Emilio Co. insured the life of its president for P8,000,000, the entity being the beneficiary of an ordinary life insurance policy. The annual premium is P500,000 and the policy is dated January 1, 2021. The cash surrender values are: December 31, 2023 December 31, 2024 P450,000 570,000 The entity follows the calendar year as its fiscal period. The president died on October 1, 2024 and the policy is settled on December 31, 2024. 1. What amount should Emilio Co. report as gain on life insurance settlement in its 2024 profit or loss?

Q: b. In 20X2, sales increased to $5,870,000 and the assets for that year were as follows: Cash…

A: Accounts Receivable Turnover Ratio: This ratio measures a company's effectiveness in collecting…

Q: widraw

A: Debits and credits are recorded for transactions using the double-entry approach. The double-entry…

Q: You are an auditor of the company ABC. During the audit of the accounting statements it is found…

A: Introduction A person that has the ability to analyze financial information, verify their integrity,…

Q: Problem 1: An entity purchased 12% P1,000,000 face amount bonds at 105 plus accrued interest on…

A: Accrued Interest: The total amount of interest that was due on a loan or other financial obligation…

Q: Hagerty, Inc. a manufacturer of computer diskettes, currently uses a conventional process cost…

A: One of the cost accounting techniques known as "conventional costing" entails allocating…

Q: OA. Net income was $145,000; the change in retained earnings was $5,000. OB. Net income was…

A: Solution   Answer is  - C Net Income was $4000,the change in Retained earning was $3000…

Q: ANALYZE, THINK, COMMUNICATE ATC 8-1 Business Applications Case Static versus flexible budget…

A: A flexible budget shows the adjustment that is based on the changes made in actual revenue and teh…

Q: On January 1, 2016, Prima Company issued 1,500 of its $20 par value common shares with a fair value…

A: 1) Journal entry on Prima's Books Date  Account title Debit ($) Credit ($) 01.01.2016…

Q: b) The following information has been taken from the financial accounts of Lucy's Ltd of the end of…

A: Answer:-  Ledger account meaning:- The bookkeeping entries for transactions that appear on the…

Q: a. The net realizable value of Metal-C for the period ended December 31. b. The Joint costs for the…

A: Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: If an asset is book depreciated by the DDB (Double Declining Balance) method over a 5-year period,…

A: In double declining balance method depreciation rate is double that of the depreciation in straight…

Q: Read the scenario and associated questions below.  Research the pertinent issues and write a…

A: Useful life of Assets: The useful life of an asset is the time frame over which it is anticipated…

Q: Tarnish Industries produces miniature models of farm equipment. These collectibles are in great…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Tom and Jerry both took out loans for $600.00 on 2011-01-14. Both loans mature on 2011-07-11 and…

A: A day-count convention is a methodology to calculate the amount of interest on debt securities.…

Q: Al is a medical doctor who conducts his practice as a sole proprietor. During 2022, he received cash…

A: Under Cash basis of accounting, the income is recorded when the amount or cash is received. Under…

Q: Rock Bridge Corporation bought the entire Solar Energy Corporation for $1,200,000 Cash. The fair…

A: Consolidation As per the consolidation rule when parents gets full/partial control over the…

Q: 5. A. Montgomery, E. Fields and H. Marin were partners and showled the following account balances as…

A: Liquidation Liquidation is the scenario where a company has become insolvent or bankrupt. The…

Q: Why did the SOX act make it so consultants for audit firms cannot give legal advice? What could be a…

A: Introduction An auditing company is one that is listed in the special register mentioned in Article…

Q: The original price of a Honda Shadow to the dealer was $17,045, but the dealer will pay only $16,335…

A: A rebate is a reduction in the price of a product or service offered as an incentive to purchase. It…

Q: 8. The Foster Company has three major products, CP10, CP20, and the CP35. Data from last year is…

A: BREAKEVEN POINT Break Even means the volume of production or sales where there is no profit or…

Q: Perkasa Catering Sdn Bhd entered into a business agreement with Teguh Canopy Sdn Bhd in January…

A: Company is an Artificial Person created by law which has enjoy a separate legal status from its…

Q: 1. Use the accounting equation to compute the missing financial statement amounts. 2. Use the…

A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…

Q: Cost and sales information for the most recent fiscal year are shown belo WALLACE RIVER COMPANY Cost…

A: The cost of factory depreciation is fixed and unchanged by the number of units produced. Direct…

Q: In the manufacture of 9,700 units of a product, direct materials cost incurred was $172,400, direct…

A: Conversion cost is the production cost incurred in transforming the raw materials into finished…

Q: How do you determine how much it will cost for Gas per year for the Honda Civic?

