1. How much is the additional allowable training expenses, if any? 2. How much is the taxable net income of the company?
Q: What are the defenses that someone can take to charges of violations under the 1933 securities act?
A: Defenses are explained below
Q: ds for the next 3 months. She badly needed P30,000,000 in cash because of an emergency. Pielago look...
A: Money Market Fund Money market fund is also called short term financial fund which can be generate t...
Q: Bravo Company has the following information at month-end: Sales - P100,000 Sales Returns and Allowan...
A: Net sales = Gross sales -Sales returns and allowances - Sales Discounts
Q: 6. Table values are Present value of 1 for 8 periods at 6% . .627 Present value of 1 for 8 periods a...
A: Price of bond is sum of the present value of annual interest payment and present value of the par va...
Q: Based upon this information, how would I make the following journal entries? Record annual pension ...
A: Record of above journal entry with all necessary workings are as follows.
Q: (b) Sohan has been recently hired in Zio Life Limited. Since he is facing difficulty in computation ...
A: Basic earning per share=net profit for the year/number of equity shares outstanding or 46,00,000/30,...
Q: Zenny is one of the 20-year awardees of her company. For her service, she received a watch worth P8,...
A: The answer for the multiple choice question and relevant explanation are presented hereunder : What ...
Q: The following information relates to the banking records of lan White. i. Bank Statement for Novembe...
A:
Q: The primary purpose of the statement of cash flows is a. To provide relevant information about ca...
A: Cash Flow Statement: This Statement shows aggregate data regarding all Cash inflows or outflows dur...
Q: Clopack Company manutactures one product that goes through one processing department called Mixing. ...
A: cost of materials transferred to finished goods = materials units completed and transferred * unit c...
Q: 2-a. Calculate the benefit under each alternative for disposing of the obsolete parts. 2-b. How shou...
A: Solution:- 2-a) Calculation of the benefit under each alternative for disposing of the obsolete part...
Q: Sweet Company purchased equipment on January 1, 2018, for $28,000. Suppose Swee December 31, 2019. A...
A: Journal entries refer to posting of the transactions into the day book or accounts of company and it...
Q: Beginning Work-in-Process is 3,350 units; 66,600 units completed, and ending Work-in-Process is 5,45...
A: 1.
Q: North Airlines Company issued $900,000 of 8%, 10-year bonds on January 1, 2017, at Face value. Inter...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Purchased tools worth $3,500 by paying $2,000 in cash and the remaining on account. Transaction Anal...
A: The transactions in the business affects two or more accounts of the business.
Q: Ocean Adventures issues bonds due in 10 years with a stated interest rate of 6% and a face value of ...
A: Issue price of bond is the present value of future cash inflows PV = PV of face value + PV of intere...
Q: Sahel Co., a publicly traded entity, just completed the construction of an asset on January 1, 2021,...
A: This question is from depreciation chapter,in this we apply formula to find out depreciation annuall...
Q: Listed below are six transactions for TUV Company during its first month of operations: 1. Owner inv...
A: Accounting Equation of the business says that total assets in the business must be equal to total li...
Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and...
A: The Calculation is given below
Q: martinez company relevant range of production is 7500 units to 12500 units. When it produces and sel...
A: Solution.. Average Fixed manufacturing cost at 10,000 units Fixed manufacturing overhead costs...
Q: Milan Company issued bonds with a face value of $275,000 on January 1, Year 1. The bonds had a 7 per...
A: Answer:- a: Total amount of interest Interest paid on December 31 = 275000 x 7% =$19,250
Q: Surreal Company accounted for non-current assets using the revaluation model. On October 1, 2021, th...
A: The revaluation model enables a business to maintain non-current assets at their revalued value. Upo...
Q: The board of directors of Sizzy Company, whose USD50 par value share capital is currently trading at...
A: Calculation of percentage of share dividend are as follows.
Q: Cas Inc., corporation, has the following pertinent information happened during the year P 1,980,000 ...
A: Points to be noted Opening cash balance has not been given in question therefore assumed zero. Cas...
Q: At the beginning of fiscal 2010 Phoebe Bridgers INC had retained earnings of USD1,000,000 and at the...
A: The question is based on the concept of Financial Accounting. The profit earned during the year is t...
Q: Assume that you are one of the owners of Pinoy Corporation. Upon reviewing the project income statem...
A: The income statements are projected to forecast the profit in future years on the basis of estimatio...
Q: When a partnership makes a current (nonliquidating) distribution, loss is never recognized. Tru...
A: Partnership is legal association of two or more person to carry out business activity and distribute...
Q: Ocean Company recently acquired several items of property, plant and equipment. The transactions are...
A: Answer :- 1. Computation of cost of building Purchase ...
Q: A contribution income statement for the Nantucket Inn is shown below. (Ignore income taxes.) Revenue...
A: A contribution income statement is a tool of cost volume profit analysis. It is used for analyzing s...
