How much of the receipts is nontaxable? * Select your answer 250,000 270,000 450,000 470,000
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A: solution concept The operating segment is reportable if The sale is 10% or more than 10% of external…
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A: Pre-tax income: It refers to the income earned by the business before deducting the tax expense.…
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A: Given that, Insurance expense = 1,800 Supplies expense = 3,225 Utilities expense = 3,300…
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A: Gross profit = sales - cost of goods sold = 100000 - 40000 = OMR 60000
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A: Times interest earned=EBITInterest earned
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A: Long Term Assets = Equipment + Patents + Land
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A: Operating expense is defined as the expense which business make from its normal course of business…
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A: The Time interest earned ratio compares the earnings before interest and tax with the interest…
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A: The income statement explains the financial performance of the company for a particular period of…
Q: 2018 852,000 otal revenue expenses osts of goods sold elling/general experies 232,000 9,200 $402,000…
A: Formula used: Amount Increase = 2018 Amount - 2017 Amount
Q: Based on the data above, net sales were: * O$1,500,000 $950,000 $1,360,000 ) None of the above
A: Net Sales = Sales - Sales Discount - Sales Return and Allowances
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A: Net Sales = P2,000,000 Gross profit margin = 25% Gross profit = Net Sales x Gross profit margin
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A: Formula: Gross profit = sales revenue - cost of goods sold
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A: We have the following information: Revenue: $980,000 Cost of sales: ($530,000) Operating…
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A: Deferred revenue refers to the amount of money or revenue which is unearned by the company and which…
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A: Income Statement:-It is the statement prepared for a period of time. Its debit side consists of all…
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A: Net profit = Total sales - Total expenses
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A: Net income refers to the income earned after deducting the company’s expenditures from the company’s…
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A: Net income is calculating after deducting all the expenses from the total revenue earned. Net income…
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A: Given: Income from operating 850 000 lD Other revenue and gains 150…
Q: 2,032,000 1,890,000 1,440,000 180,000 80,000
A: . Outstanding Checks have been added because the entity has already credited Bank a/c in books but…
Q: tial Ho 50,000.
A: Working Note : A revenue should be recognised for a…
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A: Expenses: Any amount spent to carry out day-to-day activities of the business is called Expenses.…
Q: December 31, 2020 Cash Accounts Receivable 190,000 450,000 260,000 350,000 2,750,000 Prepaid…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
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A: SOLUTION OPERATING EXPENSE COMPANY INCLUDES RENT , PAYROLL , TRAVEL , UTILITIES , INSURANCE ,…
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A: Balance sheet is the summary showing totals of resources or assets an entity has and the totals of…
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A: Income from operations seems to be the profit generated by a company's operational activities.…
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A:
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- kill Hardware is the plaintiff in a $16 million lawsuit filed against a supplier. The litigation is in final appeal and legal counsel advises that it is virtually certain that Skill will win the lawsuit and be awarded $12 million. How should Skill account for this event? check any boxes below The contingency is acrrued The contingency is not accrued This is a gain contingency This is a loss contingency It is probable that the confirming event will occur The contingency can be reasonably estimated A disclosure note should describe the contingency None of these(1).Suppose you are in a contributory negligence state and you are the victim in an accident in which you are injured and you sustain $100,000 worth of damages in the form of medical bills and another $100,000 for loss of consortium. You sue the responsible party and a jury decides that you were 20% at fault and the defendant was 80% at fault. How much would you collect from the defendant in this state? A. $200,000 B. $160,000 C. $40,000 D. $0 (2).Leah and Barrett are held jointly and severally liable for Abby’s injury. The court determines that Leah is 10% at fault while Barrett is 90% at fault. The medical expenses that Abby incurs amount to $5,000. Under the joint and several liability law, what is the maximum amount that Leah might be required to pay? A. $500 B. $0 C. $5,000 D. $4,500M, Inc. experienced an unusual decline in its income after a competitor copied its patented invention. M, Inc. sued the competitor for patent infringement and was awarded an indemnity of P8,000,000 representing the lost profit of M, Inc. How much is the gross income?
