One of the following compensation income of an individual taxpayer is not an exclusion from gross income:

Q: PSc 2-1: Identify Pay Periods & Evaluate Workweeks Examine each of the following independent circums...

A: The pay period can be defined as the period which is used to calculate wages earned by the employee,...

Q: Inspiration Company had trading and nontrading investments held throughout 2021 and 2022. The nontra...

A: Statement of changes in equity:- It is the statement that measures the changes in owner's equity thr...

Q: ophia derived a total compensation of P350,000. She also derived income from the sale of her persona...

A: This is a multiple-choice question in which we have to select the correct option

Q: Bay Company holds 60,000 of Fay Company's 200,000 outstanding shares and 8,000 of Hay Company's 400,...

A: Dividend: A dividend is a payment made by a firm to its shareholders in exchange for its earnings. D...

Q: During 2016, Royal Corporation issued at 105, two hundred of its 8%, P 1,000 bonds in ten years. One...

A: Bonds: Bonds are one of the tradeable security in the stock market that provides fixed rate of inter...

Q: 031017 033117 ********* *** ***10,000.00 *********.68 32,100. 32,106.68 32,105.34 42,105.34 28634 12...

A: Formula for calculation of Withholding Tax = Tax Deducted/Amount Credited * 100   Case 1: Amount Cre...

Q: Which of the following is not an income for income tax purposes?

A:                         Assuming the question related to tax in Phillipines ---                     ...

Q: 7) You purchased a commercial building and lot for $190,000 on March 3rd, 2020. The lot itself was v...

A: Modified Accelerated Cost Recovery System that allows a deduction for depreciation for the tax purpo...

Q: 1. If the sum of P12,000.00 is deposited in an account earning interest rate of 9% compounded quarte...

A: This pertains to compound interest. Compound interest accrues on both the initial principal as well ...

Q: Dow Deep Mining Co acquired mineral rights for $56,000,000. The mineral deposit is estimated at 70,0...

A: Lets understand the basics. For calculating depletion rate per ton, we will need to use below formul...

Q: Josey Company entered into a contract to acquire a new machine for its factory. The machine, which h...

A: Initial cost of Machine: In calculating the initial cost of an asset, all of the elements that may b...

Q: A supervisory employee is a recipient of a stock option which vested during the year. The following ...

A: ESOP Is employee benefits plan that gives worker and employees ownership in the company. Generally E...

Q: Focus company accounts for its 10% interest in Bee Company using the cost method. This investment wa...

A: The carrying amount of investment on the last date of the period is the sum total of the investment ...

Q: Primage Corporation has provided the following data concerning last month's manufacturing operation:...

A: Solution: Cost of goods manufactured is the cost of finished goods produced during the year. This is...

Q: EXPLAIN THE MODE OF PAYMENT IN FOREIGN CONTRACTS.

A: A foreign exchange contract is a legal arrangement in which the parties agree to exchange a defined ...

Q: Nakeeta company owned 50,000 ordinary shares which were purchased for P120 per share. During the yea...

A: Right issue gives right to the existing shareholders for purchase of shares at a discounted price or...

Q: . How much money would have to be raised to put a new plant costing $ 250972, if a fund reserve was ...

A: Sum of years depreciation is a method of depreciation amount which is charged on the asset during th...

Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...

A: Lease liability under a lease contract is the sum of the discounted values all the lease rentals pay...

Q: On January 1, 2020, Soledad Company purchased 10% bonds with face amount of P3,000,000. The bonds ma...

A: Profit or loss on reclassification  is the difference between the revised carrying value and amortiz...

Q: Laura Hall is the sole owner of Wildhorse Vista Park has compiled the following financial informatio...

A: In this question, we have to make a balance sheet  Assets are resources that are controlled which re...

Q: Citricacid plc budgets during its first year of operations to produce and sell 38,160 litres of prod...

A: The profit is calculated as difference between sales revenue and total costs. 

Q: en budgeting is effective controlling practices and monitoring. 2. Budgeting is essential to busine...

A: Budgeting is considered to be an important decisions for a business as it help the business to under...

Q: Which of the following is correct

A: All capital gains are not capital assets. Taxpayers not remits tax to government. Exempt from income...

Q: Vergo Company acquired a motor vehicle for P1,000,000 for the use of one of its on-call employees. C...

A: Fringe Benefit Taxes To Calculate the Fringe benefit taxes in Philippines it depends upon the nature...

Q: At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $170,000. It is e...

