Q1: How much is the total output tax?
Q: using the image attached , please prepare the cash flow statement for the year. Also alongside the…
A: The cash flow statement provides a detailed analysis of how cash moves in and out of a business…
Q: The following separate account balances are for these two companies for December 31, 2015.. Note:…
A: Step 1: Calculate the correct values for the Investment in Akron account for both Doone and…
Q: None
A: Step 1: NPVNPV, or net present value, is how much an investment is worth throughout its lifetime,…
Q: Westmont Corporation uses a comprehensive budgeting system for planning and control purposes. While…
A: The variances are calculated as follows:Supplies: The variance is favorable because the actual cost…
Q: Ashvinbhai
A: The objective of the question is to estimate the LIFO cost of ending inventory and cost of goods…
Q: confidence interval
A: Step 1: First is to deduct the salvage value from the cost to get the depreciable amount. Step 2:…
Q: Required information [The following information applies to the questions displayed below.] Nicole's…
A: Let's start by partially filling in the income statement with the available data: sales revenue,…
Q: Ace Distributors has the following transactions related to notes receivable during the last month of…
A: Step 1:The required journal entries for the given transactions are presented hereunder: DateAccount…
Q: Saratoga Company manufactures jobs to customer specifications. The company is conducting a…
A: Activity-Based Costing (ABC) is to allocate costs to products, services, or activities based on the…
Q: QUESTION 5 Partially correct Mark 76.00 out of 89.00 Variances, Entries, and Income Statement Flag…
A: You've almost got the materials variances figured out! Here's the breakdown and correction:Materials…
Q: The 2021 Income statement for Egyptian Noise Blasters shows that depreciation expense is $80…
A: Free cash flow is computed as follows:-1.Free cash flow =2.Net Income = EBIT -interest - Taxes
Q: None
A: Answer information:Step 1:Required 1.At Break-even point, Revenue-Variable expenses-Fixed…
Q: Big Rigs for Sale Corp. (BFS) manufactures tractor-trailer units at a cost of $86,000 per unit. On…
A: Lease Option:Calculate the annual lease payments using the implicit interest rate of 7%:Using the…
Q: Complete in Excel ABC Inc. has had a defined benefit pension plan since January 1, 2018. The…
A: ABC Inc. Defined Benefit Pension Plan - 20221. Determining Pension Items:Description Formula…
Q: At December 31, 2021, Wynne Company reported Accounts Receivable of $45,000 and Allowance for…
A: Step 1: Show formula version of the solution sheet for a better understanding of the calculations:…
Q: Need answer step by step
A: All step are given below in details :- SolutionExplanation is given below
Q: Management of Manning Corporation is considering a project that would require an investment of $282,…
A: To address this question, we will calculate the present value of the project's cash flows. Cash…
Q: Meman
A:
Q: Asaaap
A: Areas for Further Clarification:Unit Cost: The cost breakdown doesn't explicitly show the unit cost.…
Q: Dimensions
A: a. Value to be assigned to noncontrolling interest (NCI) at acquisition dateThe acquisition-date…
Q: Haresh
A: Flexible budget performance report that shows variances between budgeted results and actual results.
Q: On January 1, 2023, Flounder Corporation, a public company following IFRS, acquired 17,400 of the…
A: The objective of the question is to prepare the journal entries for Flounder Corporation for the…
Q: None
A: Income Statement Revenue $44,000 + $170 receivable = $44,170Expenses $17,000 + $60 Cost of Goods…
Q: Exercise 20-30A (Algo) Merchandising: Schedule of cash payments for merchandise purchases LO P4…
A: CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…
Q: None
A: Ending or closing inventory is the amount of inventory that an entity has on hand, at the end of the…
Q: Sell at Split-Off or Process Further Decision, Alternatives, Relevant Costs Vihaan Chemicals Company…
A: Scenario 1: Without Additional CostsCalculations for Alternative 1: Sell at Split-Off1. Revenue from…
Q: Hi! Can someone please help me understand this question? Thank you.
