Please answer questions 34 and 35 correctly. Give me the right choices
Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company. ...
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...
Q: In January 2022, the management of Pharoah Company concludes that it has sufficient cash to permit s...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company. ...
A: answers CASH ACCOUNT HEADS DEBIT CREDIT BALANCE CAPITAL 120,000 120,000 ...
Q: QUESTION 10 Calculate the missing Operating Expenses in the following multi-step income statement: S...
A: Multiple income statements are prepared to segregate the income and expenses into different categori...
Q: Misu Sheet, owner of the Bedspread Shop, knows his customers will pay no more than $150 for a comfor...
A: Price = Cost + Markup where, Markup = Cost x Markup %
Q: Question 21 What is the January Sales Revenue related to Job 3? Question 21 optio...
A: Q21. Job 3: Sales revenue = Units sold × Sales value = 10,000×$50 = $500,000
Q: ne 30, 201g, Roddick Company had a cash balance in its general ledger of $11,595. The company's bank...
A: Solution: A bank reconciliation is the internal control system by which the bank account balance in ...
Q: Journalize the payment of wages, and record the payroll taxes, assuming that the contribution of the...
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any c...
Q: Amaya Company offered existing shareholders a rights issue of one for 5 shares at a price of P6 per ...
A: Earnings Per Share- Earnings per share refer to the portion of the profit that each shareholder earn...
Q: And the following accounts and balances we taken from the records of Caloy: Cash P 32,354 Accounts R...
A: Total Liabilities = Account payable + Notes Payable
Q: The business manufactures custom patios made of concrete, brick, fiberglass, and lumber- depending u...
A: answers Direct material Work in process Finished goods Beginning inventory 4200 5540...
Q: Lopez Plastics Co. (LPC) issued callable bonds on January 1, 2021. LPC's accountant has projected th...
A: Solution: Stated rate of interest is the rate of interest which is actually paid to the bondholders....
Q: Assume you expect a company’s net income to remain stable at $3500 for all future years, and you exp...
A: CAPM refers to the Capital Asset pricing model, under this model cost of equity can be calculated us...
Q: The following information is available for Jones Company for April: Started this month 80,000 uni...
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for...
Q: The following properties were identified upon the death of Mr. B: Car, registered in the name of his...
A: Merchandise consigned to Mr. B , House nad lot constituted as family home, taxicab, taxicab franchis...
Q: what amount should hairy report for sales revenue in its income statement for the month of December
A: Sales revenue refers to the amount received by the company from selling goods and services to the cu...
Q: Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated Apr...
A: Journal is the book of original entry in which all the transactions relating to the business are rec...
Q: Identify the 4 financial statements of a business and the time period each statement covers. What ty...
A: A financial statement is a set of structured statements that contain all the financial information i...
Q: Which of the following accounts is not a permanent account? Select one: a. Utilities Expense b. Ca...
A: A permanent account is the account which is not closed at year end and same is carried to balance sh...
Q: Lily is excited because she is getting a company car. Her employer is purchasing a car for $35,000. ...
A: Operating expenses paid by the employer = 3800 Taxable benefit to the employee = operating expenses ...
Q: ABC Ltd enters into a five-year lease agreement with Legal Ltd on 1 July 2023 for an item of machine...
A: Amount to be paid as insurance and maintenance of the equipment shall be accounted separately and sh...
Q: ACCOUNTS FURNITURES ACCOUNTS UTILIITES OWNER'S TRANSACTION CASH RECEIVABLES & FIXTURES PAYABLE PAYAB...
A: Transaction Cash Account receivable Furniture & Fixtures Accounts payable Utilities pa...
Q: Hackshaw Co. was formed three years ago by Glenn Holding. It started as a very small company but beg...
A: Budgeting is a process of making an estimate of revenue and expenses to be incurred in a specific pe...
Q: which metric is used as the profitability metric and explain what it evaluate?
A: Profitability Matric is somewhere helps to analyse the financial performance and financial position ...
Q: Stephanie's Bridal Shoppe sells wedding dresses. The average selling price of each dress is $1,000, ...
A: Total sales = 200 dresses x $1,000 per dress = $200,000 Total variable cost = 200 dresses x $400 per...
Q: In the audit of the Property, Plant and Equipment account of Bim Co., you have noticed that the depr...
A: Change in Depreciation Method: When there is a major change in the pattern of future economic advant...
Q: nts) The following data have been taken from the accounting records of Larder Corporation for the ju...
A: Operation Income = Revenue - Expenses Total manufacturing cost incurred = Direct materials used + Di...
Q: (in millions) 2020 2021 2022 Beginning inventory $2,000 $2,400 $2,600 Ending inventory 2 400 2 600 2...
