A Manager of MUUG Corporation received the following remunerat Gross salaries, net of SSS, PHIC and HDMF SSS maternity benefits Profit sharing bonus 3th month pay P1,140,000 P20,000 P155,000 P100,000 Compute the taxable compensation income
Q: Which TWO of the following would be regarded as cost objects? a) A branch of a high street chemists ...
A: The cost object is used to assigned overhead to manufacturing process.
Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...
A: journal entry of above transaction are as follows
Q: 30. A company uses the first-in-first-out (FIFO) method of valuing inventory and makes the following...
A: FIFO- First In First Out method of valuing inventory is a method where in the most earliest purchase...
Q: Which of the following costs has no relationship with the level of output? a) Semi-variable costs. b...
A: Semi variable and variable costs has a direct relationship with the level of output. Stepped fixed c...
Q: LoneStar Co. is a manufacturing company that produces only one product, cowboy boots, has provided t...
A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are allow...
Q: On May 1, 2016, Bench Co. issued 11% bonds in the face amount of P 1,000,000 that mature on May 1, 2...
A: Solution: Face amount of bond= P1,000,000 Premium on issue of bond = P62,000 Issue price of bond = P...
Q: Ree, Ver, and Kwai are partners having capital balances of P 180,000, P 120,000, and P 200,000, resp...
A: Partnership: A partnership is the connection between at least two individuals to do exchange or busi...
Q: What formula is used to “gross-up” supplementalpayments in order to cover the taxes on the supplemen...
A: The term "gross-up payroll" indicates a rise in basic pay that is done on purpose in order to lower ...
Q: Compute the taxable compensation income. a. 1,305,000 b. 1,325,000 c. 1,150,000 d. 1,285,000
A: The question is related to the taxation. The detailed are given. The 13th month pay is taxable up to...
Q: Bramble Company purchased equipment for $15600 on December 1. It is estimated that annual depreciati...
A: Formula: Straight line method depreciation = ( Asset cost - Salvage value ) / Useful life
Q: The questions has two parts: A departmental store sells stereo systems, television sets and radios. ...
A: 1. Simple Average of Price Relative Method is the relevant method as multiple products are involved ...
Q: listed public entities require engagement quality review is required. This review is called Multiple...
A: the objective of engagement quality review is to review the performance and a will wait the signific...
Q: Sales are $400000 and variable costs are $260000. What is the contribution margin ratio? A. 65%. B....
A: Under Marginal costing (variable costing) contribution percentage or contribution per unit of produc...
Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205.025,000 at the beginning o...
A: Receivables refer to both the trade debtors and bills receivable, the term debtors refer to the pers...
Q: 7) You purchased a commercial building and lot for $190,000 on March 3rd, 2020. The lot itself was v...
A: Modified Accelerated Cost Recovery System that allows a deduction for depreciation for the tax purpo...
Q: ne 10 pays the amo D0 for personal use. e_journal entries
A: Journal entry is an act of keeping economic transaction of the business.
Q: Explain the corporate characteristic termed “no mutual agency” Explain the corporate characteristic ...
A: Corporation is a form of business in which group of persons come together to do the business for the...
Q: Given the building layout for Store A, Store B, Store C, and Store D, what portion of the shared $75...
A: when the a person meant of cost is done then the distribution of cost items in proportion to the cos...
Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...
A: Introduction Gift tax is tax on transfer of property by one individual to anther without considerat...
Q: Jana is a shareholder in Jasmine Company, a partnership. Her share of the business's current ordinar...
A: The association made by two or more persons where each person have right to get their share of profi...
Q: Ada Company owns and manages apartments. On signing a lease, each tenant must pay the first month an...
A: Given, Cleaning costs of Php15,000 per apartment. About 30% of the time, the tenants are also charge...
Q: Krawl Company uses a job order cost system. The following data summarizes the operations related to ...
A: 1. Journal entries to record the summarized operations Date Account title and explanation Debit...
Q: At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $170,000. It is e...
A: Formula: Straight line method depreciation = ( Asset cost - Salvage value ) / Useful life
Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of ...
A: Interest payable is the amount which is due but not yet paid. Every year end an adjustment entry is ...
Q: st of P3,000,000 for trading, e at year end. 12/31/21 Trading 4.000.000
A: Trading investment refers to the process when one firm or entity holds stocks or shares of a company...
Q: Citricacid plc budgets during its first year of operations to produce and sell 38,160 litres of prod...
A: Total Units Produced = 38400 + 960 = 39360 units Total Budgeted Variable Cost of Production = 3.54*3...
Q: BE5-3 Prepare the journal entries to record the following transactions on Graff Com- pany's books us...
