2.A bonus is always given if there is a profit and also if the profit is enough to cover the bonus and for other allowances as well. O True O False
Q: Tax justice requires that the rich and the poor bear the burden. Equal tax burden correct 0 Error
A: Tax justice advocates that every individual should bear the tax burden in accordance to their due.
Q: What is the firm's debt ratio? O 93.61% O 40.28% O 53.33% 46.67% 85.97%
A:
Q: A. Newport Ltd had an issued share capital at 1 April 2018 of: – $400...
A: Number of ordinary shares = 800000 shares of .50 each No. Of dilutive shares 1) 1 ordinary share for...
Q: Individuals are given many allowances from multiple sources of income for each year.
A: Additional cash benifits given to employees in addition to basic salary is known as allowance. Multi...
Q: D obliged himself to give C, object No. 1 valued P15,000; or object No. 2 valued P10,000; or object ...
A: In alternative obligations, right of the choice is presumed to belong to debtor.
Q: The main purpose of the property tax is to
A: Property tax is the type of direct tax which is charged on the property. Main source of income for g...
Q: ened a current account with a CA# 0715-0010-36 at SunOne ne owner of Puppi's needed to withdraw P57,...
A: In order to fill out Puppi's withdrawal slip, the representative must follow the steps mentioned bel...
Q: The given transactions were completed by Mon Inc. during May 2021. Indicate the effects of each tran...
A: Assets=Liabilities+Owner's Equity
Q: Draw up the end of year closing balance sheet, P&L- also assume that there are no debtors or credito...
A: Profit and loss statement is the statement which shows how much profit has been earned by the bank o...
Q: Somerset Computer Company has been purchasing carrying cases for its portable computers at a purchas...
A: Solution a: A differential analysis is based on comparing the relevant cost of making the product an...
Q: ill in the blank spaces for each of the exercises below $Retail $Cost $Cost $MU MU% (per unit) (per ...
A: Retails have only 1 cost which is directly attributable to the product. Anything charged in excess o...
Q: The balances of the selected accounts taken from the December 31,2020 balance sheet of Madagascar Co...
A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service re...
Q: Problem 2-27 (IFRS) During the current year, Isabel Company sold gift certificates to customers wort...
A: Breakage refers to money earned by shops from unredeemed gift certificates or even other prepaid off...
Q: The tax due on the property is extracted from during Total annual revenue minus maintenance expenses...
A: Total annual revenue minus maintenance expenses Net taxable revenue minus expenses annual revenue ...
Q: From the following data, prepare flexible budget for production of 40000 units and 75000 units, dist...
A: Variable cost is the cost that changes with the change in output. Whereas, fixed cost is the cost th...
Q: Dexman's Netballs is a manufacturer of high-quality basketballs and volleyballs. Setup costs are dri...
A: SOLUTION EXPLANATION PARTICULARS TOTAL COST (A) COST DRIVER (B) COST PER COST DRIVER (A/B) S...
Q: The stockholders' equity accounts of Nijhum and Company Limited on January 1, 2021, were as follows....
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued i...
Q: ay Co pays $900 for office supplies in April and debits Office Supplies. Ray Co’s year-end is May 31...
A: The procedure of entering commercial transactions for the first time in the books of accounts is kno...
Q: 63. The full discdosure principle in the financial statement preparation is best described by which ...
A: The correct answer is:
Q: The following T accounts show transactions that were recorded by Residential Relocators, a firm that...
A: Net income for year = fees earned - salary -telephone expense = 19000+10200-9900-590 = 18710
Q: 1. Suppose you deposit 10, 000 into the bank at an APR of 6%. (a) how much do you have 5 years later...
A: Solution Given Deposit amount 10000 APR 6% Life 5 years We know Future value...
Q: Adjusted cash in bank balance, December 31,2021 and November 30, 2021
A: We are given the transactions and balances for cash in bank for Kathereen Hyacinth Co Let us first...
Q: More than 10% of the taxable revenue can be deducted from maintenance and depreciation expenses. tru...
A: Maintenance and depreciation expenses on fixed assets is considered as expenses and dedication is al...
Q: On November 1s*, the company received a $50,000 payment from a customer for services to be rendered ...
A: Payments collected in advance for goods or services that will be supplied or performed in the future...
Q: 71. Which of the following is the usual activity classification of cash advances and loans made by b...
A: Operating activities is the function directly retated to company's core business activities. Like ma...
Q: Required: 1. Compute the acquisition cost of each intangible asset. Acquisition cost: Patent Tradema...
A: 1). Computation of acquisition cost Acquisition cost Patent $5,625 Trademark $21,000 Li...
Q: Nevis Corporation manufactures and sells a single product. In preparing the budget for the first qua...
A: Answer a) Calculation of Planned production of Finished goods Budgeted Production = Budgeted Ending ...
Q: Compute the correct amount of inventory.
A: Inventory is the stock which the company has in order to sell them in the normal course of the opera...
Q: The annual accounts of a trading company are to be made Up to December 31 but it was not possible to...
A: From the given information in the problem we will prepare statement to show valuation of stock
Q: A foreigner worked as a cook in a restaurant in Iraq from 9/1/1997 to 1/4/1999. What is the length o...
A: Resided iraq for 357 days i.e 365 days - 8 days (from 1/1/1997 to 1/8/1997) A person shall be consid...
