publications
Q: On September 28, 2017, Roku Inc. (NASDAQ: ROKU) concluded its initial public offering (IPO) of 15,90...
A: Net Income- After all deductions have been made, the net income is the amount that remains. The flow...
Q: Required: 1) Prepare a schedule of total standard manufacturing costs for the 24000 production of bl...
A: Standard costing is one of the important tool of management accounting, under which standard or budg...
Q: Nabb & Fry Co. reports net income of $30,000. Interest allowances are Nabb $7,300 and Fry $5,5 $14,3...
A: Net Income = $30000 Remaining Net Income = Net Income - Interest Allowances - Salary Allowances Rema...
Q: If a company capitalizes costs that should be expensed, how is its income statement for the currentp...
A: A capitalized cost seems to be an element that is added to the cost structure of a fixed asset on a ...
Q: Sunny Groves is Citrus grower in a southern state that has several citrus orchards, Weather forcaste...
A: Revenue- Total revenue is defined as the complete revenues generated through the sale of a company's...
Q: The direct labor rate variance is Ca. $14,154.72 favorable Ob. $14,154.72 unfavorable Oc. $10,777.92...
A: Introduction:- Calculation of Actual rate as follows under:- Actual rate = Actual cost / Actual Hour...
Q: For which of the corporate distributions listed below may loss be recognized? Question options: ...
A: Introduction Corporate distributions are the distribution of cash, stock or property to its sharehol...
Q: The Bountiful Company was organized on January 3, 2022 with a share capital fully paid up of P 10,00...
A: Working notes :- Total Sale - Accounts Receivable = Cash reali...
Q: Standard Company purchased a machine on January 1, 2009 for P500,000. At the time, it was determined...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: Iρng Corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsay’s Lace...
A: Gross Price method is the recording of transaction on gross basis and not availing the discount at t...
Q: Working/Application of ABC analysis?
A: Solution Activity based coating (ABC) is a method of assigning overhead and indirect cost -Such as s...
Q: The County of Maxnell decides to create a waste management department and offer ItS services to the ...
A: The question is based on the concept of Financial Accounting.
Q: Which of these events will not be recognized?A. A service is performed, but the payment is not colle...
A: Financial statements are a set of high-level reports that summaries an organization's financial perf...
Q: Morganton Company makes one product and it provided the following information to help prepare the ma...
A: Accounts receivable refer to the amount due to the company by the customers as a result of sale of g...
Q: What is one objective of an appraisal program? a. having tho
A: What is the one Objective of an appraisal program ? a. having the employee feel more valued b. dete...
Q: On July 1, Blue Spruce Corporation purchases 460 shares of its $5 par value common stock for the tre...
A: Treasury shares means the share which has been buy back by the company . It will be shown as deducti...
Q: For control purposes, any cash overage should be
A: Petty cash is the cash fund which has been established by the company in order to make the day to da...
Q: amarisk is unable to reconcile the bank balance at January 31. Tamarisk’s reconciliation is as follo...
A: A bank reconciliation statement; BRS is prepared by firm when the cash balance of books doesn't matc...
Q: Prepare a statement of income for April 2016
A: Statement of income is one of the financial statement which shows all incomes and all expenses of th...
Q: A Sales cut-off procedure for the audit of the financial statements of Carrie Corp. resulted to the ...
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Q: You were assigned to audit the Property, plant and equipment account of your continuing audit client...
A: Depreciation is acknowledged as a reduction in the value of a tangible fixed asset over its useful l...
Q: Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disburseme...
A: Purchase journal records all the transactions related to purchasing, whether it is the purchase of g...
Q: Which of the following are assets? (Select all that apply.) Land Supplies Expense Wages Payable Supp...
A: The balance sheet represents the financial position of the business with assets and liabilities on a...
Q: What is the impact on the accounting equation when stock is issued, in exchange for assets?A. both s...
A: Accounting equation is one of the important concept of accounting. Under this, three elements are as...
Q: What is intraperiod tax allocation and why is it necessary? How is the income tax expense related to...
A: Income tax seems to be the amount of tax collected by the federal government on the earnings of indi...
Q: Key questions to consider when determining the appropriate consolidation adjustment entries include ...
A: Consolidation of the financial statement is a process of combining the financial statements of the s...
Q: The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on De...
A: Common Stock Retained Earnings Total Equity Balance as on December 31, 2019 $ ...
Q: 1. Uno Company reported income before tax for the first six months ended June 30, 2021 at P5,000,000...
A: Interim financial statements are those statements which are prepared in between two accounting perio...
Q: y paid t
A: Given Information Office Equipment was acquired at the beginning of 2019. Depreciation on Straight...
Q: Dvidends are payable to shareholders of record on declaration date, 30 Uay Required: 1. Prepare a ca...
A: Solution:- Preparation of a cash budget for the month ending July 31, 2021, indicating how much, if ...
Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well ...
A: Tax is part of income generated to the government. It is a major source of income to the government ...
Q: Use the table provided in the handbook. With a mortgage of $91,000 at 12% for 25 years, by what amou...
A: Solution: Mortgage amount = $91,000 Monthly interest rate = 12% / 12 = 1% Nos of monthly periods = 2...
Q: Walter Company is planning to sell and produce the units below for July, August, and September July ...
A: Budgets are the estimates or forecasts that are made for future period of time. Examples of budgets ...
Q: The comparative financial statements of Marshal Inc. are as follows. The markat price of Manhal comm...
A: Ratio analysis helps to analyze the financial statements of the company. The management can take dec...
