Which of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with no income tax b.State income tax c.Federal income tax d.Property tax on second residence

Q: When a lease qualifies as a finance lease, what amount is initially recorded as the cost of the righ...

A: Solution Concept In case of finance lease , The initial cost of right of use asset include Prese...

Q: Problem 7-5B Determine depreciation under three methods (LO7-4) [The following information applies t...

A: 2. Depreciation using double-declining method = (Original cost – Salvage value) /4 years x 2

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A: The accounting equation states that assets equal to sum of liabilities and equity. The balance sheet...

Q: The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2019. The...

A: Solution Depreciation represents how much of an asset's value has been used .

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

A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated machin...

Q: Mr Zoo is planning to set up a mini Zoo in Howick.   The following relates to different pricing pl...

A: As the question has more than 3 sub-parts, the first 3 subparts are answered as per guidelines. If y...

Q: On January 1st 2020, I sell inventory in exchange for a zero-interest bearing note for 5,000 due on ...

A: Lets understand the basics. When entity sales goods in exchange of the zero interest bearing notes t...

Q: Expense approach. Required: Prepare the journal entries required for 2020 using the Expense approach...

A: Journal entries refer to the process of collecting and documenting all the data of a company in its ...

Q: This ratio is used to reflect t profit earning performance firm's assets return on assets net profit...

A: Solution: Profit earnings performance of the company's assets means that how much of the company's a...

Q: Brian May, guitarist for Queen, does not know how to price his signature Antique Cherry Special that...

A: Price = Cost + Markup where, Markup = Cost x Markup %

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

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The...

Q: (in millions) 2020 2021 2022 Beginning inventory $2,000 $2,400 $2,600 Ending inventory 2 400 2 600 2...

A: Inventory refers to all of the items, goods, merch, and materials held by a company for the purpose ...

Q: *check the attached photo for the problem REQUIRED: What is the total cost per unit?

A: Gigi decided to make chicken and rice to sell, it is necessary to decide the cost per unit.

Q: In a 5-year finance lease, the amortization expense of the right-of-use asset in the third year is: ...

A: Solution: Amortization of Right of use asset is the difference between periodic lease payment and in...

Q: Cash flow statement complements the income statement and the balance sheet summarizing all cash infl...

A: The cash flow statement is the last statement prepared by the company to depict the companies cash p...

Q: Exercise 8-5 (Issuance of Share Capital on a Subscription Basis) On June 1, 2014, Simplicity, Inc. s...

A: When shares are issued on subscription basis the subscription receivable accounts should be debited ...

Q: Who is the father of Accounting and why he was called the father?

A: Accounting is a process to identify the business transactions, record the transactions and prepare t...

Q: P 13-6 Foreign currency hedge, firm purchase commitment On October 2, 2016, Flx, a U.S. company, en...

A: To create a journal entry, you enter transaction data into your company's books. Your journal entrie...

Q: What is business intelligence (BI)? Give 2 examples of how it can be used to improve decision making...

A: NOW a days , business intelligence so as to improve their performance and management of data. busine...

Q: A ratio is simply the relationship between * nominal numbers multiple numbers two numbers ranges

A: Introduction:- Ratio analysis is used to interpretation or analysis of the company's financial perf...

Q: E13-2 Accounting for partner investments [10 min] Nan Ferdinand has been operating a student apartme...

A: GIVEN   Cash 6000 Accounts receivable 13000  Office Furniture 15000 Building 51000 Loan Payable  220...

Q: An investor purchases a 20-year, $1,000 par value bond that pays semiannual interest of $50. If the ...

A: Current market value of the bonds = Present value of principal + Present value of interest payments ...

Q: which metric is used as the profitability metric and explain what it evaluate?

A: Profitability Matric is somewhere helps to analyse the financial performance and financial position ...

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: Copperfield Manufacturing employs a weighted average process costing system for its products. One pr...

A:

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

A: Lets understand the basics. For determining average unit cost, we need to use below formula. Average...

Q: Choose the letter of the correct answer:  1. What amount of allocated excess/purchase differential ...

A: Acquisition Differential is excess the fair value of acquisition entity over its recorded equity.

Q: of P200,000 from an instrument with remaining maturity of 5 years, rentals of P100,000 gross of expa...

A: In any case of interest income of bank with remaining maturity period of 5 years or less than 5 year...

Q: Required to prepare : A) Trading and profit and loss appropriation account for the year ended 31 De...

A: Statement of income shows all the income(s) earned by the organization. There are certain ways for c...

Q: Guests Revenue Served P 480.00 535.00 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week'...

A: Lets understand the basics. For answering the question, we are required to use below formula. Week's...

Q: Win Corporation is considering replacing a machine with a book value of P400,000, a remaining useful...

A: The net investment required to replace the existing machine will be difference of value of new machi...

Q: Tom, a cash basis sole proprietor, provides the following information: Gross receipts $30,000 Divid...

A: Dividend income on personal investment is not a business income, therefore it will not be included i...

Q: nts) The following data have been taken from the accounting records of Larder Corporation for the ju...

A: Operation Income = Revenue - Expenses Total manufacturing cost incurred = Direct materials used + Di...

Q: 1. Compute an activity rate for each activity using activity-based costing.

A: Activity based costing means where the product is valued on the basis of actual direct material , di...

Q: s for the year ended December 31, 20X1. Account Title Debits Cash $37,500

A: The income statement explains the financial performance of the company for a particular period of ti...

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

A: Formula: Accounting Equation: Assets = Liabilities + Owners equity

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

A: Retained earning means the amount of profit that has not been distributed to shareholder as divided....

Q: Bond X and bond Y both are issued by the same company. Each of the bonds has a face value of $100,00...

A: The issue price of Bonds is equal to the present value of all coupon payments and maturity value dis...

Q: On February 1, 2022, Mr. X promised to pay Ms. Y the amount of ₱10,000.00 at an annual rate of 6%. M...

A: Note payable is a form of promissory note which is a promise given by one person to another person. ...

Q: A. Barbarossa Ltd is a Turkish factory that produces premium handmade rugs. These rugs go under two ...

A:

Q: Make a General Ledger for the following selected transactions completed by the SPC Laundry Shop duri...

A: Introduction:- A journal entry is the act of recording or keeping track of any financial or non-fina...

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: On 1 July 2015, Edwards, French and Gill formed the E, F and G partnership. Edwards invested $21 000...

A: In case partnership agreement does not provide for sharing of losses , it will be share equally .  R...

Q: Prepare an income statement for China Tea Company for the year ended December 31, 2018. Debit 10,900...

A: Formula: Net Income = Revenues - Expenses

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A: Present value is the current value of a future amount (sum of money). It also can be cash flows with...

Q: 1sacti Compa et of t-accounts as an attachment to this assignment. The company st 9. ith, owner, inv...

A:

Q: Massy Company issued $4,000,000 of 10-year, 11% bonds on January 4, 2021. The bonds pay interest sem...

A: Introduction:- A journal entry is the act of recording or keeping track of any financial or non-fina...

Q: Goodman Company has recently tried to improve its analysis for its manufacturing process. Units star...

A: Answer) Calculation of Material cost per unit Material cost per unit = Total materials cost/ Number ...

Q: (The following information applies to the questions displayed below) Alden Company's monthly data fo...

A: Variable cost refers to those expenses that vary with the change in the level of output of a product...

Q: what amount should hairy report for sales revenue in its income statement for the month of December

A: Sales revenue refers to the amount received by the company from selling goods and services to the cu...