A: As per perpetual inventory system, cost is transferred to COGS account immediately when goods are so...
Q: Draw a ( Ledgers ) for all transactions please. ASSIGNMENT PRINCIPLES OF ACCOUNTING (BAAC 1102) Give...
A: a) CASH Date Description Debit Credit Balance 1-Apr Hilal, Capit...
Q: Barker Inc. uses the weighted-average method in its process costing system. The following data conce...
A: a)Equivalent units of material Particulars actual units Equivalent units Units completed and t...
Q: 1 Adoption of a just-in-time inventory system: O Is based on a demand push theory O Provides an accu...
A: In case of multiple questions, we are allowed to solve only the first question. If you want other qu...
Q: Butterfly Limited has finalised its budget for 20X8 and sales are anticipated to be £243,600 in Janu...
A: A sales budget is a financial projection of a company's total sales over a given period of time. Sal...
Q: Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing m...
A: Under FIFO Method, units which comes in first will be sold first and the inventory will be out of th...
Q: hort-term debt 2,100,000 Long-term debt 2,420,000 Current assets 3,900,000 A company buys furnitu...
A: Fixed assets purchased by a business organisation should be financed out of long-term funds. Long-t...
Q: State and local governments are accountable to much more than private investors. They are accountabl...
A: Comprehensive Annual Financial Report (CAFR): Using GASB criteria, a Comprehensive Annual Financial ...
Q: WHAT ARE THE FEATURES AND TYPES OF FOREIGN TRADE?
A: Foreign trade are the trade between two or more countries.there are generally two types of trade tha...
Q: Which is not part of de minimis benefits
A: De minimis benefits are facilities are privileges offered by employer to employees.
Q: the sub-parts to be solved please
A: The direct costs are debited to work in process account and indirect costs are debited to manufactur...
Q: LSE-5 (Operating Lease) On January 1, 2017, Pym Co. leases an armored suit it constructed at a cost ...
A: In this question, we will, 1. Calculate the annual payments Pym requires for the lease. 2. Classify ...
Q: The company reports the following balances: Other Revenue $180,000 General and Administrative Expens...
A: Dividends paid do not affect the net income as the dividends are paid after the computation of the n...
Q: Dow Deep Mining Co acquired mineral rights for $56,000,000. The mineral deposit is estimated at 70,0...
A: Formula: Depletion rate per ton = Acquired mineral rights value / Total estimated Tons
Q: insurance company pays its employees a commission of 6 percent on each sale. What is the proper clas...
A: Solution: As commission is 6% of sales, therefore cost of sales commision will vary with increase or...
Q: - Company purchased merchan paid $200 freight and sent Well harge of $200. Wellgrow uses t returned ...
A: February 19: merchandise inventory account Dr$5200 To account payable$5200 (Being amount payable inc...
Q: The unadjusted net worth ncome on the news ncome statement was 22,600. After journalizing and postin...
A: In accounting; adjustments refers to the transactions for which cash was received or paid in past bu...
Q: Asters Co. uses a job order cost system. The March. Journalize the entries to record the su a. Mater...
A: A Journal entry is a primary entry that records the financial transactions initially. The transactio...
Q: Forfeiture of SE 30. Sanjay Mills * 30 30 on allotr except first ca forfeited by t [Ans. Money
A: Shares in publicly listed firms that an owner loses or surrenders due to a failure to respect specif...
Q: Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administr...
A: Cost of goods manufactured: The cost of goods manufactured is the cost incurred by the company in ...
Q: Bernadette sold her home. She received cash of $40,000, the buyer assumed her mortgage of $180,000, ...
A: This pertains to determination of gain and finding the character of that gain. Bernadette has sold h...
Q: 22. SecuriPrint Ltd produces pre-printed cheques for customers to use in automated account payable d...
A: Selling Price=Cost+Profit
Q: One of the following compensation income of an individual taxpayer is not an exclusion from gross in...
A: Exclusion from gross income of a taxpayer is the amount of income which has been excluded means not ...
