resident citizen of thne Philippines made the following donations on
Q: On October 1, X company acquired for cash all the outstanding ordinary shares of Y Company. Both com...
A: Consolidated net income of parent company and includes proportionate income earned by the subsidiary...
Q: Exercise 2 The Whichone Company is considering a new popper for one of its portable caramel popcorn ...
A: solution given PAK BOOM Purchase price 90000 60000 Annual cash inflows 34000...
Q: 6. Engineers who design cars for a car manufacturing company submit their timesheets. The entry to r...
A: Following entry will be passed to record direct labour cost incurred on job : Work in process inven...
Q: Which of the following will make a family home eligible for a special deduction?
A: Answer -- (b)
Q: How much is the total amount normally considered as noncurrent investments?
A: NONCURRENT INVESTMENTS AS ON 31 DECEMBER PARTICULARS AMOUNT FA@FVTPL 10,00,000 FA@FVTO...
Q: Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual Inventory system and has its...
A: Interest on sale on store credit card is income for the store hence credited to interest account
Q: &G Co. has an equity multiplier of 2.4, and its assets are financed with some combination of long-te...
A: Equity multiplier = Total Assets/ Equity 2.40 = (Equity + Debt)/ Equity 2.40 x Equity = Equity+ Debt...
Q: On September 1, 2020, Sunland Company issued a note payable to Fidelity Bank in the amount of $26910...
A: Principal outstanding on December 31, 2021 = Total amount of Notes payable - Instalment payment mad...
Q: purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping c...
A: Under FOB shipping terms of the shipment, Freight is to be borne by the buyer of goods. Therefore it...
Q: On January 1, 2016, Cookie Inc. purchased an equipment for P1,970,000. On this date, the equipment h...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: In all cases, an entity shall measure agricultural produce at the point of harvest at fair value les...
A: Agriculture Product: The term "agricultural products" refers to crops, livestock, and livestock prod...
Q: orthwood Company manufactures basketballs. The company has a ball that sells for $25. At present, th...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, th...
A: Sales Activity Variance = Master Budget - Flexible Budget Contribution margin = Sales - Total variab...
Q: The inventory and purchases data of Illumina Company for the last quarter of 2013 are as follows: Be...
A: Using FIFO method, the goods Purchased first are to be sold first. FIFO stands for first in first o...
Q: View Policies Current Attempt in Progress Sunland, Inc. has 11700 shares of 4%, $100 par value, nonc...
A: On preference share Dividend is to be paid on face value. When dividend is declared on common stock ...
Q: List Ken Lewin's assets in one column . His liabilities in another, and calculate his equity.
A: Equity = Assets - Liabilities We have to prepare Balance Sheet through in which we will post Assets ...
Q: The work-in-process inventories of ABC Manufacturing, Inc. were completely destroyed by fire on June...
A: Work-in-progress (WIP) is a product and supply management phrase that refers to partially finished i...
Q: The Bookbinder Company had $550,000 cumulative operating losses prior to the beginning of last year....
A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts f...
Q: 1. Compute the company's CM ratio and Its break-even polnt in unit sales and dollar sales. 2. The pr...
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...
Q: MFCB Ltd uses an activity-based costing system for its overhead costs. The company has provided the ...
A: Activity rate = Total cost of the activity / total activity Cleaning is based on hours. Job support...
Q: On January 1, 2020, ABC Company purchased factory equipment for 3,000,000. Estimated useful life of ...
A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage , ...
Q: P čôrporátióñ, ân SME, paid for a 90% inte The stockholders of S Company included share capita P1,00...
A: Consolidated financial statements are financial statements of an entity with multiple divisions or s...
Q: The perpetual inventory records of Penny Co. indicate that $415,000 of merchandise should be on hand...
A: Inventory as per books = $415,000 Physical actual inventory $370,000 Shrinkage amount = 415000-3700...
Q: tate department of health is considering a public awareness campaign to encourage vaccination. It de...
A: Solution Formula for benefit cost ratio =present value or the benefit / present value of cost Discou...
Q: On December 1, 2021, abc Ltd. borrowed $180,000 from a local bank by signing a four-month, 5% inter...
A: Since amount was borrowed on December 1 , interest will be accrued for 1 month from December 1 to De...
Q: A piece of equipment is acquired by an entity by issuing 10,000 shares of P10 par ordinary shares. ...
A: Cost of the equipment will be total market price of share issued
Q: On October 1, A company acquired for cash all the outstanding ordinary shares of B company. Both com...
A: In case one company overtake the assets and liabilities of another company , then accounting for am...
Q: Discuss under what condition it would be appropriate to use a process costing systems.
A: Process costing :- is used in industry where mass mass production of product takes place industries ...
Q: 2. The entry to assign the costs of indirect labor for the janitor responsible for cleaning the fact...
