What distinguishes an income tax from other taxes?

Q: Which of the following entries would be the appropriate entry for writing off an uncollectible accou...

A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account...

Q: What is the difference between tax reliefs and tax credits?

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether loc...

Q: The balance in Set Corp.'s accounts payable at Dec. 31, 2020 was P 1,350,000 before any necessary ye...

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...

Q: Sweet Tooth Candy Company has computed the net present value for capital expenditure at two location...

A: The question is based on the concept of Financial Management.

Q: QUE Ltd had the following activity during 2020: Proceeds from sale of long-term $156,000 investments...

A: Answer) Calculation of Cash flow from Financing Activities    Amount Cash Flow From Finan...

Q: suming a 360-day year, when a $12,600, 90-day, 11% interest-bearing note payable matures, total paym...

A: Maturity Value of Note Payable = Face Value + Interest Maturity value = Face Value + (Face Value x R...

Q: Based on the provided information, how is the corridor amount solved for in each of these cases? Tha...

A: This same corridor rule throughout retirement accountancy mandates the presence of any actuarial gai...

Q: Montana Mining Co. pays $3,926,550 for an ore deposit containing 1,572,000 tons. The company install...

A: Depletion expense of Ore mine = Cost of Ore mine x Tons of Ore mines and sold / Total Ore deposit De...

Q: One element of the general transfer-pricing rule is opportunity cost. Briefly define the term 'oppor...

A: Opportunity cost is the benefit foregone from choosing the next best alternative in a decision makin...

Q: How much of Ridge Road’s $3,700,000 payment for Sauk Trail is attributable to goodwill? What amount...

A: Solution:- Given, On January 1,2020, Ridge Road company  Acquired 25% of the voting shares of Sauk T...

Q: On July 1. 2022, Damlen Jurado Company pays $12,000 to its insurance company for a 2-year insurance ...

A: Solution:- Preparation of journal entries as follows under:- On July 1,2022 pays $12,000 for 2 years...

Q: Bramble Company purchased equipment for $15600 on December 1. It is estimated that annual depreciati...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: At the end of the year, two similar companies were in the process of calculating bad debt expense fo...

A: Company A  Uncollectible account expense = Account written off + Estimated ending Balance of Uncolle...

Q: Maddie Inc. has the following transactions for its first month of business. Transactions May 1 Cre...

A: Solution:- 1)Calculation of the individual account balances, and the total balance, in the accounts ...

Q: 1. Alex Miller, Inc., sells car batteries to service stations for an average of $30 each. The variab...

A: Breakeven units  Fixed cost / contribution per unit Contribution per unit   = Selling price - variab...

Q: 1. What amount should be recognized as investment income for 2021 as a result of the investment? a. ...

A: Investment refers to those mechanism which is used by the company for the purpose of generating inco...

Q: In an activity-based costing approach, a factor that causes costs is known as a а. cost activator O ...

A: Cost driver is the main root cause for the occurrence of cost. It has a higher impact on the total c...

Q: company purchased factory equipment on April 1, 2017, for $128,000 and placed it into service on tha...

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

Q: On February 1, 20x1, Paco Corp. acquired outstanding ordinary shares of School Inc. for cash. The in...

A: Introduction Goodwill is considered as an intangible assets and linked with purchasing of one compan...

Q: 0,000 and have no residual value. If the straight-line depreciation method is used and the average r...

A: Average rate of return  is the percent of return earned on the investment, It is calculated by divid...

Q: 9. PENNSYLVANIA makes engine additives. Standard costs for a gallon of its major procuct follow, alo...

A: Answer -  I. Material Price Variance -    Particular Amount Actual Cost of Purchases (5.90* 320...

Q: 2022 Sales revenue $500,000 Cost of goods sold Gross profit Operating expenses 400,000 ? Wages expen...

A: Formula: Gross profit = sales revenue - cost of goods sold

Q: On January 1, 20x1, ABC Co. sold machinery costing P3,000,000 with accumulated depreciation of P1,10...

A: Lets understand the basics. When asset is sold in exchange of non interest bearing notes then amount...

Q: July 31 (there are 3 boxes) plz help with July 31 journal entries (3 lines in total)

A: Journal entries refers to the official book of a company which is used to record the day to day tran...

Q: find out value of account receivable from following Cash $ 48,000 account payable $ 33,000 office eq...

A: Introduction:- The following basic fundamental equation is used for preparation of balance sheet as ...

