How much is the Output VAT? * Sale on Account to Government (VAT Inc) 672,000.00 Input VAT paid pertaining to the sale 32,000.00 O 80,640 O 72,000 O 64,286 O Other:
Q: 2- Find the profit of the machine, which its details are shown below: (i = 10%) Useful life (9…
A: PV factor @10% for 9 years = 5.768 present value of income for 9 years =5.768 x 75000 x 2 = 865200
Q: XYZ Corporation pays cash for its Federal Income Taxes, and pays cash to buy a new truck to use in…
A: Payment of taxes comes under cash flow from operating activities. Purchase of an asset is cash flow…
Q: Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost…
A: In the flexible budget revenue and net operating are less than actual revenue and net operating…
Q: Johnston Company cleans and applies powder coat paint to metal items on a job-order basis. Johnston…
A: Direct labor Hours- The direct labor hours are the amount of direct labor hours required to…
Q: Wages paid to factory staff is an example of indirect cost
A: Indirect Labor: The term "labor" refers to the overall amount of personnel and skill necessary to…
Q: Efféct of Stock Split Willey's Grill & Restaurant Corporation wholesales ovens and ranges to…
A: Stock split is a method of increasing the number of outstanding shares by decreasing the per-share…
Q: Finley is the Manager of the "Funky" division at ABC, Inc. Finley's bonus increases as Funky's ROI…
A: Return on investment is the output which the entity or individual expects or receives by investing…
Q: 1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large…
A: Small stock dividend A small stock dividend is distribution of 25 percent or less outstanding…
Q: A number of significant issues face the accounting profession and annual reporting. Select with…
A: The accounting profession is related to creating, maintaining, and updating the accounting record of…
Q: The table below presents the information of revenues and costs for Pandora in 2009. Assume a…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: COmBany Mahufactures and sells soccer balls for teams of children in elementary and high school.…
A: Direct Materials Purchase Budget is the pre estimation of the total direct materials to be purchased…
Q: Maria, Leonora and Teresa are partners with adjusted capital balances of P165,000, P150,000 and…
A: The bonus method is used to grant a new partner additional capital in a partnership when the person…
Q: The following transactions by Africa Traders occurred during February 2021: The provisional total…
A: The journal which is used to record all the payments or disbursements made by a business entity is…
Q: The GMA corporation shows the folowing data related to an item of Inventory Inventory, January 1 100…
A: Total cost of goods available = (100 x P50) + (300 x P54) + (90 x P60) = P26,600
Q: Questions 4 and 5 refer to the following information The following balance sheet is for X Company:…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: Del Spencer is the owner and founder of Del Spencer's Men's Clothing Store. Del Spencer's has its…
A: Solution: Budgeted cash collections for the month = Cash sales + Collections of credit sales
Q: ABC Company uses a backflush costing system with three trigger points: Purchase of direct materials…
A: Calculation of the Value of ending Finished Goods as of the end of April::: ABC Company produced…
Q: Partners Prada, Paris and Paco have capital balances of P 90,000, P 70,000 and P 40,000 respectively…
A: Solution: When a partner's retire from partnership, partnership business in reconstituted. When Paco…
Q: PROBLEM On January 1 of the current year, Juan David opened the " J.D Men's Wear Shop", and during…
A: Adjusted Trial Balance is the ending balances of the ledger accounts at the end of the period after…
Q: Puge Co. is preparing its interim financial statements for the period ended March 31, 20x1. The…
A: Interim Financial Statement: Interim financial statements are financial statements that cover a…
Q: Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear…
A: In case of declaration of stock dividend the dividend to the shareholders is paid in form of shares…
Q: Marter Co. filed a bankruptcy petition and liquidated its noncash assets. Marter was paying forty…
A: Mortgage is a form of loan where an asset is produced as a collateral in order to receive the funds…
Q: Gia Company had the following bond issue: Date of issue/sale: April 1, 20-A Face value: $200,000…
A: Bonds are a form of liability being incurred by the business. It can be short term or long term,…
Q: On December 25, 2019, Ms. Smith gives Charity Z 1,000 shares of stock that she bought originally for…
A: In the given question, Charity Z has received shares as donation in the course of its business.…
Q: Bizarre Company acquired 6,000 shares with P1 par value at P36 per share. During 2012, the entity…
A: When cost method is used to measure treasury shares. Then treasury shares are to be measured…
Q: In the ABC partnership (to which D seeks admittance), the capital balances of A, B, and C, who share…
A: Partnership is an agreement between two or more partners where partners are agreed to work together…
Q: The selling price for a fishing boat is $9,572.39. What percent of the sale price is the markup if…
A: Markup: It implies to the extra amount that is added to the cost of the goods to make them…
Q: At the end of the current year, $17,950 of fees have been earned but have not been billed to…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders sold a…
A: Cost of a product refers to the amount incurred in order to make the good ready for sale.
