Mr. Uno had the following records of his horse races in the current month of 20X1: Туpe of Cost of Horse Gross winnings winnings Winnings Trifecta P90,000 P40,000 Ordinary 250,000 50,000 C Double 50,000 10,000 D Ordinary 175,000 25,000 How much is the total documentary stamp tax?
Q: 1. On March 1, 2012, Abeyance Company issued 10,000 ordinary shares with P200 par value and 20,000…
A: Convertible Preference Share refers to those preference share which are convertible in Nature i.e.…
Q: The GMA corporation shows the following data related to an item of Inventory Inventory, January 1…
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell…
Q: The following balance sheet accounts were taken from the partnership of MDL Co. on March 31, 2019:…
A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…
Q: laxabie esent a positive adjustment? А. Capital loss carryovers В. Net operating loss deduction C.…
A: Here the question is regarding which is not a positive adjustment in computing the accumulated…
Q: Assume the cost of a company’s long-term asset is $20,000, expected salvage value is $1,000, and…
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…
Q: 44 ABC Company uses a backflush costing system with three trigger points: Purchase of…
A: The back-flush accounting approach is based on the just-in-time approach and it does not have ending…
Q: Required: 1. Compute the net present value of Project A. (Enter negative values with a minus sign.…
A: Answer-1)- Net present value of Project A = ($49,304). Explanation- Perit Industries Net…
Q: Sales Revenue should increase by 2% in 2021; 3% in 2022 and decreased by 3% in 2023 and remains the…
A: The answer is stated below:
Q: Question Five During the year ended 31 December 2021, F Manufacturing Co. Ltd accepted bills of…
A:
Q: Joy, a sole proprietor involved in AirBnB, needs to sell almost all of his apartments. The selling…
A: Introduction Depreciated replacement cost refers to the current replacement cost after…
Q: issuing at Pl15 per share one-half of the 950,000 ordinary On January 1. 2021, Penn Company began…
A: Shareholders' equity represents a company's net worth or the amount that would be given to investors…
Q: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur…
A: Accounts receivable refers to money owing to a seller by buyers who have not yet paid for their…
Q: Rory Company has an old machine with a book value ot $77000 and a remaning tve year usee. Rory is…
A: In keep or Replace analysis, Revenues and costs of Keeping the old Asset should be compared with…
Q: Compute the balance of liability for compensated absences at December 31, 2021.
A: The computation of balance of liability for compensated absences as at December 31, 2021 is shown…
Q: Efféct of Stock Split Willey's Grill & Restaurant Corporation wholesales ovens and ranges to…
A: Stock split is a method of increasing the number of outstanding shares by decreasing the per-share…
Q: GHI Company compensates its employees for certain absences for vacation and sickness. Employees are…
A: The employer provides several benefits to the employee and the expenses related to these are…
Q: The following labor standards have been established for a particular product: Standard labor-hours…
A: Variances are calculated in order to find the difference between the standard set and the actual…
Q: Discuss some of the differences in the preparation and presentation of the operating statements of…
A: An operational statement is used to evaluate a company's performance and financial status. It is a…
Q: Felix Inc. manufactures cameras and has monthly demand and capacity of 14,000 units and 16,000 units…
A: Felix Inc. has an excess capacity of 2,000 units. So to accept the special order of 3,000 units,…
Q: What guidelines must be followed to classify a transaction as associated with the principal of an…
A: Generally accepted accounting principles are standard accounting principles, standards and…
Q: The owner of the Moxy Hotel in downtown Washington, DC, offers two room types: “deluxe” and…
A: Under the assumption that the variable cost of a deluxe room is the same as that of a regular room…
Q: A company had two divisions – AA and BB. AA Division makes and sells K7 motors which can either be…
A: The question is related to the Transfer Pricing. Transfer pricing is the pricing which occurs when…
Q: Evan, a single individual, operates a service business that earned $110,000 (after all applicable…
A: Introduction: The QBI deduction is only accessible to owners of pass-through firms, even if you…
Q: Accounting Please make a cost by nature Income Statement for the following points: a) Write off (in…
A: Income statement is the statement, where expenses are disclosed according to their nature, we deal…
Q: Why would an investigator interview the prime suspect last in the interview proces
A: Fraud investigation is an important area in accounting especially after big fraud scandals like that…
Q: When raw materials are requisitioned and placed into production, the Raw Materials Inventory account…
A: Solution: Costs placed into production such as direct materials, direct labor and applied overhead…
Q: DDD Corporation, a domestic manufacturing corporation, had gross sales of P100,000,000 for fiscal…
A: Taxable net income is the amount after taking into consideration all the revenue taxable, allowable…
Q: Which of the following statements about the LIFO Reserve Disclosure is NOT true? a. Usually, FIFO…
A: The credit balance in the LIFO reserve reports the difference since the time that LIFO was adopted.…
Q: Africa Traders, a registered VAT vendor, manufactures and sells face masks. The VAT rate is 15%. On…
