ake an insight about PAS12 income taxes 1 paragraph is enough with 5-7 sente
Q: Direction: Explain the relationship of CASH, CHECKS, BANK STATEMENT, AND BANK RECONCILIATION.
A: Answer: Cash is the asset that is being hold by the company. Checks are the document that are issue...
Q: Which of the following is not deductible from gross income? Salaries and wages of employees Enterta...
A: There are expenses which are deductible from gross income to arrive at net income which is taxable. ...
Q: How much is the noncurrent portion of the note on December 31, 2018?
A: The determination of non current portion of the note receivable is shown hereunder : Apple company r...
Q: 18. The property, plant and equipment account of Toy Shop Manila was revisited by its property offic...
A: Answer : B. credit Loss from Derecognition, P350,000. Explanation: When PPE is to be derecognised, a...
Q: Calculate the value of the bond at the time of issuance, and record the initial journal entry. Assum...
A: Bond valuation refers to a method which is used to compute the current value of future cash flow of ...
Q: 1. Mr. Elliot is an individual who earns purely from compensation income. He receives an annual taxa...
A: As per Bartleby policy, only 1 question will be solved. Any cash paid by the employer to its employe...
Q: A bridge was damaged by an earthquake. Asclepius Inc. was contracted by the government to repair the...
A: Amount of cash to be repaid = Amount borrowed + Interest Interest will be paid for the period for w...
Q: Love Inc. and Life Co. have an exchange with no commercial substance. The asset given up by Love Inc...
A: Book value of asset given up = P12,000 Cash paid = P4,000 Amount to be recorded by Love Inc. = Book ...
Q: On January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker’s commis...
A: Year Cash flows (I) pvf @9% (II) (I)*(II) 2020 40000 0.9174 36696 2021 40000 0.8417 33668 2022...
Q: The following information pertains to Entity A: Land held for long-term capital appreciations 2,500,...
A: Investment property is a property (land or building or a part of a building or both) held (by the ow...
Q: n January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker’s commiss...
A: Solution Given Face value 500000 Coupon rate 8% Issue price 475126 Life of bon...
Q: DIRECTION: Explain the 3 methods of bank reconciliation.
A: A Bank Reconciliation Statement is prepared to reconcile the bank balance stated in the financial st...
Q: What is the importance of having standard setting bodies in accounting? Give at least 5 reasons.
A: Standard Standing bodies play a crucial role in setting up accounting standards, maintaining and upd...
Q: Required: Prepare the statement of liquidation. Vic, Victor and Vincent are partners in Valentine pa...
A: Computation of personal assets realized value Vic PHP Victor PHP Vincent PHP Personal asse...
Q: warranty
A: 2 year warranty coverage included in sale price. Warranty expenses should be recorded in 2021 as fol...
Q: The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows: At ...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: Which of the following statements is correct? A gratuítous transfer is always subject to donor's tax...
A: Solution Taxable income is the base income upon which tax is levied.
Q: QUESTION 4 Cantik Bhd manufactures a product that goes through two departments prior to completion- ...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Cleaner’s, Inc., is switching to paying employees every 2 weeks rather than weekly and will therefor...
A: Weekly Wages: Weekday Wage denotes the amount of remuneration supplied by the Company on a weekly ba...
Q: On July 1, 2019, Nuuty Inc., a calendar-year company, purchased a machine for a cash price of P800,0...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: The work-in-process inventories of ABC Manufacturing, Inc. were completely destroyed by fire on June...
A: Work-in-progress (WIP) is a product and supply management phrase that refers to partially finished i...
Q: nds is 9% on December 31, 2020. Round off present value factors to four (4). decimal places and fina...
A: The answer has been mentioned below.
Q: or office space 2,400,000 Officers' salaries 3,000,000 Insurance 1,700,000 Sales representative s...
A: selling expenses are those expenses that are to be incurred by the departments of sales of an organi...
Q: Sheffield Corp. includes one coupon in each bag of dog food it sells. In return for eight coupons, c...
A: Given 2020 Bags of dog sold 520000 Leashes purchased 19000 Coupons redeemed ...
Q: Problem 4. On December 31, 2022, the stockholders' equity section of the balance
A: A non cumulative and non participating preference shareholder does not get ...
Q: ABC Company had the following capital structure during 2020 and 2021: Preference share capital, P10 ...
A: Answer) Calculation of Basic Earnings per Share Basic earnings per share = Earnings available for Co...
Q: Rainbow Company has the following information pertaining to its biological assets for the year 2021....
A: A biological asset, according to International Accounting Standard 41 (IAS 41), is any living plant ...
Q: a. Prepare a vertical analysis of Midnight Enterprises' income statements. If required, round percen...
A: Solution:- a)Preparation of Vertical analysis as follows under:- Note:- Income statement vertical an...
Q: On January 01, 2022, Legit Company sold equipment costing P10,000,000 with accumulated depreciation ...
A: No. of installment to be received = Face value of notes / annual installments Carrying amount of the...
Q: Current Attempt in Progres Presented here are the components in Bradley Company's income statement. ...
A: Gross profit = Sales revenue - Cost of goods sold Net income = Gross profit - Operating expenses
Q: r more than a decade since its incorporation, Dawn Company had been renting its office space. The Co...
A: Solution The borrowing cost related to the qualifying asset shall be capitalized and included in the...
Q: ules Inc. reported an impairment loss of P5,200,000 in its income statement for the year 2015. This ...
A: Solution Given Impairment loss on 2015 5200000 Cost of building acquired 80000000 Da...