A: OPERATING COSTING Operating Costing helps to control of operating & Running Cost and avoidance…

Q: L 3 7 B 9 10 11 12 13 MI Project 2 TAMPE 3 4 5 30 31 32 33 34 35 36 During April, its first month of…

A: The accounting equation is a worksheet that reflects the double-entry effect of the accounting…

Q: The following items were included in Simple City's General Fund expenditures for the year ended June…

A: Capital asset is the asset that are held in hands of the company for a period higher than one year.…

Q: The following transactions occurred during March 20211

A: Acounting equation represents that the assets are equal to the liabilities and stockholders' equity…

Q: A company had stock outstanding as follows during each of its first three years of operations: 3,000…

A: Preference Share ​​Preference Shares are the shares which have been issued with preference right…

Q: On January 1, 2020, Best Shipping Transportation Company purchased a used aircraft at a cost of…

A: The term depreciation refers to an accounting method used to allocate the cost of a tangible or…

Q: Next Level Prepare the correct balance sheet. All the necessary information is provided. (Hint: It…

A: A comparative balance sheet is a side-by-side comparison of the entire balance sheet report of a…

Q: XYZ Company has a target capital structure of 60% common stock, 30% debt, and 10% preferred stock.…

A: Weighted average cost: The weighted average cost is the total overall cost of capital attained from…

Q: Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department…

A: Material is the amount of direct material involved in the production of the goods. Whereas…

Q: Dividend Per Share Sandpiper Company has 25,000 shares of cumulative preferred 3% stock, $150 par…

A: Dividend - Dividend is the amount distributed to the shareholders from the profit earned by the…

Q: Vriend Software Inc.'s book value per share is $13.70. Earnings per share is $1.81, and the firm's…

A: P/E ratio  = Market Price per share/Earnings per share                 = $34.25/1.81…

Q: Company A Company B 9/5/15/5 12/8/17/9 a. Calculate the single equivalent discount rate for each…

A: A discount is the reduction of either the monetary amount or a percentage of the normal selling…

Q: ces Elsa Products processes Chem-Z into two products: Chem-A and Chem-B. Chem-Z costs $41,200 per…

A: Physical Method of Joint Cost Allocation :— It is one of the method used to allocate joint cost…

Q: Blanton Plastics, a household plastic product manufacturer, borrowed $24 million cash on October 1,…

A: Journal Entry is the primary step to record the transaction in the books of accounts. Notes payable…

Q: Exploit media has three members: WACS Partners, Elyse O'Reily, and Encounter Newspaper, LLC. On…

A: As per the Honor code of Bartleby we are bound to given the answer of first three sub part only,…

Q: Philippians Company purchased 60% of Seth Company on January 2, 2022 for P3,930,000 when Seth's…

A: Consolidation It is the combine assets, liabilities and other financial items of two or more…

Q: Marie, an unmarried taxpayer, is 26 years old. This year, Marie earned $50,000 gross income. Her…

A: Head of household is a filing status on tax returns used by unmarried taxpayers who support and…

Q: Requirements: Calculate the cost of goods sold (using average) and journalize the transactions…

A: Solution Calculated the cost of goods sold of Onson Company…

Q: 23 cement for Larkspur, Inc. LARKSPUR, INC. Income Statement For the Year Ended December 31, 2022…

A: The ratio analysis helps to analyse the financial statements of the business on the basis of various…

Q: The Bramble Corporation had income from continuing operations of $13.0 million in 2023. During 2023,…

A: Earnings per Share - Earnings per share is a income earned by the company to the shareholders of the…

Q: What are the amounts and percentages of increase or decrease that would be shown with horizontal…

A: Horizontal analysis is made and analyzed by the company so that there could be made a comparison…

Q: ondholders with a 10% yield. They are dated January 1, 2023, and mature on January 1, 2028, with…

A: Bond is that debt instrument which is used by the organization to finance its long term fund needs,…

Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…

A: The term variance defines the difference of actual costs and standard costs of the production. The…

Q: Fickel Company has two manufacturing departments-Assembly and Testing & Packaging. The predetermined…

A: Manufacturing costs are outlays made while a product is being produced. Costs for direct material…

Q: Free cash flow

A: Cash flow statement shows the cash inflow and cash outflow of the company. It involves the cash…

Q: Liam's Computer Servicing, Inc., a service company that provides installation services for computer…

A: Journal entry is the primary step to record the transaction in the books of accounts. The increase…

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.