A: ANSWER Here in this case Africa traders sells mask to SA traders. On such a case Africa traders this…
Q: During 2019, ABC Company issued 50,000, P100 par value convertible preference shares for P120 per…
A: Step 1 ABC Company issued 50,000, P100 par value convertible preferenceshares for P120 per share…
Q: Apollo Corp. has the following investment which were throughout 2021-2022: Fair Value Cost 12/31/21…
A: Unrealized gain An unrealized gain is a rise in the value of an asset that has yet to be sold for…
Q: How much is the Output VAT? * Sale on Account to Government (VAT Inc) 672,000.00 Input VAT paid…
A: Output VAT is the amount of Value Added Tax that a business charges on sales of goods and services…
Q: Identifying Non-GAAP and GAAP Measures A company reported the following reconciliation in the MD&A…
A: Reconciliation is the process of comparing two sets of records to ensure that the statistics are…
Q: Issuing Bonds at Face Amount On January 1, the first day of the fiscal year, Designer Fabric Inc.…
A: Interest expense for 6 months = 3000000×8%×1/2 = $120,000
Q: Indicate the primary audit objective for the following audit procedure: Foot the accounts payable…
A: Audit refers to the examination or auditing of the financial statements (FS) namely income statement…
Q: On January 1, 2021, Apollo Company acquired P4,000,000 of 12% face amount bonds for P3,767,000 to be…
A: Bonds are the financial securities issued in order to raise funds from the market.
Q: Tyler Processing’s current stock price is $13.63 per share. Tyler is 100% equity financed and has…
A: GIVEN Tyler’s current price/earnings (P/E) ratio is 12.5 Tyler's P/E would be 15.0 Tyler is…
Q: How much is the VAT Payable in May? Given the following data during the 2nd quarter of 2022 Month…
A: VAT or Value added tax is an Indirect tax which is imposed on Goods and Services. Net VAT payable is…
Q: ABC Company operates a number of branches. On December 31, 2022, its Mindanao branch showed a Home…
A:
Q: Assume the following production data taken from the records of CONEY Manufacturing Co:…
A: Solution: Equivalent units under FIFO method = Units in beginning WIP * % completed during the…
Q: The following data were taken from the records of C5 Drinks Company for the years ending Year I and…
A: The income statement can be prepared using various methods as absorption costing and variable…
Q: A small coffee shop currently offers a cup of cafe latte for P109. The variable costs are P60 per…
A: Break even point means a situation where the is neither profit nor loss. Sales revenue is sufficient…
Q: Complete the table below considering the following information: > Gross Sales increases by 1.5% in…
A: The net income is the difference between the revenues and expenses of the entity. The net income…
Q: ABC Company earns $20,000 of revenue and collects this amount in cash. What is the effect on the…
A: In this question, we are required to analyse the effect of the following transaction in Assets,…
Q: onca Co. is looking for financing to expand its laboratory and buys a patent for a new technology…
A: Amount of note payable that should be recorded is = issue of note - down payment
Q: MCO Manufacturer uses a standard costing system and the following information belongs to the…
A: Standard direct labor cost per unit = Standard hours per unit x Standard labor rate per hour where,…
Q: Using Excel to Determine Overhead Variances Student Work Area PROBLEM Required: Provide input into…
A: The variance analysis provides a better picture of the cost control of the business operations. It…
Q: If Department 1 had put 95,000 units into process during the period and had ending units in process…
A: Units transferred to Department 2 = 95,000 - 21,000 = 74,000
Q: Effective with the year ended December 31, 20XX, Hall Company adopted a new accounting method of…
A: Doubtful accounts expense for the current year = Estimated uncollectible accounts + Accounts written…
Q: In the ABC partnership (to which D seeks admittance), the capital balances of A, B, and C, who share…
A: Total capital of the partnership after admission of new partner = Total capital of the partnership…
Step by step
Solved in 2 steps
- Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heartearned $60,000 and paid taxes of $12,000. If these taxes were paid to thesame government agency, is the tax on income progressive, regressive, orproportional? How did you reach this conclusion?The market value(P) of a property is $833,333.33 in a jurisdiction in which the assessment ratio is 60%. The property owner has just been granted a homestead exemption of $50,000. The property is in a jurisdiction in which the current budget is $9 billion of which 80% derives from property taxes. The gross assessed value of all taxable properties is $684,000,000,000. Calculate the owner’s property tax for the yearMs. Locker operates a manufacturing business in California. For the year ended 30 June 2020, the following information is given:The tax adjusted trading profit, before capital allowances has been calculated to be $15 000 000.The taxpayer brought the following non-current assets during the year:Amount ($)Plant and machinery (manufacturing) 5 000 000Toyota Hilux (30% private use) 300 000Four (4) passenger motor vehicles 900 000Other Plant and machinery 300 000Factory building (new) 6 000 000Rates of Capital Allowances:Annual Allowance (%) Initial Allowance(%)Manufacturing Plant and Machinery 25% -Commercial building 2.5%Industrial Buildings 2.5% 25%Motor Vehicles 25%Other Plant and Machinery 15%Furniture and Fittings 10%Computer hardware 255Computer Software 100Required:Calculate the taxable income /assessed loss for the year ended 30 June 2020 and the tax payable if any.
