Discuss the attributes of a good tax syste

Q: installation amount to P35,000. The equipment is set to have 12 years with the salvage value at th…

A: Depreciation Accounting

Q: True or False? The Statement of Stockholders' Equity shows how the balance of ea equity account…

A: Statement of Stockholders' Equity is a part of financial statements.

Q: At the end of the current year, $18,540 of fees have been earned but have not been billed to…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: On December 31, 2019, Tyre Corporation received the DBO report from the actuary. The following…

A: Defined benefit obligation is a liability of company in form of employee benefit expense in which…

Q: 8. Income is: a. An amount for payment of services, interest, or profit from investment b. The…

A: Income is the excess of revenue over expenditures.

Q: Maria's Custom Tailoring is very labour intensive. Therefore, Maria has decided to use direct labour…

A: Overhead is allocated according to the predetermined overhead rate .

Q: porate earnings and profits (E&P) is correct?

A: E&P refers to the accumulated earnings and profits of a company. The E&P of a company…

Q: Compute the Quick ratio if Current Assets: 10.354; Current Liabilities: 6.615; Inventory: 5.767;…

A: Formula used: Quick ratio = Quick Assets / Current liabilities Division of Current liabilities with…

Q: Could you please separate the cash inflows and outflows? Cash flows from operating activities 2021…

A: 1. Cash Inflow - Cash Inflow includes cash coming to the company. Cash Received by the company.   2.…

Q: Crane Corporation produces and sells two products, Basic and Super. Data for activity during March…

A: The segment margin income statement indicates the profit earned by each segment. It is useful for…

Q: Ex. 6-2. Labor Cost Variances. Pacito Corporation usually pays its factory workers at a rate of P10…

A: Variance is the difference of the actual result from the expected result. In case of cost, if the…

Q: Brunleigh Corporation earned net income of $200,000 this year. The company began the year with…

A: For calculating weighted average number of shares, we need to use below formula. Weighted average…

Q: Wardell Company purchased a mainframe on January 1, 2019, at a cost of $48,000. The computer was…

A: As per IAS 8 accounting policies,  changes in Accounting estimates and errors a change  in residual…

Q: On January 1, 2021, Parks Co. has the following balances:  Projected benefit obligation $5,600,000…

A: Benefit refers to profit.Obligation is Zn important part of accounting which is also called as…

Q: True or False? The Statement of Stockholders' Equity shows how the balance of each equity account…

A: Lets understand the basics. Statement of shareholders equity is a part of the equity section of the…

Q: Q2. The following information was extracted from the Statement of Financial Position of Carman…

A: Basic Earning per share is the measurement, in which we will divide the total profit we earned and…

Q: he internal control questionnaire for purchases and accounts payable includes the following…

A: Assertions are qualities that must be verified in order to guarantee that financial reports and…

Q: The initial investment in the equipment needed for the project is $50,000 for a duration of 10…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: Johnson contributes property to a partnership with a $400,000 value and a $300,000 basis for a 10%…

A: Partnership is a formal agreement between two or more than two partners. In this partners…

Q: Use the following data to determine the total dollar amount of assets to be classified as current…

A: Current assets are those assets which are either in cash or can be converted into cash into short…

Q: Required: 1. Compute depletion and depreciation on the mine and mining equipment for 2021 and 2022.…

A: Jackpot Mining Company operates a copper mine in central Montana. The company expects to extract…

Q: Martin Manufacturing assigns overhead to jobs based on machine hours. At the beginning of the…

A: Overhead allocation is based on a predetermined overhead rate. The predetermined overhead rate can…

Q: Tart Restaurant Holdings, Incorporated began the year with a retained earnings balance of $950,000.…

A: Introduction: Retained Earnings : Retained Earnings are shareholders funds. Part of Earnings are…

Q: Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000…

A: Lets understand the basics. EPS is a abbreviation of Earning per share. It shows how much entity is…

Q: Western Wear Clothing issues 1,000 shares of its $0.01 par value common stock to provide funds for…

A: Lets understand the basics. Journal entry is make to record event and transaction that occur during…

