Explain and enumerate the differences between a Partnership and a Corporation.

Q: Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (...

A: The essential concept of partnership taxation is that all profits and losses flow through to the par...

Q: Each of the three Independent situations below describes a finance lease in which annual lease payme...

A: Answer -  Statement showing claculation of Annual Lease rent payment amount   Situation   1 2...

Q: The Fuller Company has provided the following information Month Direct Labour Hours 23,000 26,400 18...

A: Lets understand the basics. In high-low method, fixed cost and variable costs are separated.  Formul...

Q: Book Value P50,000 140,000 530,000 210,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant...

A: The acquisition means that the parent company acquires the subsidiary company. 

Q: RJD Corporations had the following authorized capital on December 31, 2020: 10,000 shares of $100 pa...

A: GIVEN   RJD Corporations had the following authorized capital on December 31, 2020:10,000 shares of ...

Q: Problem 3 - Calculate ending inventory and cost of goods sold Princess Company uses a periodic inven...

A: FIFO Method - Under FIFO Method of Inventory valuation, Inventory purchased 1st are sold first. LIFO...

Q: Numbers 4-5 On August 31, 2023, an entity discounted with recourse a note at the bank at discount ra...

A: Given information, Face amount =P9,000,000 Discount rate=15% Interest rate =12%

Q: Problem 11 (Current Ratio) The Artist Company has P1,312,500 in current assets, and P525,000 in curr...

A: Current Ratio is a financial ratio that indicates ability of the entity to settle it's short-term ob...

Q: Peter operates a dental office in his home. The office occupies 250 square feet of his residence, wh...

A: Total expenses for a particular time are the sum of all gross cash expenditures plus any pending sub...

Q: Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which asse...

A: Credit card expense = $4,900 x 5% = $245 Credit card expense is borne by the seller and the seller r...

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: Jerome's Fashion Dezigns sells a variety of items of clothing including footwear for men and uses a ...

A: FIFO Method of inventory valuation considers the goods purchased first are issued first, most of thi...

Q: The Ohio Company has the following historical pattern on its credit sales: 70% collected in the mont...

A: Budgets are the forecasts or estimates that are made for future period of time. Budgeted cash collec...

Q: Lapuz Company uses the Job order costing. On January 1, 2020, Job no. 101 was the only job in proces...

A: Prime cost means the addition of direct material and direct labor and other direct expenses. Manufac...

Q: are sol at specia ty shops aidens per year. Costs to manufacture and sell e $ 5.00

A: Opportunity cost is the profit lost if one decision is chosen over the other.  New Iberian Corp acce...

Q: Particulars Credit balance as per cash book 5,000 Cheques issued, but not yet presented for payment ...

A: Sometimes the balance of the cash book and the bank statement doesn't matches. In order to reconcile...

Q: Using the following budgeted information for production of 10,000 and 15,000 units, prepare a flexib...

A: Fixed costs: Fixed costs means the costs that are not dependent on the level of production of goods ...

Q: Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inven...

A: calculation of value of inventory at lower of cost or market  method

Q: Copley Corporation is preparing their financial statements for the year ending February 28, 2022.  C...

A: Introduction Earning per Share (EPS) is the profit per outstanding share, it can be calculated as fo...

Q: In 2021, Carlos drives from his home in Los Angeles to Oregon to consult with a client. He works for...

A: The correct answer is option (e)$175

Q: A $60,000 loan with interest at 6% compounded quarterly is being paid off with monthly payments of $...

A: The notion of the time value of money (TVM) states that an amount of money is worth more now than it...

Q: 16. On January 1, 20x5, Paz acquired 80% of Shey outstanding ordinary shares for P950,000. Paz uses ...

A: Non-Controlling Interest refers to the share of portion in the company less than 50 percent, also re...

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: Question 2: If an individual whose filing status is single earns $256,000 during the year, what port...

A:

Q: Electronics Outlet employs two workers who, as of the beginning of the current pay period, have earn...

A: Calculation of SUTA tax are as follows

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: City Bank currently has $500 million in transaction deposits on its balance sheet. Fed just cut the ...

A: New reserve requirement as, = $ 500 million x 6% = $30 million

Q: The assets of J&R Associates consist entirely of current assets and net plant and Problem 1 (Stateme...

A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and specif...

Q: QUESTION ONE RJD Corporations had the following authorized capital on December 31, 2020: 10,000 shar...

A: Stockholder's Equity - Stockholder's Equity is the statement of the company that contains Common Sto...

Q: On January 1, 2021, MANGO Corp. issues $100 million of convertible bonds at par value. The bonds ha...

A:  

Q: Your friend made an investment of P 45,000 for 2 months at 15% simple interest. If withholding tax i...

A: Simple interest = Amount x Rate x Time =  P45,000 x 15% x 2 months12 months = P1,125

Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...

A:   Amount (P) Fair value of Plant            700,000 Book value of plant          (620,000) Pur...

Q: Navigator sells GPS trackers for $41 each. It expects sales of 4,200 units in quarter 1 and a 5% inc...

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. % ar...

Q: Best Appliance Store offers a two-year warranty on all appliances sold. The company estimates that 5...

A: Formula: Sales revenue = Sales units x Sales price per unit

Q: Cash Inventory Plant Assets (net) Cost of Goods Sold Depreciation Expense 60,000 Liabilities Book Va...

A: Identifiable net asset and NCI calculation:     Amount (P) Cash            50,000   Inventory...

Q: Question 2: A sets aside funds to be used for health-care expenses. Answer: flexible spending accoun...

A: The correct answer is option (a)Flexible spending account

Q: What is the budgeted total unit cost and multiple step income statement given the information below?...

A:

Q: Oyster Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Oyster's fi...

A: Introduction Pension worksheet is a document maintained by employer to show annual pension expense, ...

Q: Relevant data from the Poster Company’s operating budgets are:   Quarter 1 Quarter 2 Sales $208,470...

A: Borrowings = Required minimum cash balance - Excess (Deficiency) of cash available over disbursement...

Q: Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gid...

A: The correct answer is option  Account Title Debit Credit Allowance for doubtful accounts 2300  ...

Q: Valley Spa purchased $11,200 in plumbing components from Tubman Company. Valley Spa signed a 90-day,...

A: Interest applicable on the note = $11,200 x 7% x 90/360 = $196

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: Please answer practice question 9

A: NOI stands for Net Operating Income, it is calculated on basis of revenue minus all operating expens...

Q: On December 1, 2022, J and P formed a partnership. J invested land with a cost of P250,000. P invest...

A: Partnership Capital: A partnership capital account is a separate account that reflects the equity in...

Q: The ABC Company manufactures stationary that goes through two processing stages prior to completion....

A: Solution a: Nos of units completed and transferred to next department = Beginning WIP units + Units ...

Q: Lola Inc. must compute EPS for its 2020 reports. The following information is available to the contr...

A: Dilutive EPS refers to if all the securities are exercised, then the quality of earning per share is...

Q: Please see the picture. I need help with the red box I got wrong. Note that the info below is part o...

A: The question is based on the concept of Financial Accounting. Intangible assets are amortized over t...

Q: Martin Jackson receives an hourly wage rate of $15, with time and a half for all hours worked in exc...

A: Formula: Net pay = Gross pay - All deductions.

Q: Jerome's Fashion Dezigns sells a variety of items of clothing including footwear for men and uses a ...

A: calculation of cost of 60 pairs as per FIFO method 35 pairs remaining from Oct 10 purchases= 35* (59...