Q: Sheridan Company has recently decided to go public and has hired you as an independent CPA. One…
A: Working Note: Loss on sale of equipment = book value - sales value = $288000 - 240000 = $45,000
Q: Nina, Ricci and Ralph are partners with capital balances of P 90,000, P 50,000 and P 60,000…
A: If capital share of new partner is less than the cash investment by new partner, than excess amount…
Q: On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day…
A: The note is the liability on which a specific percentage of interest has to be paid over the…
Q: Crescent Company produces stuffed toy animals; one of these is “Arabeau the Cow.” Each Arabeau takes…
A: The budgets are prepared to estimate the requirements for the period and estimate the revenues or…
Q: Pure Self-Employment Architect Adira offers architectural design services. She is also the sole…
A: Income Tax Liability: - The amount of money in the form tax a person owe to tax authority is known…
Q: Over the course of a customer’s lifetime of reading a weekly magazine priced at $4 per issue, what…
A: It is given that the retention rate is 77% Therefore retention in $ $4 * 77% = $3.08 The discount is…
Q: The debt to assets ratio measures whether interest can be paid on debt in the current year the…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Please read the following scenario carefully for the next question: If, (a) the Retail Selling…
A: Markup refers to the amount by which the price of a product is increased either by the manufacturer,…
Q: If the depreciation rates are 12% in Year 1 and 18% in Year 2, what is the depreciation tax shield…
A: Correct answer is Option D $ 19,404 What is DEPRICIATION? A reduction in the value of an asset…
Q: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur…
A: Accounts receivable refers to money owing to a seller by buyers who have not yet paid for their…
Q: QUESTION 9 If you invest $5100 per year in a stock that grows at rate of 6% per year, how much will…
A: Time value of money means the worth of money today is more than the value of money in the future.
Q: Kellman Company Year 2 Year 1 Total current assets $613,600 $582,200 Total investments 68,300…
A: Lets understand the basics. Return on total asset indicates how efficiently company is using its…
Q: Assume the following production data taken from the records of CONEY Manufacturing Co: Transferred…
A: Equivalent units means number of units that is taken as completed for the calculation of cost per…
Q: When raw materials are requisitioned and placed into production, the Raw Materials Inventory account…
A: Soluiton: Cost placed into production such as direct materials, direct labor and applied are debited…
Q: A company purchased a piece of equipment by paying $5,000 cash. A shipping cost of $400 to get the…
A: As per IAS 16 Property,plant and Equipment The cost of Property,plant and Equipment includes its…
Q: The Tee Shirt Enterprise uses a standard costing system. The company established the following…
A: Standard rate = Php5 Actual rate = Php128,750 / 25,000 grams = Php5.15
Q: Rush issued callable bonds on January 1. 2021. Rush's accountant has projected the folowing…
A: Solution: Face value of bond = $330,000 Semiannual interest payment = $16,500
Q: Responsibility centers typically involve cost, profit, and investment centers. What is the basic…
A: A responsibility center is a functional entity within a company with its own aims and objectives,…
Q: Oriental Company follows the procedure of debiting bad debt expense for 2% of all new sales. Sales…
A: Formulas: Accounts written off during the year = beginning Allowance for Bad Debts + bad debts…
Q: Jennifer Company sells many products. Gizmo is one of its popular items. Below is an analysis of the…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: An example of a CSR initiative focused on the social performance aspect of the triple bottom line…
A: CSR refers to corporate social responsibility. It is a self rules and legislation implemented by the…
Step by step
Solved in 2 steps
- From the data: May 2 - On sale to the public Purchase price, VAT not included P400,000 Selling price, VAT not includedP900,000 May 9 - On sale to the Government Purchase price, VAT not includedP200,000 Selling priceqP600,000 How much was the vat payable at the end of May? How much was the final value-added tax of May?1. How much is the net share in the profit or loss of the associate (investment income) in 2021? P480,000 P825,000 P420,000 P135,000 2. How much is the carrying amount of the investment as of December 31, 2021? P7,815,000 P8,025,000 P7,680,000 P7,125,000What amount should be reported as cost of goods sold for the current year? a. 9,950,000 b. 9,550,000 c. 9,250,000 d. 9,150,000
- Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.
- How much is the Input tax should be recognized in July’s capital expenditures (equipment purchases are net of vat)? 3,175 174,000 2,900 108,800Requirements: If the sales price is P1,000,000 which is equal to fair value compute the following under the buyer-lessor accounting Gross Investment Net Investment Unearned Interest Income Journal entries on January 1, 20x1What is the total cost of the purchases? a. P1,425,000 b. P1,550,000 c. P1,675,000 d. P1,625,000
- J, VAT registered taxpayer, had the following data on importation in 2022:Invoice cost (exchange rate $1: P46), $56,500Custom duties, 12%Freight, P200,000Insurance, P280,000Other charges before release from customs house, P70,000Facilitation fee, P100,000Freight from customs house to warehouse (net of VAT), P120,000The imported goods were sold for P6,650,000 (inclusive of VAT) 10 days after itsdelivery to the warehouse.How much is the VAT Payable?9 - 391- The balance of the calculated VAT account is 5,000 TL, 191 The balance of the deductible VAT account is also3 750 T, 190-The balance of the transferred VAT account is 1000 TL. Which account is the difference and how?saved? A) 360-To the receivable of the tax and funds account payable B) 190- To the debt of the transferred VAT accountC) 360-To the debt of the tax and funds payable account D) 190- To the receivable of the VAT account of the transferredE) NoneHow much of the following is gross income subject to income tax? * a. P2,410,000 b. P2,210,000 c. P2,160,000 d. P1,710,000 e. P450,000