TRUE OR FALSE The exemption of P90,000 Other Benefits may be increased to P100,000 by Secretary of Finance without the need for new legislation
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- NoneDecember 31, 2020 December 31, 2019 Contributions due in less than one year $2,293,775 $2,305,753 Contributions due in one to five years 5,454,320 6,272,198 Contributions due in more than five years 1,098,384 1,696,768 Total Contribution $8,846,479 $10,274,719 Less Allowance for bad debts 166,972 398,723 Discount to net present value 497,812 710,124 Net Contribution $ 8,181,695 $ 9,165,872 Without Donor's Restrictions With Donor's Restrictions 2020 2019 2020 2019 Contributions due in less than one year $2,293,775 $2,305,753 Contributions due in one to five years 5,454,320 6,272,198 Contributions due in more than five years $1,098,384 $1,696,768 The discount rates used on long-term promises to give were 3 percent in 2020 and 2019. Suppose that the foundation was to prepare the statement of financial position in columnar form, one column for net assets without donor restrictions, and another for net assets with donor restrictions. In which column would these receivables be reported?…From the following list indicate which of the liabilities that would be classified as current. O a. Deferred revenue on a project that will be completed in 6 months O b. Bank loan payable in 2 years O c. Deferred income taxes O d. Pension liability Oe. The portion of a 10-year bank loan that is due this year O f. Payroll deductions owing to the government Og. A provision for warranty repairs related to a product with a 1-year warranty ype here to search eTextbook and Media 8:
- Problem 13-66 (LO 13-3) (Algo) Skip to question [The following information applies to the questions displayed below.] XYZ Corporation has a deferred compensation plan under which it allows certain employees to defer up to 40 percent of their salary for five years. For purposes of this problem, ignore payroll taxes in your computations. (Use Table 1.) Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-66 Part a (Algo) a. Assume XYZ has a marginal tax rate of 21 percent for the foreseeable future and earns an after-tax rate of return of 13 percent on its assets. Joel Johnson, XYZ's VP of finance, is attempting to determine what amount of deferred compensation XYZ should be willing to pay in five years that would make XYZ indifferent between paying the current salary of $19,600 and paying the deferred compensation. What amount of deferred compensation would accomplish this objective?Problem 1: The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance of EMM Corp. No adjusting entry had been made yet at year end in relation to the post- retirement benefits related accounts. Prepaid Pension Expense, January 1, 2021 Pension expense for 2021, amount contributed to the plan 493,900 500,000 Additional information: The memorandum account balances and other off-books transactions are as follows: Plan asset at fair market value, January 1, 2021 Accumulated benefit obligation at present value, January 1, 2021 Payments to retirees at scheduled retirement in 2021 Payments to early retirees (settlement price) in 2021 Carrying value of accrued benefits of early retirees in 2021 P 3,245,400 P 2,751,500 P 350,000 P 300,000 P 220,000 P 535,000 P 275,000 Current service cost Past service cost recognized in the current year Settlement rate 12% Plan asset at fair market value, December 31, 2021 Accumulated benefit obligation at present…The Pension Protection Act of 2006 requires companies to correct funding shortfalls in their defined benefit plans within: A. 5 years B. 3 years C. 10 years D. 20 years E. 1 year
- 10. Porgy Co.'s retirement plan requires a P250,000 annual contribution to a fund held by a third party trustee. The fund is legally separate from Porgy Co. and is available solely for the payment of the retirement benefits of Porgy's employees. At the beginning 20x1, the fund balance is P2,800,000. In its December 31, 20x0 and December 31, 20x1 statements of financial position, Porgy reported accrued payable for retirement benefits of P30,000 and P80,000, respectively. Payments to retiring employees during 20x1 totaled P750,000. How much is the retirement benefits expense in 20x1? a. 250,000 b. 700,000 c. 750,000 d. 800,000Section 529 college savings plans are state-sponsored. True Question 2 oo False Qualifying contributions to personal retirement accounts are subtracted as oooo adjustments to income itemized deductions exclusions tax credits Question 3 Which of the following types of taxes is deductible for federal income tax purposes? Federal income taxes Real estate property taxes Federal Social Security taxes Federal excise taxes on tiresProblem 9-9 The FICA Tax (LO 9.3) (No COVID-19 provisions) Fiduciary Investments paid its employee, Yolanda, wages of $144,700 in 2021. Calculate the FICA tax: If required, round your answers to two decimal places. Withheld from Yolanda's wages: Social Security Medicare Paid by Fiduciary: Social Security Medicare Total FICA Tax
- 21 Which is TRUE? Group of answer choices Filing of return is not required if no estate tax is to be paid Notice of Death is required if gross estate exceeds Php 5,000,000 Installment payment is allowed even in absence of BIR approval In case an error is made in the return, the same can be amended by filing a new oneONLY TYPED SOLUTION
