The real property tax of Ms. Ere would be?
Q: Goodie Corporation owns 20,000 shares of JFC Corporation recorded as “Investment in JFC Corporation”...
A: A dividend is the distribution of a part of a company's earnings to a selected group of shareholders...
Q: Assess and identify the parent/acquirer that will direct the relevant activities of the investee. (i...
A: Parent company is an entity which holds more than 51% interest also known as controlling interest in...
Q: Describe business activities thataffect a firm’s cash flow.
A: The net amount of cash and cash equivalents transported into and out of a corporation is referred to...
Q: TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried...
A: Direct labor efficiency variance = {6,000 - (22,000 × .25)} x $6.20 = 500 hours × $6.20 = $3,100 (U...
Q: QUESTION 9 On July 1, 2015, ABC Corporation purchased a patent asset for $21,600 and a trademark ass...
A: Amortization expense is the write-off of an intangible asset over its anticipated useful life, indic...
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A:
Q: A company is planning to undertake an investment project. The following data have been calculated fo...
A: Dear student, as per Bartleby guidelines we are supposed to answer only first question with its subp...
Q: Bramble Company purchased equipment for $15600 on December 1. It is estimated that annual depreciati...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: What is confidentiality? Give an example showing a violation of confidentiality.
A: Confidentiality is one of code of ethics for Auditor.
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A:
Q: QUESTION 16 On, Jan. 1, 2018, ABC purchases a van for making deliveries to customers. Cash payments ...
A: Introduction:- A cost is the value of money spent on creating something or delivering a service that...
Q: Allerton Company acquires all of Deluxe Company’s assets and liabilities for cash on January 1, 2021...
A: The question says to record the Acquisition of Deluxe company . There are two situations :- Cash ex...
Q: g the sale of machinery, which of the following do NOT appear in the journal entry? a. Cr Machinery...
A: When the sale of a fixed asset takes place the book value is compared to the sales value If the sale...
Q: 1. Prepare the journal entries to record (a) issuance of the bonds by Western and (b) Stillworth’s i...
A: Journal enteries on the issuance of Bonds for the organisation Western and stillworth organisation.
Q: ABC Company and XYZ Company reported the following condensed Statements of Financial Position on Jan...
A: It is one of the important tools, to prepare the consolidated financial statements of patent and sub...
Q: In the month of June, Jose Hebert's Beauty Salon gave 4,200 haircuts, shampoos, and permanents at an...
A: The questions says : Number of Haircuts , shampoos and permanents = 4200 Average price = $ 40 Fixed ...
Q: It costs HHI Company $7 of variable costs and $3 of fxed costs to produce its product at full capaci...
A: Variable cost per unit for the offered 3,000 units = $7 + $2.50 = $9.50 . Even when company is not u...
Q: Juan earns the basic salary of P44,000 a month. His daily compensation rate is P2,000. For the curre...
A: Vacation leave with pay means that the employee can take a pre-fixed number of vacation leave days i...
Q: Q4 – HW#3 SOLVING THE PROBLEM! Lopez General Services Below are the cash transactions of Lopez Gener...
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by...
Q: Bonita Company’s unadjusted trial balance at December 31, 2020, included the following accounts. ...
A: Allowance for the doubtful account is considered as a contra asset account. It is used to decrease t...
Q: If a company depreciates a five-year asset using the straight-line method for books and double decli...
A: The double declining balance depreciation method is form of accelerated depreciation that doubles th...
Q: On August 1, ABC Corporation acquired 80 percent of XYZ Corporation for P560,000. XYZ Corporation ha...
A: Goodwill is an intangible asset, goodwill is harder to measure directly. Goodwill can count as custo...
Q: The balance in the supplies account on June 1 was $5230, supplies purchased during June were $3480, ...
A: Lets understand the basics. Adjusting entry is needs to pass to record correct amount of revenue and...
Q: December 31, de real estate ta December 31.
A: As per our protocol we provide solution to the one question only but you have asked three questions ...
Q: Vaughn's assets on December 31, 2020 are $200200. O $302000. O$170600. O $259100.
A: Assets = Equipment + Cash + Supplies + Accounts Receivable
Q: Problem 18. Book value per share The shareholder’s equity of Dancing Queen Co. in the statement of ...
A: Book value per share means how much shareholders equity is available for each equity shareholder and...