A: The defined benefit plan actuaries at Lauffer Company have found that the projected benefit…
Q: None
A: David R. and Ella M. Cole, residents of Denver, Colorado, are a married couple with David working as…
Q: Each of the four independent situations below describes a sales-type lease in which annual lease…
A: Part 2:Explanation:Step 1: Calculate Total Lease PaymentsTotal lease payments can be calculated by…
Q: Romeo Ltd is a listed public company that manufactures IT equipment. The company's financial…
A: The objective of the question is to identify the audit procedures that can be used to assess whether…
Q: In response to intense foreign competition, Florex Company has taken steps to improve the quality of…
A: Quality cost refers to the cost that a company has to incur to ensure that the final product of the…
Q: 6. Using the information in #5 above, what are the first two years of depreciation using double…
A: 8. Journal Entry to Record Purchase of Own Stock:Debit: Treasury Stock (20,000 shares × $35 per…
Q: 17 Belsky Corporation has provided the following data from its activity-based costing system:…
A: Step 1:Step 2:Step 3:
Q: Domestic
A: The information given in the image does not provide data that requires a calculation for the journal…
Q: Question: Which sector of the economy includes spending on new factories, equipment, and housing? A)…
A: The business sector is the sector of the economy that plays an important role in growth and…
Q: Meman
A: Certainly! Let's break down the journal entries and their explanations step by step:**1. Recording…
Q: Walsh Company manufactures and sells one product. The following information pertains to each of the…
A: The objective of the question is to calculate the unit product cost and prepare an income statement…
Q: None
A: Step 1: Production budget Required ending inventory = 20% x next month's salesMarch = 3,900…
Q: Problem 10-2 Declan Company issues a $120,000 on 12/31/X0, 10%, bond that matures in 3 years.…
A: Bonds:The bond is the financial instrument that is used by the company to get the loan amount so…
Q: 6. Using the information in #5 above, what are the first two years of depreciation using double…
A: To calculate depreciation using the double declining balance method, you typically follow these…
Q: You are looking at buying your first car. Based on your budget you can afford up to $400 per month…
A: Monthly Payment (PMT):PMT = PV * (I/Y) / (1 - (1 + I/Y)^(-N))where,PV is the present value of the…
Q: Question 1 A, B, and C plan to liquidate their Ocean Breeze Pool and Spa business. They have always…
A: A partnership is a form of business in which two or more people come together to operate and manage…
Q: Please introduction and correct and incorrect option explain!
A: Step 1:To calculate the annual depreciation using the straight-line method, you need to determine…
Q: Business Solutions's second-quarter 2022 fixed budget performance report for its computer furniture…
A: Step 1:Business solutionsFlexible Budget performance reportFor the quarter ended June 30Flexible…
Q: The Miller Company earned $190,000 of revenue on account during Year 1. There was no beginning…
A: Hello student! When a company uses Percentage of Sales to determine uncollectible accounts, the…
Q: A stock has a beta of .89 and an expected return of 9.2 percent. If the stock's reward-to-risk ratio…
A: Step 1:We have to calculate the risk-free rate.The formula for reward-to-risk ratio:Reward-to-risk…
Q: Kindly answer the following. Thankyou 2. How much is the Retained earnings, end - UNAPPROPRIATED?
A: Retained earningsThe amount that is earned by the shareholders is reported in the retained earnings…
Q: Imperial Jewelers manufactures and sells a gold bracelet for $401.00. The company's accounting…
A: Step 1:Answer 1.Financial advantage (disadvantage) of accepting the special order:Sales…
Q: Exercise 16-23 (Algo) Net operating loss carryforward; financial statement effects [LO16-7] During…
A: Step 1: Analyze the SituationBaginski Steel Corporation, in its first year (2024), reported a net…
Q: None
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Question about SC and PWD discount TAX
MENA Corp., registered with BIR in 2019, has the following data for the year 2021:
| Gross Sales | 1,000,000 |
| PWD & SC Discounts given | 100,000 |
| Returns and allowance | 150,000 |
| Cost of Goods Sold | 300,000 |
| Salaries to personnel | 250,000 |
*20% was given to SCs while 25% is given to PWDs
Q1: How much is the total output tax? Answer:
Pls include solution. Thanks.
Step by step
Solved in 3 steps
- 1. Pepper Inc. reports according to GAAP and uses LIFO method to account for inventories. Tax rate is 25%. Pepper reports the following data (in USD). 2019 19 500 4 200 9 540 2 100 2020 Costs of goods sold Net income Inventories LIFO reserve 23 500 5 000 10 300 2 200 If Pepper would report according to FIFO method, what would be the reported inventories, net income and COGS amount (show your calculations)? Please comment on why LIFO method could be least preferable (from the company's, government's point of view?Use the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent): 2020 2021 Sales $ 18,049 $ 18,858 Depreciation 2,406 2,514 Cost of goods sold 5,840 6,761 Other expenses 1,364 1,193 Interest 1,125 1,340 Cash 8,691 9,337 Accounts receivable 11,518 13,572 Short-term notes payable 1,704 1,671 Long-term debt 29,150 35,304 Net fixed assets 72,838 77,700 Accounts payable 6,287 6,730 Inventory 20,475 21,892 Dividends 2,129 2,344 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)MENA Corp., registered with BIR in 2019, has the following data for the year 2021: Gross Sales 1,000,000 PWD & SC Discounts given 100,000 Returns and allowance 150,000 Cost of Goods Sold 300,000 Salaries to personnel 250,000 Q2: How much is the gross income? Answer: Pls include solution. Thanks.
