30%. What amount should be reported as income or (loss) from discontinued operation?
Q: How much is the loss on excess freight to be recognized in 2023? How much is the inventory to be…
A: On December 31, 2022, the home office of ABC Company sent a shipment of merchandise to its Manila…
Q: Determine the account and amount to be debited and the account and amount to be credited for the…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: Blossom Company reported the following information for November and December 2022. November December…
A: Gross profit rate (%) = [Gross profit/Sales]×100 Gross profit = Sales - cost of goods sold
Q: Dividend Distribution Assignment – Brescia Corporation Brescia Corporation's shareholders' equity…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Tic Ling sold 1,000 shares directly to the stock market for P 1,000,000. How much is the percentage…
A: Solution Provision applicable Percentage tax When the share is sold /disposed through…
Q: . S1: Minimum corporate income tax (MCIT) is imposable on all domestic and resident foreign…
A: Mimimum corporation Income tax is chargeable @ 2% (if MCIT is greater than regular income tax) on…
Q: 1. The leverage ratio is the proportion of debts that a bank has compared to its equity/capital.…
A: The question is related to the Ratio Analysis. Ratio is the indicated quotient of two mathematical…
Q: A temporary difference that would not result in a deferred tax asset but not a permanent difference?…
A: Solution: A temporary difference that would not result in a deferred tax asset but not a permanent…
Q: , Understatement of NCA for regular recorded by bank P800,000, Lapsed NCA for regular account with…
A: Ideally cash balance as per cash book and bank balance as per bank statement should reconcile with…
Q: How much is the contract asset (liability) as of December 31, 2022 using View 1 of the PIC?
A: Answer
Q: On July 1, 2022 the ABC Company acquired the net assets of XYZ Company for P8,000,000. The recorded…
A: Goodwill means the reputation of the company due to any factor like location , product , price ,…
Q: Sunland Book Store uses the conventional retail method and is now considering converting to the LIFO…
A: LIFO retail method is one of the methods for inventory management. Under this method, the inventory…
Q: Determine the following as a result of your audit: 1. How much is the correct carrying value of the…
A: Financial liabilities that are held for trading are measured at Fair Value through Profit and Loss.…
Q: e just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door ope The…
A: Activity variances are based on Budgeted amounts at the planned level and budgeted amounts at the…
Q: A chemical process has a normal wastage of 10% of input. In a period, 2,500bags of material were…
A: Output means the finished goods produced after normal and abnormal loss occurred during the…
Q: Many companies recognize that their cost systems are inadequate for today's powerful global…
A: The traditional costing method uses a single overhead recovery rate while in the case of ABC…
Q: What was the main basic for doing accounting?
A: Accounting is the method of recording the financial transactions of a business. Accounting entails…
Q: Cost of Goods Sold $164,000 Income Tax Expense 17,470 Merchandise Sales (gross revenue) for Cash…
A: Formula for Calculating Gross profit: Gross Profit = Net sales revenue - Cost of goods sold
Q: Moyas Corporation sells a single product for $20 per unit. Last year, the company's sales revenue…
A: Formula: Break even point in units = Fixed cost / Unit contribution margin. Division of unit…
Q: Sherwin Company uses straight line depreciation for its property, plant, and equipment, which,…
A: Depreciation expense on property, plant & equipment is credited to accumulated depreciation…
Q: Bed & Bath, a retailing company, has two departments—Hardware and Linens. The company’s most recent…
A: Loss in contribution of Hardware department = 2,271,000×19% = 431490
Q: 3.Unadjusted Trial Balance
A: Answer:
Q: During 2021 Nice Company experienced financial difficulties and is likely to default on a P500,000,…
A: calculation of gain from the debt restructuring are as follows
Q: Exercise 1-7 Determining profit LO6 Profit (loss), owner withdrawals, and owner investment cause…
A: Profit or loss made during the period is an important part of retained earnings of the business. Any…
Q: You are considering the purchase of a house. The morigage company is approving 15-year loans at…
A:
Q: Manual, what method is used in computing the ending inventory of materials and supplies? First-in,…
A: there are different methods available for valuation of the inventory is available. for most of the…
Q: AA and BB are partners engaged in a manufacturing business. Transactions affecting the partners’…
A: A partnership capital account is a distinct account that shows the equity in a partnership that is…
Q: The objective of preparing Income Statement of partnership is: a. To show the interest on capital of…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: 58. In relation to the above, how, much is Mr. Harry's tax due? A. PO C. P1,000 B. P2,000 D.…