Q: Which inventory valuation model serves as a middle-of-the-road approach for taxes and income? a.Last...
A: When a corporation values its inventory using FIFO, it reports reduced COGS, which boosts its gross ...
Q: In times of inflation (normal), the LIFO inventory method has ……………….. compared to FIFO: a) H...
A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods: ...
Q: What is an unrecognized tax benefit and how does it affect a company's current income tax expense?
A: The Meaning of Income Tax: FASB defines income tax as a tax on earnings. It is measured in terms of ...
Q: Problem 12 (DSO and Accounts Receivable) James Inc. currently has P750,000 in accounts receivable, a...
A: Dear As per guidelines, I have solved one question. You will have to drop 2nd question again.
Q: Sold P480,000 of ABC Corporation 7% bonds at 102, plus accrued interest of P2,790.00.
A: The current portion of the investments means the amount of investment remaining after adjusting the ...
Q: A business employs three individuals, whose taxable earnings to date (prior to the current pay perio...
A: It must be noted that earnings upto $7000 are subject to FUTA Employee 1 cumulative pay till date = ...
Q: QUESTION 5 ABC Corporation begins the month of April with inventory valued at $10,000. Inventory at ...
A: Solution.. Beginning inventory = $10,000 Ending inventory = $12,000 Purchase = $64,000 Cost o...
Q: Please see the picture. I need help with the red box I got wrong. Note that the info below is part o...
A: The question is based on the concept of Financial Accounting. Intangible assets are amortized over t...
Q: Rawlings Company prepared the following budget information for the coming year: Product A Product B ...
A:
Q: On August 1, ABC Corporation acquired 80 percent of XYZ Corporation for P560,000. XYZ Corporation ha...
A: The goodwill is recorded as intangible assets on the balance sheet of the firm.
Q: The statement of financial position of XYZ Company on December 31, 2011 is as follows: Assets Liabil...
A: Calculation of fair value of net identifiable assets acquired : Particulars Amount Cash P100...
Q: What is the minimum number of partners required for a partnership to be valid? a. No minimum b. 2 c...
A: A partnership is a legally binding agreement between two or more persons to manage and operate a bus...
Q: The expense recognition principle relates
A: Expense recognition is based on accrual and matching concept where accrual concept states that expen...
Q: e Current Liabilities Compute for the Non-current
A: The current asset as,
Q: a. Assuming Bourne reported $50,000 of nonrecaptured net §1231 losses during years 1–5, what amount ...
A: Solution :- Given, Bourne Guitars, a corporation, reported a $157,000 net §1231 gain for year 6.
Q: Rawlings Company prepared the following budget information for the coming year: Product A Product B ...
A: Budgeting: A budget is a spending plan in light of pay and costs. Budgeting is the method involved w...
Q: On January 1, 2021, MANGO Corp. issues $100 million of convertible bonds at par value. The bonds ha...
A:
Q: Book Value P50,000 140,000 530,000 210,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant...
A: Ans. On acquisition date, the net asset is calculated and compared with the consideration amount, di...
Q: ABC Corporation has the following inventory information for March, 2019. On March 31, ABC has 2,800 ...
A: Under the FIFO method, initial purchases are sold first so the ending inventory includes the invento...
Q: Why does a company evaluate both the money allocated to a project and the time allocated to the proj...
A: "Since you have asked mutiple question we will be solving first question for you,If you want any spe...
Q: 1. Peter and Renee, who file married filing jointly, recelved $30.200 of Social Security benefits th...
A: The tax on social security benefit is depended on the modified AGI. (a) Individual filling joint ret...
Q: Accounts Payable Prepaid Rent Expense Accounts Receivable (net) 1. PIOLO Corporation had the followi...
A: Cash Flow Statement - The cash Flow Statement is the statement that includes Operating, Investing, a...
Q: Each of the three Independent situations below describes a finance lease in which annual lease payme...
A: Answer - Statement showing claculation of Annual Lease rent payment amount Situation 1 2...
Q: QUESTION 4 On Jan. 1, 2017, Acme Industries put into service a milling machine that had a capitalize...
A: Introduction:- Depreciation is a term used in accounting to describe a method of distributing the co...