A:

Q: Explain the corporate characteristic termed “no mutual agency” Explain the corporate characteristic ...

A: Corporation is a form of business in which group of persons come together to do the business for the...

Q: How much is the unrealized gain (loss) recognized in Bumilis 2022 profit or loss?

A: Unrealized gain or loss is the amount of gain or loss which the company has taken into account by wa...

Q: 12. Which TWO of the following would be regarded as cost objects

A: Cost object is item for which cost is comploed. Following is the cost objects.

Q: Sheffield Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning De...

A: PV table for 9% Period Discount Rate @9%     0 1.0000 1 0.9174 2 0.8417 3 0.7722 4 0....

Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of ...

A: Interest payable is the amount which is due but not yet paid. Every year end an adjustment entry is ...

Q: Jefferson Inc. has the following information for the month of September. The company applies OH cost...

A: Solution...     Actual manufacturing overhead costs  = Variable overhead + fixed overhead  = $2,320 ...

Q: The maternity leave pay under RA 11210, otherwise known as the 105-Day Expanded Maternity Leave Law,...

A: Solution Maternity leave means leave given to a women when she is pregnant and have a baby.

Q: Forfeiture of SE 30. Sanjay Mills * 30 30 on allotr except first ca forfeited by t [Ans. Money

A: Shares in publicly listed firms that an owner loses or surrenders due to a failure to respect specif...

Q: On January 1st, XYZ Co. prepays $1,500 for one year of prepaid insurance. What is the amount of insu...

A: Formula: Monthly insurance expense = Total prepaid insurance / 12 Months

Q: Mackey Company's plantwide predetermined overhead rate is $25.00 per DLH and its direct labor wage i...

A: Total manufacturing cost will be total of direct material cost, direct labor cost and applied manufa...

Q: On January 1, 2021, Family Company purchased 10% of San Company's 100,000 outstanding ordinary share...

A: Total income includes any increase in value of investment and share of dividend received.

Q: At the beginning of January 2021, Luminiscence Company purchased ten-year bonds with a face amoun of...

A: Purchase price of bonds are the same as its current price.  Price of a bond = sum of all present val...

Q: The unadjusted net worth ncome on the news ncome statement was 22,600. After journalizing and postin...

A: In accounting; adjustments refers to the transactions for which cash was received or paid in past bu...

Q: How much shall form part of the ordinary allowable itemized deductions from gross income?

A: Deductions are the amount of money which has been allowed by the tax authority through which the tax...

Q: Which one of the following are NOT period costs? a) Advertising costs. b) Indirect materials. c) Pro...

A: Period cost is the cost which is related to the period of time and it is not directly related to pro...

Q: of the partne claims exce er two partm

A: Given: Mactal capital balance=P 350,000 Macadang capital balance =P 250,000 Pangan capital balance =...

Q: Jana is a shareholder in Jasmine Company, a partnership. Her share of the business's current ordinar...

A: The association made by two or more persons where each person have right to get their share of profi...

Q: What is the process for developing a budgeted balance sheet?

A: The budgeted balance sheet is a report that a firm uses to examine the estimation of assets, liabili...

Q: X derived the following income in 2020, shade A if the income is subject to regular income tax, B if...

A: Answer 1. Capital gain on the sale of stock directly to buyer = C. It is subject to Capital gain tax...

Q: 22 An example of a prevention cost would be: Scrap O Product recalls O Adjusting test equipment O Pr...

A: Preventive costs are the costs that a company incurs to prevent defects from occurring in a product ...

Q: On January 1, 2022, Bumili Co. purchased 10,000 shares of Nabili, Inc. for P1,000,000. Commission an...

A: In the books of Bumili Co. , On 1st January, 2022 : Purchase (10,000 shares) = P1,000,000 I.e Share ...

Q: Bernadette sold her home. She received cash of $40,000, the buyer assumed her mortgage of $180,000, ...

A: This pertains to determination of gain and finding the character of that gain. Bernadette has sold h...

Q: The best time to tell guests that alcohol service will be stopped is when they order another drink. ...

A: The best time to tell guests that alcohol service will be stopped: Answer Option b:when their last d...

Q: - Company purchased merchan paid $200 freight and sent Well harge of $200. Wellgrow uses t returned ...

A: February 19: merchandise inventory account Dr$5200 To account payable$5200 (Being amount payable inc...

Q: Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 manda...

A: Compensation income: The amount provided to the employees or workers for the work responsibilities p...