Q: Which of the following reports can improve internal control by tracking unauthorized changes to…

A: Solution: An audit log is a document that records sequence of activities performed at any time…

Q: Tart Restaurant Holdings, Incorporated began the year with a retained earnings balance of $950,000.…

A: Retained earnings is the amount of earnings accumulated over the period of time. Net income will…

Q: Voice Com desires a profit equal to a 16% rate of return on invested assets of $599,700. a.…

A: Solution Note Dear student as per the Q&A guideline we are required to answer the first three…

Q: Bonds issued last year by Gowen Inc. carried a coupon rate of 7%. Bonds issued today by Gowen Inc.…

A: Cost of debt is the effective rate that a company pays on its debt. Here the debt is in the form of…

Q: Princess Thea started a business on February 1, 2018 with a capital of P750 000. The following…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Transfer Pricing, Idle Capacity Mouton & Perrier, Inc., has a number of divisions that produce…

A: Transfer pricing methodology is that process under which it is determined that at which price…

Q: During 2018 a company sells backpacks at 535 each. The contribution margin ratio is 12%. The company…

A: The break even sales are calculated as fixed cost divided by contribution margin ratio. Break even…

Q: Prepare a segment margin income statement for Sheridan Optics that provides detail on both the…

A: Introduction:- Preparation of Segment margin income statement as follows under:- Note:- Contribution…

Q: Assume that Shoreline Hotel Inc., (SHI) decides to make the following entry on December 31, 2018.…

A: Lets understand the basics. When current tax expense is same as income tax payable then accounting…

Q: Firenza Company manufactures specialty tools to customer order. Budgeted overhead for thecoming year…

A: Activity based costing is that type of costing method under which all indirect costs and overhead…

Q: Most ordinary income from all flow-through entities is NOT considered self-employment income. Select…

A: Flow through Entity is a legal business entity, In this if there is any income then they give it…

Q: A domestic corporation started operations in year 2008. The following data on income taxes during…

A: MCIT [Minimum Corporate Income tax]  is calculated as 2% of the gross loss and when the MCIT is…

Q: On January 1, 2020, Cage Company contracts to lease equipment for 5 years, agreeing to make a…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Quick ratio? Cash $100,000 Accounts receivable $357,000 Inventory $458,000 Current Liabilities…

A: The quick ratio is calculated as quick assets divided by current liabilities.

Q: Yesterday, John bought a ten-year, $50,000 coupon bond with an annual rate of 5% compounded…

A: solution concept using the principle of time value of money -higher the discounting rate  , lower is…

Q: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: a. Determine the profit margin for each segment. Round to one decimal place. Profit margin…

A: Solution:- a)Determine the profit margin for each segment as follows under- Profit margin =Operating…

Q: Trumpet and Trombone Manufacturing, Inc. began the year with a retained earnings balance of…

A: Introduction: Retained Earnings: Retained Earnings are shareholders funds. Part of Profits are…

Q: S11-4 Accounting for a note payable On December 31, 2013, Edgmont purchased $10,000 of merchandise…

A: Journal is the book of original entry in which all the financial transactions of the business are…

Q: Problem 11.1A (Static) Computing and recording employer's payroll tax expense. LO 11-2, 11-6 The…

A: Tax amount is the amount that an individual or entity has to pay to the tax authorities.

Q: In September, 67,000 units were produced. Prepare the budget report using flexible budget data,…

A: Budget is an an beginning and basic part part of accounting as it is a pre-planning on upcoming…

Q: One drawback to the weighted average method is that you might end up selling products at a loss True…

A: Weighted Average Method is a method of valuing the cost at an average value instead of their real or…

Q: Shown here are condensed income statements for two different companies (assume no income taxes).…

A:

Q: Ahron Company makes 8,000 units per year of a part it uses in the products it manufactures. The unit…

A: Here we will use the concept of relevant costs. In accounting a cost is considered relevant when it…

Q: Give five difference between straight line method and effective method in amortizing?

A: Solution Bond amortization At the time of issuing the bond , the market rate of interest and the…