- Donations were made on January 30, 2018 of P500,000.00, March 30, 2018 of P2,000,000.00 and August 16, 2018 of P1,500,000.00. How much is the total donor's tax should be paid on March 30, 2018? P60,000 P90,000 P120,000 P135,000A VAT taxpayer had the following data on its operations for he month of January 2018:Sales, total invoice price P 592,480Purchases of goods, VAT not included:From VAT registered persons 100,000From nonVAT registered persons 8,000From persons subject to percentage taxes 10,000Salaries of employees 60,000Other operating expenses 12,000This is the first month of being liable to value added tax. Data in inventories at the beginning of the period bought from VAT registeredpersons follow:Inventory at cost P 44,800Inventory at realizable value 49,000Value added tax paid on beginning inventory 4,80016. How much is the input tax?17. How much is the value added tax payable?Donations were made on January 30, 2018 of P500,000.00, April 30, 2018 of P2,000,000.00 and August 16, 2018 of P1,500,000.00. How much donor's tax should be paid on August 16, 2018? P90,000 P120,000 225,000 P250,000
- . The municipal assessor was taxing an idle agricultural land consisting of 2 hectares valued at P 200 per square meter. If the idle land tax imposed is 5% by the ordinance, how much will the owner pay for the idle land tax?a. P 80,000.00 b. P 100,000.00 c. P 200,000 d. P 40,000.0011. The following data are shown on the tax declarations of a piece of land and thA taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet:Asset – Php 500,000Liability – Php 100,000Stockholders' Equity – Php 400,000 Income Statement:Gross sales – Php 10,000,000Cost of sales – Php 3,000,000Operating Expenses – Php 1,000,000 How much is the income tax due under CREATE Law if? the taxpayer is a domestic corporationa. 1,200,000b. 70,000c. 1,800,000d. 1,500,000ABC Corporation has the following information for the taxable year 2022: Quarter RCIT MCIT CWT 1st P200,000 P160,000 P40,000 2nd 240,000 500,000 60,000 3Rd 500,000 150,000 80,000 4th 300,000 200,000 70,000 MCIT carry-over from prior year amounts to P60,000 and excess tax credits from prior year amounts to P20,000. How much was the income tax payable for the first quarter? How much was the income tax payable for the third quarter? How much was the annual income tax payable?
- Gabriela has the following income for the quarter: a. Professional income,P80,000 b. Income from her business, P30,000 c. Compensation income,P40,000 d. Interest income from bank deposit, P10,000. What amount ofincome will Gabriela report in her quarterly income tax return? P80,000P110,000P120,000P150,000Le Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT First P200,000 P160,000 P40,000 Second 240,000 500,000 60,000 Third 500,000 150,000 80,000 Fourth 300,000 200,000 70,000 Additional information: Excess MCIT from 2020: P60,000 Excess tax credits from 2020: P20,000 1.) How much was the income tax payable for the first quarter? a. 200,000 b. 160,000 c. 120,000 d. 80,000 2.) How much was the income tax payable for the second quarter? a. 660,000 b. 460,000 c. 200,000 d. 160,000 3.) How much was the annual income tax payable? a. 1,260,000 b. 390,000 c. 230,000 d. 930,000An individual, who is a real estate dealer, sold a residential lot in Quezon City at a gain of P100,000.00 (selling price of P900,000.00 and cost is P800,00.00). The sale is subject to income tax as follows: a) 6% capital gains tax on the gain; b) 6% capital gains tax on the gross selling price of fair market value, whichever is higher; c) Ordinary income tax at the graduated rates of net taxable income; d) 8 % income tax on net taxable income.