sing the married filing jointly status and their income and expense statement, calculate the 2017 tax liability for Shameka and Curtis Williams. First, use the standard deduction, and then use the following itemized deductions

Q: What is the amount of consolidated equity at the end of the year? (Round off answers to 2 decimal pl...

A:   amount of consolidated equity at the end of the year= P1,647,419.6

Q: Inc. and Life Co. have an exchange with no commercial substance. The asset given up by Love Inc. has...

A: Solution: Asset received in exchange will be recorded at book value of asset given up plus any cash ...

Q: On December 31, 2015, Martin Corp invested in Marlin’s 5-year, $200,000 bond with a 5% interest rate...

A: Available-for-sale securities are one of the types of investments held for the purpose of resale of ...

Q: 40 years on a straight-line basis with no residual value. The entity adopted a policy of revaluation...

A:

Q: Required information Problem 10-40 (LO 10-3) (Algo) [The following information applies to the questi...

A: Remaining basis = Original basis in partnership - Distribution of cash - FMV of asset FMV = Fair mar...

Q: OrioleCompany sells tablet PCs combined with Internet service, which permits the tablet to connect t...

A: Revenue Recognition Here revenue recognition which was used to find from stand alone price of the pr...

Q: What amount should be reported as current liabilities as of December 31, 2021?

A: Current liabilities are those short-term liability which is paid within the duration of one year. It...

Q: Raw materials on hand: 85,000 Raw materials used (including indirect materials of 35,000) : 258,000...

A: Inventory:Raw materials utilized in the production of commodities, as well as the finished items tha...

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: Required information Problem 11-47 (LO 11-2) (Algo) [The following information applies to the questi...

A: S Corp are those corporations which get elected to pass the requirement of corporate income/ losses,...

Q: Control Accounts provide J-Quan Ltd with useful information on sales and purchases. At the end of J...

A:                                                                Sales ledger control account Detal...

Q: P company bought 60% of common stock of S company on January 1, 20x4. On January 1 20x5, there was a...

A: Calcualtion of NCI share in net income of S in year 20x6: Net income of S in year 20X6              ...

Q: Blanche Corporation estimated its unit costs of producing and selling 12,000 units per month as foll...

A: Total variable cost = Variable cost per unit x No. of units Total fixed costs = Fixed cost per unit ...

Q: December 3T Cash 7,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated D...

A: Trial Balance: Trial balance is a statement in which the closing balance of all ledger accounts are ...

Q: 18. The property, plant and equipment account of Toy Shop Manila was revisited by its property offic...

A: Answer : B. credit Loss from Derecognition, P350,000. Explanation: When PPE is to be derecognised, a...

Q: YSL Corporation acquired 80% of the outstanding ordinary shares of GBX Company on June 1, 2022 for P...

A: Solution Shareholder's Equity shows how much the owners of a company have invested in the business-e...

Q: On January 1, 2018, Apple Company sold delivery equipment costing P1,000,000 with accumulated deprec...

A: solution concept non interest bearing note                 when an non interest bearing note is issu...

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A: Solution: An impaired asset is asset which is having market value less than amount listed on balance...

Q: 1. What amount should be reported as gross purchases for the current year?

A: Gross purchase: Gross purchase is the total of all purchases done by the company it includes total r...

Q: On July 1, 2020, Lettuce Company, a calendar-year company, purchased a machine for a cash price of P...

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Q: The following transactions occurred in CuddlePH Company during the month of May: Units Price Beginni...

A: Under FIFO Method value of ending inventory is calculated on the assumption that units of inventory ...

Q: warranty

A: 2 year warranty coverage included in sale price. Warranty expenses should be recorded in 2021 as fol...

Q: hen an investor uses the cost method to account for investments in subsidiary, cash dividends receiv...

A: Solution Concept Cost method to account for investments in subsidiary           This method is used ...

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A: Joint venture means where two or more persons comes together to do some business and share profit as...

Q: anuary 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker’s commission...

A: Solution Given Face value 500000 Coupon rate 8% Issue price 475126 Life of bon...

Q: Due to erratic sales of its sole product-a high-capacity battery for laptop computers-PEM, Incorpora...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

Q: On January 1, 2017, Jungkook Company purchased an equipment for P1,970,000. On this date, the equipm...

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

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A: B-C ratio = 1.4 Annual net benefits (B) = P560,000 Interest rate (i)  = 6% Period (n) = 20 Years

Q: les (RM) to its sales force. On the company's profit or loss statement and end-of-year statement of...

A: Under absorption costing , the variable cost per unit is the sum of direct material , direct labor a...

Q: relates to the accounting standard of IAS 38/MFRS 138 for the year endec 2021.

A:

Q: Find the monthly payment needed to save a P240000 down payment for a house in an annuity that pays 1...

A: Future value (FV) = P240,000 Interest rate = 1.3% Monthly interest rate (r) = 1.3%/12 = 0.1083333333...

Q: Required: Prepare the statement of liquidation. Vic, Victor and Vincent are partners in Valentine pa...

A: Computation of personal assets realized value   Vic    PHP Victor PHP Vincent PHP Personal asse...

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A: Legal capital =  Preference stock, P50 Par = P2300,000 Ordinary Stock, P15 Par = P5250,000 Subscrib...

Q: If you deposit money today in an account that pays 6.5% annual interest, how long will it take to do...

A: Future value factor required (FVF) = 2 Times Interest rate (r) = 6.5% Period = t

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A: Introduction:- The following basis information needs to understand as follows under:- Chess Woods L...

Q: 2. Fill in the missing number for each of the following. Assets Liabilities Owner's Equity $100,000 ...

A: Solution    As per the accounting equation  Total assets  = liabilities + owner's equity  So,  Owner...

Q: Loss on fire is included in the computation of net income.

A: Net Income: Gross revenue less cost of goods sold, selling, general and administrative expenditures,...

Q: Rifle Co. is a distributing company selling toy guns to retailers at 10/15, 5/20, n/30 and it provid...

A: Answer) Under ageing of receivables method, the allowance for uncollectible accounts is calculated b...

Q: Angela Company provided the following information for the current year:   Purchases of raw materia...

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Q: 21. Laguna Company purchased a machine with a cash price of P350,000.       Laguna gave the followin...

A: Note means an instrument issued by company acknowledging the debt due from company to bond holder. I...

Q: Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Perform...

A: planned budget = planned labor hours* budgeted variable cost                               per hour+...

Q: Marigold, Inc. has 10500 shares of 4%, $100 par value, noncumulative preferred stock and 105000 shar...

A: A dividend is the transfer of a portion of a company's earnings to a certain group of shareholders, ...

Q: . Lucena Products provided the following information:                                               ...

A: Inventory to be reported in statement of financial position = Raw materials inventory + Finished goo...

Q: ABC employs a job-order costing system, with overhead calculated based on direct worker hours. Manag...

A: Manufacturing cost means the cost which is incurred in factory or related with production of goods. ...

Q: If there is a change from double declining balance to straight line method   xThe accumulated deprec...

A: Solution: Accounting for Change in depreciation method is  based on change in accounting principal f...

Q: On January 1, 2018, Apple Company sold delivery equipment costing P1,000,000 with accumulated deprec...

A: Gain (loss) on sale of delivery equipment in 2018 = Present value of the Note - Net carrying value o...

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: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...

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 ...

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.