Please discuss the deductibility of real property taxes.

Q: Coronado Company is in the process of preparing its financial statements for 2022. Assume that no en...

A:

Q: Harley Davis Inc. started its unicycle manufacturing business in 2020 and acquired $600,000 of equip...

A: Depreciation expense is the amount depreciated on a company's assets in a single period, whereas acc...

Q: Gemini plc manufactures four products using the same machinery. The following details relate to its ...

A: When some input is in limited capacity , then we need to find out contribution per input. For exampl...

Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...

A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and ...

Q: (A) The requirement is to find the best statement concerning an auditor’s assessment of contro...

A: Control risk alludes to the probability that a large misrepresentation originating from a caused by ...

Q: Year Year 2 $ 175,000 (60,000) ( 40,000) (15,000) (10,000) $ 310,000 (85,000) (50,000) (20,000) (15,...

A: Jack and Jill are owners of Up A Hill, an S corporation.  Jack has = 25% Jill = 75%   Jack Jill ...

Q: 3) The following is the Balance Sheet of Amutha and Rama sharing profits 3:2, as on 31.3.2015. Balan...

A: A partnership is a kind of business structure in which two or more people agree to carry out commerc...

Q: What critique can say about this?

A: Liquidity ratios analysis is the usage of numerous ratios to determine the capability of a company t...

Q: n the role of the accounting system according to the agency theory

A: Agency theory is one of the common problem in the organization form of the system and that exist due...

Q: Sheridan Publishing identified the following overhead activities, their respective costs, and their ...

A: Overhead costs are all indirect costs related with the production and manufacturing of goods. These ...

Q: JT Company purchased land as a factory site. An old building on the property was demolished, and con...

A: 1. $5000 should be capitalised in Land account  2.D. As a reduction of cost of building.  

Q: xplain the difference between a Shar

A: Efforts of various people in order to run a successful business and many people associated with the ...

Q: On March 1, 2014, cat and Fish formed a partnership with each contributing the following assets: Cat...

A: In the given question profit sharing ratio of partnership is not given. So we assume that Cat and Fi...

Q: Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basi...

A: 1)                       Schedule of Expected cash collections                              Januar...

Q: Department G had 2,280 units 25% completed at the beginning of the period, 12,600 units were complet...

A: FIFO is first in first out method of process costing, under which units which are produced first wil...

Q: Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activitie...

A: Solution Accounting equation = Assets = Liabilities + Capital.

Q: FOB SHIPPING POINT, who is the owner of goods in transit

A: The invoice made at the time of sale includes the invoice price, payment terms, discount terms, etc....

Q: Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the emplo...

A: The State Unemployment Tax Act, or SUTA, is a payroll tax that employers must pay to their unemploym...

Q: al withholding of 15% and state withholding of 5%. Using this information, what is the correct journ...

A: Every Employer would pay the wages to its employees after deduction of Federal withholding, State wi...

Q: Renee Company invested in 60,000 shares of another entity for a total cost of P5,500,000 on January ...

A: The right issue has created an opportunity for current shareholders to acquire more shares issued by...

Q: Part 2: Music, Inc. Music, Inc. had the following beginning and ending values in its three inventory...

A: Gross Margin Percentage=Gross MarginSales Revenue×100

Q: Rules for the Distribution of Profits or Losses Laguna and Cadelina share profits and losses on a fr...

A: It is pertinent to note that since net profit generated by a business entity is attributable to its ...

Q: Formation and Operations of a Partnership On June 30, San Mateo and Caballes formed a partnership. T...

A: Partnership is one of the agreement between two or more than two persons, in which they invest their...

Q: Balance as per cash book Cheques deposited but not credited Cheques issued and entered in cash book ...

A: Bank reconciliation statement was prepared by the organisation for the given period of time to verif...

Q: 2) A proper manual payment certification includes whose signature? [List the types of certification....

A: Manual payments are cash payments made in person to a beneficiary.