- Use the following information for Taco Swell, Inc., for Problems 23 and 24 (assume the tax rate is 21 percent): 2020 2021 Sales $21,514 $24,047 Depreciation 3,089 3,229 Cost of goods sold 7,397 8,750 Other expenses 1,759 1,531 Interest 1,443 1,723 Cash 11,279 12,021 Accounts receivable 14,934 17,529 Short-term notes payable 2,176 2,133 Long-term debt 37,778 45,798 Net fixed assets 94,601 100,893 Accounts payable 8,150 8,632 Inventory 26,551 28,421 Dividends 2,573 3,008 Financial Statements [O LO1] Draw up an income statement and balance sheet for this company for 2020 and 2021.Use the following information for Ingersoll, Incorporated. Assume the tax rate is 23 percent. Sales Depreciation 2020 2021 $15,073 $15,036 1,731 1,806 Cost of goods sold 4,329 4,777 Other expenses 981 859 Interest 830 961 Cash 6,172 6,676 Accounts receivable 8,110 9,637 Short-term notes payable 1,240 1,217 Long-term debt 20,530 24,811 Net fixed assets 51,042 54,483 Accounts payable 4,496 4,854 Inventory 14,402 15,358 1,300 1,688 Dividends Prepare a balance sheet for this company for 2020 and 2021. (Do not round intermediate calculations.) INGERSOLL, INCORPORATED Balance Sheet as of December 31 Current assets Assets 2020 2021Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent): 2020 2021 Sales $ 21,514 3,089 7,397 1,759 1,443 11,279 14,934 2,176 37,778 94,601 8,150 26,551 2,573 $24.047 Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 3,229 8,750 1,531 1,723 12,021 17,529 2,133 45,798 100,893 8,632 28,421 3,008 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to the nearest whole number, e.g.., 32.) Cash flow from assets Cash flow to creditors Cash flow to stockholders
- . Presented below is the 2019 income statement for Billie's Baubles. The tax rate was 35% in 2019. Income statement for the period ended 12/31/19 Sales Less: Cost of goods sold Less: Depreciation Gross profit Less: S, G & A expenses Operating profit Less: Interest expense Profit before tax Less: Tax expense Net income $400 100 50 250 100 150 $31.05 $61.95 $87.95 $92.50 7 143 40 $103 Assume that the change in capital expenditures for 2019 was $30 and the change in net working capital was $25. What was Billie's Baubles' Free Cash Flow (FCF) for 2019?tudent question Time to preview question: 00:09:07 Company is subject to an income tax rate of 30%. It has the provided the following data on December 31, 2021: Income Statement Items for 2021: Net sales P3,600,000Cost of goods sold 1,100,000Operating expenses including depreciation 840,000Depreciation expense 60,000Interest expense 100,000Income tax expense ? Other information for 2021: Payment of bank loan 300,000 Dividends paid to stockholders P250,000 Balance Sheet Items December 31, 2021 December 31, 2020Cash and cash equivalents 2,000,000 P1,750,000Accounts receivable 670,000 410,000Inventory 430,000 220,000Supplies 18,000 12,000Accounts payable 520,000 380,000Accrued liabilities 72,000 53,000Property and equipment, net 1,700,000 2,100,000Loans payable 1,000,000 1,500,000Share capital 1,000,000 1,000,000Retained earnings ? ? Based on the above, answer the following questions for 2021: (Round answers to whole numbers for monetary amounts while for percentages,…Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be A. 39,680 (Favorable) B. 47,290 (Favorable) C. 47,290 (Unfavorable) D. 63,290 (Favorable) E. 63,290 (Unfavorable)
- Wendy Corp. reported the following data for 2019. Total net sales –P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000;Ending Inventory – P600,000; 1 year advance rent received amounting toP60,000 to be applied in 2020; P80,000 total interest income from customerspromissory note earned--P60,000 of this was collected; Unrealized foreignexchange gains from foreign currency receivables – P120,000; Using cash basis,compute the total income subject to income tax.With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
