Iniwan Corp. maintains its accounting records on the cash basis but restates it financial statements to accrual basis. Iniwan had P600,000 in cash basis pre-tax income for 2020. The following information pertains to Iniwan’s operations for the year ended December 31, 2019 and 2020: Accounts receivable: 2020- P400,000; 2019- P200,000 Accounts payable: 2020- P150,000; 2019- P300,000 Under accrual method, what is the income before taxes should Iniwan report in its December 31, 2020? a. P250,000 b. P950,000 c. P550,000 d. P650,000

Q: With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (a...

A: Federal Unemployment Tax Act (FUTA) is imposed on federal employers so as to help unemployed individ...

Q: 1) Debts of $7,000 due 4 years ago from today, $5,000 due in 3 months from today and $6,000 due in 3...

A: Single Payment Value day will be the day when past payments and future payments will be combined for...

Q: EM owns 30% of MOCK's share capital. During the year to 31 December 2011, MOCK sold inventories at t...

A: As per the provision of IAS 28 Investment in associates, unrealised profit from the transaction betw...

Q: SHADOW BONE Company reported net income of P7,500,000 for the current year: The auditor raised quest...

A: Adjusted net income for the current year = Reported net income for the year + Debit adjustment of pr...

Q: National Company's total assets fluctuate between P350,000 and P450,000, while its fixed assets rema...

A: As per the maturity matching concept long-term funds should be invested in long-term assets and shor...

Q: In December 2018, General Electric (GE) had a book value of equity of $51.5 billion, 8.6 billion sha...

A: Market capitalization = Market price per share * Number of shares outstanding Market-to-book ratio =...

Q: Discussion Question _Job Costing I The Harriott manufacturing company uses job order costing system....

A: (ii)

Q: Banzon and Borja are partners in B&B Enterprises. Partnership profits and losses are allocated as fo...

A: portion of Banzon = Salaries + interest + equal portion of remaining profit       Banzon Borja to...

Q: What would Mydeco's EPS have been each year in this case? Calculate the new EPS for 2016-2019 below:

A: Earnings per shares refers to the profit earned by each shareholder after paying all the expenses of...

Q: Assume the company uses the AFN formula and all additional funds needed (AFN) will come from issuing...

A: Additional funds needed(AFN) is the concept used by organizations to determine the amount of funding...

Q: The company invested $200,000 on April 1, 20XA at 4.5% simple interest for 2 years (24 months). 23. ...

A: The company has invested $ 200,000 on April 1, 20XA at 4.5% simple interest p.a. for 24 months' (i.e...

Q: engaged in renting out 250 apartment units to small families for P13,000 per month. All units are oc...

A: Tax refers to the percentile charges levied by the government over the income gained by an entity.

Q: Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash w...

A:                      Mr B is the resident senior citizen [60+]of India .   For F.Y 20-21 & A.Y 2...

Q: Mahal Mo Co. reported revenue of P3,100,000 in its accrual basis income statement for the year ended...

A: Accrual basis of accounting says that all expenses and revenue belonging to a particular period shou...

Q: what is stale checks in accounting

A: Introduction: Banks: Banks accepts deposits from the public and gives loans to the needy people or o...

Q: t new customers and A company offers 0% credit for new purchases as a result increased or sales but ...

A: Companies provide the credit to customers this credit increase the sales of the company and but this...

Q: A company will account for some events for long-term assets that are less routine than recording pur...

A: Answer (6): True   

Q: To justify changes in collection procedures, the minimum annual reduction of costs (using a 360-day ...

A: Average collection period refers to the duration within which a company is able to recover its credi...

Q: Concord Inc. is a retailer using a perpetual inventory system. All sales returns from customers resu...

A: Perpetual Inventory Control Continuous stock taking after every transaction Ledger is prepared tran...

Q: Dalanced scorecaI just Words. VVIlal IO play

A:                                            Now a days due to various changes taking place in the bus...

Q: EXHIBIT 25-2 The Exemption Equivalent Year of Transfer Gift Tax Estate Tax 1986 $500,000 $500,000 19...

A: Solution Estate tax  is a tax on your right to transfer property  at your death.

Q: Compton Information Services, Inc., has two service departments: human resources and billing. Compto...

A: Answer  -  Step Method of Cost Allocation  -    This method an approach used to allocate the cost of...

