ear for es 5-8
Q: 7YReferring to the following table, what is Net sales revenue? Sales revenue $460,000| Cost of goods…
A: Formula: Net sales revenue = Sales revenue - Sales discounts - Sales returns and allowances
Q: If Rita receives $39.24 interest for a deposit earning 6% simple interest for 110 days, what is the…
A: The amount of deposit can be calculated with the help of simple interest rate function
Q: a. Using the above information, compute the Net Present Value (NPV) if the company delayed the…
A: Cost of the project 100 Million Life of the project 3 years High- Demand…
Q: Mario’s Home System has sale of $2,820, costs of goods sold of $2,160, inventory of $504, and…
A: The term inventory refers to both raw materials used in manufacturing and completed goods that are…
Q: n
A: Interest on promissory notes: Interest on the promissory note is a return to the person lending the…
Q: Mabbut Company has the following departmental manufacturing layout for one of its plants:…
A: Production rate measures the quantity of products that can be manufactured during a given period of…
Q: A large corporation has purchased a jet plane for use its executives. The cost of the plane is…
A: Ans. For calculating depreciation using SOYD method : 10+9+8+7+6+5+4+3+2+1= 55 The depreciation…
Q: help
A: All the non cash items debited shall be added and non cash items credited shall be deducted. When…
Q: Brooke Company used a perpetual inventory system. At the end of 2012, the inventory account was…
A: Introduction: The total amount your organisation paid as a cost directly tied to the selling of…
Q: Unit VIII question 10
A: Total material variance = Actual material cost – Standard material cost = 419,600 − (10 × 4.20 ×…
Q: Please define what centralized and decentralized operations are within the context of Chapter 24
A: Centralized Operations mean operations are managed by higher authorities. thus have a centralized…
Q: Account Insurance Expense Cash at Bank Supplies Accounts Payable Sales Revenue Accounts Receivable…
A: Formula: Net income = Total Revenues - Total Expenses.
Q: Given the nominal rate of 12% per year compounded continuously, find a) Effective interest rate per…
A: When money is borrowed or lent, the concept of interest charge is an important one. The interest may…
Q: D.J., who is single, had $15,000 in social security benefits in 2021. D.J's modified adjusted gross…
A: Social security benefits are taxable if your "provisional or total income is above the base amount.…
Q: Question: Under the fair value model, what is the amount reported in the 2022 profit or loss?…
A: Fair Value model Under the fair value model, the value of the investment property is remeasured at…
Q: Falcon Ltd is a software company ar for a total of £600,000 which includ Without a support service,…
A: As per IFRS 15, goods and services are distinct and separate. Transaction price to be allocated to…
Q: The ledgerof VW Co. in 20x1 includes the following: Cash 200,000 Accounts receivable 400,000…
A: Rectification of Errors: It is the method of revising mistakes made in recorded transactions.…
Q: Determine which of the following two alternatives is the most efficient and which is the most…
A: Internal Rate of Return: When estimating the profitability of possible investments, the internal…
Q: Perform a horizontal analysis and put the correct answer in the appropriate blocks for only these…
A: Horizontal analysis is used in the financial statement analysis. it is used for identifying the…
Q: You were auditing the borrowings of Faith Logistics Corporation for the year ended December 31,…
A: The notes payable is the long-term liability and it is an agreement where the lender lends money to…
Q: Job-Order Costing versus Process Costinga. Auto manufacturingb. Dental servicesc. Auto repaird.…
A: Job order costing is utilized when customers purchase small, one-of-a-kind quantities of things.…
Q: Between Absorption Costing and Variable Costing method, which one do you think is more practical to…
A: Absorption costing considers fixed manufacturing overheads and variable overheads together to find…
Q: Tax law contains a two-pronged system for taxing the US source income of foreign persons. Briefly…
A: under the domestic law of USA if the non-descident in the united state is for 90 days or less than…
Q: Tax rate is 20 % STCG is 320000 Salary income is 150000 Maximum exemption is $170000 Tax liability…
A: Formula: Tax liability amount = Taxable income x Tax rate
Q: Denna Company's working capital accounts at the beginning of the year follow: Cash Marketable…
A: Working capital is the capital or amount for day to day use in the business. Current ratio is the…
Q: Stute whether the following are non-current assets, current assets, owner's equty. non-current…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Foremost Footwear Inc. Product-Line Income Statement For the Year Ended April 30, 20Y7 Children's…
A: If a segment is discontinued then only variable costs can be ignored but fixed costs can not be…
Q: Why do we need to differentiate lessor accounting for direct financing lease and sales-type lease?
A: Lease contract: Lease contract is an arrangement occurs between two individuals or entities through…
Q: q. 20 Lee Sun’s has sales of $3,350, total assets of $3,050, and a profit margin of 5 percent. The…
A: Introduction: Return on equity (ROE) is a financial statistic that measures how successfully a firm…
Q: Which of the following statements is true?a. Job-order costing is used only in manufacturing…
A: Job order costing is utilized when customers purchase small, one-of-a-kind quantities of things.…
Q: A furniture manufacturing company has two main processes. Process Alpha that makes dinning table and…
A: Answer:- False Explanation:- Process beta should be selected for the very large production volume…
Q: Jennifer Corporation has issued 300,000 shares of $3 par value common stock. It authorized 600,000…
A: Stockholders equity is the amount the owner of company have invested in the business and retained…
Q: Supplies $ 32,000 Service Revenue $ 110,000 Supplies Expense 9,000 Salaries and Wages Expense 38,000…
A: There are generally two type of accounts being used by the business. One is temporary accounts and…
Q: a. At $37 each, unit sales are 5,000 and 6,000 for March and April, respectively. Total sales are…
A: Cash Budget: In the business world, a cash budget is an estimate of a company's cash flows over a…
Q: A 35-year old woman has $310,090.00 in an IRA account. Due to medical concerns of a family member,…
A: The account value at retirement can be calculated with the help of future value function.