A: Let's understand the basic WHAT IS INDIRECT LABOR COST: Indirect labor is the cost of any labor tha...
Q: How much is the adjusted book disbursements for June? In connection with your examination, the ABC ...
A: Solution Bank reconciliation statement is a summary of banking and business activity that reconciles...
Q: On January 1, 2020, JJ Company purchased factory equipment for P3,000,000. Estimated useful life of ...
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...
Q: TRUE OR FALSE? 1. Cash set aside for bonds payable that will mature in five years is shown as curre...
A: Restricted cash is money maintained for a specified purpose and thus not available for immediate or ...
Q: TGIF Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property...
A: Revaluation of Surplus: A revaluation excess is a kind of equity account in which any increases in t...
Q: TGIF Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property...
A: Determination of revaluation surplus to be reported on Dec 31, 2022: Amount (P) a Origina...
Q: Identify the term being referred to: An agreement where one party conveys to the another party the ...
A: The question contains an agreement between two parties . One party coveys the right to use the asset...
Q: Briefly explain any TWO (2) similarities between job order and process costing
A: Job order costing and process costing are two systems of cost accounting. In job order costing syste...
Q: During 2020, Cullumber Company started a construction job with a contract price of $1,600,000. The j...
A: Solution a: Computation of % of completion, revenue recognition and Gross Profit - Cullumber Comp...
Q: Which statement is NOT true of Asset-backed securities and Mortgage-backed securities in the Philipp...
A: Answer: Asset backed securities are generally backed by asset which has readily generated cash and m...
Q: Last year Minden Company Introduced a new product and sold 25,100 units of It at a price of $95 per ...
A: In Cost , The. variable . cost and fixed cost and incurred. this is eaten under marginal costing . U...
Q: n October 17, Nikle Company purchased a building and a plot of land for $836,900. The building was v...
A: Assets which comes in will be debited with their value. Assets which goes out or liability which is ...
Q: Putin Company reported an impairment loss of P5,200,000 in its income statement for the year 2016. T...
A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...
Q: Pampanga's best provided the following information: ...
A: Solution: Inventory to be reported on statement of financial position = Raw materials inventory + Fi...
Q: A building was acquired on January 1, 2019 at an original cost of P16,000,000, with zero residual va...
A: Rate of depreciation under double declining balance method is equal to twice the straight line rate ...
Q: MFCB Ltd uses an activity-based costing system for its overhead costs. The company has provided the ...
A: Calculate cost per activity: Activity Cost Pool Total Cost (RM) [a] Total Activity [b] Cost per a...
Q: Presented below is a list of items that may or may not be reported as inventory in a company’s Decem...
A: Introduction:- Inventories” means as follows under:- Inventories are Held for sale in the ordinary...
Q: If the donor is a shareholder, a revenue or gain is recognized at an amount equal to the value of th...
A: We know that when any asset acquired through donation the same is recorded at fair value on the date...
Q: ABC employs a job-order costing system, with overhead calculated based on direct worker hours. Manag...
A: The overhead is said to be overapplied when applied overhead is more than the actual overhead incurr...
Q: On January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker's commis...
A: Bonds are priced by discounting future cash flows. Future cash flows include coupons and par value o...
Q: Using the data given below, compute for the total amount of items that meet the definition of financ...
A: A financial liability is a liability where there is a contractual obligation to pay/deliver cash or ...
Q: On January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker's commis...
A: Fair value of the Bond = P500,000 Financial asset in our question is measured at FVTPL. Any change i...
timed task, need help thanks!