A: Tax due refers to all the federal income taxes, interest, alternative minimum taxes and any other…
Q: Which is FALSE? I. Adonis, a sari-sari store owner, opted commuted tax of 8%. He is allowed to…
A: Self employed individuals having gross sales and non-operating income not in excess of P3,000,000…
Q: ABC Co. is engaged in providing cable TV services. On November 1, 2021, the Company entered a cable…
A: As per IAS 115, Revenue recognition standard, The installation and subscription together considered…
Q: Keeping the partnership assets and liabilities separated from the personal assets and liabilities of…
A: Assets are company-owned resources (tangible and intangible) that can bring future economic…
Q: 2. A bank offers a 272 - day discounted loan at a simple discount rate of 12%. (a) How much money…
A: Solution Concept Simple interest rate is the rate that does not have the effect of compounding To…
Q: On December 31, 2022, ABC Corporation combined net income together with its Bicol branch amounted to…
A: Annual depreciation expense = (Cost - salvage value)/useful life = 200,000/5…
Q: 4. What was the payable turnover for Excitingpart's Closet? How did it affect the problem?…
A: Here discuss about the details of financial statement analysis which are incurred to the business…
Q: process, with a cost of Kshs 9,000.Direct labour cost for the month was Kshs.3,840.Production…
A: Process Costing : Process costing is the costing method which is been used to determined cost…
Q: A sales budget is given below for one of the products manufactured by N.Ltd .For six months ended…
A: Budgeting is a methodical way of forecasting an individual's, family's, group's, business entity's,…
Q: The total assets of National Co. is funded by both debt and equity with a debt to equity ratio of…
A: Debt to equity ratio is: =Total debts/ shareholders fund or net worth Retained earning break point…
Q: Question 13 Which of the following alternatives represents the correct amount that must be disclosed…
A: Cash Flow Statement is the summary of Cash Receipts and Cash Payments for the period. There are…
Q: 4. When her granddaughter was born, Melax, invested P 20 000 at 12% compounded quarterly. How much…
A: Given data, P= 20,000 t =18 years m=quarterly =4 Therefore, n =tm =18 * 4 =72 i=12%/4 =0.03
Q: The amortization of prior service costs will affect the pension expense for the period along with…
A: solution for above requirement are as follows
Q: 3. Maricel borrows P 10 000 with interest at 15% compounded monthly. How much should she pay at the…
A: Given data, Initial amount (p) = 10000 interest rate = 15% it is compounded monthly , so monthly…
Q: Problem 1) Consider the following investment: Initial cost $150,000. Annual revenue = $50,000,…
A:
Q: On January 1, 2018, Joel Company purchased a patent for P7,140,000. The patent is being amortized…
A: Amortization of Patent: The practice of allocating the cost of patents, which are considered forms…
Q: 00,000 d revenue from subscri
A: The deferred revenues from subscriptions account accounts for subscription fees which was received…
Q: A lease agreement whereby the lessee recognized rent expense which is always equals to the rent…
A: The lease is a type of agreement between the lessor who is the asset owner and the lessee who takes…
Q: Statement 1: The lessor will recognized the same gross profit whether the residual value is…
A: Lease Accounting In the lease account which are involved both the parties like lessor and the lessee…
Q: On December 31, 2021, JV Company purchased for P4,000,000 cash all of the outstanding ordinary…
A: Goodwill: When one firm is acquired by another, there is often a transfer of goodwill, which is an…
Q: 5. Compute the following financial ratios for 2015 and 2016 and interpreting the results in the…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Question 3 Ephrayim Oil and Gas Company abandoned a proved property late in 2020. Costs relating to…
A: Journaling is the process of recording business transactions in accounting records. This activity…
Step by step
Solved in 2 steps
- Bloom Company had beginning unadjusted retained earnings of 400,000 in the current year. At the beginning of the current year, Bloom changed its inventory method from LIFO to FIFO, and the cumulative effect (net of taxes) of this change was 28,000. In addition, Bloom earned net income of 150,000 and paid dividends of 30,000 in the current year. Prepare Blooms retained earnings statement for the current year.Brooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and taxable income for 2020. The prior period adjustment was the result of an error in calculating bad debt expense for 2019. The current tax rate is 30%, and no change in the tax rate has been enacted for future years. When the company applies intraperiod income tax allocation, the prior period adjustment will be shown on the: a. income statement at 12,000 b. income statement at 8,400 (net of 3,600 income taxes) c. retained earnings statement at 12,000 d. retained earnings statement at 8,400 (net of 3,600 income taxes)Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.
- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________