$300 billio
Q: (The following information applies to the questions displayed below. a On October 1, the Business St...
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A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under ...
Q: Accounts means
A: Financial Accounting- Financial accounting is the process of recording financial events, summarizing...
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A: Variance is considered as the difference between budgeted value and actual results. The management u...
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A: Activity variances refers to the differences between the planning budget and the flexible budget tha...
Q: rue or False _______1. Insolvency, insanity, or incapability to perform by a partner may cause the...
A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first questi...
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A: Customer loyalty programs are accounted for as per IFRS 15. Such a program is used by a company to i...
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A: Ratio analysis is a method of computing and analyzing financial ratios to form a judgement regarding...
Q: Use the following information for the Exercises below. (Algo) [The following information applies to ...
A: The Break-even point is the point at which the total cost of the production is equal to the total re...
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A: Average cost per unit = Total cost of goods available for sale / Total no. of units available for sa...
Q: A, B and C are partners with the following P/L ratio and capital balances: A (60%) P100,000; B(30%) ...
A: The partnership comes into existence when two or more persons agree to do the business and share pro...
Q: PEI Ltd. purchased a copyright on a new book series about the history of the Great Lakes in Ontario ...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
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A: Solution: Amount booked as rental expenses = P1,080,000 Total rental expense from March 1, 2021 to D...
Q: PART II - Below are 2019 FMT Company Cash flow accounts. Increase in bonds 170.0 Net income 117.5 In...
A: The question is related to Cash Flow Statement. The Cash Flow Statement is a Statement of Cash Recei...
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Q: 3. Penelope purchased a $10,000, 8% quarterly bond, held it for five years, received twenty coupon p...
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Q: PART I- FMT Company had the following balance sheets and income statements accounts over the last th...
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Q: For each of the following (1) identify the type of account as an asset, liability, equity, revenue, ...
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A: Solution Concept When the ending inventory of year 1 is understated , as ending inventory is permane...
Q: deposit
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A: Business Combination: In a business combination, the acquirer gains ownership of another firm via a ...
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A: Given data: production budget- April 560 units May 690 units June 660 units
Q: . What amount of pre-acquisition earnings is eliminated in the acquisition date worksheet eliminatio...
A: Since there is no revenue and expense of the acquire upto the date of acquisition.
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Q: Adjusted Trial Balance December 31 Account Title Debit Credit $ 41,000 2,300 Cash Prepaid insurance ...
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A: Number of equivalent units for conversion cost Actual Units equivalent units Opening ...
Q: PART I- FMT Company had the following balance sheets and income statements accounts over the last th...
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Q: Problem 29 please
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A: Allocation of Costs: Cost allocation is a way of giving alleviation to shared assistance association...
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A: Solution Debit and credit are used in company bookkeeping in order for its books to balance.
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A: Asset Account Expires: This occurs when a cost is totally consumed or when a benefit is received in ...
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Q: RR Corporation acquired 80 percent of the stock of GG Company by issuing shares of its common stock ...
A: A business combination refers to the transaction or agreement in which the acquirer obtains the cont...
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A: Annual insurance premium = P7,200 Monthly insurance premium = P7,200 / 12 = P600
Q: RR Corporation acquired 80 percent of the stock of GG Company by issuing shares of its common stock ...
A: The question is related to Consolidated. The details are as under RR Corporation Share = 80% Non-con...
Country A's income receipts are $300 billion, and income payments are $250 billion. Despite this, country A is a debtor nation. How can country A receive more income than it paid out? Use a formula to answer the question.
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- In 2018, the country X received: collected taxes in the amount of 35 million, customs fees amounted to 12 million, non-tax revenues to the budget amounted to 20 million. In the same year, the State purchased the public goods and services in the amount of 38.4 million, public transfers was 14.7 million, the interest on the national debt was payed in quantity of 17.6 million. Determine the state of the budget (in deficit, in balance, in surplus).If you live in a state that needs to collect $18 million in property taxes and has a tax rate of 2.77%, what is that state’s taxable value? $650 million $65 million $6 million $499,000Using the same data in the previous question, what is the income tax due if Sandbox is a resident foreign corporation? P50,000 P40,000 P87,500 P70,000
- Paper is a resident foreign corporation with branches nationwide, including the Philippines. Its Philippine branch had an income of P10,000,000 in 2020 and it earmarked P8,000,000 for remittance. It actually remitted P7,000,000. How much is the branch profit remittance tax due of the Philippine branch?If the Fed sold $6 billion in government securities and the public deposited $3billion in their bank account, by how much would the monetary base change?Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an International Carrier.
- “Tax evasion and tax avoidance costs the UK government £34 billion a year.” In the light of the above statement, explain the terms tax evasion and tax avoidance?Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P700,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a Joint Venture formed for the undertaking of construction projects or exploration under service contracts with the governmentChipotle has $2,500 million in assets, consisting of $1,055 million in debt, $1,445 million in equity, and its tax rate is 35%. The company’s basic earning power (BEP) is 15%, and its return on assets (ROA) is 7.8%. What is Chipotle’s TIE?
- BNB bank estimates that its total revenues will amount to $350 million, and its total expenses (including taxes) will equal $220 million this year. Its liabilities total $3,800 million while its equity capital amounts to $110 million. What is the bank's return on assets? Is this ROA high or low? How could you find out?The Berndt Corporation expects to have sales of 12 million. Costs other than depreciation are expected to be 75% of sales, and depreciation is expected to be 1.5 million. All sales revenues will be collected in cash, and costs other than depreciation must be paid for during the year. Berndts federal-plus-state tax rate is 40%. Berndt has no debt. a. Set up an income statement. What is Berndts expected net income? Its expected net cash flow? b. Suppose Congress changed the tax laws so that Berndts depreciation expenses doubled. No changes in operations occurred. What would happen to reported profit and to net cash flow? c. Now suppose that Congress changed the tax laws such that, instead of doubling Berndts depreciation, it was reduced by 50%. How would profit and net cash flow be affected? d. If this were your company, would you prefer Congress to cause your depreciation expense to be doubled or halved? Why?Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a Joint Venture formed for the undertaking of construction projects or exploration under service contracts with the government Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Non-resident Foreign Corporation.
