1. Mr. Elliot is an individual who earns purely from compensation income. He receives an annual taxable income of 515,000. How much is his tax due?

Q: Determine the benefit-cost ratios for each option Determine whether the additional initial cost of s...

A: Solution Formula for benefit cost ratio =present value or the benefit / present value of cost Discou...

Q: The inventory and purchases data of Illumina Company for the last quarter of 2013 are as follows: Be...

A: Using FIFO method, the goods Purchased first are to be sold first.  FIFO stands for first in first o...

Q: The notes receivable account of Caimito, Inc. consisted of the following:    1. 60-day note of P10,...

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined...

Q: Required: 1. Using the high-low method, estimate a cost formula for shipping expense in the form Y =...

A: High-low method refers to a technique used by the company to determine the variable cost component a...

Q: AA Ltd creates a product that passes through two departments prior to completion: the mixing departm...

A: In process costing, output of one process is input for next process.  If units have not been complet...

Q: ABC employs a job-order costing system, with overhead calculated based on direct worker hours. Manag...

A: Manufacturing cost means the cost which is incurred in factory or related with production of goods. ...

Q: DIRECTION: Explain the 3 methods of bank reconciliation.

A: A Bank Reconciliation Statement is prepared to reconcile the bank balance stated in the financial st...

Q: TGIF Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property...

A: Revaluation of Surplus: A revaluation excess is a kind of equity account in which any increases in t...

Q: timed task, need help thanks

A: The correct option is :- The estate of X cannot claim a vanishing deduction on the land. 

Q: On December 31 , 2016 , the balance sheet of CDO Partnership is as follows : Cash 15,360 Noncash Ass...

A: Liquidation of partnership means closing down the business of the partnership firm and selling off a...

Q: True or False? Substituted filing applies only to single or head of the family.

A: Substituted filing means that the individual does not have to file the return personally or separate...

Q: 8. The warehouse management team members of a manufacturing company submits their timesheets. The en...

A: job order costing system determination of price of each individual product and assurance of cost of ...

Q: 6. Engineers who design cars for a car manufacturing company submit their timesheets. The entry to r...

A: Following entry will be passed to record direct labour cost incurred on job : Work in process inven...

Q: 20. A building was acquired on January 1, 2019 at an original cost of P16,000,000, with zero residua...

A: Under the double-declining balance method rate of depreciation is twice that of the straight-line ra...

Q: Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, t...

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts f...

Q: How much is the adjusted book disbursements for June? In connection with your examination, the ABC ...

A: Solution Bank reconciliation statement is a summary of banking and business activity that reconciles...

Q: that Excel will recognize the text as a "string of text" instead of another function. From the Excel...

A: Solution: Return on investment = Net operating income / Average operating assets Residual income = N...

Q: Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance...

A: Cash balance Closing  = Cash flow from operating activities + Cash flow from Investing activities + ...

Q: Andrea is depositing P4, 000 each month in an ordinary annuity that pays 2% interest compounded mont...

A: Monthly deposit amount (D) = P4000 Interest rate = 2% Monthly interest rate (r) = 2%/12 = 0.16666666...

Q: Lyman Nurseries purchased seeds costing $25,000 with terms of 3/15 net 30 EOM on January 12. 1. How...

A: Solution:- 1) calculation of How much will the firm pay if it takes the cash discount as follows und...

Q: If 2,000 is invested at an interest rate at 8% compounded annually for 3 years, find the compound in...

A: Interest means the extra amount which we received because of investment made and will be paid in cas...

Q: The transaction price allocated to the pool and the installation is

A: Cost allocation refers to the process which is used by the company to allocate the cost of product o...

Q: YSL Corporation acquired 80% of the outstanding ordinary shares of GBX Company on June 1, 2022 for P...

A: Solution Shareholder's Equity shows how much the owners of a company have invested in the business-e...

Q: cash Purchase 5,000 supplies on credit Owner invests 60,000 equipment Buys land 600,000 paying cash ...

A: Solution Concept Accounting equation is given as Asset     = liabilities + equity This equation shal...

Q: ackson Industries has borrowed $125,000 under a line-of-credit agreement. While the company normally...

A: Solution Given Amount borrowed $125000 Normal checking account balance 15000 compens...

Q: Which of the following transactions will affect both the consolidated net income attributable to the...

A: The question is related to the Consolidation. 

