he following are information from the books of Kwek-Kwek Malls and Tickets Company as of December 31, 2021: • Signing of employment contract by a new employee on April 1, 2021. Her salary is P25,000 a month. • The company declared P50,000 cash dividends on cumulative preference shares. • Declared P100,000 share dividends to ordinary shareholders. • Declared a property dividend worth P80,000 to ordinary shareholders. • Receipt of goods to be sold for the account of the consignor, P20,000. • Withholding taxes on employee’s compensation, P90,000. • Receipt of land with a fair value of P600,000 from the city government of Pangasinan. Based on the agreement, the company needs to set up a branch on the site. • Sold refundable tickets for a concert to be held on April 9, 2022, P100,000. How much are the total liabilities to be recognized by the company?

Clariza Frozen Goods Inc. opened its business on January 1, 2020. The Company has the followingtransactions during the year:• Sales (cash and credit) during the year amounted P5,000,000. Ninety percent of these were madeon credit.• The Company granted discounts to its customers as follows:o 3/10, n/30o 2/15, n/30o 1% for all cash customers• Cash received from customers (deposited with Jennifer Bank) amounting to P3,425,000 consistedof:✓ Cash customers P495,000✓ Customers paying within 10 days 1,940,000✓ Customers paying within 15 days 490,000✓ Customers not availing the discounts 500,000• Merchandise returns amounted to P500,000, all related to credit sales.• The Company provided for 2% of its net credit sales as doubtful accounts.Unadjusted balances of some of the Company’s accounts as at December 31, 2020 before closing its booksare as follows:Cash in bank per ledger - Charles Bank P1,500,000Cash in bank per bank statement - Charles Bank 1,775,000Current account - Jennifer Bank…

6. The following information are extracted from the books and records of the Company and its branch. The balances are at December 31,2021, the third year of the corporation’s existence. (see image below). The branch acquires all of its merchandise from the home office. The inventories of the branch at billed prices on January 1, 2021 is P 90,000 and on December 31, 2021 is P100,800. Determine a. The percentage of profit on cost that the home office uses to bill merchandise shipped to branch and b. The balance of the Shipments to Branch account before the books are closed

On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books

Described below are certain transactions of XYZ Company:Feb 2 The Company purchased goods from ABC Corp for P150,000, 2/10, n/30. The Company records purchases and accounts payable at net amounts after cash discounts. The invoice was paid on February 25.Apr 1 The Company purchased a truck for P1,200,000 from Bye Motors Corp, paying P120,000 in cash and signing a one-year, 12% note for the balance of the purchase price.May 1 The Company borrowed P2,400,000 from Philippine Bank by signing a P2,760,000 noninterest-bearing note due one year from May 1.Aug 1 The Company’s board of directors declared a P900,000 cash dividend payable on September 10 to shareholders of record on August 31.Required:1.Prepare all journal entries necessary to record the above transactions.2.Prepare any adjusting entries concerning interest that are necessary to present fair financial statements, assuming that XYZ’s financial year ends on December 31 and that no adjusting entries relative to transactions above…

Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax expense of Dakota for the year P321,500 P342,500 P351,500 P358,000

Kindly answer in good accounting form. Thank you!Chester Corporation established its Poblacion branch in 2019.Merchandise costing P120,000 is shipped to this branch. During the initialyear, the home office acquires an equipment for P80,000 to be carried inthe branch books, and the branch maintains physical possession and use.The equipment has a useful life of 4 years. The branch sells 60 percent ofthe inventory for P100,800 on account and subsequently collected half ofthe amount. The branch remits 80 percent in cash to the Home Office.What is the correct Home Office account balance on the records of thebranch?

5. MASAKIT SA BUNGO CORPORATION operates a customer loyalty program. The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2019, the entity issued 50,000 award credits. The fair value of the award credits is reliably measured at P2,000,000. In 2019, the entity sold goods to customers for a total consideration of P9,000,000 including the fair value of the award credits. The total award credits expected to be redeemed are 80% in 2019 and 85% in 2020. The award credits actually redeemed are 15,000 in 2019 and 7,950 in 2020. What is the revenue earned from points in 202O? * a. P600,000 b. P750,000 c. P330,000 d. P318,000

Statsen Company, which prepares financial reports at the end of the calendar year, established a branch on July 1, 2020. The following transactions occurred during the formation of the branch and its first six months of operations, ending December 31, 2020.   1. The Home Office sent $35,000 cash to the branch to begin operations. 2. The Home Office shipped inventory to the branch. Intercompany billings totaled $75,000, which was the Home Office's cost. 3. The branch acquired merchandise display equipment which cost $15,000 on July 1, 2020. (Assume that branch fixed assets are carried on the home office books). 4. The branch purchased inventory costing $53,750 from outside vendors on account. 5. The branch had credit sales of $106,250 and cash sales of $43,750.   Requirements: 1. Prepare journal entries in the books of the home office and in the books of the branch office for the above transaction

B. Koi Inc., a Manitoba-based retail business, began operations on February 1, 2024. During February, Koi purchased a company vehicle for $50,000 cash and $60,000 of inventory for resale on account. In February, Koi also sold 33 1/3% (i.e., one third) of its inventory for $40,000. As a Manitoba company, all of Koi's purchases and sales were subject to 5% GST. Koi is required to file a GST return with the Canada Revenue Agency quarterly. Koi's first GST return covering the period from February 1 to April 30 will be due on May 31st. Koi is also registered as a vendor under Manitoba's Retail Sales Tax (RST), which requires Koi to charge 7% on the selling price (not including GST) of all its sales, and remit the RST collected to the Manitoba government the following month. Koi also must pay Manitoba RST on all its purchases, except those that are exempt from the tax. The inventory purchased for resale was exempt from Manitoba Retail Sales Tax. Koi uses a perpetual inventory costing system.…