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the…
A: Calculation of Predetermined Shop overhead rate per direct labor hour Predetermined Shop Overhead…
Q: Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO…
A: Inventory is one of the important current asset of the business. It includes inventory of raw…
Q: Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $1,600…
A: Journal entry to record the factory labor costs: Date Account Titles Debit Credit xxx Work in…
Q: 1. A company, extends credit to its customers. Total Sales is 2 Million, credit Sales is 850,000,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: LDR Manufacturing produces a pesticide chemical and uses process costing. processing departments -…
A: The equivalent units are calculated on the basis of percentage of work completed during the period.
Q: Adams Company established a predetermined variable overhead cost rate at S10.00 per direct labor…
A: Formula: Variable overhead cost variance = Actual hours x ( standard - actual cost )
Q: Company purchae a buiding for S100.000. payn another $5.000 in dosing costs w the purchase upon…
A: Asset account at the end of the year=Purchase price+Closing Cost+Addition to asset
Q: Coffman Company sold bonds with a face value of $1,000,000 for $880,496. The bonds have a coupon…
A: Bonds Payable - Bonds is the amount payable at fixed interest rate at fixed period. It is the long…
Q: Allison Manufacturing produces a subassembly used in the production of jet aircraft engines.The…
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: 2) A purchase of equipment for $18 000 also involved freight charges of $500 and installation costs…
A: Formula: Straight line method = ( Asset value - Salvage value ) /Useful life years
Q: 910,00 80,000
A: In this question, we have to compute the payroll-related costs.
Q: Barnett Products manufactures three types of remote-control devices: Economy, Standard, and Deluxe.…
A: Calculation of Pool rate for Automatic Machinery Activity Pool rate for Automatic Machinery Activity…
Q: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain…
A: Auditing: In accounting, auditing is the process of an auditor conducting an examination or…
Q: Rartman Corporation makes a product with the following standard costs: Standard Standard Standard…
A: In this question, we will calculate Material Variance : This is Multiple choice question, so one…
Q: Using the MACRS rates from the following table, what is the book value of a $3,500 computer after 3…
A: Answer:- Book value:- In accounting, the book value is that value of an asset which is based on its…
Q: ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on…
A: A cash budget is an estimation statement that shows cash expected inflows and outflows during a…
Q: California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1,…
A: COGS % = 1 - Gross profit% Cost of goods available for sale = Beginning inventory + purchases Ending…
Q: Optima Company is a high-technology organization that produces a mass-storage system. Thedesign of…
A: Budget is the quantitative course of action for future period of time. Budgets are the forecasts or…
Q: PROBLEM 6-20 Variable and Absorption Costing Unit Product Costs and Income Statements; Explana- tion…
A: 1. Variable Costing - In this costing method, variable costs are considered while preparing the cost…
Q: A manufacturing company that produces a single product has provided the following data concerning…
A: Variable costing product cost includes all the direct variable expenses but not selling and…
Q: Bovine Company, a wholesale distributor of umbrellas, has been experiencing losses for some time, as…
A: Traceable fixed costs are costs which the company is able to allocate to department or segment.…
Q: On January 1, Global, Inc. purchased a new machine for $80,000. Its estimated useful life is eight…
A: Depreciation rate = (100% / 2) * Years Depreciation rate = (100% / 2) * 8 Depreciation rate = 40%
Q: Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October,…
A: The cost of goods available for sale is the total amount of finished goods inventory including…
Q: Companies keep a permanent record of transactions, and every transaction is documented. If you are…
A: The business keeps a record of all transactions, tracking them in chronological order, as they…
Q: Oriole Corporation has 74.000 shares of common stock outstanding It declares a $2 per share cash…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Required Prepare journal entries to record the above transactions 1
A: Initial Transaction Translate at the historic rate on 1 Jan 2022 FC200000/1.18 = $169,491 Dr.…
Q: Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable Cash $…
A: As per accounting equation, assets equal to sum of liabilities and equity. Assets = Liabilities +…
Q: Calculating the Average Common Stockholders’ Equity andthe Return on Stockholders’ EquityRefer to…
A: Calculation of Average Common Stockholders' Equity 20X1 20X2 Common Stock $ 337,500…
Q: Westerville Company reported the following results from last year’s operations: Sales $…
A: Lets understand the basics. Return on investment is a net operating income generated by using its…
Q: ent incentives.
