management con $6,000. Payroll for the month of May is as follows: FICA Social Securi federal income tax of $400, state income tax of $75, health-care insur employee is responsible for covering 30% of his or her h

Q: The A Company whose ending capital is P89,000 will be joined by Mr. B to form a partnership. Mr. B i...

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

Q: How much of the 2021 capital loss can X Corp carry over to 2022?

A: Capital loss refers to the loss which is incurred due to the decrease in the value of capital assets...

Q: Boo Company's current sales volume is 7,200 units with selling price of P15 per unit. The company ha...

A: Break even point = Fixed costs /Contribution margin per unit  where, Contribution margin per unit = ...

Q: A Units produced Processing costs after split off Units sold 8,500 P10,200 8,400 P6 9,700 P19,400 9,...

A: Joint cost is the cost which is jointly incurred for product till split off point. And after split o...

Q: 21. Joint products A, B and C are produced by JNT Corp. For the month just ended, these data are ava...

A: The question is related to Joint Products. In Average unit cost method the cost per unit will be cal...

Q: Fruit Sushi Corporation sells delicious fruit sushi at a wholesale price of $4.00 per unit. The vari...

A: Answer) The total fixed cost, i.e., $ 7,500 is already charged from existing number of units sold. T...

Q: Apple-A-Day Company has the following inventory data: July 1 7. 22 Beginning inventory Purchases 40 ...

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods fo...

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Q: Heiman, a VAT registered taxpayer, had the following data in 2022: Deferred input taxes, December 2...

A:

Q: The declaration, record, and payment dates in connection with a cash dividend of $37,000 on a corpor...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: A new operations system requires an initial investment of $100,000 and will generate $70,000 in reve...

A:

Q: Two years ago, a machine was purchased at a cost of $( 2,000,000 to be useful for eight years. Its s...

A: Purchase price of old machince= $200000 Present value of old machine (P)= $120000 salvage value (F) ...

Q: AB Partnership’s operation for the year 2022 resulted in a profit of P240,000. Their profit sharing ...

A: Here the profit amount is given and we have to allocate this amount as per the terms provided here. 

Q: 29. The Cash Receipts Journal of the X & Y Co shows the following accounts and account balances: Sal...

A: A cash receipts journal is a type of journal that is used to record cash that a company receives fro...

Q: g consultants, initiating the payment process, and notifying the accounting department of all openin...

A: As per the mentioned guidelines I am answering the 4 th part only.

Q: Compute a cost function using the high-low method.

A: High low method is the method used to split the variable costs and the fixed costs where mixed costs...

Q: Which of the following is an example of an indirect cost? Multiple Choice Cost of labor Cost of down...

A: Indirect Cost are expenses other than direct expenses are known as indirect  expenses. These cannot ...

Q: The accounting records of X Corp shows the following: Increase of RM if 45,000; decrease din FG Inve...

A: Solution: Cost of raw materials used = Purchase of raw materials  + Transportation In - Increase in ...

Q: Punongbayan and Araullo formed a partnership. The following were contributed by the partners and lia...

A: Total capital of the partnership = Total assets - Total liabilities

Q: 32. Partners X, Y and Z had average capital account balances during the year of P400,000, P500,000 a...

A: Partnership is lawful association of two or more persons to carryout any business activity and share...

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Q: Exercise 4-3 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1 Prepare j...

A:

Q: X Corp, a personal holding company, is owned by two individuals and has gross income as follows: $30...

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A: Dividend received from less than 20% owned domestic corporations per TCJA is 50% DRD. Exception case...

Q: Instre Accounting Equation Accounting Journal Accounting Ledger Accounting Equation f. -On August 1,...

A:

Q: Marvin’s Kitchen Supply delivers restaurant supplies throughout the city. The firm adds 10 percent t...

A: a.   City Diner Le Chien Chaud Delivery charge $88,000 x 10% $98,000 x 10%   $8,800 $9,800

Q: Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on Januar...

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Q: Accumulated depreciation-Equipment of JAD Company at December 31, 2019 and December 31, 2020 were P1...

A: Depreciation expense for the year = Ending Accumulated depreciation + Accumulated depreciation on as...

Q: The XYZ Partnership shows a net profit of P600,000 during the year. If partners X, Y, Z has income r...

A: Given, Net Profit = P600,000 Income of X, Y and Z = 50%, 30% and 20% Z's share from the net income o...

Q: X Corp uses ABC to determine unit product cost. The company has two products namely G and N. The com...

A: Activity-based costing is used to distribute the overhead. in this overheads are allocated on the ba...

Q: Buzz Company uses 40,000 gallons of materials for which they paid P7.00 a gallon. The materials pric...

A: Used material (AQ) = 40,000 gallons Actual rate (AR) = P 7.00 Material price variance = P80,000 Stan...

Q: The following income statements illustrate different cost structures for two competing companies: In...

A: Total fixed cost does not changes with the change in the level of output Variable cost per unit will...

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Q: Help me only with question b) Financial statements:  Income Statement For the Month Ended Octobe...

A: Solution Working note 1- Net profit = (210) / 5600 = -3.75 2- Gross profit margin = 770 / 5600 = 13....

Q: EA14 Toren Inc. employs one person to run its solar management company. The employee’s gross income ...

A: Payroll- The payroll area designates a group of employees for whom the same payroll components are p...

Q: During the month of June, Job 100 was started. Data are as follows: Units produced is 1,200 units; U...

A: Gross margin is computed using formula = Sales revenue - Cost of goods sold Where Sales revenue = Re...

Q: Please show full solutions and state the formula used. Thank you so much tutors.

A: The main advantage of using the ABC method is its impact on profitability, it helps in improving pro...

Q: He and She formed a partnership and to share in the profit or loss equally. She contributed building...

A: The question is related to the Partnership Accounting. The assets and capital must be recorded at Fa...

Q: X Company pays time and a half for hours in excess of 40 hours per week. If an individual is paid P6...

A: Normal wage rate per hour = P60 Extra time wage rate per hour = 60*1.50 = P90 Normal hours = 40 hour...

Q: Prada Company maintains a mark up of 60% based on sales. The company's selling and administrative ex...

A: Solution: Sales = P1,440,000 Markup on sales = 60% Cost of sales = 40%  

Q: ny has provided the following inform r unit $56 per 12 er $14 00n

A: Contribution margin ratio is % of contribution margin per unit to selling price Contribution margin ...

Q: How fill IRS Form 1120 Corporations with this info: (it's a fake company) For learning purposes only...

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Q: Perform the vertical Financial Statement Analysis of Income Statement

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A: Units in Completed and Transferred The cost of the Completed and Transferred consist of: 1. Transfer...

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A: Dividend received from 20% or more owned domestic then special deduction as per TCJA of 65% DRD is a...

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.