Q: On February 22, Stewart Corporation acquired 7,500 shares of the 265,000 outstanding shares of Edwar...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: n the E&M Partnership, Edward invests USD120,000 in cash, and inventory with a cost of USD120,000 an...
A: >Partnership is the business entity where there are two or more than two owners, known as partner...
Q: 1. Following the depreciation example on page 7-7 of the VLN determine Activity based year 2 accumul...
A: Depreciation Expenses Calculation of Depreciation cost is important for the business which can be re...
Q: On June 1, 2020, JetCom Inventors Inc. issued a $500,000 6%, three-year bond. Interest is to be paid...
A: Number of periods on semi-annual basis 6 (3 x 2) Stated interest rate per period (6%/2) 3% ...
Q: Ch Zytel Corporation produces cleaning compounds and solutions for industrial and household use. Whi...
A: Calculation maximum number of jar sold for futher processing are as follows.
Q: ABC Corporation plans to issue an 8%, 15-year, P5,000,000 face value bonds. It will incur P300,000 a...
A: Introduction: The present value of cash to be received in the future with one or more payments that ...
Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and...
A: If 8,000 units are produced, Variable Manufacturing overhead = 8,000*1.60 = 12,800 Fixed Manufacturi...
Q: 13. On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory val...
A: Introduction Inventory refers to goods used in production or manufacturing by company during a finan...
Q: Jenkins, Willis, and Trent invested $208,000, $364,000, and $468,000, respectively, in a partnership...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: Total sales 2,000,000 360,000 1,500,000 2,100,000 Profit Beginning total sales Ending total sales ha...
A: Return on investment is percentage profit earned on the investment that is earned over the period of...
Q: A government issues 10,000,00 of demand bonds and fails to obtain an acceptable takeout agreement fr...
A: Take-out Agreement: A take-out commitment, also known as a take-out loan or a take-out agreement, pr...
Q: Statement 1: Unrealized gains or losses from financial assets measured at fair value through OCI are...
A: As per IFRS 9, Financial instruments, Any changes in the fair value of the financial asset measured ...
Q: mile company exchanged used equipment for another equipment of Frown Company. The following informat...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Aboitiz Corporation has the ff info in their shareholders' equity section on January 1, 2011: Prefe...
A: Retained Earnings: When a company's direct and indirect expenses, income taxes, and dividends to sha...
Q: Copy Center pays an average wage of $12 per hour to employees for printing and copying jobs and allo...
A: Total cost allocated to a job will include the cost of materials, cost of labour, and overheads.
Q: perating income. Long-term capital gain. Cost of goods sold.
A: The shareholder begins with their commencing capital contribution to the S corporation or the start...
Q: Williams moved out of Los Angeles District in June 2018. Williams' account had a zero balance in Jul...
A: The answer is stated below:
Q: Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. o T...
A: Accounts Receivable - Accounts Receivables are the amount which is due but not paid by the customer....
Q: Required information [The following information applies to the questions displayed below.] Intercont...
A: Replacement cost = Required quantity ( in units ) * Replacement cost per unit Cost of order = Quanti...
Q: FINANCIAL FORECASTING Sue Wilson, the new financial manager of New World Chemicals (NWC), aCaliforni...
A: Income statement refers to the document which reflects the revenue gained and expenses born by an en...
Q: the VLN, expenditures after acquisition are either expensed or capitalized. The company spent money ...
A: Expenditure made after acquisition of an asset can be treated as capital expenditure or revenue expe...
1. How much is the additional allowable training expenses, if any?
2. How much is the taxable net income of the company?
Step by step
Solved in 2 steps
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019, they generated $720,000 in service revenue. Their total cost (fixed and variable) per client was $2,500 and they served 115 clients during the year. If operating expenses for the year were $302,000 what was their net income?The sales of Flamingo Manufacturing Corp. in 2021 is P6,100,000. The cost of goods manufactured is P4,800,000. The beginning inventories of goods in process and finished goods are P820,000 and P650,000 respectively. The ending inventories are: Goods in process - P750,000; Finished Goods - P550,000. The selling expenses and general and administrative expenses are 5% and 2.5% of cost of goods sold, respectively. Sales returns and sales discounts are P100,000 and P200,000 respectively. What is Flamingo's profit for the year 2021?
