How much shall form part of the ordinary allowable itemized deductions from gross income?

Q: The cost of inventory sold during the current year is clansified as atri in the O Liability, Balance...

A: The Inventory sold will create an income for the for the firm. Whereas, the cost of goods that are s...

Q: A corporation has a taxable income of $2,648,421.  At this income level, the federal income rate is ...

A: Local tax after deducting Federal and state tax = $121,467

Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...

A: journal entry of above transaction are as follows

Q: A company uses an overhead absorption rate of £6·50 per labour hour, based on 40,000 budgeted labour...

A: Under (over)absorbed overhead for the period = Actual total overhead expenditure - Applied overhead ...

Q: • June wants to sell her car which was purchased for RM 120,000 after using it for 4 years. The resi...

A: Depreciation is the estimated expense charged to income statement for the usage of capital asset in ...

Q: If the value of the clothing allowance voucher during the year amounted to 1,500,00O

A: Value of clothing allowance is not taxable. Exempt from tax . Then whole amount is nontaxable.

Q: What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue re...

A: Using percentage of completion method, the revenue is recognized on the basis of percentage of work ...

Q: 1. Compute the overall effect of these transactions on the store's reported income for 20X5. 2. Why ...

A: Adjustment entries are those entries which are made by the accountant or the accounts officer at the...

Q: Good ethical behaviour may require acting beyond the requirement of the law. In a highly competitive...

A: A professional accountant's code of ethics is a set of rules that they must observe while on the job...

Q: Which one of the following are NOT period costs? a)  Advertising costs. b)  Indirect materials. c...

A: Product cost are the costs that are directly or indirectly related to production. Direct Costs tha...

Q: Bramble Company purchased equipment for $15600 on December 1. It is estimated that annual depreciati...

A: Depreciation for 1 month (from Dec. 1 to Dec. 31) = Annual Depreciation / 12

Q: 1

A: Given : The Initial cost of the machine is $300,000. The New machine depreciates in 5 years MACRS ra...

Q: Given the following cost and activity observations for Leno Enterprises' utilities, use the high-low...

A: Variable costs refer to the costs that tend to change with the level of output. 

Q: Sheffield Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning De...

A: Right-of-Use Asset: The right-of-use asset is a renter's on the whole correct to utilize a resource ...

Q: Candlemania, Inc. is a maker of scented candles in decorative containers. During 2020, the company s...

A: Answer:-                                                                                  Candlemani...

Q: Prepare an analysis of the month's transactions using a tabular format (please see answer sheet).

A:   Cash + Accounts Receivable + Supplies Inventory + Equipment  = Accounts Payable +  Owner's Equity ...

Q: Josey Company entered into a contract to acquire a new machine for its factory. The machine, which h...

A: Initial cost of Machine: In calculating the initial cost of an asset, all of the elements that may b...

Q: Calculate gross pay for each of the following employees. All are paid an overtime wage rate that is ...

A: In case of multiple questions, we are allowed to solve only the first question. If you want other qu...

Q: XYZ manufactures a computer stand. It has fixed costs of S600,000 and each stand sells for $90, with...

A: Selling price = $ 90 Variable cost = $ 48 Fixed cost = $600,000   Contribution per unit = Selling pr...

Q: A combined set of operational budgets and a set of financial budgets for the entire organisation is ...

A: Lets understand the basics. Master budget is a budget which is combined budgets for whole of the org...

Q: On January 1, 2020, Soledad Company purchased 10% bonds with face amount of P3,000,000. The bonds ma...

A: Profit or loss on reclassification  is the difference between the revised carrying value and amortiz...

Q: At the beginning of the current year, Big Company purchased 25% of the outstanding ordinary shares o...

A: Investments in company for less than 50% is accounted using equity method. Under this method dividen...

Q: The management of Russel Ltd. is trying to decide whether it can increase its c During the current y...

A:

Q: ecuriPrint Ltd produces pre-printed cheques for customers to use in  automated account payable depar...

A: calculation of  selling price for a batch of 3,000 cheques are as follows

Q: xpected residual value at the end of the lease term will be 60,000. Blue amortizes all of its leased

A: The given lease is a finance lease because the equipment lease for most of its economic useful life....