Ms. Iniwan Sa Ere owns a residential house in a municipality located in Metro Manila. The fair market value of her house is ₱12 million. The Sangguniang Bayan of the Municipality fixed the assessment levels and tax rate based on the maximum allowable rates provided in RA 7160. The real property tax of Ms. Ere would be?
a. ₱168,000.00
b. ₱192,000.00
c. ₱120,000.00
d. ₱144,000.00
e. ₱96,000.00
Using the information above, the disposition of proceeds from the real property tax paid by Ms. Ere would be?
a. Metropolitan Manila Authority-₱42,000.00; Municipality-₱42,000.00; Barangays-₱36,000.00
b. Metropolitan Manila Authority-₱58,800.00; Municipality-₱58,800.00; Barangays-₱50,400.00
c. Metropolitan Manila Authority-₱50,400.00; Municipality-₱50,400.00; Barangays-₱43,200.00
d. Metropolitan Manila Authority-₱33,600.00; Municipality-₱33,600.00; Barangays-₱28,800.00
e. Metropolitan Manila Authority-₱67,200.00; Municipality-₱67,200.00; Barangays-₱57,600.00
Step by step
Solved in 2 steps
- An individual, who is a real estate dealer, sold a residential lot in Quezon City at a gain of P100,000.00 (selling price of P900,000.00 and cost is P800,00.00). The sale is subject to income tax as follows: a) 6% capital gains tax on the gain; b) 6% capital gains tax on the gross selling price of fair market value, whichever is higher; c) Ordinary income tax at the graduated rates of net taxable income; d) 8 % income tax on net taxable income.How much is the Gross Estate? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000 when…How much is the Ordinary Deduction? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000…
- Mang Antoy sold his land located in Bulacan to Mang Batak, who intends to use the land as site of his ABC Factory. Mang Batak paid P500,000 to Mang Antoy for the land which has a fair market value of P700,000 at the date of sale. How much would be the tax on the transfer of ownership?Ms. Dika Kayaten has a 2 hectare agricultural land located in a province with a fair market value of ₱5 million. However, half of which is unutilized. The possible maximum ad valorem tax on idle land that will be paid by Ms. Kayaten would be? a. ₱400,000.00 b. ₱500,000.00 c. ₱250,000.00 d. ₱125,000.00 e. ₱300,000.00The taxpayer is a sole proprietor owner of a merchandising business. He sells an idle lot located in Baguio City at 10% above cost. Records show the cost of P1,000,000. The zonal value per BIR list is P1,200,000 and the value per local assessor’s office is P800,000. Compute the capital gains tax:
- 2. How much is the donor's tax In January 2018, Don Nor donated commercial land to his second cousin. The value in the tax declaration is P2million pesos while the zonal value is P1.7million pesos. 102,000 O 120,000 87,000 O 105,0004. PP operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amount to Php1,000,000.00, in addition to her receipts from bookkeeping services of Php500,000.00. Is PP allowed to avail herself of the eight percent (8%) income tax? If yes, what should she do in order to be subject to the said tax? What would be her tax base?If Lorna Da Ganda is a resident citizen and is earning compensation income and business income for 2018 with the following details: Compensation income of Php1,400,000 and Gross sales of Php2,800,000 and Cost of Sales of Php1,200,000 and Operating expenses of Php650,000 and Withholding tax on compensation income of Php310,000 and other creditable withholding taxes of Php80.000; how much is the income tax due and payable of Lorna Da Ganda for the year 2018? * Php184,000 O Php 212,000 Php 95,000 Php144,000
- 51. On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was acquired in 2000) 2,000,000 Fair market value of land as per tax declaration (based on the latest tax declaration) 3,000,000 Fair market value of house as per tax declaration (based on the latest tax declaration) 2,000,000 Zonal value of the land as determined by the CIR 4,000,000 Additional information: He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. His TIN is registered in Makati where he works as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. In what RDO will Nicanor file the capital gains tax return?1. Chuck, a single taxpayer, earns $76,400 in taxable income and $11,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: 1a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? 1b. What is his marginal rate if, instead, he had $40,000 of additional deductions?An individual resident citizen taxpayer who owns a ten (10)-door apartment with a monthly rental of P15,000.00 for each residential unit, sold this property to another individual taxpayer. The sale shall be subject to * a presumed capital gains tax. a percentage tax. the schedular tax on taxable income. an excise tax.