Q: Ir. Segundo Primero died. H nildren, Pedro and Juan. Th roperty in favor of their two onor's tax?

A: Donors tax refers to the percentile form of charge imposed on any sort of gift or donation received.

Q: View Policies Current Attempt in Progress Harnish Company needs to make adjusting entries for each o...

A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...

Q: Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance...

A: The cash flow statement is prepared to record the cash flow from various activities during the perio...

Q: In 2020, Blue Construction Corp. began construction work under a 3-year contract. The contract price...

A: Construction Contract: The term "construction contract" refers to agreements to do architectural, de...

Q: Compute the NPV of the project if the discount rate is 9%.

A: As stated in the question, the cost of machine $600 is fully tax deductible. Hence the complete tax ...

Q: 3. The work in process inventories of Jungkook Manufacturing, Inc. were completely destroyed by fire...

A: Inventory includes both raw materials used in production and finished commodities for sale. Inventor...

Q: What annual savings, if any, are realized by this change of pay period?

A: We have to find the present value of payments in both the cases. Following is the solution attached:

Q: Required information [The following information applies to the questions displayed below.] Forten Co...

A:

Q: How much is the total amount normally considered as noncurrent investments?

A: NONCURRENT INVESTMENTS AS ON 31 DECEMBER       PARTICULARS AMOUNT FA@FVTPL 10,00,000 FA@FVTO...

Q: ABC employs a job-order costing system, with overhead calculated based on direct worker hours. Manag...

A: The overhead is said to be overapplied when applied overhead is more than the actual overhead incurr...

Q: P company bought 60% of common stock of S company on January 1, 20x4. On January 1 20x5, there was a...

A: A non-controlling interest, also known as a minority interest, is an ownership position wherein a sh...

Q: n computing for the comprehensive income, the revaluation surplus will be deducted from the net inco

A: Solution Concept Revaluation surplus The term revaluation surplus means when the fair value of the a...

Q: Meatballs Company purchased forest assets for a lump sum amount of P45,000,000 which is equal to the...

A: Biological assets are the living assets owned by the company. Such assets are valued at fair value o...

Q: 18. The property, plant and equipment account of Toy Shop Manila was revisited by its property offic...

A: Answer : B. credit Loss from Derecognition, P350,000. Explanation: When PPE is to be derecognised, a...

Q: The following data are related to SSB Ltd: Planned and actual production 200,000 units Sales at RM4...

A: Fixed Manufacturing costs per unit = Fixed Manufacturing costs / Planned Planned  = RM840,000 / 200,...

Q: Sturbridge Company manufactures fine furniture and grandfather clocks. Sturbridge has an excellent r...

A: Indirect cost are those which cannot directly allocate to cost of production. The correct option and...

Q: Jupplemens 1equired by forty - six customers. For the year 20 or 2018 Velshi Printers has decided to...

A: Introduction:-  ABC costing system used allocation of overheads based on cost drivers. Activity-bas...

Q: What is the importance of having standard setting bodies in accounting? Give at least 5 reasons.

A: Standard Standing bodies play a crucial role in setting up accounting standards, maintaining and upd...

Q: Consolidated financial statements are typically prepared when one company has A. a substantial equi...

A: Consolidated financial statements are prepared when a parent-subsidiary relationship exists. A compa...

Q: Find the monthly payment needed to save a P240000 down payment for a house in an annuity that pays 1...

A: Future value (FV) = P240,000 Interest rate = 1.3% Monthly interest rate (r) = 1.3%/12 = 0.1083333333...

Q: On January 1, 2020, JJ Company purchased factory equipment for P3,000,000. Estimated useful life of ...

A: Cost of equipment (C) = P3000,000 Useful life = 5 Years Depreciation rate (d) = (1/5)*1.50          ...

Q: Rent, building 49,000 Rea pute the predetermined overhead rate for the year. pare a schedule of cost...

A: Cost of goods sold The Calculation of cost of goods sold include beginning balance of raw material p...

Q: MFCB Ltd uses an activity-based costing system for its overhead costs. The company has provided the ...

A: Activity rate = Total cost of the activity / total activity  Cleaning is based on hours. Job support...

Q: A piece of equipment is acquired by an entity by issuing 10,000 shares of P10 par ordinary shares.  ...

A: Cost of the equipment =List price - Trade discount - Cash discount where, Cash discount = (List pric...