Number 5 a b and c plz broker that charged a 1% commission on the value of each of the trades.Find the (Show your Calculations):8h April 7, 2021. All of the transactions were executed through the samevestment, 1OI D57.00 pera) Total amount of commissions the investor paid on all of the transactions?b) Proceeds on all of the transactions?c) Amount of profit (or loss) made by the investor on the entire transaction?(5) Applying the following hypothetical Federal Income Tax Rate Table, for a SingleTax-Filer earning $100,000 annually, calculate the following (Show your Calculations):a) Total Tax Due?b) Marginal Tax Rate?c) Effective Tax Rate?t TracsheetTax RateSingle Tax FilerUp to $10,000$10,000 - $40,00010%sonal Noce She15%25%$40,000 – $85,000plified30%$85,000 – $150,000al..ement35%$150,000 - $400,000(6) Assume you have a credit card that has a 24% APR and you have an averagedaily balance of $1,500.00.stv11

Total earnings = $100,000 Tax: Upto $10,000 = $1000 $10,000 to $40,000 = $4500 $40,000 to…

Answered: IUSS) made by the investor on the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 9MC: On April 1 a company sells a 5-year, $60,000 bond with a 7% stated interest rate. The market...

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An entity started business in 2021. It sells printers with a three-year warranty. The entity estimated its warranty cost as percentage of peso sales. Based on the past experience, it is estimated that 3% will be repaired during the year of warranty, 5%will be repaired during the special year of warranty and 10% will be in the third year. In 2021 and 2022, the entity was able to sell 7,500 and 10,000 units, respectively at a selling price of P4,000 per unit. The entity also incurred repair cost of P800,000 and P2,400,000 in 2021 and 2022 respectively. Sales and repair occur evenly throughout the period What is the unadjusted warranty expense for 2022? What is the unadjusted warranty liability for December 31, 2022? What is the adjusted warranty liability after testing its adequacy? What is the adjusted warranty expense for 2022?
On December 31, 2020, Glare Company provided the following information: Accounts payable, including deposits and advances from customer of P250,000 Notes payable, including note payable to bank due on December 31, 2022 of P500,000 Shared dividend payable Credit balances in customer's accounts Serial bonds payable in semiannual installment of P500,000 Accrued interest on bonds payable Contested BIR Assessment - possible obligation Unearned rent income P1,250,000 P1.500.000 P400,000 P200.000 P5.000.000 P150,000 P300.000 P100,000 Notes: 1. Total liabilities of the Company amounted to P10,000,000 2. There are no other noncurrent liabilities of the Company aside from those listed above
Entity A has the following liabilities as of December 31, 2021. a. Trade accounts payable, net of debit balance in supplier's account of P10,000, net of unreleased checks of P8,000, and net of postdated checks of P4,000 P600,000 b. Credit balance in customers’ accounts 4,000 c. Financial liability designated at FVPL 100,000 d. Bonds payable maturing in 10 equal annual installments of P200,000 2,000,000e. 12%, 5-year note payable issued on Oct. 1, 20x1 200,000 f. Deferred tax liability 10,000 g. Unearned rent 8,000 h. Contingent liability 20,000 i. Reserve for contingencies 50,000 j. Income taxes withheld from employees 50,000 k. Cash in bank at Siniloan Bank 352,000 l. Cash overdraft at Famy Bank 60,000m. Estimated premium claims outstanding 70,000n. Claims for increase in wages covered in a pending lawsuit 190,000 Requirement: How much is the total current liabilities? a. 2,430,000 c. 968,000 b. 1,120,000 d. 940,000
Here is the following revenue recognition situation.a. Wage Inc. sells goods to Rajab Corp for $850,000, payment due at delivery.b. Wage Inc. sells goods on account to Suro Corp for $1,050,000, payment due in 30 days.c. Wage Inc. sells goods to Syawal Corp for $480,000, payment due on two installments. Thefirst installment payable in 14 months, and the second payment due 4 months later. Thepresent value of the future payment is $445,000.Instructions:Indicate the transaction price for each of these situations and when revenue will be recognized.
On January 1, 2024, an investor paid $299,000 for bonds with a face amount of $360,000. The contract rate of interest is 8% while the current market rate of interest is 10%. Using the effective interest method, how much interest income is recognized by the investor in 2025 (assume annual interest payments and amortization)? rev: 02_26_2021_QC_CS-252921• $30,010.• $30,160.• $29,900.• $28,204.
On April 1, 2021, JPG Company sold for P84,000 a stereo which paid had a cost of P54,600. A down payment of P9,000 was made with the provision that additional payments of P7,500 be made monthly thereafter. Interest was to be charged at a monthly rate of 2% on the unpaid balance of the principal; the monthly installment was to apply first to the interest then to the balance of the principal. After completing four months installment the customer defaulted and the stereo was repossessed. At this time, the market value of the stereo was estimated to be P22,500. What is the net income (loss) at the end of the year?
On October 31, 2021, Jimin Company engaged in the following transactions:• Obtained a P600,000, 6-month loan from Citibank, discounted at 12%. The company pledged P600,000 accounts receivable as security for the loan.• Factored P1,000,000 of accounts receivable without recourse on a notification basis with Easy Finance Company. Easy Finance charged a factoring fee of 10% of the amount of receivables factored and withheld 5% of the purchase price.What is the total cash received from the financing of receivables?
On January 1, 2019, AAA insurance co. entered into reinsurance contract with CCC Co. for a premium of P2,000. Commission expense incurred on the reinsurance contract issued is 10%. How much is the amount due from ceding company (book of reinsurer)? How much is the amount of commission income recognized by cedant?
On Jan. 1, 2021, XYZ Bank extended a 3-year 5,000,000 loan to ABC Corporation. The interest rate agreed upon is 7%. The bank incurred direct and indirect origination costs of 75,100 and 50,000 respectively, but collected origination fees of 328,230 from ABC. The effective interest rate is 9%. What is the total receivable related to the loan to ABC on Dec. 31, 2021?
On September 30, 2019, Lakatan Inc. borrowed P1,000,000 on a 9% note payable. The entity paid the first of four quarterly payments of P264,200 when due on December 31, 2019. How much was deducted from the note payable on December 31, 2019?
Greenyard Corp. factored P200,000 accounts receivable to Provider Financing Corp. on a without recourse basis on July 1, 2021. Provider charged a 5% service fee and retained a 10% holdback to cover expected sales returns. In addition, Provider charged 10% interest computed on a weighted average time to maturity of the receivables of 73 days over 365 days. How much net proceeds is received from the factoring on July 1, 2021? Answer:
22 A dealer in securities has the following for the year 2018: Sale of securities held for sale in the ordinary course P4,000,000 Cost of securities held for sale in the ordinary course 2,500,000 Supplies expense, net of VAT 300,000 Rent expense, net of VAT 500,000 The Vat payable shall be:

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