Mandaue reimbursed the following expense liquidation of its managerial employee: Purchase of office supplies 20,000.00 Personal meals and groceries 15,000.00 Gasoline for transportation (1/2 for business) 8,000.00 Office electricity, water, and telephone bills 12,000.00
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- Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for extraordinary repairs If all transactions were recorded properly, what amount did Jada capitalize for the year, and what amount did Jada expense for the year?On January 1,2020 Kit Company, Inc establishes a branch in bauang. During the year, kit inc transfers cash and merchandise to the branch worth 15,000 and 45,000 respectively. Freight was paid by the home office worth 1,500 included in the cost of merchandise. the home office also incurred 5,700 expenses of which 30 percent was allocated to the branch. On december 31,2020, the branch incurred a loss of 4,000. what is the balance of the branch account as per home office books
- For every P500 worth of services rendered to customers, the Uranus Company has to pay P250 for salary expense, P18 for supplies and P45 for miscellaneous expense. Service income totaled P250,000. What is the company's profit (loss)?On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books. Present solution in good accounting form.The following is the Trial Balance of Sonia HR Enterprises, a dealer in HR Software, as at 31st December, 2021. GHS GHS Capital 240,000 Receivables and Payables 159,000 51,000 Inventory 99,000 Motor vehicles: (cost) 72,500 Accumulated depreciation (31 December 2020) 32,500 Office equipment: (cost) 90,000 Accumulated depreciation (31 December 2020) 30,000 Administrative expenses 26,000 Purchases and sales 243,750 490,500 Employee benefits 33,000 Selling expenses 20,000 Plant: (cost) 125,000 Accumulated depreciation (31 December 2020) 37,500 Discounts 7,500 12,500 Accruals 79,000 Investment income 27,500 Returns 12,000 17,500 Cash and…
- On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, including advances from customers of P50,000 = 450,000Deferred advertising income = 30,000Mortgage payable = 2,000,000Estimated damages payable by reason of breach of contract = 220,000Claim for increase in wages by employees covered in pending lawsuit = 1,600,000Share dividend payable = 300,000Percentage Taxes Payable =16,000Bonds Payable, due May 2022 = 3,000,000Discount on Bonds Payable = 60,000Compute total current liabilities on December 31, 2021.Agency XYZ collected the following income during the month: Income Taxes – Individual, P500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P400,000, Processing Fee 8,000, Rent Income 15,000 and Import Duties 400,000. The salary of the employees collecting these income amounts to P48,000. How much is the Total Service and Business Income collected?The following information about Manchester Company is available on December 31, 2021. Income taxes withheld from employees P900,000 Cash balance at First State Bank – Account 101 2,500,000 Accounts receivable with credit balance 750,000 Cash overdraft at Second State Bank 1,310,000 Estimated expenses of meeting warranties on merchandise previously sold 500,000 Estimated damages as a result of unsatisfactory performance on a contract 1,500,000 Cash overdraft at Third State Bank – Account 102 10,000 Accounts payable 3,000,000Deferred serial bonds, issued at par and bearing interest at 12%, payable in semi-annual installment of P500,000 due April 1and October 1 of each year , the last bond to be paid October 1, 2026. Interest will be paid fully on maturity of the note. 5,000,000Stock dividends payable 2,000,000 Compute the total current liabilities on December 31, 2021
- Shown below are selected accounts and their balances for the Zay Company as of December 31, 2021 Accounts Payable - P980,000; Accounts Receivable - P2,160,000; Allowance for Bad Debts - P250,000; Cash - P224,000; Wages Payable - P108,000; Trademarks - P450,000; Longterm advances to officers - P1,500,000; Inventory - P830,000; Income Taxes Payable - P720,000; Notes Receivable (short-term) - P970,000; Bond Redemption Fund - P1,800,000; Bonds Payable - P5,000,000; Premium on Bonds Payable - P400,000; Treasury Shares - P576,000 How much were the total current liabilities at December 31, 2021? a. P7,208,000 b. P1,808,000 c. P1,088,000 d. P980,000The following information about ABC Company is available at December 31, 2020: Employee income taxes withheld 1,000,000 Cash balance at BPI 10,000,000 Cash overdraft at BDO 1,500,000 Accounts receivable with credit balance 2,000,000 Estimated expenses of meeting warranties on merchandise previously sold 3,000,000 Estimated damages as a result of unsatisfactory performance on a contract 4,000,000 Accounts payable 8,000,000 Deferred serial bonds, issued at par and bearing interest at 12%, payable in semiannual installments of P500,000 due April 1 and October 1 of each year, the first bond to be paid on April 1, 2022. Interest is…In 2018, a domestic corporation paid for the monthly rental of a residential house of its branch manager, Mr. Juan dela Cruz, amounting to P156,000. Assume there is no transfer of ownership, what is the total amount of deductible expense by the employer from its gross income? a. Answer not given b. P120,000 c. P198,000 d. P156,000 e. P42,000