A: The revenue refers to the money generated by selling all the output. The Marginal Cost (MC)depicts…
Q: Tust Born Quality Confections (Just Born) makes marshmallow Peeps, Mike and amales, and other…
A: given Just Born Quality Confections (Just Born) makes marshmallow Peeps, Mike and Ikes, Hot…
Q: 7. The records of Lunch Co. on December 31, 20x1 show following information: Debits Credits…
A: An income statement is one of the important statements in a company's financial statements that…
Q: When taxpayer receive distribution from qualified retirement plans, how many time is allowed to roll…
A: As per IRS, If taxpayer receives distribution from qualified retirement plans then he can deposit…
Q: 1. (For items 1 and 2). Read and analyze the following transactions taken from the book of XYZ…
A: Journal entries: Journal entries are recorded for showing the monetary transactions initiated by a…
Q: The business needs to have a sense of its future cash flows and therefore requires the preparation…
A: The question is related to Cash Budget. Cash Budget is summary of cash receipts and cash payments…
Q: The Ammad Company manufactures a product in a single process. The following information is…
A: Solution: Equivalent units of conversion = Units completed and transferred out + Units in ending WIP…
Q: Sales 270000 Variable Expenses 180000 € Contribution Margin 90000 € Fixed Expenses 36000 € Net…
A: Formula: Margin of safety = Current sales - Break even sales
Q: Required: (a) The business needs to have a sense of its future cash flows and therefore requires the…
A: The question is related to Cash Budget. Cash Budget is summary of cash receipts and cash payments…
Q: Wages and salaries are expected to be $2,304,000 per annum and will be paid monthly. x) In the month…
A: Salaries and wages are those expenses to the company which has been incurred due to the working of…
Sundae Inc. sells land to Parfait Co. for 9k. The land had cost S 10k 5 years ago. Provide the workpaper entry to make when P sells the land to Q 3 years later for 15k. Assume P owns 80% of S; taxes are filed separately by P and S at 40%. [MI/NCI net: 120 cr.]
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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 CamScannerKNB 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.Surfin Corporation sold product "S" to Red Corporation for P1,000,000 plus 12% VAT. Subsequently, Red Corporation sold the product to Lights Corporation for P1,344,000 (VAT-inclusive). How much is the VAT payable of Red Corporation?
- Kris, Inc. sold its vacant lot to Moca Corp. for P 10,000,000 which it acquired at a cost of P 5,000,000. The fair market value of the said property per tax declaration is P 12,000,000, while its zonal value is P 15,000,000. How much is the income tax applicable on the transactions? P 1,500,000 P 900,000 P 720,000 P 600,000On 01.10.20X1, TK transfers the annual rent of EUR 7,000 for the business and office space for one year in advance. Which of the following statements regarding business transactions in 20X1 is/are correct? O The annual rent reduces the profit in 20X1 by EUR 7,000. O Another liability must be recognized. O The payout is EUR 7,000 and the expense is EUR 1,750. O An anticipatory deferred item must be formed.Puerto Princesa Company sold its parking lot for P2,000,000. The lot has a zonal value of P2,500O,000 and appraisal value of P1,800,000. The capital gains tax on the sale of the lot is * PO P108,000 P120,000 O P150,000
- On June 7, 2006, Hawk Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain on the sale. Hawk agreed to accept one payment of P35,000 on August 15 and a second payment of P35,000 on December 15. Hawk had a calendar year-end. What amount of gain was reported during the second, third, and fourth quarters of the year from this sale? P30,000, P0 and P0. P10,000, P10,000 and P10,000. P0, P15,000 and P15,000. P7,500 for each of four quarters.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.P108,0005. Cartridge Company owns a fleet of motor vehicles. In 2018, one of the cars which was acquired at a cost of P800,000 was allowed to be used by the general manager. During the year, its book value amount to P775,000. How much will be the fringe benefit tax due thereon? P 86,154 43,077 10,433 · 37,647 С. a d. b. 6. Suppose Cartridge Company is just leasing the car that is being used for personal purposes and is paying a monthly rental of P10,000. The fringe benefit tax is - P. 2,692 2,353 С. d. 5,385 2,576 a. b. S Scanned with CamScanner
- 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 P210,000Mang Pandoy sold his primary residence (house and lot) for P10M. The cost of the property is P6M. Compute the business tax. zero P1.2M P100,000Entity XYZ acquires a machine for CU100,000. The machine has an estimated useful life of 5 years and zero salvage value. For tax purposes, however, the useful life is 4 years. Net income before taxes equals CU110,000 each year. Every year XYZ has tax-free revenues CU10,000. The statutory tax rate is 20%. Required: 1. Calculate the current tax, the tax expense, and the deferred tax asset or liability for each year. 2. Calculate the effective tax rate and the current tax rate and comment on them.