ABC Corp has P100,000 collectibles from Mr. Naki Utang who became insolvent with P60,000 assets and P200,000 liabilities of which 20% is an income tax liability. How much is the deductible bad debts of ABC Corp?

Q: All Lacoste items are on sale at 15% discount. If a dress costs P7500 with a delivery fee of P150, h...

A: Discount: Promotional discounts are price reductions applied to a product or service in order to ach...

Q: C and D are partners who share profits and losses in the ratio of 7:3, respectively. On October 5,20...

A:

Q: CUst of göóds sold will be lower under QUESTION 6 Automobile Audio has the following inven Nov. 1 In...

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A: Direct Labor Rate Varaince = Actual Hours * (Actual rate per hour - Standard Rate Per Hour )   ...

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A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with ...

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A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

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A: Amortization refers to the process of systematically declining the initial cost of an asset.    

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A: Solution: Manufacturing overhead = 300,800 Direct labor = Manufacturing overhead / 50% = 300,800 / 5...

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A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

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A: Days sales outstanding refer to average number of days that an organisation or a company takes to co...

Q: olac Company acquires 30% of the voting stock of Talgo Corporation on January 1, 2019 for $ 25,000,0...

A: Amortization is the process of writing off value of assets ,it means decreasing the value of assets ...

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A: Process costing is a method of cost accounting, which is used where there is continuous production a...

Q: ABC Corporation reports the following information for 2020. Based on these figures, what is ABC's in...

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (beginning in...

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Q: Why is the profit maximization supposed not the most important goal of the company?

A: Solution Profit maximization is a process business firms undergo to ensure the best output and price...

Q: Practice AA Company uses a periodic inventory system. At the end of the annual accounting period the...

A: The inventory can be valued using various methods as FIFO, LIFO and weighted average method. FIFO st...

Q: 10. An example of a period cost is O advertising expense. O indirect materials. O depreciation on fa...

A: Introduction:- All costs are not related to production of a product is treated as period costs.

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A: Net Price For Calculating the Net Price after discount first to taken the Discounted Price and Divid...

Q: Which of the following is not considered a current liability?A. Accounts PayableB. Unearned RevenueC...

A: Liabilities - Liabilities are divided into Current Liabilities and Long term Liabilities. Current Li...

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A: Solution Budget is the estimation of revenue and expenses over a specified future period of time.

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A: Analysis of options a. interest payable Since interest will be paid within 12 months or normal cycle...

Q: Date Account Titles and Explanation Debit Credit > > > > > >

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A: Budget is an estimation which helps an organization in planning its production and revenue. Variance...

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A: Variance analysis is one of the important technique of management accounting under which all standar...

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A: AD&A is an abbreviation for Auditor's Discussion and Analysis. This extra narrative report to th...

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A: Introduction: Cash flow statements: All cash in and out flows are shown in cash flows statements. It...

Q: Following is relevant information for Snowdon Sandwich Shop, a small business that serves sandwiches...

A: Contribution margin = Sales - Variable costs Net Operating Income = Contribution margin - Fixed cost...

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A: Solution Fraud is the illegal alternation of a company's financial statements in order to manipulate...

Q: %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 Emma received a $79,300 mortgage that is amortiz...

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Q: How much of the 2021 capital loss can X Corp carry over to 2022?

A: Capital loss refers to the loss which is incurred due to the decrease in the value of capital assets...

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A: GIVEN   Kaumajet Factory produces two products: table lamps and desk lamps. It has two separate depa...

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A: Arenas ,Delay, and Laurent Statement of Liquidation June 30,2019  

Q: Balance Sheet 2019 2020 Assets 77,021,000| 68,109,000| Cash & Short Investments 78,903,000 76,220,00...

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A: Current liabilities are those dues and obligations which needs to be settled by the business in shor...

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A: Lets understand the basics. When bond is issued for the price which is less than its face value then...

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.