Q: The conversion cost per equivalent unit (to the nearest cent) for April is a.$3.45 b.S3.97 c.$3.20…
A: The total of the conversion costs for the initial work in progress inventory plus the conversion…
Q: at is the rate earned on total assets for 2014? 2. What is the rate earned on stockholders' equity…
A: Return on assets and return on equity are two measures to measure efficiency and profitability of…
Q: On January 1, 2021, Brianne Company acquired 30% of the voting share capital of another entity for…
A: Gain on sale of investment = P 4500000 - (50% x P5000000) = P2000000
Q: VAT payable in February is
A: Introduction:- The following formula used to calculate vat payable as follows under:- VAT Payable =…
Q: Listed below, in alphabetical order, are the account balances (after adjustments) from the general…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: You require an 11 percent return on your investment. Big business Corp. will pay a $3.60 per share…
A: Before making an investment or forming a firm to work on a certain project, people want to know how…
Q: A business that purchases items to place into their inventory to resell may purchase the items…
A: Its True that A business that purchases items to place into their inventory to resell may purchase…
Q: La Barte Company manufactures commuter bicycles from recycled materials. The following data for July…
A: standard costing is used in cost accounting to major the standard and actual result and any…
Q: The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer,…
A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…
Q: At the beginning of the year, long-term debt of a firm is $280 and total debt is $325. At the end of…
A: The amount of profit paid to debt holders during an accounting period is referred to as cash flow to…
Q: rning the accounts receivable:
A: The cash receipts from account receivable help in determining the cash to be received from the…
Q: During the current year, Maine Salvage Company took out new loans of $19 million. In addition, the…
A: Cash flow statement includes: Cash flows from operating activities Cash flows from investing…
Q: Curtis Salter, the president of Kasimer Computer Services, needs your help. He wonders about the…
A: Introduction: The master budget includes budgeted financial statements, a cash projection, and a…
Q: Compute the Gross Profit Answer the given problem. 1. Annie bought one dozen smartphones for…
A: Solution: Total Revenue - Net Purchases = Profit Net Purchases = Total purchases amount x…
Q: At the beginning of period, Ammar Co. had balances in account receivable of $ 400,000 an allowance…
A: Journal Entry is the first step in the recording process. In includes two column, debit and credit,…
My father was born in 1964.
Step by step
Solved in 2 steps
- Corbin(20) is a full time student eligible to be claimed as a dependent on his father's return. This year, Corbin incurred $1,600 in education expenses for his tuition. if Corbin's father chooses not to claim Corbin as a dependent on his return, which of the following is TRUE regarding Corbin's return? a)Corbin may not claim an education credit. b)Corbin may be eligible to claim an education credit.The following interest income are earned by May during the year: a. Interest income earned from bank deposits in the Philippines, P80,000 b. Interest income earned from trade receivables, P20,000 c. Interest income earned from FCDU, P75,000 d. Interest income from government bonds, P40,000 e. Interest income earned from loans to friends abroad, P30,000. 1. If May is a resident citizen, how much is her income subject to final tax? a. P175,000 b. P155,000 c. P195,000 d. P125,000 2. If May is a resident alien, how much is her income subject to basic income tax? a. P90,000 b. P20,000 c. P50,000 d. P60,000 3. If May is a resident alien, how much is her final income tax? a. P11,250 b. P16,000 c. P31,250 d. P27,250The following data were taken from the records of a citizen decedent: Land inherited from his mother two years before death, during marriage, with a value of P15,000,000 when inherited. P24,000,000 Other personal property owned before marriage 16,000,000 Other personal property acquired during marriage 5,000,000 Claims against the estate 2,000,000 Medical expenses 5,000,000 Losses 1,000,000 How much is the estate tax due?
- For each of the following, determine the amount that should be included in gross income: a. Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of 60,000. Peyton did not need the automobile, so he asked that the title be put in his parents names. b. Jacob was awarded the Nobel Peace Prize. When he was presented the check for 1,400,000, Jacob said, I do not need the money. Give it to the United Nations to use toward the goal of world peace. c. Linda won the Craig County Fair beauty pageant. She received a 10,000 scholarship that paid her 6,000 for tuition and 4,000 for meals and housing for the academic year.Reggie receives a 2-year scholarship to Big University. The scholarship stipulates that, to improve his teaching skills, he must spend his first year teaching at an affiliated school. He will be paid his scholarship by the affiliated school based on the level of pay for the teaching duties he is assigned. Upon completion of the first year, Reggie will return to Big University and work on the research required to obtain his degree. During the second year, he will receive his scholarship from Big University. Is Reggies scholarship taxable?