dependen les as Singie lax year Answer: А. S2,500 В. $5,000 C. S7,500 D. $10,000 B.
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A: Purchase acquisition accounting is a method that is used for recording the purchase of a company on ...
Q: 2. Answer the following questions, considering each situation independently. You might not be able t...
A: Marginal Costing - Under Marginal Costing system it is the combination of Fixed and Variable Cost. V...
Q: Determine the contribution margin in dollars, per unit and as a ratio. (Round contribution margin pe...
A: Contribution Margin Ratio = 1 - Variable Costs to Sales Ratio Contribution Margin Per Unit = Selling...
Q: Vaasa Chemicals makes a product by way of two processes – Mixing & Refining. Its process costing sy...
A: Note: "Since you have posted a question with multiple sub-parts, we will solve first three subparts ...
Q: Calculate Boeing's cash flow from assets given the following information: Interest paid 201 Dividend...
A: Cash Flow Statement (Indirect Method) For the year ended December 31, Year 2 Cash Flow from Oper...
Q: P50,000 140,000 530,000 210,000 Cash Inventory Plant Assets (net) Cost of Goods Sold P50,000 200,000...
A: Goodwill refers to the intangible assets which is linked with the purchase of one business through a...
Q: On January 2, 20x5 Felix paid P4,500,000 cash for a 80% interest in Rivera at a price of P150,000 le...
A: Computation of share in profit P500,000 *80% = P400,000 Computation of share in dividend P100,000 *8...
Q: assets of XYZ Company and also incurred 12,000 direct acquisition costs. The recorded assets and lia...
A:
Q: Date Blankets Units Cost May 3 Purchase $15 10 Sale 17 Purchase 12 $18 20 Sale 23 Sale 30 Purchase $...
A: Formula: LIFO: LIFO stands for Last in First out. Which means last received inventory to be sold fir...
Q: The Souvenir Company purchased, on 1 January 2015, a machine producing embossed souvenir badges. Th...
A: When employing the decreasing balance depreciation approach, depreciation expenses decrease with eac...
Q: Here are the abbreviated financial statements for Planner's Peanuts Income Statement , 2019 Sales ...
A: The question is based on the concept of Financial Accounting.
Q: m the separate and consolidated sidiary, Sign Company for the year
A: Inter company sales are the sales made by the head office to their subsidiaries at a lower or equal ...
Q: Mr. Maginoo owns a commercial building located in a city with a fair market value of ₱10 million. Th...
A: As per the provision of the ordinances of the sangguniang panlalawigan, the assessment level can be ...
Q: Accounting Washington Company purchased 100% of Jefferson Company on January 1, 20X1 for $1,000,000 ...
A: Journal entry under equity method
Q: On November 1, Orpheum Company accepted a $12,000, 90-day, 10% note from a customer to replace an ac...
A: Notes receivable have been received in exchange for accounts receivable. Notes receivable (asset) h...
Q: graph below shows monthly data collected on facilities maintenance department co, 000 5,000 tine of ...
A: The equation of line consist of slope and the intercept. The intercept is where that cut on Y axis a...
Q: P 67,000 overstated D. P 82,000 overstat
A: Assets - treated as income so added to the net income except for beginning inventory because it will...
Q: Partners Valerie, Vanessa, Vera and Veronica share profits 50%, 30%, 10% and10% Partners' accounts p...
A: Distribution of Cash to Partners: Assuming that all assets are realized immediately upon the firm's ...
Q: Problem 8 (Ratio Calculations) Assume the following relationships for Woody Corp: Sales/Total assets...
A: GIVEN 8. Assume the following relationships for the woody Corp: Sales / total assets 1.5x Return on ...
Q: Blossom Company manufactures pizza sauce through two production departments: Cooking and Canning. In...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: 3. What is availability? Give an example showing a violation of availability.
A: Following is a meaning of availability and its examples
Q: Book Value P40,000 170,000 620,000 220,000| 60,000 (300,000) (10,000) (450,000) (350,000) Market Val...
A: On acquisition of other company all assets and liabilities shall be valued at fair market value
Q: Intangible Long-Term Assets Track Town Co. had the following transactions involving intangible asset...
A: Amortization - Amortization of intangibles is the expense incurred on the intangibles. Amortization ...
Q: On January 1, 2019, a company acquired transportation equipment by paying cash of P400,000 and issui...
A: calculation of installment value of note Payable= P 4000000 PV of payment= 4000000*3.037349 = P 303...