Q: - That the tax base falls within 0- first layer B- second layer O 0- last layer d- all lavers
A: solution concept The amount of the income which is derived after adding all the taxable income and d...
Q: On April 2, 2020, shortly after the $7.5 million deposit outflow, Key Bank had borrowed the needed f...
A: Net interest margin in simple word refers to interest earned by bank on loan given excluding interes...
Q: A company purchased machinery for $ 200,000 on 1st January . It has an estimated useful life of 10 y...
A: Depreciable cost=Purchase price-Salvage value=$200,000-$20,000=$180,000
Q: 1. What amount should be reported as cost of goods manufactured? a. 6,900,000 b. 7,200,000 c. 7,000,...
A:
Q: Assume fixed cost of 1000 and a variable cost of 50 . If our selling price for the product is $100 A...
A: The break-even sales are the sales where business earns no profit no loss during the period.
Q: Accounts Unadj Trial Balance ---adjustments---- Adjusted Trial Balance Debit Credit ...
A: A trial balance's main function is to confirm that the entries in a firm's accounting system are mat...
Q: A Beautiful Face Cosmetics Company sell its products to customer on a credit basis. An adjusting en...
A: In order to increase sales, the business organization sells its goods on a credit basis. Out of the ...
Q: More than 10% of the taxable revenue can be deducted from maintenance and depreciation expenses.
A: Taxable revenue is the revenue which the company earns during the year which are subject to the tax ...
Q: 68. Which is correct with regards to the financial and managerial accounting? * Financial accounting...
A: >Financial accounting involves accounting for the transaction as they occur, following various ac...
Q: A agreed to B not to construct a fence between their 2 houses. The obligation is not valid. This...
A: When there is contract not to do something, then it is called negative real obligation. A agreed to...
Q: 16-59 LIFO, FIFO, and Cash Effects Study Appendix 16A. Kalitzki Implements Company had sales revenue...
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods sol...
Q: Individuals are given many allowances from multiple sources of income for each year. true Error
A: An allowance is a monetary advantage provided by the employer to the employee in addition to his or ...
Q: akeside Components wishes to purchase parts in one month for sale in the next. On June 1, the compan...
A: The term inventory refers to both raw materials used in manufacturing and finished goods that are re...
Q: Aggie Corporation made a distribution of $535,000 to Rusty Cedar in partial liquidation of the compa...
A: Here character of gain due to liquidation is capital gain.
Q: BOKOJO KUEK Enterprise Trial Balance as at 31 December 2021 Debit Credit (RM) (RM) Сapital 100,000 A...
A: Net income is 1,160 Total assets/liabilities and owner's equity is 172,560
Q: Arnold Inc. is considering a proposal to manufacture high-end protein bars used as food supplements ...
A: Free cash flow is the money a company has left over after paying it's operating expenses and capital...
Q: eviously not paying the value-added tax because his sales in any year never exceeded P3,000,000, Mr....
A: VAT is a consumption tax applied on goods and services at each stage of the supply chain where value...
Q: book value of P60,000, the term of the sale were as follows: P120,000 down payment P120,000 payabl...
A: The amortized cost of note receivable will be the present value of three annual amount be received.
Q: What is the shareholders' equity at year-end? a. 9,500,000 b. 8,900,000 c. 7,400,000 d. 7,500,000
A:
Q: Sakuragi Corporation engaged in the following transactions with regards to financing of receivable d...
A: Accounts Receivables :- It is the amount due from our customers from cr...
Step by step
Solved in 2 steps
- what should be withheld from a bonus in the year it is paid? a. FIT b. FICA c. FIT and FICA d. FIT, FICA and FUTAFringe benefit tax is computed based on the monetary value of the fringebenefit. a.true b.falseConsider the following: Present value of vested benefits at present pay levels. Present value of nonvested benefits at present pay levels. Present value of additional benefits related to projected pay increases. Which of the above constitutes the projected benefit obligation? Multiple Choice 3 only 1, 2 1, 2, 3 2 only
- What is the impact of higher levels of accruals, such as accrued wages or accrued taxes? Is it likely that RR could make changes to accruals?Compensation income may be in the form of monetary or in-kind benefit. a.true b.falsePremium deficiency arises when the unearned premium reserve is less than the estimated claims related expenses. Is this true or false? Can you tell me why? Thanks
- LO4 What are the three basic tests that an expense must satisfy to be deductible?An increase in OCI related to plan assets occurs when: Select one: a. The accumulated benefit obligation is more than expected. b. The vested benefit obligation is less than expected. c. Retiree benefits paid out are less than expected. d. The return on plan assets is higher than expected. e. The employer contributes an amount greater than it was liable to do.The tax rate paid on your last dollar of income is called the average tax rate. a. true b. false
- TRUE OR FALSE:The average annual rental payments shall be recognized as rent receivable. If false, why?Utilizing bonus depreciation will result in an increase in after-tax present worth. a. True b. FalseWhich of the following is/are true with regard to accounting for short-term employee benefits? Unpaid short-term benefits are reported as accrued under current liabilities at an undiscounted value. If the payment exceeds the undiscounted amount of the benefits, the excess is reported as prepayment under current assets. The benefits are reported as an expense under profit or loss, unless another standard requires or permits the cost of the benefits to be capitalized. Group of answer choices Only statement 1. All statements are true. Only statement 3. Only statement 2.