Step by step
Solved in 2 steps
- Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.An employee and employer cost-share 401(k) plan contributions, health insurance premium payments, and charitable donations. The employer also provides annual vacation compensation equal to ten days of pay at a rate of $30 per hour, eight-hour work day. The employee makes a gross wage of $3,000 monthly. The employee decides to use five days of vacation during the current pay period. Employees cover 30% of the 401(k) plan contribution and 30% of the health insurance premium. The employee also donates 1% of gross pay to a charitable organization. A. What would be the employees total benefits responsibility if the total 401(k) contribution is $700 and the health insurance premium is $260? B. Include the journal entry representing the payroll benefits accumulation for the employer in the month of March, if the employer matches the employees charitable donation of 1%.he following relate to the compensation income of a private rank andfile employee during the year: Annual compensation income P 540,000 13th month pay 45,000 14thmonth pay 45,000 Total of monthly rice allowances during the year 26,000 Commission from employer 12,000 Christmas gift 8,000 SSS, Philhealth and HDMF contributions 21,000 Compute the total non-taxable compensation income
- The following relate to the compensation income of a private rank andfile employee during the year: Annual compensation income P 540,000 13th month pay 45,000 14thmonth pay 45,000 Total of monthly rice allowances during the year 26,000 Commission from employer 12,000 Christmas gift 8,000 SSS, Philhealth and HDMF contributions 21,000 Compute the exempt de minimis benefits.An employee receives the following compensation and benefits during the year while working:Annual Basic Salary Php 245,000.0013th Month Pay Php 20,416.67Company Bonuses Php 5,500.00Rice Subsidy Php 1,800.00/yearClothing Allowance Php 5,000.00/yearMedical benefits Php 9,500.00/yearLaundry allowance Php 2,400.00/year Present the computation of the taxable and non-taxable compensation income of the employee.Mr. Carlo had the following income during the year:Gross compensation income (including 13th month pay of P25,000), P325,0000;Less: Tardiness or absences, (P10,0000)Net compensation income, P315,000Deduction: SSS deductions, P12,000Philhealth deductions, P9,000Pag-ibig deductions, P10,000Union dues, P5,000Withholding tax, P40,000Net pay, P239,000Compute the total exclusion from gross income.
- Karen Kaled received the following income from her employment in 2021: Gross salaries P400,000 Deductions for: SSS 10,000 PhilHealth 8,000 Pag-Ibig 7,000 Union dues 2,000 Withholding tax 67,400 Loans repayment 50,000 Tardiness and absences 15,000 Net pay: P 240,600 Compute Karen Kaled's taxable compensation income. a. 240,600 b. 290,600 c. 358,000d. 400,000AJ, a rank-and-file employee received the following compensation and benefits received during 2021: Basic compensation income 540,000; 13th month pay 45,000; Mid-year bonus 22,500; Christmas gift 10,000; Uniform allowance 7,500; Actual medical allowance 15,000; Medical allowance to dependents 2,000; Rice subsidy 18,000; Monetized vacation leave for 12 days (2,000/day) 24,000. Determine the employee's taxable net income.Analis has the following information and reported the for the taxable year: Basic salary 900,000; supplemental compensation 150,000; mandatory contributions 35,000; Rice allowance 30,000; Uniform allowance 10,000; 13th month pay 85,000. Compute for: a. total taxable compensation? 1,060,000; 1,025,000; 1,015,000 b.non-taxable de minimis benefit? 45,000; 30,000; 0 c.regular compensation 900,000; 1,050,000; 1,135,000
- A managerial employee has the following benefits: 13th month pay and other benefits - P50,000; De minimis within their limits - P30,000; Excess de minimis benefits P6,000; Other fringe benefits - P35,000; Compute the fringe benefit tax- P63,076 P14,350 P22,076 P18,846 Compute the grossed-up monetary value of the fringe benefits P63,076 P41,000 P53,846 P9,230 Compute the amount of fringe benefits actually received by the employee subject to fringe benefit tax P63,076 P41,000 P53,846 P9,230ROSE, a mixed income earner provided the following date for taxable year 2019: Compensation Income Salaries – (net of SSS, PHIC and HDMF contribution of Php25,000 and withholding tax of Php120,500) Php 795,500 13th month pay 65,000 Clothing allowance 10,000 Rice subsidy 24,000 Christmas bonus 5,000 Other compensation income 8,000 Overtime pay 90,000 Business and professional Income Sales Php 1,500,000 Cost of sales 800,000 Business expenses 200,000 Professional Fees – (net of Php100,000 w/tax, P900,000 Expenses-practice of profession, P300,000 Disregarding business and professional income, how much is the gross compensation income of ROSE for taxable year 2019:Cardo reported the following for the taxable year: Basic salary 900,000; supplemental compensation 150,000; mandatory contributions (SSS, etc) 35,000; Rice allowance 35,000; Uniform allowance 10,000; 13th month pay 85,000. How much is the total REGULAR COMPENSATION? How much is the total REGULAR COMPENSATION? 900,000 1,050,000 1,135,000 How much is the total NON-TAXABLE DE MINIMIS benefits (within the ceiling amount)? 45,000 30,000 zero How much is the total TAXABLE COMPENSATION? 1,060,000 1,025,000 1,015,000