Q: Jones Company had net income of $10,000 for the year. Beginning total assets were $150,000 and endin...

A: Formula: Return on Assets = Net income / Average Total Assets

Q: . Slip Heel Ltd manufactures two types of shoes in its factory.  A typical monthly budget is as foll...

A:  In this question, we have to compute the monthly cost of operative wages in the factory.

Q: Green Rider makes three types of electric scooters. The company’s total fixed cost is $2,376,000,000...

A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...

Q: Lois's expected share of income from an S corporation is $900,000. Lois's marginal tax rate on ordin...

A: Ordinary Income: Ordinary income is generally described as pay other than long-haul capital addition...

Q: Which ONE of the following statements concerning costing is correct? a) The procedures used to calcu...

A: The system of process costing is suitable for industries involving continuous production of the same...

Q: ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The busines...

A: Value-added tax: Value-added tax or VAT refers to the indirect tax which is levied on the consumptio...

Q: Compute the annual depreciation using: а. SLM b. Service method Output method с.

A: Depreciation is the reduction in the value of asset due to its normal use and tear and wear. It is c...

Q: Prepare Projected Balance Sheet

A:  Projected Income Statement for 2021         Particulars   Working   Amount   Sales   7000000*...

Q: Govender Wholesalers entered into the following transactions during February 2016 (IGNORE VAT). They...

A:

Q: 4. Five transactions for Jodry & Associates follow. A. Journalize the five transactions under a GST/...

A: Journal entries- Journal entries refer to the approved book of a corporation which is used to record...

Q: EWO Enterprises issues $4,500,000 of bonds payable.Required:Prepare the necessary journal entries to...

A: Journal is the book of original entry in which all the transactions of the business are recorded ini...

Q: A draw bench for precision forming and strengthening of carbon steel tubing has a cost of $950,000. ...

A: Solution Depreciation represents how much assets value has been reduced. It is applicable on tangibl...

Q: Focus company accounts for its 10% interest in Bee Company using the cost method. This investment wa...

A: Investment in associate can be recorded at using the cost method or equity. The method to be adopted...

Q: 20. Below is an internal control associated with some financial statement audit cycle that the audit...

A: Internal controls are the procedures, rules and system which is established by the company to preven...

Q: On 1 – 4 – 2018 Ms. Bushra Al Khair LLC buys 100 Apple phone @ 325 each from a local supplier. The s...

A: Accounts payable (AP) is a general ledger account that shows a company's obligation to pay a short-t...

Q: The standard direct labour cost of product C is as follows: Three hours of skilled labour at £4 per ...

A:  Direct labor is labor that is allotted to a specific product, cost center, or work order. When a co...

Q: Problem On January 1, 8021, Flexible Company acquired for P5.241,600 the entire PB,000,000 12% bond ...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: r each transaction in the books of anuary, 20-.

A: Given: $75.00; cash sales slip no. 4923.$120.00; cash sales slip no. 4924.$58.60; invoice 7822$98.00...

Q: 7. Toews Ltd has prepared the following flexible budget for the coming year. The Budgeted level of a...

A: The variable cost changes with level of production but fixed cost remains constant at every level of...

Q: The Board of Directors were worried over the dwindling financial performance and precarious financia...

A: 3) Debt Equity Ratio =Long term debt +long term provisionsshareholder's equity                      ...

Q: Service Revenue $10,000 Cash $12,000. Accounts Receivable $3,000 $4,000 $2,000 $1.200 Office Supplie...

A: All expenses and revenues are shown on the income statement. All assets, libilities and stockholders...

Q: On January 1. 2021, Family Company purchased 10% of San Company's 100,000 outstanding ordinary share...

A: An increase in fair value of 10% interest which is acquired on January 1, 2021 is not reported as in...

Q: For each of the following statements, say whether they are True or False, and give a brief ezplanati...

A: Solution:- For each statements, given say whether they are true or False

Q: Rose's VISA balance is $1,880 . She may pay it off in 10 equal end-of- month payments of $200 each. ...

A: Interest Rate: It is possible to calculate the interest rate by comparing the cost of borrowing agai...

Q: Arkansas Corporation manufactures liquid chemicals A and B from a joint process. It allocates joint ...

A: Allocation of split-off point costs to Product B = Total split-off point costs x Sales value of Prod...