Q: Selected information from the separate and consolidated income statements of Poster Corporation and ...
A: Answer:- Definition cost of goods sold:- The carrying value of the products sold during a specific ...
Q: On January 1, 2021, MANGO Corp. issues $100 million of convertible bonds at par value. The bonds ha...
A:
Q: In the month of June, Jose Hebert's Beauty Salon gave 4,200 haircuts, shampoos, and permanents at an...
A: The questions says : Number of Haircuts , shampoos and permanents = 4200 Average price = $ 40 Fixed ...
Q: QUESTION 7 S started a new business on Jan 1, 2018. P purchased 30% stock of S on Jan 1 2018 for $20...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 Ending $...
A: Manufacturing cost= Prime cost + manufacturing overheads Manufacturing overheads= Indirect Material+...
Q: Estimate the total cost of labor today in AED dollars for a construction project using data from a s...
A: Labour indexes are the indexes calculated for the prices and the labour cost. It shows increase in c...
Q: When using the Indirect Method of preparing the Statement of Cash Flows, in the operating section, s...
A: Indirect Method: When generating a cash flow statement, the indirect technique is one of two account...
Q: True or false The definition of Control is under the PFRS 3 standard.
A: As per accounting standard PFRS 3 /PFRS 10 Following is answer
Q: Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12,000 t...
A: Percentage depletion refers to the method of computation of depletion which is based on percentage d...
Q: 6. The net cash flow from operations must be reported using the direct method. 7.The direct method i...
A: Cashflow statement reports the inflows and outflow of cash It is divided into 3 sections Cashflow fr...
Q: On July 1, 2020, Shroff Company leased a warehouse building under a 10-year lease agreement. The lea...
A:
Q: Calculate the amount of 1) Basic and 2)Diluted Earnings per Share for the Year ended December 31, 20...
A: EPS is Earnings per share is the measuring rod of the profitability of the company. The basic EPS is...
Q: Book Value P50,000 140,000 530,000 210,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant...
A: Fair value of net identifiable assets = Fair value of assets - fair value of liabilities ...
Q: For each action for X co. below you should draw up a balance sheet and income statement that reflect...
A: Balance Sheet, comprise of assets, liabilities and shareholder's funds that helps several users to t...
Q: Placid Oil Corporation purchased an offshore lease c total acres. Proved reserves are found on a 1,0...
A: workings : Proved property = proved reserves/ Total Acres x offshore Lease ...
Q: In 2020, Paul, who is single, has a comfortable salary from his job as well as income from his inves...
A: The amount which a taxpayer has to pay in excess of regular tax amount due towards IRS because of la...
Q: Consider a 5 year to maturity Coupon bond with Face Value = $1000 and a 4% coupon rate; the bond was...
A: Value of a bond is the sum of present value of all the payments which are to be received as interest...
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 = ( Asset cost - Salvage value ) / Useful life
Q: a. Prepare journal entries to record each of the disposal transactions. Assume that depreciation exp...
A: Disposal of Assets It is important for the business to disposal of the assets which was outdated and...
Q: What is confidentiality? Give an example showing a violation of confidentiality.
A: Confidentiality is one of code of ethics for Auditor.
Q: How is depreciation treated in the indirect method of estimating project cash flows? O Include the c...
A: Under the indirect method of estimating project cash flows, adjustment of calculating cash flows sta...
Q: In Wildhorse Company, materials are entered at the beginning of each process, and conversion costs a...
A: Calculation of equivalent units of production are as follows.
Q: The real property tax of Ms. Ere would be?
A: As per our protocol we provide solution to the one question only but as you have asked two multiple ...
Q: How much is the goodwill/gain on acquisition on the books of ABC? Using the same information but th...
A: Goodwill is the amount of money which a acquirer company pays in excess of the net fair value of ass...
Q: year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the mach...
A: Gain To the extent of accumulated depreciation we should consider as sectiom 1245 depreciation r...
Q: Numbers 2-3 Janine Company factored P5,000,000 of accounts receivable. Control was surrendered by th...
A: Weighted average is a calculation that takes into account the varying degrees of importance of the n...
Step by step
Solved in 2 steps
- Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding? B. What would it be if an employee makes $2,500 per month and files as single with two withholding allowances?ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned 55,000 as a sales assistant for Business Solutions: 3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of 142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or tax owed for 2015.An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550
- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountReference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