Q: 33..... On January 2, 2017 Skysong Company leases a machine with a fair value of $35,000 from Snead...

A: Lease is a type of financing option which allows a company to use assets for definite period by maki...

Q: Depreciation and amortization are added back in computing operating cash flows because: a They repr...

A: Cash Flow statement is just a detailed cash account. It shows how changes in balance sheet and incom...

Q: What is the business tax liability of gas and water utilities with gross receipts exceeding P10,000,...

A: Tax liability is the amount of tax obligation on an entity. It is the liability that an entity has t...

Q: ich of the following would least likely cause an unfavorable materials quantity(usage) variance? * ...

A: Solution: Material quantity (usage) variance is the difference between actual quantity of materials ...

Q: Williams Corporation reports the following direct labor information for November: Standard rate $ 3...

A: Labor Price variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked Labor eff...

Q: What is the present value of the first alternative? What is the present value of the second alterna...

A: Answer The option with the highest present value today should be selected Option 1 = $50,000 Option ...

Q: sements from the firm. According to the understanding and acceptance of the basic principles and con...

A: Marketing managers should be informed about it by the accounts and finance manager or controller.  P...

Q: Which of the following statements is false?

A: Depreciation is a cost charged over the fixed assets for over a period of time. Fixed Assets are the...

Q: Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANY Balance Sheets Decem...

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (beginning in...

Q: Compton Information Services, Ic., has two service departments: human resources and billing. Compton...

A:

Q: CASE INFORMATION RK Corp, a publically traded NASDAQ company (symbol ARK), is a manufacturer of elec...

A: Hi student Since there are multiple subparts, we will answer only first three subparts. 

Q: Answer True or False Initial direct costs are immediately recognized as an expense by the lessor wh...

A: Per Per PFRS 16 Inidial direct cost are the incremental cost of obtaining a lease that would not hav...

Q: Assume that for a particular company, the only temporary difference for tax-effect accounting purpos...

A: Depreciation refers to the permanent decline in value of tangible assets, because of wear and tear d...

Q: Locust Software sells computer training packages to its business customers at a price of $101. The c...

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts f...

Q: 1. Pharmaly-maly Company has a collection schedule of 60% during the month of sales, 15% the followi...

A: Trade credit is the credit that will be reflected in the normal trading durations of the company and...

Q: Discuss the Usefulness of the Statement of Financial Position (Balance Sheet)  and The Statement of ...

A: financial statement and statement , shows the company's profit and its position at the end of period...

Q: The following are the business transactions of Reyes Broiler farm for the month of March 2019.  Mar...

A:                                    Subsidiary books are special journals made due to voluminous tran...

Q: Under the three variance method for analyzing factory overhead, the difference between the actual fa...

A: Variance represents the variation between the overheads planned by the entity and the overheads it a...

Q: Journalize the selected transactions. Assume 360 days per year. Description choices are: Accounts P...

A: The journal entries are prepared to record day to day transactions of the business on regular basis....

Q: Portions of the financial statements for Clear Transmissions Company are provided below CLEAR TRANSM...

A: Cash flows from operating activities is one of the important section of cash flows statement which s...

Q: A. Prepare two sets of journal entries using the periodic inventory method and perpetual inventory s...

A: A periodic inventory system states that the inventory would be counted periodically. Whereas, the pe...

Q: Problem #1 Admission by Purchase of Interest The capital balance of the Song and Monte partnership o...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: e was not fairly treated and therefore not promoted. He has secured a similar job in XYZ Limited, on...

A: Fraud refers to the situation either employee uses the information of a company into wrongdoings.

Q: Sawi Ak Co. acquires copyright from authors, paying advance royalties in some cases and in others, p...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: Concord Inc. is a retailer using a perpetual inventory system. All sales returns from customers resu...

A: Perpetual Inventory system is a system wherein inventory in counted continuously and update the same...

Q: Holding assets constant, if debt increases, A. The firms ROA declines B. The firms net income would ...

A: Introduction:- An asset is any resource that a corporation or economic organisation possesses or has...

Q: Question #6: Beginning inventory, purchases, and sales data for prepaid cell phones for May are as ...

A: fifo is an accounting method in which inventories are valued on the first comes and first out basis....

Q: JFC Corporation values its inventory by using retail method: 1. How much is the ending inventory at...

A: Retail Inventory Method Retail inventory method which is used to measure the merchandise inventory w...