A: Inventory refers to all of the items, goods, merch, and materials held by a company for the purpose ...
Q: up formula, sol Percent mar
A:
Q: An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000....
A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable.
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...
A: The overhead variance is the difference between actual overhead and applied overhead cost.
Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company. ...
A: answers CASH ACCOUNT HEADS DEBIT CREDIT BALANCE CAPITAL 120,000 12...
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...
A: The journal entries keep the record for day to day transactions of the business. The overhead is app...
Q: rty classifed as held for sale are presented separately as current asset. True or False?
A: Solution: Assets held for sale are those assets which the company intends to sell. These held for sa...
Q: 4. Record the sale of the ovens at the end of the third year. (If no entry is required for a transac...
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or chang...
Q: A net income will increase the owners capital account. True or false
A: Net Income can be derived from an income statement. It is an excess of all revenue over the expendit...
Q: Magsaysay Company reported the following revenues in the last 5 years. Year 3 2,320,000 Year 4 2,700...
A: Compound annual growth rate (CAGR) = Ending valueStarting value1n-1 Ending value = 3,100,000 Startin...
Q: How much asset does the partnership have?
A:
Q: Stephanie's Bridal Shoppe sells wedding dresses. The average selling price of each dress is $1,000, ...
A: Contribution = Sales - Variable costs Sales = Number of units * Selling price per unit Variable cost...
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...
A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and ...
Q: 10,000 4,934 5,066 36,048 6. 10,000 4,326 5,674 30,373 10,000 3,645 6,355 24,018 8. 10,000 2,882 7,1...
A: Solution: Effective rate of Interest is that which is actually incurred by a borrower on bonds. This...
Q: Karen Corp. manufactures products Y and Z from a joint process. The sales value at split-off was P50...
A: Under sales value at split off approach total joint cost if allocated based on total sale value of e...
Q: A bond is sold at $98 of its face value ($100). Therefore, the bonds are: A) Sold at a discount beca...
A: The Bonds are source of financing which can be issued at discount or par or at premium. When Issue p...
Q: Consider the following information regarding Sensation Ltd, a listed company on ASX in Australia. ...
A: a) Residual income = Net Income – Equity Charge = EPS – Book value of ...
Q: Win Corporation is considering replacing a machine with a book value of P400,000, a remaining useful...
A: The net investment required to replace the existing machine will be difference of value of new machi...
Q: For external reporting purposes, costs must be classified into only three categories. (2) Cost of go...
A: Correct Option: a. BOTH statements are FALSE
Q: Johnson Co. began operations on January 1, 2021. During the next 2 years, they completed a number o...
A: The bad debt expense = 2% of outstanding accounts receivables Bad debt expense for year 1 = 2% ( Ac...
Q: any has two manufacturing departments-Assembly and Testing & Packaging. The predetermined overhe Ass...
A: solution given Predetermined overhead rate in assembly 17 per direct labor hour Predeterm...
Q: Red Rock Bakery purchases land, building, and equipment for a single purchase price of $500,000. How...
A: Allocation percentage = Estimated fair value of individual assets / Total estimated fair value of al...
Q: The ownership ratio measures financial leverage or the ratio of owner's equity to total assets total...
A:
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- LO.8 Brad owns a small townhouse complex that generates a loss during the year. Under what circumstances can Brad deduct a loss from the rental activity? What limitations apply?LO.2 Clint, a sell-employed engineering consultant, is contemplating purchasing an old building for renovation. After the work is completed, Clint plans to rent out two-thirds of the floor space to businesses and to live and work in the remaining portion. Identify the relevant tax issues for Clint.Question #5 of 85 Your client wants to purchase a residence for his aging parents, while minimizing the burden of ownership of the property for them and maximizing their enjoyment of it. Which one of the following states an advantage of titling the property in your client's name as sole owner rather than in joint tenancy with right of survivorship with his parents? A) He will avoid gift tax liability by titling the property this way. B) The property will pass to his parents outside of probate. C) The property will receive a step-up in basis when his parents die. D) His parents will have a life estate in the property if he predeceases them.