Q: Assume a company's sales budget for July estimates 15,000 units sold. The variable selling and admin...
A: Total budgeted selling and administrative expense for July = Total budgeted fixed selling and admini...
Q: 4. Suppose that there is a negotiation between two players over a painting. Person 1, the seller, ha...
A: In a game theory, a subgame perfect equilibrium is an advance version of Nash equilibrium used in dy...
Q: Arlene Company accounted for noncurrent assets using the cost model. On October 30, 2017, the entity...
A: GIVEN Arlene Company accounted for noncurrent assets using the cost model. On October 30, 2017, th...
Q: s in the town. He is in 2nd year college and took up Bachelor of Science in Management. Even though ...
A: Credit refers to the capability of an individual to buy goods or services or to borrow a loan having...
Q: Honda Company acquired 70% of the outstanding stock of Hyundai Co. on January 1, 2022. The consolida...
A: CALCULATION OF PURCHASE CONSIDERATION GOODWILL (18100-10000) 8100 ADD: NET IDENTIFIABLE ASS...
Q: Why put the normal loss costing into the true loss account for abnormal loss?
A: Cost accounting: Cost accounting is a form of managerial accounting that aims to capture a company's...
Q: Risk Insurance Inc. has a board of eight directors. Risk’s bylaws do not state any quorum requiremen...
A: Solution For the board of directors, a quorum ia the Majority of members of the board. When Quorum i...
Q: field work in connection with your audit of Carla Corporation for the year ended December 31, 2020. ...
A: A cash flow statement under the indirect method is prepared by adjusting the net income of the year.
Q: The following information relates to the defined benefit pension plan of ABC Company for the year en...
A: Particulars Debit (P) Particulars Credit (P) Beginning balance 9,500,000 Actuarial loss 120,000 ...
Q: Which of the following accounts is considered a permanent or real account?A. Interest RevenueB. Prep...
A: Financial Statements: Financial statements are an assortment of outline-level reports about an assoc...
Q: Which of the following are assets? (Select all that apply.) O Land O Supplies Expense Wages Payable ...
A: Asset is an resource owned by an entity.It provides current,future and economic benefit to an entity...
Q: chased and used cost $105,000, and two units of raw material are required lo produce OR wember, the ...
A: Materials price Variance = (Standard price per unit of Raw Materials - Actual price per unit of Raw ...
Q: Income Before Income Tax 2.00% Tax Expense (50%) Net Income 1.00% 1.00% Additional Information for t...
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Q: The records of Acme Corporation, domestic, orgval engaged in retail, how the
A: In Phillipines the CIT is 30% for domestic corporations . But the...
Q: Income Gaskin Company derives the following items from its adjusted trial balance as of December 31,...
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...
Q: Accounting is sometimes called the “language of _____.”A. Wall StreetB. businessC. Main StreetD. fin...
A: Accounting entails summarizing, analyzing, and disclosing these transactions to auditing authorities...
Extension service employees and publications are supported by tax dollars that amount to a small fraction (<<1%) of total tax expenditures. Should your tax dollars be used to support a public information service?
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- What amount is payable to a state tax board if the original sales price is $3,000, and the tax rate is 3.5%?In connection with the previous problem, suppose a certain governmentemployee earns a performance benefit = ₱2,340/month, 13 th Month Pay =₱15,780.43, and he has other benefits amounting to ₱6,000. How much of theadditional earnings will be taxed?This Worksheet is provided as a courtesy to aid your work. Use it at your own discretion. Use the worksheets below to 1) calculate the tax that each person pays, and 2) the total tax revenue that will be collected. Use the following formula to calculate each person’s tax liability: Person X → ($Income in this braquet x 0.15) + ($Income in this braquet x 0.30) = Tax Paid by Person X Example 1; if person X earns $70,000/year, then → ($50,000 x 0.15) + ($20,000 x 0.30) = $7,500 + $6,000 = $13,500 Example 2; if person X earns $10,000/year, then → ($10,000 x 0.15) + ($0 x 0.30) = $1,500 + $0 = $1,500 3. What percent of the Nation's Income does the Total Tax Revenue represent?
- Jamie is an employee of LMN Corporation. He also sits on the board of directors of the organization. What method will be used to calculate the income tax on his director's fees? Lump-sum tax method Retroactive tax method Bonus tax method Regular pay period deduction methodABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) d. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. e. If it is private educational institution, Compute for its income tax due after tax credit. f. If it is a non-profit hospital, Compute for its income tax credit.Which one of the following deductions is available under S25-5 ITAA97 (Tax related expenses) Choose the best answer! Fees paid to a tax agent to do a Tax Return Payment of Income Tax Capital Expenditure Fees paid to persons who are not 'recognised tax advisers'
- As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.) Name TaxLiability TaxCredits OtherTaxes Payments Refund/Owe(Select one) Amount Trent $6,798 $1,331 $795 $7,600 $A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500
- Which of the following is tax credit or tax deduction or none: A reduction of the income subject to tax A reduction of the total amount a taxpayer owes to the government A reduction of individual income taxes based on last year’s taxes A reduction of corporate taxes based on last year’s profitWhat are child tax credits and payroll taxes? Explain the advantages and disadvantages. which taxpayers are impacting positively, which taxpayers are impacted negatively, how, and why. Knowing that individual income tax is the largest revenue for the government, what is the overall impact?A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the income tax due if the taxpayer is an individual resident citizen? Group of answer choices Php 621,200 Php 361,000 Php 340,000 Php 2,278,800
