A taxpayer may pay percentage tax, and VAT at the same time O True O False

Q: 1. Compare the following alternatives on the basis of Present worth Analysis at an interest rate of ...

A: Present Worth Analysis: It is a technique of analysis in which the cash flows of a project are disco...

Q: A company manufactures and sells a single product which has the following cost and selling price str...

A: The question is based on the concept of Cost Accounting.

Q: Flu Buster Ltd manufactures a type of oral flu vaccine in capsules. These are produced in three sepa...

A: Only the first three parts are answered as per Bartleby policy, if you want any specific part to be ...

Q: ABC Corporation presented the following information in its 2021 statement of financial position: Com...

A: treasury stock is the stock purchased by the company from the open market.  treasury stock will redu...

Q: 1. Perform the preliminary calculation to determine the excess of fair value over book value for the...

A: Particulars  Amount ($) Cost of acquisition ( $6,410,000 * 35%) 2,278,500 Less: 35% of Book valu...

Q: ted. Does the expected loss meet the definitio

A: Conceptual Framework A conceptual framework is a written or visual representation of how variables s...

Q: Suppose the projections given for price, quantity, variable costs, and fixed costs are all accurate ...

A: Solution:- Given, Project cost = $2,190,000 years of life = 8 No salvage value Sales units = 91,200 ...

Q: Losses Based or Lewis Company uses th al credit sales which were $1,500,000 during the year. On Dece...

A: An accounting adjustment which defined as a business transaction which is not being written in the a...

Q: Early August Maker USA anticipated the purchase of inventory around October 2020 from a foreign comp...

A: Solution Journal  is used to record the business transaction in chronological order . 

Q: Crandall Distributors uses a perpetual inventory system and has the following data available for inv...

A: Solution   Calculation of goods available for sale- = (110*7.1)+(575*7.2)+(680*7.5)+(230*7.7). = 117...

Q: Perfect Co. discovered the following errors in 2022. Identify the error that Perfect will not need ...

A: Inventory refers to the goods held by an entity for the purpose of production or sale. Inventory may...

Q: On 30 June 2019, Swan Ltd acquired a machine for $180 000 cash, with an expected useful life of 9 ye...

A: When a company revaluates the value of its fixed assets on the basis of Fair Market Value, the diffe...

Q: Required:1. Prepare a bank reconciliation as of February 28.2. Prepare adjusting entries for Valenti...

A: Bank reconciliation statement is prepared with a view to reconcile the cash balance as per entity's ...

Q: As of December 31, 2015, the books of Ton Partnership showed capital balances of: TP40,000; O, P25,0...

A: Solution Partnership is an agreement between two or more peoples who agree to share business profit ...

Q: If a misstatement of inventory occurs, the net income for-----periods will be misstated

A: The ending inventory affects the income statement and after that ending inventory becomes the beginn...

Q: Simple Accounting – Balance Sheet. Assets Liabilities Shareholders' Equity $567,005.00 $389,055.00 O...

A: The accounting transactions effect two or more accounts of the business.  The accounting equation st...

Q: Which of the following statements pertaining to Accounting is correct? A. Accounting is a fixed scie...

A: Accounting is the way of collecting, recording, processing and communicating the effect of various b...

Q: On July 19, 2021, SUNOB acquired 60% of the outstanding shares of YSAE. The business combination res...

A: When the fair value of the non-controlling interest is not given then for the purpose of computing g...

Q: (d) At 30 June 2002 a company had Klm 8% loan notes in issue, inter yearly on 30 June and 31 Decembe...

A: Statement of comprehensive income The statement of comprehensive income includes revenue and expendi...

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A: The closing entries are required at year end to close the temporary accounts of the business and tra...

Q: The corporation records included the following shareholders equity accounts: Preference share par150...

A: Issued and outstanding shares is equal to total shares issued and whit are outstanding till year end...

Q: A labor saving device system save $2.000 per year for five (5) years. It can be installed at a cost ...

A: The rate of return on planned investment = IRR of the project

Q: The net income of Cruz', a department store, decreased sharply during 20X5. Mark Cruz, owner of the ...

