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- Use the information for the next four (4) questions.ZXCVBNM Company has an agreement to pay the sales manager a bonus of 5% of the entity's earnings. The income for the year before bonus and tax is P7,875,000 The income tax rate is 30% of income after bonus.A.) How much is the bonus, assuming bonus is a certain percent of the income before bonus and before tax? B.) How much is the bonus, assuming bonus is a certain percent of income after bonus but before tax? C.) How much is the bonus, assuming bonus is a certain percent of income after bonus and after tax? D.) How much is the bonus, assuming bonus is a certain percent of income after tax but before bonus?Q3 James Collier left his job at a large corporation where he had worked as a senior accountant. He was getting $82000 as yearly salary. He established his own J.C. Accounting firm. J.C. Accounting earned total revenue $680000 in first year. The material cost was $49000; costs for rented equipment were $30000, salary given to the security man was $18800 and wages given to workers were $158229 in a year. The interest forgone for the invested funds was $22000 per year. James Collier estimated his entrepreneurial talent was worth $19850 per year. He was also offered $26985 per year to train employees in another firm. Two students assist him managing his account books for which they are paid $6550 each per year. Find accounting profits and economic profits for J.C. Accounting firm. Should James Collier stay in his business? Why? Explicit costs = Implicit costs = Economic costs = Accounting…Corp. open up a business with an investment of P50,300 on November 1, 2022 from his saving account to a business checking account and made payment for a small space month-rent, P20,000 and merchandise for presentation worth P20,000. During the operating month, the business incurred various expenses, P7,500 of which 25% remains to be paid next month. Mr. Hamon made all sales deposits directly to the bank and paid wages during the month amounting to P55,000 and P15,000, respectively. At the end of the month, a total of P3,250 for the water, electric and phone consumption bills were received but did not immediately pay it. At this point, the balance of business checking account increased to P43,200.How much is the November 30 Owner’s Equity balance if Mr. Hamon was able to withdraw cash during for the purchase of merchandise for trading amounting to P15,000?
- Use the information for the next four (4) questions. QWERTY Company has an agreement to pay the sales manager a bonus of 5% of the entity's earnings. The income for the year before bonus and tax is P7,875,000 The income tax rate is 30% of income after bonus.1.How much is the bonus, assuming bonus is a certain percent of the income before bonus and before tax? 2.How much is the bonus, assuming bonus is a certain percent of income after bonus but before tax? 3.How much is the bonus, assuming bonus is a certain percent of income after bonus and after tax? 4.How much is the bonus, assuming bonus is a certain percent of income after tax but before bonus?Provide an income statement and balance sheet for the month given the ff data: T1: Jason invested P300,000 cash as initial capital for his small business.T2: He paid P6,000 for the rent good for a month.T3: He bought P4,950 worth of shop suppliesT4: He bought 4 desktop that costs P32,500 eachT5: He bought 2 printers on account (credit terms) worth P10,000 eachT6: He paid electric bill with an amount of P3,500T7: By his computer services, he received P35,000 in cashT8: He paid 12,000 for the repairman's salary good for a month1. On December 1, 2018, Grey started his business with a borrowed capital amounting to P 40,000 at a monthly interest rate of 1%. During the month, he spent 5,000 for operating expenses. The remaining balance of the capital was used to buy inventories for resale. At the end of the year, inventory amounts to P 10,000 including the mark up of 60%. How much is the return on capital? 2. During the year, Blue bought a parcel of land amounting to P 600,000 for speculation only. Months have passed, a hospital was constructed adjacent to his land with market value of P 2,600,000. A prospective buyer offered Blue plus 6% capital gains tax as the purchase amount of the property. How much gain should be reported for tax purposes?
- Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?Mohammed LLC is a growing consulting firm. The following transactions take place during the current year. A. On June 10, Mohammed borrows $270,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in four months from June 10, and annual interest rate of 5%. B. On July 9, Mohammed borrows an additional $100,000 with payment due in four months from July 9, and an annual interest rate of 12%. C. Mohammed pays their accounts in full on October 10 for the June 10 loan, and on November 9 for the July 9 loan. Record the journal entries to recognize the initial borrowings, and the two payments for Mohammed.Which one of the following transactions can immediately decrease the Profit Margin? A Provide services and receive $5,000 cash. B Borrow $60,000 bank loan due in 3 years' time. C Adjust the expired prepaid insurance of $900. D Receive $3,000 cash contributed by the owner. E Pay $2,300 annual insurance premium.
- Carmelita Dresses started operations on July 1, 2014, withP200,000 from personal savings and P30,000 from abank loan. During the first year of operations, net income wasP60,000. On December 15, 2014, Carmelita withdrewP8,000 cash. No additional activities affected owners' equityin 2014. By December 31, 2014, Carmelita's liabilities hadîncreased to P57,600. In Carmelita's December 31, 2014financial statements, how much total assets should be reportede3- Our company, which prepares its financial statements on a monthly basis, has leased its workplace on 01.08.2020 from 3.000 TL per month for 1 year. One-year rental fee and 18% VAT have been deposited into the bank account of the enterprise. How many TL is the total amount deposited into our business's bank account? a) 18,000 TL B) 21.000 TL NS) 42,480 TL D) 36.000 TL TO) 3,000 TLUse the information for the next four (4) questions. XYZ Company has an agreement to pay the sales manager a bonus of 5% of the entity's earnings. The income for the year before bonus and tax is P7,875,000 The income tax rate is 30% of income after bonus.How much is the bonus, assuming bonus is a certain percent of the income before bonus and before tax? How much is the bonus, assuming bonus is a certain percent of income after bonus but before tax? How much is the bonus, assuming bonus is a certain percent of income after bonus and after tax? How much is the bonus, assuming bonus is a certain percent of income after tax but before bonus?