- Mona owns a rental house that she has rented to various tenants since September of 2001. The backyard fence fell into disrepair in June of 2018. She had it replaced June 27th, 2018 for $8,399. lf Mona elects to use special depreciation for the new fence, what is the amount of current depreciation (excluding the amount of current special depreciation) for thisasset? a) $0b) $210c) $315d) $42045. Michelle lives in a state that allows use of a beneficiary deed to transfer property at death. She owns her home in her sole name. She wants this asset to go to Bertram, her only child, at her death. Which one of the following is a correct statement regarding use of a beneficiary deed in this situation? A) A beneficiary deed can only transfer personal property at death. B) She will incur gift tax if she records the deed. C) If she uses a beneficiary deed, she will not be able to live in the house until her death. D) If Bertram predeceases her, Michelle will be able to name another beneficiary to receive title to the home at her death.ESSAY QUESTION NO. 02 Mr. A, 90 years old and suffering from an Stage IV Terminal Lung Cancer, decided to sell for valuable and sufficient consideration a property to his son. After one year, Mr. A unfortunately died. In the settlement of Mr. A's estate, the BIR argued that the house and lot were transferred in contemplation of death and should therefore form part of the gross estate for estate tax purposes. Is the BIR correct?
- Question 2 During the year ended 5 April 2022 Eric (a higher rate taxpayer) disposed of the following asset: (a) A small cottage in Devon which he had inherited in August 1988 when its value was £20,000 and he subsequently used as a holiday cottage for his own use. In September 1989 he had added a conservatory to the property at a cost of £3,500. Eric did not use the cottage as his main residence at any stage, and he sold it for £225,000 in July 2021. Eric incurred legal and estate agent’s fees of £1,500 on the disposal of the property. (b) A vacant 8-hectare plot of land for £52,800 in February 2022. The plot was part of a 12-hectare plot originally bought by Eric for £31,700 in October 1988 and not used by him as a business asset nor is it associated with a residential property. Incidental costs of disposal were £1,300. The remaining 4-hectare plot was valued at £22,000 in February 2022. © Eric sold a motor car for £18,400. The car was purchased in January 2012 for £17,800.…#54 of 85 Question ID: 1251845 Last year, your client and his wife gave their adult son a one-third interest in a commercial office building. Each has a one-third interest as tenants in common. If your client dies while still owning the property as a tenant in common, an estate tax implication of this form of property ownership is that A) one-third of the value of the property will be included in your client's gross estate. B) one-half of the value of the property will be included in your client's gross estate. C) the entire value of the property will be included in your client's gross estate because his estate cannot prove contribution by the other tenants in common. D) your client's estate will be entitled automatically to a marital deduction of one-half of the date-of-death value.Question #59 of 85 Rhonda owns the following assets: A residence owned with her husband as joint tenants with right of survivorship A solely owned closely held business that comprises one-half of the value of her large estate A large collection of antique figurines Rhonda's will bequests $10,000 to her only niece and leaves the balance of her estate to her husband if he survives her. Because Rhonda can no longer obtain life insurance, she is looking for other methods to provide the liquidity needed for her estate. Retitling the residence she owns with her husband as tenants by the entirety Selling or giving away the antique figurines Eliminating the bequest in her will to her niece Her husband could waive the executor fees Which of the following actions would have the potential to improve the liquidity of Rhonda's estate? A) II, III, and IV B) III and IV C) I and II D) I, II, and III
- Question #59 of 85 Rhonda owns the following assets: A residence owned with her husband as joint tenants with right of survivorship A solely owned closely held business that comprises one-half of the value of her large estate A large collection of antique figurines Rhonda's will bequests $10,000 to her only niece and leaves the balance of her estate to her husband if he survives her. Because Rhonda can no longer obtain life insurance, she is looking for other methods to provide the liquidity needed for her estate. Which of the following actions would have the potential to improve the liquidity of Rhonda's estate? Retitling the residence she owns with her husband as tenants by the entirety Selling or giving away the antique figurines Eliminating the bequest in her will to her niece Her husband could waive the executor feesQuestion #39 of 85 Question ID: 1251813 Samuel has a $5 million gross estate. His solely owned business is his major asset. All of his other assets are also solely owned. Samuel has never married, but does have two children. His financial advisor has suggested that Samuel title all of his assets in some form of will substitute to avoid the costs of probate, which are very high in Samuel 's state. Which of the following expenses could Samuel avoid by following his advisor's advice? A personal representative's fee The premium on a surety bond for the personal representative Appraisal fees to value estate assets Federal estate taxes A) II and III B) I and IV C) I and II D) III and IVV2. On November 29th, Year 1, Jeffrey White purchased a piece of equipment (7-year property) used to manufacture roof tiles. This equipment cost Jeffrey $300,000. Jeffery did not purchase any other personal properties in Year 1. a) What is Jeffrey’s MACRS deduction for the piece of equipment used to manufacture roof tiles in Year 1? b) Assume the same facts as above. Additionally, now assume that Jeffrey sells the piece of equipment in May of Year 3. What is Jeffrey’s depreciation deduction for the piece of equipment in Year 3?