- C has initiated a lawsuit against Agency A for recovery of damages when accidentally one of the vehicles owned by the agency collided with the car then driven by C. The Chief Legal Counsel of the Agency estimates from experience that at December 2015, the entity has a 60% chance of winning the lawsuit and thereby avoiding the payment of damages. Furthermore, the counsel estimates that the agency has 20% chance of being ordered to pay C damages of P100,000 and a 20% chance of being ordered to pay C damages of P10,000. . State whether a contingent liability or contingent asset exists. Explain your answers by stating the criteria of your answers belowC has initiated a lawsuit against Agency A for recovery of damages when accidentally one of the vehicles owned by the agency collided with the car then driven by C. The Chief Legal Counsel of the Agency estimates from experience that at December 2015, the entity has a 60% chance of winning the lawsuit and thereby avoiding the payment of damages. Furthermore, the counsel estimates that the agency has 20% chance of being ordered to pay C damages of P100,000 and a 20% chance of being ordered to pay C damages of P10,00 Use the facts given in No. 1, but this time assumes that on December 31, 2015, the Chief Legal Counsel of Agency A estimates from past experience that the possibility of losing the case filed by C is remote. -State whether a contingent liability or contingent asset exists.-Explain your answers by stating the criteria of your answers below.Virginia has business property that is stolen and partially destroyed by the time it was recovered. She receives an insurance reimbursement of $6,000 on property that had a $14,000 basis and a decrease in market value of $10,000 due to damage caused by the theft. What is the amount of Virginia's casualty loss? $14,000 $8,000 $10,000 $4,000 None of the above
- Machine Corp. has several pending lawsuits against its company. Review each situation and (1) determine the treatment for each situation as probable and estimable, probable and inestimable, reasonably possible, or remote; (2) determine what, if any, recognition or note disclosure is required; and (3) prepare any journal entries required to recognize a contingent liability. A. A pending lawsuit, claiming $100,000 in damages, is considered likely to favor the plaintiff and can be reasonably estimated. B. Machine Corp. believes there might be other potential lawsuits about this faulty machinery, but this is unlikely to occur. C. A claimant sues Machine Corp. for damages, from a dishonored service contract agreement; the plaintiff will likely win the case but damages cannot be reasonably estimated. D. Machine Corp. believes a customer will win a lawsuit it filed, but the outcome is not likely and is not remote. It is possible the customer will win.Axel Brick Company has a lawsuit pending from a customer claiming $100,000 in damages. Axel's attorney advises the likelihood the customer will win the lawsuit is reasonably probable. GAAP requires at a minimum that this contingent liability be...Kelly Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and determined that it is possible that they may lose the case. The attorneys estimated that there is a 40% chance of losing. If this is the case, their attorney estimated that the amount of any payment would be P 500,000. What is the required journal entry as a result of this litigation? *a. Debit Litigation Expense for P 500,000 and credit Litigation liability for P 500,000b. No journal entry is requiredc. Debit Litigation Expense for P 200,000 and credit Litigation Liability for P 200,000d. Debit Litigation Expense for P 300,000 and credit Litigation Liability for P 300,000
- On May 20, 2018 a passenger was injured while disembarking one of the company’saeroplane. This was partially the result of his own negligence. The passenger suedRaleigh Airlines Ltd. for $1,000,000. Raleigh’s legal counsel believes it is possible butnot probable that the outcome of the suit will be unfavourable and that the settlementwould cost the company from $500,000 to $800,000. Discuss the proper accountingtreatment, including any required disclosure for the situation. Give the rationale foryour answer.In a certain civil case, plaintiff was awarded damages by the court in the sum of P20,000 representing profit he failed to realize on account of defendant’s failure to comply with his obligation to said plaintiff. Are those damages taxable against the plaintiff? a. No, because damages awarded are considered return of capital. b. No, because there is no sale transaction or exercise of profession in the awarding of damages. c. Yes, because the damages are not on account of injuries or sickness but for lost profit. d. Answer not givenAshley received a civil judgement against Sales Associate Betsy. The judge awarded Ashley $10,000 in compensatory damages and $8,000 in punitive damages. Court costs amounted to $3,000. Because Betsy had insufficient assets to satisfy the judgment, Ashley made a claim to the Recovery Fund, which was accepted. What is the maximum amount that the Recovery Fund reimburse Ashley? 10,000 8000 21000 18000