For the current year, the maximum percentage of social security benefits which might be included In a taxpayer's gross income is?  A, 50% 85% 0% 65% 100%

Q: The books of Spaghetti Company disclosed a cash balance of P691,720 on June 30. The bank statement a...

A: Sometimes due to certain reasons, the balance of the company cash book doesn't matches with the bank...

Q: Educational expenses incurred to qualify to get a new job are 50% deductible by the employer who rei...

A: To qualify, claim must need to be under the education credit income limits. That means having a modi...

Q: Superior Skateboard Company, located in Ontario, is preparing to adjust entries on December 31, 2020...

A: Journal entry - It refers to the process where the business transactions are recorded in the books o...

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A: The gross profit margin is calculated as gross profit divided by net sales revenue. Gross profit = S...

Q: Calculate retum on net operating assets and net borrowing costs for 2021.

A: The formula as follows:- Return on Net operating asset= Net ProfitCurrent asset-Current Liabilities ...

Q: MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, a...

A: For case 3 (Credit to the asset account has not been made there) So, entry is incomplete. Entry woul...

Q: The VAT on government is described as a final withholding system creditable system no answer is corr...

A: VAT is the value added tax . It is a flat tax levied on an item. It is an indirect tax  and a separa...

Q: On February 3, Smart Company sold merchandise in the amount of $5,800 to Kennedy Company, with credi...

A: Amount received = Invoice amount - Discount amount where, Discount amount = Invoice amount  x discou...

Q: Included in the December 31, 2018, Jacobi Comapany balance sheet was the following share holders’ eq...

A: Common stock- Common stock is a type of investment that represents ownership in a company. A board o...

Q: 14. Sold a house and collected Php45,000 commission. a. Debit Cash, Credit commission income b. ...

A: Commission income = Php 45,000

Q: Cooperative San José of southern Sonora state in Mexico makes a unic and local herbs. The syrup is s...

A: According to the question, the Co - operative San José in Mexico's southern Sonora country contains ...

Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment 4. ...

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net...

Q: Which function of money allows individuals to make payment now in return for goods and services? A. ...

A: Medium of exchange : Money serves as a medium of exchange. Money facilitates exchange of goods witho...

Q: Long-term solvency ratios Total debt ratio Debt-equity ratio Equity multiplier Times interest earned...

A: Long-term solvency ratio:- It is calculated to check the firm's long-term ability to meet its financ...

Q: 1. Materials were purchased on account for $35,425. 2. Materials were requisitioned to begin work on...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: On November 1, 2022, Dayrit Corporation purchased P800,000 face value, 10-year, 8% term bonds dated ...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: The purpose of schedule M-1 is to reconcile net income per tax return with net income per books

A: As per our guidelines we provide solution to one question only but you have asked four multiple choi...

Q: Green Corporation has the following capital structure since the incorporation on January 1. 2016:

A: Preference shares are generally known as preferred stock and these type of shares gets preference as...

Q: Assume you are the department B manager for Marley's Manufacturing. Marley's operates under a cost-b...

A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...

Q: Hal, Dal, & Stal Dairy Farmers, Inc., produces whole milk, 2% milk, and cream. The joint cost of...

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Q: A layoff is considered to be temporary when: Multiple Choice The employee is encouraged to retrain s...

A: A layoff is considered to be temporary when the employee is expected to be recalled to the regular j...

Q: On July 1, 2021, Darrell Company purchased as debt investments at fair value through profit or loss,...

A: The answer is given below. Explanation: At the end of year on 31st December 2021 company record the ...

Q: The EASY Corporation has the following information relating to its share capital: • 10% Preference s...

A: Preference dividend = P2,000,000 x 10% = P200,000

Q: Required: Briefly explain whether the $7,000 and the $180,000 receipts constitutes ordinary income' ...

A: The answer for the question on ordinary income is discussed hereunder: What is ordinary income?  Inc...

Q: Penny Company manufactures only one product and uses a standard cost system. The following informati...

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A: Break-even sale is the dollar sale of an entity whereby the business is neither in profits nor in lo...

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Q: Company cell phone bill received, but not paid, $80 what will be the general entry?

A: The question requires to prepare journal entry for cell phone bill received. The journal entry is th...

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A: Direct labor hours is a variable component as it is paid for per hour basis. For each unit produced,...

Q: gets $250 uniform allowance every month. Calculate CPP and El cont Also calculate her Employee's con...

A: Anjani's  Annual Pay                                               = $ 68350  Uniform Allowance ( $2...

Q: Use the percentage method to compute the federal income taxes to withhold from the wages or salaries...

A: In absence of any information regarding year , 2019 withholding rates have been used here .

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A: Introduction:- Cost of Goods available for sale express the cost of the completed goods which are re...

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A: Retained Earnings are adjusted with the following transactions: 1) Net Profit or Loss for the year 2...

Q: On January 2, 2021, Tripod Company receives a government loan of P2,000,000 paying a coupon interest...

A:  

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value ...

A: Solution: Under dollar value LIFO method of inventory valuation base year costs of Inventories are u...

Q: Wei Nan Company manufactures and sells personal organizers. The following are the operating data for...

A: Note: As per the norms of Bartleby, when there are multiple parts of a single question, only first 3...

Q: Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the co...

A: A sole proprietorship is an ego business with a sole proprietor who is taxed on earnings on a person...

Q: Account DR Cash $40,000 A/R 20,000 Rent Exp 12,000 Dividends 5,000 Sales Return 8,000 Wage Exp 15,00...

A: The income statement is one of the financial statements of the business which tells about the profit...

Q: Please select the correct answer “Communication” a.is when a department is willing to prepare a bu...

A: Communication is the mutual exchange of information between the sender and receiver. Communication i...

Q: Part 3 of the previously attached question, Thank you for helping! Zing Cell Phone Company entered ...

A: The journal keeps the record for day to day transactions of the business on regular basis.  The jour...

Q: Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. T...

A: Schedule C and Schedule SE of Form 1040 of IRS are utilized to calculate the self-employment tax. Pe...

Q: Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. ...

A: Cash paid = Net purchase - discount amount where, Net purchase = Purchases - purchase return Discoun...

Q: Malachi Department Store starts its business on May 1, 2022 and completes the following transactions...

A: Credit Card Sales are the sales where the customers make payments through credit cards. The money tr...

Q: Company cell phone bill received, but not paid, $80 what will be the general entry?

A: The Accrual concept of accounting requires that all transactions should be recorded as and when they...

Q: A number of issues are faced in the area of financial reporting. Select four issues that you conside...

A: Solution Financial reporting is used to disclose the financial information and performance of a comp...

Q: The Lessor Corporation leases equipment to Lessee Corporation beginning January 1, 2022. The followi...

A: Lessee refers to the person who has taken any assets on lease.

Q: The allowance for doubtful accounts of Beta Care Limited had a credit balance of $1,500 at  December...

A: Given That ; Previously written off account for $900 collected .

Q: n asphalt road requires no repairs until the end of 2 years. At the end of 3rd year, P90, 000 will b...

A: asphalt road  Year Cash Flow 1 0 2 0 3 90000 4 90000 5 90000 6 90000 7 90000 8 120...

Q: How many payments will the mortgagor have to make? What is the size of the last payment? Determine t...

A: Solution:- Given, A mortgage balance of $23,960  Repaid over a 7-year term equal monthly payments at...