ophia derived a total compensation of P350,000. She also derived income from the sale of her personal jewelry in the amount of P50,000. Which of the following statement is true?  a. Sophia wi

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: Good ethical behaviour may require acting beyond the requirement of the law. In a highly competitive...

A: A professional accountant's code of ethics is a set of rules that they must observe while on the job...

Q: Fast Delivery is the world's largest express transportation company. In addition to the world's larg...

A: Gain (loss) on disposal of Truck = Sales value - Net book value of the Truck where, Net book value o...

Q: A corporation has a taxable income of $2,648,421.  At this income level, the federal income rate is ...

A: Local tax after deducting Federal and state tax = $121,467

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: Jones Company had net income of $10,000 for the year. Beginning total assets were $150,000 and endin...

A: Formula: Return on Assets = Net income / Average Total Assets

Q: At the beginning of the current year, Big Company purchased 25% of the outstanding ordinary shares o...

A: Investments in company for less than 50% is accounted using equity method. Under this method dividen...

Q: 6. What would 3, 457, 123 round to if you were to round it to the nearest hundred thousand? a 3. 400...

A: To rounding off the if the value of a digit before rounding off digit is 5 or more, the rounding off...

Q: SBD Phone Company sells its waterproof phone case for $90 per unit. Fixed costs total $151,200, and ...

A: Contribution margin per unit = sales per unit - Variable cost per unit = $90-$36.=$54 Break even poi...

Q: 10 Which of the following requires that quality be manufactured rather than inspected into products?...

A: This statement is relevant for JIT i.e. Just in Time Process of production where production starts o...

Q: Which TWO of the following would be regarded as cost objects? a)  A branch of a high street chemist...

A: Solution Cost object is any item for which costs are being separately measured.

Q: Globalization rule in determining the taxable income of the taxpayer means that

A: c. The regular income of taxpayer from employment and business or profession, including other income...

Q: On January 1, 2021, Illuminati Company purchased 10% bonds with a face amount of P3,000,000. Th bond...

A: Computation of carrying amount of bonds on december 31,2022:   Amount Interest income Interest re...

Q: Arkansas Corporation manufactures liquid chemicals A and B from a joint process. It allocates joint ...

A: Allocation of split-off point costs to Product B = Total split-off point costs x Sales value of Prod...

Q: listed public entities require engagement quality review is required. This review is called Multiple...

A: the objective of engagement quality review is to review the performance and a will wait the signific...

Q: Given the following cost and activity observations for Leno Enterprises' utilities, use the high-low...

A: Variable costs refer to the costs that tend to change with the level of output. 

Q: What amount should Carsen record as investment in associate for the year ended December 31, 2019?

A: Investment in associates refers to the investments made in an entity where the investor does not hav...

Q: ba

A: Annual depreciation = (Cost of the assets - residual value)life of the assets  = (P22,000,000 - 2,00...

Q: . Taxpayer incurred the following for the taxable period: Supplies purchased P80,000 Supplies used 2...

A: Under Cash basis, expenses shall be Deductible only when actually paid. Amortization and unpaid  exp...

Q: Mohave Corp. is considering outsourcing production of ht eumbrella tote bag included with some of it...

A: Calculation of above requirement are as follows

Q: WHAT ARE THE FEATURES AND TYPES OF FOREIGN TRADE?

A: Foreign trade are the trade between two or more countries.there are generally two types of trade tha...

Q: Which of the following best describes a Joint-Product? a) It is the expected loss in the efficient ...

A: When two products are manufactured in such a way that they cannot be manufactured without each other...

Q: Exercise E Two segments (Mountain Bike and Road Bike) showed the following data nost recent year: Mo...

A: In this question, we have to calculate the return on investment 

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

A: Formula: Depletion Rate per ton = Cost of Mining Rights/ Estimated mineral deposit in tons

Q: SBD Phone Company sells its waterproof phone case for $90 per unit. Fixed costs total $151,200, an v...

A: A break-even analysis seems to be a quantitative tool that assists a business in determining the sta...

Q: Calculate gross pay for each of the five employees listed in the prior exercise: NOTE: For simplici...

A: Gross Pay is the individual is the total earnings throughout a given period before any deductions ar...

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

A:

Q: January Ist, X ST expense that XYZ

A: The payment of the insurance which covers some months of the next year also or the payment of rent i...

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

A: Depletion rate per ton = 0.8 Depletion expense = 14,560,000

Q: B. Give the journal entry to be made in the books of the purchaser, if the account to be debited is ...

A: Accounting books: The various books drafted to carry out the accounting process are called as accoun...

Q: Bramble Company purchased equipment for $15600 on December 1. It is estimated that annual depreciati...

A: There are three golden rules in accounting for recording the transaction : Debit what comes in , C...

Q: Helix Corporation uses the weighted-average method in its process costing system. It produces prefab...

A: Solution: Units transferred out during the month of May = Units in beginning WIP + Units started - U...

Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205.025,000 at the beginning o...

A: Cash receipts from the customers = Beginning Accounts Recivable + Sales revenue - Ending Accounts Re...

Q: Which ONE of the following statements concerning costing is correct? a) The procedures used to calc...

A: a) The procedures used to calculate unit costs in manufacturing industries are not applicable to ser...

Q: • June wants to sell her car which was purchased for RM 120,000 after using it for 4 years. The resi...

A: Depreciation is the estimated expense charged to income statement for the usage of capital asset in ...

Q: A 12% P1,000,000 face value bond with interest payable June 30 and December 31, which matures on Jun...

A: Total cash received by June 30, 2022 = Redemption value of the bonds + Semi-annual interest on the b...

Q: On November 1, 2016, Melissa Corp. issued P 800,000 of its 10- year,8% term bonds dated October 1, 2...

A: Bonds are units of corporate debt issued by companies and securitized as tradeable assets.     Given...

Q: Bramble Company purchased equipment for $15600 on December 1. It is estimated that annual depreciati...

A: Depreciation for 1 month (from Dec. 1 to Dec. 31) = Annual Depreciation / 12

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: 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: PSc 2-6 Calculate Gross Pay Calculate gross pay for each of the five employees listed in the prior e...

A: * As per Bartleby policy, in case question contains multiple subparts then answer first three only. ...

Q: Carding earns income from both employment and business. He earned P350,000 taxable compensation, exc...

A: Taxable Income Here given the details of the calculation of taxable income in Philippines for the in...

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

A:   Cash Flow at the time of maturity = P5000000 Interest (Annuity) semi-annually = (P5000000*8%*6...

Q: What direct labor costs are likely to be incurred in the production of gummy bears?

A: Direct costs refer to the costs that are directly correlated with the production process.. 

Q: listed public entities require engagement quality review is required. This review is called Multiple...

A: Solution The engagement quality control reviewer shall perform an objective obligation of the signif...

Q: On January 1 of the current year, Yellow Company purchased 40% of the outstanding ordinary shares of...

A: The net investment income of the purchase of shares in any company is the share of the purchasing co...

Q: Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditu...

A: Petty cash is a small sum of money kept on hand to cover unexpected expenses such as reimbursements ...

Q: On January 1, 2021, Illuminati Company purchased 10% bonds with a face amount of P3,000,000. The bon...

A: Bond Valuation Bond can be valued either in par value or in discount or in premium as well.  The cal...

Q: The following income relates to a pro

A: Income that does not include gross income which is determined by tax laws known as exclusion from gr...

Q: Ben Company has the following sales forecast for the next quarter: April, 20,000 units; May, 24,000 ...

A: Information given in the above question is as follows: Sale forecast for the next quarter are given ...

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.