Q: Easy Clean operates a chain of dry cleaners. Iit is exper (Le., kaizen) budget for operating expense...
A: Budgets are one of the most widely used and highest-rated management tools of cost minimisation and ...
Q: Required information Comprehensive Problem 09-81 (LO 09-1, LO 09-2, LO 09-3, LO 09-4, LO 09-5, LO 09...
A: Working:
Q: (b) The Pahang State Government is plan to provide a project to establish a large flood drainage cul...
A: (i) PW of cost = Initial Cost + Annual Cost x (P/A, 6%, 30) + Upkeep at year 0 + upkeep cost at year...
Q: An entity is solvent if it can pay its currently maturing obligation.
A: Solvency: Solvency is the ability of a company to pay off its debts using assets in other words the ...
Q: Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance...
A: Cash balance Closing = Cash flow from operating activities + Cash flow from Investing activities + ...
Q: Since the initial investment is tax deductible, does it lay any role in calculating Cash flows for Y...
A: Concept: Tax deductible cash flow When a tax deductible cash flow is given , the net cash flow shall...
Q: Data Back-Up Systems has obtained a $10,000, 90-day bank loan at an annual interest rate of 15%, pay...
A: Solution Given Loan amount 10000 Interest rate 15% Maturity period 90 day Numb...
Q: Bee and Barney Mayberry have $71,500 in gross income and enough allowable deductions to itemize. Det...
A: Ans. B Form 1040 Bee and Barney can use form 1040, because they have enough itemize deduction and...
Q: Problem 5. Musuan Agro-Industrial Corporation has an authorized share capital of P2,000,000 with a p...
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: . Lucena Products provided the following information: ...
A: Inventory to be reported in statement of financial position = Raw materials inventory + Finished goo...
Q: the auditor confirms the receivable of the entity to the entity's customers: a. existence b. compl...
A: The auditor collects the evidence to confirm the following financial assertions :- Existence Comple...
Q: If the donor is a shareholder, a revenue or gain is recognized at an amount equal to the value of th...
A: We know that when any asset acquired through donation the same is recorded at fair value on the date...
Q: Required information Problem 11-47 (LO 11-2) (Algo) [The following information applies to the questi...
A: S Corp are those corporations which get elected to pass the requirement of corporate income/ losses,...
Q: Number Cost of Units per Unit Beginning inventory 130 $71 Purchased goods during the period 240 80 S...
A: Answer 1) Calculation of number of units available for Sale Number of units available for Sale = Num...
Q: Love Inc. and Life Co. have an exchange with no commercial substance. The asset given up by Love Inc...
A: As accounting standards asset shall be transfer at fair market value. Here fair market value is not ...
Q: Ir. Hephaestus Vulcan took out a loan to buy a etbook computer on February 2. The loan is due to e r...
A: Solution Given Date when loan taken February 2 Loan to be paid on April 15 Interest ...
Q: In connection with your audit of the financial statements of the Lovely Company for the year 2020, t...
A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts f...
Q: Which of the following transactions will affect both the consolidated net income attributable to the...
A: The question is related to the Consolidation.
Make an insight about PAS12 income taxes
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- What is the monthly tax due? A. P513.00 B. P806.42 C. P6,160 D. P9,6777.8.25 Use table 7.13 to answer the following questions. a) compute the tax due in 2014 on a net taxable income of $80k. show your work. b) compute the effective tax rate for that income. c) check your answers with those in the spreadsheet graduatedtax.xlsx d) compute the effective tax rate a second time, as a weighted average of the rates in the various brackets, using as weights the amount of income subject to tax at each rate. you should get the same answer.NOPAT 8250000 EBITDA 17725000 Net Income 5050000 Capital Expenditures 6820000 After tax capital costs 6820000 Tax rate 40%Calculate the interest expense and EVA
- Hello I’m using Cengage chapter 11 What is the social tax deduction on a gross pay of 720 dolars. Also do you provide entire answer keys ?H1. Account I would need to calculate with the following information provided. This is all that was provided to me. COGS: 68% - SGA: 13% - R&D: 2% - Depreciation, Interest expenses are fixed as stated. Tax rate is 19% ***Please do provide a step by step calculations and explanation***Q12 You are required to compute the sum of Net social income to staff, community and general public as a whole, if: Net social income to General public is OMR 900 Net social income to staff is OMR 600 and Net social income to community is OMR 400. a. None of them is correct b. OMR 1,000 c. OMR 1,900 d. OMR 1,500
- the answer to this question is Q8.8= Taxes paid 5 $14 850 just need to find how we get that answer for this question, please help NO EXCEL*see attached What amount of income tax payable should be reported?a. P 385,000b. P 498,000c. P 425,000d. P 305,000Question 2a) Income tax is calculated as follows;Taxable Salary Rate of Tax (GH¢)First 1000 0. 05Next 1,000 0.10Next 3,000 0.25Next 4,000 0.40Remainder 0.60Calculate the tax on a taxable salary of;i. GH¢ 2,450ii. GH¢ 10,500 with GH¢ 450 as none taxable allowance. b) A card is picked at random from cards numbered from 1 to 20. Find the probability that the number on the card isi. divisible by 5ii. a prime number c) Find the following probabilities; P(0 < z < 2.32)
- Presume business income as 20crores, apply the tax liability applicable as per new regime. Basic pay 22% Add surcharge 10% Add health & education cess 4%6. What amount should be reported as total income tax expense? ₱ 1,350,000 ₱ 1,950,000 ₱ 2,250,000 ₱ 1,050,000HOW MUCH IS TEH NET INCOME a. 53, 925b. 63, 975c. 48, 925d. 58, 925