A: Solution Net income refers the income which ia generated after deducting costs , allowances and taxe...

Q: A man bought a machine for P638855 six years ago. It has a salvage value of P46012 four years from n...

A: In the given question, machine was purchased 6 years ago and it still has a life of 4 years after wh...

Q: Listed below are the ledger accounts for Borges Inc. at December 31, 2019. All accounts have normal ...

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are tran...

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A: Given, Direct Materials       42 Direct Labour          84  Variable Cost          67 Fixed Cost    ...

Q: 1: Cyrell Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2019, the re...

A: Introduction Retained earnings are the earnings that is left after dividend distribution to sharehol...

Q: Following is the shareholders' equity section of the balance sheet of the Optimum Corporation: Share...

A: A common stock dividend is the dividend paid to common stock owners from the profits of the company....

Q: Problem 23-17 (IAA) retained earnings on December 31, 2020? • Declared and issued a 30% share divide...

A: According to the question, on January 1, 2020, the Elvis company reported the following shareholders...

Q: Question Content Area Break-Even in Units and Sales Dollars, Margin of Safety   Drake Company pro...

A: Break Even Point is the level of sales where there is no profits or no losses. Break Even Point (uni...

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A: Lets understand the basics. There are two types of accounts. One is temporary accounts and second on...

Q: Required: Compute the following variances in terms of contribution margin: 1. Compute the total sale...

A: Furniluxe manufactures two types of study desks -  one for the residential market other for the scho...

Q: The following questions are based on the material in Chapter 15: 19. Ledger Account balances (prior ...

A: Balance day adjustment reflects the adjustment in certain accounts for unrecorded revenue and expens...

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A: Lets understand the basics. Break even point is a point at which no profit/no loss condition arise. ...

Q: 2. A company manufactures and sells a single product which has the following cost and selling price ...

A: Lets understand the basics. Break even point is a point at which no profit/no loss condition arise. ...

Q: PA7-2 (Algo) Analyzing Make-or-Buy Decision [LO 7-2, 7-4] Mohave Corp. is considering outsourcing pr...

A: Direct material refers to the physical components that make up a product. A baker's direct materials...

Q: Which of the following statements about accounting information is (are) true? I. Accounting provides...

A: Accounting information is the record / structure / information of the receipt , payment , manage , r...

Q: Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined benef...

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

Q: 16. Revenue cannot be recognized unless delivery of goods has occurred or services have been rendere...

A: Since you have posted multiple questions we will do the first one for you.  To get the other questio...

Q: 22. The account "wages payable" would appear in the income statement True O False 23. Buying goods a...

A: Solution In accrual accounting , expenses and revenues are recognized  in the period when they are e...

Q: Hey, can I please be helped with the following task and please show calculations on how you got the ...

A: Journal Entries

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A: Current Assets = Accounts Receivable + Trading Securities + Cash + Inventory + Prepaid Expenses

Q: iv. Degree of operating leverage. Estimated percentage increase and decrease in net operating income...

A: iv. Degree of Operating Leverage = Contribution Margin / Operating Profit v. Estimated % Change in O...

Q: At the beginning of the year, Morgan Company had total assets of $425,000 and total liabilitiesof $2...

A: The accounting equation depicts the interaction of assets, liabilities, and capital. It serves as th...

Q: The following information describes transactions for Morgenstern Advertising Company during July:a. ...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: The income statement debit column of the worksheet showed the following expenses: Supplies Expense D...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: The total cost of a boiler is P1235902 including taxes and it can last up to 10 years. The company p...

A: SYD = Sum of years depreciation Sum of years = ( n + 1) * ( n / 2 ) n = number of years = 10 years R...

Q: ance corporation has the following shareholders equity accounts reference share 10%, par 50 issued a...

A: Cumulative prefrence share : These are the shares on which dividend is payable for all the year for ...

Q: The Assistant Manager of Ridley Corporation is seeking your advice as the accountant, in dealing wit...

A: Answer:-1 Report indicating the appropriate accounting treatment:-  Journal entry:-  Date Particu...

Q: Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue an...

A: Solution:- Given, AirQual Test Corporation provide on-site ait quality testing services. The company...

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.