After reading Catch Engineering Partnership v. Mai, 2023 ABKB 279, the court assessed Catch's 2021 damages attributable to Mr. Mai in the amount of (Put your answer in as a dollar figure-ex- $25,000): Answer
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- In 2021, Peter Quill had a 5 179 deduction carryover of $40,000. In 2022, Peter elected 5 179 for an asset acquired at a cost of $120,000. Peter's $ 179 business income imitation for 2022 is $130.000. Determine Peter's § 179 deduction for 2022 O a $25,000 Ob $115,000 Oc$130,000 Od $140,000During 2021, Angela Inc. was sued by a competitor for P5,000,000 for infringement of a patent. Based on the advice of the legal counsel, the entity accrued the sum of P3,000,000 as a provision on December 31, 2021. Subsequently on March 15, 2022, the Supreme Court decided in favor of the party alleging infringement of the patent and ordered the defendant to pay the aggrieved party the sum of P3,500,000. The financial statements were prepared by management on February 15, 2022 and approved by the board of directors on March 31, 2022. What amount should be adjusted on December 31, 2022 in relation to this event?A. 1,000,000B. 1,500,000C. 500,000D. 2,000,0001. REALME INC. entered into a lawsuit on December 20, 2021 and recognized on the same date a provision of ₱2,000,000. On February 28, 2022, when the financial statements for the year ended December 31, 2021 had not yet been authorized for issue, the case was settled and the court decided the final total damages to be paid by the entity at ₱3,000,000. In addition, the Company has a loan payable of ₱2,000,000 due on June 30, 2022. On January 1, 2022, before the authorization of the issuance of financial statements, the bank agreed to refinance the loan, extending the maturity to June 30, 2024. Also, another loan amounting to ₱7,000,000 due on December 1, 2022 was obtained by the Company on January 2, 2022 from BPI. REALME INC. has the discretion to refinance or roll over the loan for at least twelve months from December 31, 2022 REQUIRED: WHAT IS THE AMOUNT OF CURRENT LIABILITIES? A. ₱ 4,000,000 B. ₱ 10,000,000 C. ₱ 12,000,000 D. ₱ 5,000,000 WHAT IS THE AMOUNT OF THE NON-CURRENT…
- During 2020, Lomi, Co.filed suit against Ocean, Inc seeking damages for patent infringement. At December 31, 2020. Lomi’s legal counsel believed that it was probable that Lomi would be successful against Ocean for an estimated amount of P 1,500,000. In March 2021, Lomi was awarded P 1,000,000 and received in full payment thereof. In Lomi’s 2020 financial statements issued February 2021, how should this award be reported? a. As a receivable and revenue of P 1,500,000b. As a receivable and revenue of P 1,000,000c. As a disclosure of a contingent asset of P 1,500,000d. As a disclosure of a contingent asset of P 1,000,000A court case decided on December 2020 awarded damages against Poll Corp. The judge has announced that theamount of damages will be set at a future date, expected to be in March 2021. Poll Corp has received advice fromits lawyers that the amount of the damages could be anything between P400,000 and P1,400,000. As of December 31,2020, how much liability should be recognized in the balance sheet regarding this court case? a. P900,000 b. P1,400,000 c. P400,000 d. P0#20Chryzza company carried a provision of P4,000,000 in its draft financial statements for the year ended December 31, 2018 inrelation to an unresolved court case. On January 31, 2019, when the financial statements for the year ended December 31,2018 had not yet been authorized for issue, the case was settled and the court decided the final total damages payable by Carloto be P6,000,000. What amount should be adjusted on December 31, 2018 in relation to this event? PLS provide solution and explanation for the answer above Philippines Accounting standard
- In 2022, Firm L purchased machinery costing $21,300 and elected to expense the entire cost under Section 179. Required: a. How much of the expense can Firm L deduct if its taxable income before the deduction was $58,000. b. How much of the expense can Firm L deduct if its taxable income before the deduction was $19,200. c. How much of the expense can Firm L deduct if its net operating loss (NOL) before the deduction was $5,016. Complete this question by entering your answers in the tabs below. Required A Required B Required C How much of the expense can Firm L deduct if its taxable income before the deduction was $58,000. DeductionDuring 2020, Smith Company filed suit against West Problem 4-31 (AICPA Adapted) During 2020, Smith Company filed suit against West Company seeking damages for patent infringement. On December 31, 2020, the legal counsel believed that it was probable that Smith Company would be successful against West Company for an estimated amount of P1,500,000. On March 31, 2021, Smith Company was awarded P1,000,000 and received full payment thereof. The financial statements were issued March 1, 2021. In Smith Company's 2020 financial statements, how should this award be reported? a. As a receivable and revenue of P1,000,000. b. As a receivable and deferred revenue of P1,000,000. c. As a disclosure of a contingent asset of P1,000,000. d. As a disclosure of a contingent asset of P1,500,000.During 2020, Marian Company was sued by a competitor for P5,000,000 for infringement of a patent. Based on the advice of the legal counsel, the entity accrued the sum of P3,000,000 as a provision in the financial statements for the year ended December 31, 2020. Subsequently, on March 15, 2021, the Supreme Court decided in favor of the party alleging infringement of the patent and ordered the defendant to pay the aggrieved party a sum of P3,500,000. The financial statements were prepared by the entity's management on February 15, 2021 and approved by the Board of Directors on March 31, 2021. Questions: 1. When is the date of authorization for issue of the 2020 financial statements? 2. What amount should be recognized as accrued liability on December 31, 2020 to reflect the event after the reporting period?
- . On January 11, 2022, The Hughes Company applied for a tradename. Legal costs associated with the application were P20,000. In January 2023, the company incurred P8,000 of legal fees in a successful defense of its tradename. The tradename was not impaired in 2022 and 2023. RequiredCompute the ending carrying value of the tradename for 2022 and 2023. Should the company amortize the tradename? *Note: Show the solution step by step with formulaCarla Vista Construction Company uses the percentage-of-completion method of accounting. In 2025, Carla Vista began work under contract #E2-D2, which provided for a contract price of $2,219,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year (a) Your answer is correct. Revenue recognized in 2025 Revenue recognized in 2026 $ 2025 $620,490 970,510 $ 428,000 350,000 What portion of the total contract price would be recognized as revenue in 2025? In 2026? (Do not round intermediate calculations.) 865,410 2026 1,353,590 $1,429,000 -0- 1,699,000 1,471,000If Ivanhoe paid $20,000 to a real estate broker on January 1, 2025, as a fee for finding the lessor, what is the initial measuremen of the right-of-use asset? (Round answers to O decimal places, e.g. 5,275.) Right-of-use asset $ 94178