about transfer taxes
Step by step
Solved in 3 steps
- A donor gave the following donations during 2021: March 5 – Land located in the Philippines valued at P3,000,000.00 to her uncle subject to the condition that the latter will pay the donor’s tax due and unpaid mortgage amounting to P500,000.00. May 1 – Land located in Makati City valued at P1,950,000 to her daughter, on account of marriage December 30 – Building in Australia valued at P3,500,000.00 to her Donor’s tax paid in Australia was P250,000.00. Questions: Compute the donor's tax payable on the March 5 donation.Juliet, a Filipina made the following donations: To Nick Land in Manila 450,000 To Rosalee Jewelry in Japan 100,000 To Adalind PLDT Shares 150,000 To Renard Building in Italy with mortgage of P50,000 assumed by the done 1,600,000 To Drew Land in Davao 300,000 To Hank Cash in PNB New York 300,000 REQUIREMENT: DONOR’S TAX DUEManny, a resident citizen, made the following donations in 2021: To Mercy, a land worth P450,000 in Manila. To Mika, jewelry worth P100,000 in Korea. To Miriam, Ayala Corporation shares amounting to P150,000. To Mario, a building in France P1,600,000 mortgaged for P80,000 (62.5% was assumed by Mario). To Maynard, land in Cebu worth P300,000. To Melvin, P300,000 cash, Deutsche Bank, Brooklyn branch. To Maria, P200,000 receivable from the latter, 50% condoned by Manny. Required: Determine the following circumstances: Donor’s tax due of Manny Donor’s tax due of Manny assuming he is a nonresident alien without reciprocity Donor’s tax due of Manny assuming he is a nonresident alien with reciprocity
- Nicanor made the following donations to his children in 2021: To Jose – Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Boni – New car worth Php 5 Million made on March 22, 2021 To Goyo – Cash in the amount of Php 5 Million made on April 19, 2021 1. How much is the donor’s tax to be paid on January 31, 2021? 2. How much is the donor’s tax to be paid on March 22, 2021? 3. How much is the donor’s tax to be paid on April 19, 2021?Adolfo Kiloboy, a wealthy businessman and a resident citizen of the Philippines, donated to his friends during 2020: a.) January 15 – 180,000 b.) March 12 – 80,000 c.) April 5 – 100,000 d.) June 27 – 75,000 The donor’s tax due on January 15 is:Marco made the following donations to his children in 2021: To Juan - Argicultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Clyde - New car worth 5 Million made on March 22, 2021. To Sevi - Cash in the amount of Php 5 Million made on April 19, 2021. How much is the donor’s tax to be paid on March 22, 2021?
- Nicanor made the following donations to his children in 2021: To Jose – Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Boni – New car worth Php 5 Million made on March 22, 2021 To Goyo – Cash in the amount of Php 5 Million made on April 19, 2021 How much is the donor’s tax to be paid on March 22, 2021?Mrs. Manalo, a resident citizen, deed in his last will and testament, he indicated the following: House and lot, to be adopted son and only heir P5,000,000 Land to a public school 1,000,000 Cash to ABS-CBN Foundation 500,000 The agency to ABS-CBN Foundation was intended for the program expenses of Bantay Bata 163, a non-profit social welfare program of ABS-CBN Foundation. Compute for the gross estate.61. Nicanor made the following donations to his children in 2021: To Jose - Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Boni - New car worth Php 5 Million made on Marc 22, 2021 To Goyo - Cash in the amount of Php 5 Million made on April 19, 2021 How much is the donor’s tax to be paid on Janaury 31, 2021? Answer:________________
- Juliet, a Filipina made the following donations. a. To Nick, a land worth P450,000 in Manila. b. To Rosalee, jewelry worth P100,000 in Japan. c. To Adalind, PLDT shares amounting to P150,000, d. To Renard, a building in Italy P I,600,000 mortgaged for P 50,000 assumed by the donee. e. To Drew, land in Davao worth P300,000. f. P300,000 cash, PNB New York to Hank g. P200,000 receivable,50% condoned by Juliet She has also transferred the following properties: Selling Price FMV Car, Makati P200,000 P300,000 Car, Malaysia 300,000 200,000 Rest House, Tagaytay 1,000,000 2,000,000 Rest House, Malaysia 1,500,000 2,500,000 1. How much is the gross gift? a. P5,200,000 c. P4,100,000 b. P4,200,000 d. P3,200,000 2. If she is a non-resident Alien, her gross gift is: a. P3,200,000 c. PI, 100,000 b. P I,200,000 d. P850,000 3. If she is a non-resident alien, and there is reciprocity law, her gross gift is: a. P850,000 c. P I,050,000 b. P950,000 d. P700,000Pedro, single, donated the following properties on September 21: Values Property Donee 100,000 Cash Juan, brother, on account of marriage 400,000 Jewelries Kat, gilfriend, residing in korea 1,500,000 House and Lot Parents, silver wedding anniversary gift 75,000 Land Brgy. Mapayapa, for use of barangay hall 300,000 Car Fe, sister, donation is revocable 50,000 Cash Internationa Rice Research Institute 100,000 Cash Guillermo, father of the father of his mother 70,000 Motorcycle Kay, niece, donation is embodied in the will REQUIREMENT: DONOR’S TAX DUE3 During the current year 2021, Nicanor, Jr. who resides in R. Papa Street, Sampaloc Manila and with Tin 135-567-890-006. Made the following gifts: Date Donee Amount of donation June 1, 2018 Junior, his son, on account of his marriage celebrated June 1, 2018 P 150,000 cash July 10, 2018 His friend Aprot P 400,000 a second hand motor vehicle September 30, 2018 His daughter Julia P 450,000 cash dowry, on account of her scheduled marriage on October 25, 2018 November 23,2018 His father, Nicanor, Sr. A parcel of land worth P 180,000, subject to the condition that his father would assume the mortgage indebtedness of Jose in the amount of P 40,000; On November 23, 2018 gift, using the Donor’s Tax Return (BIR Form No. 1800), how much will be reflected on line 18(Tax Payable/(Overpayment)) ?