- The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plzABC Company has the following costs and expenses for the year December 31, 2020. Raw Materials, 1/1/2020 P40,000 Insurance, Factory P14,000 Raw Materials, 12/1/2020 P25,000 Property Taxes, Factory Building P6,000 Raw Materials Purchases P305,000 Sales Revenue P2,000,000 Work-in-Process, 1/1/2020 P60,000 Delivery Expenses P50,000 Work-in-Process, 12/1/2020 P40,000 Sales Commissions P100,000 Finished Goods, 1/1/2020 P120,000 Indirect Labor P55,000 Finished Goods, 12/31/2020 P110,000 Indirect Material P105,000 Direct Labor P400,000 Factory Machinery, Rent P25,000 Factory Manager’s Salary P25,000 Factory Utilities P55,000 Depreciation, Office Equipment P25,000 Administrative Expense P250,000 Requirement: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold schedule for ABC Company for 2020. Prepare Income Statement for ABC Company.Roundhead Corporation’s 2021 manufacturing costs were as follows: Prime costs P 4,000,000 Depreciation of factory equipment 600,000 Depreciation of factory building 400,000 Salaries of janitor assigned in factory premises 120,000 Salesmen’s commission based on sales 200,000 Depreciation for delivery van 150,000 How much of these costs should be considered product / manufacturing costs or inventoried for external reporting purposes?
- Roundhead Corporation’s 2021 manufacturing costs were as follows: Prime costs P 4,000,000 Depreciation of factory equipment 600,000 Depreciation of factory building 400,000 Salaries of janitor assigned in factory premises 120,000 Salesmen’s commission based on sales 200,000 Depreciation for delivery van 150,000 How much of these costs should be considered product / manufacturing costs or inventoried for external reporting purposes? Group of answer choices P 5,470,000 P 5,120,000 P 4,120,000 P 4,000,000VXY Corporation has the following standard costs associated with the manufacture and sale of one of its products: Direct material P 3.00 per unit Direct labor. P 2.50 per unit Variable manufacturing overhead. P 2.00 per unit Fixed manufacturing overhead. P 4.00 per unit (based on an estimate of 50,000 units per year) Variable selling expenses. P 0.25 per unit Fixed SG&A expense P 75,000 per year During 2021, its first year of operations, VXY manufactured 51,000 units and sold 48,000. The selling price per unit was P25. All costs were equal to standard. 1. The volume variance under absorptoon costing is.VXY Corporation has the following standard costs associated with the manufacture and sale of one of its products: Direct material P 3.00 per unit Direct labor. P 2.50 per unit Variable manufacturing overhead. P 2.00 per unit Fixed manufacturing overhead. P 4.00 per unit (based on an estimate of 50,000 units per year) Variable selling expenses. P 0.25 per unit Fixed SG&A expense P 75,000 per year During 2021, its first year of operations, VXY manufactured 51,000 units and sold 48,000. The selling price per unit was P25. All costs were equal to standard. 1. Based on variable costing, the income before income taxes for the year was.
- The following data refer to Solaris Power Ltd for the financial year ending 31 December 2021: Sales $5,900,000 Raw material inventory, 1 January 2021 160,000 Purchases of raw material 2,000,000 Raw material inventory, 31 December 2021 120,000 Direct labour cost incurred 1,400,000 Other selling and administrative expenses 240,000 Indirect labour cost (65% for factory; 35% for selling & admin) 800,000 Other manufacturing expenses 300,000 Depreciation of building (85% for factory; 15% for selling & admin) 400,000 Depreciation of equipment (90% for factory; 10% for selling & admin) 320,000 Income tax expense 80,000 Indirect material used (all for factory) 60,000 Insurance on factory & equipment (80% for factory; 20% for selling & admin) 100,000 Electricity (75% for factory; 25% for selling & admin) 200,000 Work in process, 1 January 2021 40,000…The following data refer to Solaris Power Ltd for the financial year ending 31 December 2021: Sales $5,900,000 Raw material inventory, 1 January 2021 160,000 Purchases of raw material 2,000,000 Raw material inventory, 31 December 2021 120,000 Direct labour cost incurred 1,400,000 Other selling and administrative expenses 240,000 Indirect labour cost (65% for factory; 35% for selling & admin) 800,000 Other manufacturing expenses 300,000 Depreciation of building (85% for factory; 15% for selling & admin) 400,000 Depreciation of equipment (90% for factory; 10% for selling & admin) 320,000 Income tax expense 80,000 Indirect material used (all for factory) 60,000 Insurance on factory & equipment (80% for factory; 20% for selling & admin) 100,000 Electricity (75% for factory; 25% for selling & admin) 200,000 Work in process, 1 January 2021 40,000…The following data refer to Solaris Power Ltd for the financial year ending 31 December 2021: Sales $5,900,000 Raw material inventory, 1 January 2021 160,000 Purchases of raw material 2,000,000 Raw material inventory, 31 December 2021 120,000 Direct labour cost incurred 1,400,000 Other selling and administrative expenses 240,000 Indirect labour cost (65% for factory; 35% for selling & admin) 800,000 Other manufacturing expenses 300,000 Depreciation of building (85% for factory; 15% for selling & admin) 400,000 Depreciation of equipment (90% for factory; 10% for selling & admin) 320,000 Income tax expense 80,000 Indirect material used (all for factory) 60,000 Insurance on factory & equipment (80% for factory; 20% for selling & admin) 100,000 Electricity (75% for factory; 25% for selling & admin) 200,000 Work in process, 1 January 2021 40,000…