Q: What is Milson's rate of return on common stock equity for 2021?

A: Return on Common Equity = Net Income for Common Stockholders / Average Common Equity Net Income for ...

Q: For 2021 taxable year, determine whether the folliowing is subject to vat. Write "V" in the space pr...

A: The correct answer for the above question is given in the following steps for your reference. 

Q: Gail , Inc. has a bonus plan covering all employees. The total bonus is equal to 10% of Gail 's prel...

A: Bonus = Income before bonus and tax x bonus rate

Q: 12.  Novelli's Nursery has developed the following data in order to calculate the lower of cost or ...

A: Given that,  Cost to sell = 10% of the selling price.  So the NRV = sales - cost to sell  

Q: Tech Manufacturing Company realized P15,000,000 in sales, with a cost of goods sold of P6,000,000, g...

A: The ratio analysis helps to analyze the financial statements of the business. The Return on assets i...

Q: Prepare a flexible budgeted income for 120,000 units using the following information from a static b...

A: A budget is a statement that is prepared by the companies, government, and individuals based on the ...

Q: Answer the following: Question One: State the accounting equation and define its components with exa...

A: Accounting refers to the process of recording, processing and eventual communication of financial in...

Q: Luthan Company uses a plantwide predetermined overhead rate of $22.50 per direct labor-hour. This pr...

A: Formula: Manufacturing overhead cost applied to all jobs = Actual direct labor hours x Predetermined...

Q: Flexibility is one of the principles of an efficient and effective accounting information system! Ex...

A: The accounting information system (AIS) is the system software used by businesses to keep their acco...

Q: A company purchased equipment, incurring the following costs: Invoice price $55,000 Sales taxes. 3,2...

A: The equipment includes all the costs that are incurred in making equipment available to use. It incl...

Q: Date of lease – 7/1/19 Term – 3 years (expires 7/1/22) Semi-annual lease payments of $100,000 every ...

A: Answer:- present value of the lease payments Implicit rate of interest to be taken if it is readi...

Q: Units-of-Production Method A light truck is purchased on January 1 at a cost of $35,000. It is expec...

A: Under units of production method, depreciation expense per unit is calculated by dividing depreciabl...

Q: 2.     Analyze the statement of financial position for the year 2020 and compare it with the year 20...

A: Consolidated statement of financial position is a statement which depicts the resources owned by the...

Q: A one-year insurance policy was purchased on June 1 for $1,680. Journalize the adjusting entry requi...

A: Introduction:- At the time of purchase the insurance policy, debit the Prepaid Expense account to sh...

Q: The condensed balance sheets of Sheffield Limited, a small private company that follows ASPE, follow...

A: Journal entry is the first step in process of accounting process which means recording of financial ...

Q: A draw bench for precision forming and strengthening of carbon steel tubing has a cost of $950,000. ...

A: Depreciation under straight line method : under this method depreciation is equally charged on over ...

Q: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the...

A: Formulas: Double declining depreciation rate = (100 / Expected Life of the assets) x 2 Depreciation ...

Q: Depletion: Calculating and Journalizing Mineral Works Co. acquired a salt mine at a cost of $1,700,0...

A: Depletion refers to the depreciation of natural resources/wasting assets. Example: Coal, oil, metals...

Q: Horizontal Analysis of Income Statements Consolidated income statements for Cooper Manufacturing fo...

A: Horizontal analysis is prepared to calculate the variance from the previous year by showing an incre...

Q: ing control ing relative efficiency short-term, spare capacity de

A: Cost refers to the compiled sum of all the expenses involved while manufacturing a product.

Q: To encourage employees older than 60 years to extend their employment with the entity, Bennett Corpo...

A: Lum-sum benefit to employees means that a large amount of money is given to employees all together f...

Q: Din Sabrie Resources Sdn Bhd (DSRSB) manufactures and sells medical equipment. Here is the informati...

A: Profit is the amount of income earned by company by deducting expenses from sales. It is calculated ...

Q: The "Budget" column of a flexible budget report reflects: budgeted costs at the budgeted level of ac...

A: Solution Concept Flexible budget Flexible budget is a budget which is prepared by changing the varia...

Q: Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of m...

A:

Q: Lopez Inc. reported warranty expense of P 1,900,000 for the current year. The warranty liability acc...

A: Introduction:- As per the company warranty policy, companies may promises customers to repair or rep...

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.