On November 1, 2022, Dayrit Corporation purchased P800,000 face value, 10-year, 8% term bonds dated October 1, 2022 for P700,000 to yield 10% plus accrued interest. Interest is receivable every April 1 and October 1.  What amount should Dayrit report as interest receivable in its December 31, 2022 balance sheet?

Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw materia...

A: Calculation of material used in April are as follows

Q: QUESTION: if Chiz is non-VAT registered, how much is the business tax payable?

A: Non Vat Register For the Non Vat register whose gross sales / gross receipts which are not crossed o...

Q: How would the carrying value on the amortization table will be computed when an interest-bearing not...

A: The carrying value on the amortization table will be computed when an interest-bearing note collecti...

Q: Under PFRS 9, transaction cost incurred are expensed in acquiring this type of investment securities...

A: Generally, financial assets are initially measured at fair value plus directly attributable transact...

Q: On January 1, 2020, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial informatio...

A: Calculation of income tax expense and income tax payable in case:  if Abbey and Benjamin file a con...

Q: rake Company produces a single product. Last year's income statement is as follows: Sales (21,000 u...

A: In this question, we have to compute breakeven sales in dollars and units and the margin of safety 

Q: Debt investments with an objective of collecting contractual cash flows is classified as: Group of a...

A: Debt investments are those instruments which have a specified time period and interest is paid by th...

Q: Gelbart Company manufactures gas grills. Fixed costs amount to $20,688,000 per year. Variable costs ...

A: Contribution per unit = Selling price per unit - Variable cost per unit Break-even point ( in units ...

Q: Indicate whether each of the following companies is primarily a service, merchandies, or manufacturi...

A: Manufacturing business - This help in converting the raw materials to finished goods or products. Se...

Q: 81 Which of the following is correct? I.      Direct origination costs – added to principal II.    ...

A:  Origination Fees: It is the fees charged by the bank against the borrower for the creation of loan....

Q: Schylar Pharmaceuticals, Inc., plans to sell 120,000 units of antibiotic at an average price of $18 ...

A: Contribution margin per unit = Selling price per unit - Variable cost per unit Contribution margin r...

Q: Discuss the scope and application for smes standard in financial reporting

A: Introduction: Financial reporting is a standard accounting method that utilizes financial statements...

Q: What is the present value of $73,000 in 11 years if the interest rate is 8% compounded              ...

A: Formula of Prsent value interest factor = 1(1+rm)m×t where; r = annual interest rate m = number of c...

Q: Which statements below are true? 1. LCM and LCNRV may be applied by individual products, by prod...

A:

Q: Assume the following independent events occurred during 2022. Identify the most relevant accounting ...

A: The balance sheet and income statement are the important financial statements of the business, where...

Q: merchandise to

A: Given: Accounts receivable $109,000 doubtful accounts $10,000

Q: Acme Inc. has the following information available: Actual price paid for material $0.90 Standard pri...

A: ln cost accounting variance is calculated in order to understand the deviations from the actual, it ...

Q: Identify false statement(s) about estimating ending inventory using the retail inventory method.  1...

A: As per FIFO method, it is assumed that inventory purchased first is sold out first and ending invent...

Q: 2021 2022 Units produced 60,000 50,000 Units sold 54,000 54,000 Selling price per unit Variable cost...

A: In variable costing, only fixed manufacturing and other indirect costs are expensed in the period th...

Q: During 2015, Parker Enterprises generated revenues of $90,000. The company's expenses were as follow...

A: Gross profit : Difference between the sales and the cost of goods sold is called gross profit .

Q: A layoff is considered to be temporary when: Multiple Choice The employee is encouraged to retrain s...

A: Temporary lay-offs happen when your employer doesn't have enough work, so they ask some of the workf...

Q: Which of the following sentences regarding the statement of cash flows is false?a. The statement of ...

A: Cash flow statement summarizes the movement of  cash and cash equivalent that come in and go out of ...

Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose var...

A: Formula: Units to be sold to get a target profit = ( Fixed cost + Target profit ) / Unit contributio...

Q: Dan make on the sale (e

A: Given: 200 shares of a stock=P140  the stocks at P145.50

Q: A sole proprietor may use both cash basis and accrual basis accounting, but only when the business a...