Q: ed to buy your shares for P 4,200. A

A: 40 SHARES X 200 EACH = 8000 Buyback  = 40 x 4,200 = 168,000

Q: Novak Corp. began the year with 8 units of marine floats at a cost of $11 each. During the year, it ...

A: Introduction:- The carrying value of products sold within a certain period is known as the cost of g...

Q: Describe the elements of the financial statements, making reference to the appropriate IFRS/IAS.

A: IAS 1- Presentation of Financial statements sets out the oversll requirements of financial statement...

Q: Identify those activities in which a limited partner may engage without forfeiting limited liability...

A: Partnership is the association of two or more individuals who collaborate with a view to conduct a l...

Q: Performance Appraisal Score Pay Quartile Excellent Very Good Good Needs Improvement Poor S13.01 - - ...

A: The question requires us to calculate the percentage merit pay increase that Wilma can receive, the ...

Q: Property taxes on a factory building would normally be classified as an overhead. Glue used in the m...

A: Any expense required to sustain the business that is not directly tied to a certain product or servi...

Q: An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000....

A: Formula used for gain on bond redemption: Gain on bond redemption = Bond face value + Unamortized pr...

Q: 67% Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete t...

A:      

Q: Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basi...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: The Social Security Administration increased the taxable wage base from $127,200 to $128,400. The 6....

A: Social Security Tax: The Social Security tax is a federal tax placed on both employers and workers i...

Q: 1. True or false: For the following items, identify if the statements are true or false. Choose the ...

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: The following pre-closing accounts and balances were drawn from the records of Carolina Company on D...

A: Lets understand the basics. Retained earning is a earning retained which is earned during the previo...

Q: What is the relationship between cash flows from operations and net income for the year of the state...

A: Operating Activities - Under this activity all the company operation-related activities like sales, ...

Q: Which of the following is not a provision of the Sarbanes-Oxley Act as to the responsibility of a co...

A: Solution: The Sarbanes–Oxley Act of 2002 is a United States law that mandates certain practices in f...

Q: Assume that DBP Leasing Corp. and Minasugbo Inc. sign a lease contract effective on January 1, 2019 ...

A: Initial measurement: Year Annual lease payments (P) Present value factor @4% Present value (P) ...

Q: Complete the following table (assume the overtime for each employee is a time-and-a-half rate after ...

A: Solution: Total time worked in the week = 12 + 8 + 10 + 8 + 6 + 3 = 47 hours Regular time = 40 hours...

Q: Sale of land $ 194,000 Purchase of treasury stock 33,000 Isuance of common stock 116,000 Payment of ...

A: Theory concept: Cash flows from Investing activity: All cash transactions relating the purchase and ...

Q: Who Uses Financial Reporting and Analysis

A: Financial reporting is a day-to-day practice which helps the organization to keep the business activ...

Q: amination - Trimester 3 2021 Trimester 3 2021 Final Onlf The auditor decides to increase the calcula...

A: In audits, the materiality level relates to the baseline utilized to establish reasonable assurance ...

Q: Problem 2–39 On April 12, after the close of business, Singh & Sons had a devastating fire that...

A: The answer is stated below:

Q: DJ Inc. has a bonus plan covering all employees. The total bonus is equal to 10% of DJ’s preliminary...

A: Tax means the mandatory payment made by assesse to the government without expecting anything directl...

Q: Review the following independent auditors’ report: To the Board of Directors and Shareholders Comp...

A: An audit report refers to the document which reflects upon the end results of the audit process cond...

Q: Prepre Journal Entries May Made cash sales of $7,100; the cost of the inventory was $3,600. 1 Purcha...

A: Journal entries: Date Account Journal Debit $ Credit $ May 1 Cash 7,100     Cost of goods sol...

Q: Complete the following table: (Do not round intermediate calculations. Round your final answers to t...

A: Net Price = List price x (1 - Trade Discount  rate) x (1 - Trade Discount  rate) x (1 - Trade Discou...

Q: s (incomes) other than the initial investment is PW = $13,000 at MARR = i%. If MARR changes to (i + ...

A: The calculation of future value has its benefits, it is important to remember that future value does...

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.