A: Cash Method of accounting:  It is a very easy to use accounting method, where the incomes are recogn...

Q: $ 338, 400 194, 400 144,000 103, 500 $ 40, 500 Sales (7,200 units) Variable expenses Contribution ma...

A: Formula: Sales price per unit = Total sales / Number of units

Q: 2. The following items were deduced from the accounting records of JC Company's income statement for...

A: Administrative expenses are those business expenses which are used in office and by the administrati...

Q: Assume an investor purchases bonds at a premium the bonds are to be held as a long-term investment w...

A: When a Bond is issued at premium, the interest revenue is always less than periodic amount of cash r...

Q: Acme Inc. has the following information available: Actual price paid for material $0.90 Standard pri...

A: Standard costing Standard costing is a method of costing that uses predetermined standard costs for ...

Q: Euclid acquires a 7-year class asset on May 9, 2021, for $80,000 (the only asset acquired during the...

A: Calculation of cost recovery deduction are as follows

Q: The following data were included in a recent Mango, Inc. annual report ($ in millions):   In milli...

A: The fixed assets turnover ratio is calculated as net sales divided by average fixed assets. Fixed as...

Q: Consolidation: intra-group transactions Poh Ltd owns all the share capital of Soh Ltd. The income ta...

A: Solution Journal entries records the financial transaction which a business done throughout the year...

Q: A company is required to report a liability on its balance sheet when it expects to lose a lawsuit a...

A: As a rule of conservatism, do not expect profit but expect all losses.As uncertainty is attachedIn f...

Q: In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of go...

A: In accounting gross profit refers to the profit that a business earns from selling its products afte...

Q: Long-term solvency ratios Total debt ratio Debt-equity ratio Equity multiplier Times interest earned...

A: Long-term solvency ratio:- It is calculated to check the firm's long-term ability to meet its financ...

Q: Gelbart Company manufactures gas grills. Fixed costs amount to $16,192,800 per year. Variable costs ...

A: Lets understand the basics. Break even point is a point at which no profit/no loss condition arise. ...

Q: A company purchased a con January 1, 2022, for $ 500,0 expected life of five years am

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: Sanjay Company has monthly fixed costs of $112,000. The variable costs are $5.00 per unit. The sales...

A: Lets understand the basics. For calculating sales revenue, we will need to use below formula. Sales ...

Q: ullumber Markets imports and sells small bear-shaped piñatas. In planning for the coming year, the c...

A: preparation of contribution margin income statement are as follows

Q: Which of the following is liable for the 3% percentage tax under section 116 of the NIRC?

A: Percentage Tax is a form of Sales Tax in Philippines computed on the basis of gross sales, receipts ...

Q: Posting:a. involves transferring the information in journal entries to the general ledger.b. is an o...

A: Companies maintain detailed records of their balances, whether they be revenues, costs, or liabiliti...

Q: Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. ...

A: Given: Direct material costs $1,000 Direct labor costs $1,500 Actual overhead $1,980 Machin...

Q: Example 4-9 From the above example, if you indicate separately on Robinson’s paycheck stub the amou...

A: Payroll tax can be defined as the amount of tax withheld from the salary of the employee and paid to...

Q: Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direc...

A: Since you have posted question with multiple sub-parts we will do the first three sub-parts for you ...

Q: Globe Company, a real estate developer, is owned by five founding shareholders. On December 1, 2019,...

A: calculation of dividend payable are as follows:

Q: Which of the following is true with regards to the accrued interest on bonds payable that are sold b...

A: The accrued interest expense is the interest due for payment but not paid yet.  The accrued interest...

Q: Please select the correct answers. 1)                                                             ...

A: given that : Georgetown Income before tax.                                                          ...

Q: At each reporting date, companies adjust debt investments which fails in cash flows test to fair val...

A: The question is related to the IFRS 9 Financial Instruments. 

Q: J. Ilagan invested Php150,000 in a real estate agency. A.Debit land, Credit cash B.Debit cash, Cre...

A: There are three accounting rules  1) Debit the receiver and credit the giver 2) Debit what comes in ...

Q: The income statement debit column of the worksheet showed the following expenses: Supplies Expense D...

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

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.