special itemized deductions from gross income?
Q: Olive Corporation has 75,000 outstanding shares of P5 par value ordinary share capital and 30,000…
A: Dividend - Dividend is the amount paid by the company to their shareholder's from the part of the…
Q: The amount of sale to qualified PWDs INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens…
A: VAT is applicable to the amount of sales done but some categories of sales are exempted from the VAT…
Q: 1. What is the corrected cost of goods sold for 2020? 2. Did the understatement of ending inventory…
A: Inventory understatement means that the amount of inventory being reported less than the correct…
Q: why does wiredcard scandal is often mentioned in the same sentence as words such as ‘innovation’ or…
A: Wire-card scandal is one the frauds which has been incurred in the history of the sandals in which…
Q: The following information is available. Beginning balance in work in process is $4,600. Costs…
A:
Q: Calculate the deferred tax liability given the following items incurred in 2020 by Company B.…
A: A deferred tax liability is a statement on a company's balance sheet that captures taxes that are…
Q: a. Management expects to sell equipment that cost $14,000 at a gain of $7,000. Accumulated…
A: Cash Receipt :— It is the amount of cash received from transaction involving cash inflow. Cash…
Q: Starlight Ltd. assigned $600,000 of Accounts Receivable to Moonbeam Management as security for a…
A:
Q: 1st July 2021, Hard Rock Pty Ltd a small construction business purchased two business assets for the…
A: Equipment looses values as time period goes and equipment is used more and more but most equipment…
Q: Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4) [The following information…
A: Under straight line method of depreciation, the annual depreciation is calculated by dividing…
Q: On January 1, 2029, The Rolling Stones (the greatest rock'n'roll band in the history of the world)…
A: Lets understand the basics. In double declining balance method, depreciation is calculated at the…
Q: beauty supply store expects to sell 120 flat irons during the next year. It costs $1.60 to store one…
A: Economic order quantity = The formula for EOQ is: \begin{aligned} &Q = \sqrt{ \frac{2DS}{H}…
Q: A company has the following purchases and sales during October. Using the FIFO periodic inventory…
A: Inventory refers to the stock that the company kept for resale purposes or the goods that are not…
Q: 4. The company issues an invoice for coordination and security services to the customer in the…
A: Journal Entry :- A journal entry is the act of recording any transaction, whether one that is…
Q: expense, asset, liability, or owner's equity item. 3) Prepaid insurance is an example of an asset…
A: If a statement is correct, true otherwise false.
Q: b. IKEA Berhad used the allowance method to account for uncollectible accounts. Apr 1 Sold RM2,500…
A: Date Particulars Debit (RM) Credit (RM) Apr-01 Notes Receivables 2500 0 Sales 0 2500…
Q: Solve the following problems. Show clean and complete details of your work for each number. Problem…
A: Hi There, as per the policy of Bartleby we are bound to give the answer of first question only,…
Q: Assume that next year, management wants the company to earn a minimum profit of $ 500,000. How many…
A: Desired Sales - Desired Sales (in Units) is the sales required to be made by the company to earned a…
Q: What is the difference between accrued liabilities an unearned Revenue accounts?
A: Accrued Liabilities :— An expenses of a Business or an Organization incurred during a specific…
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Can you please help with the last part of the question. Odane Cranston, the management accountant at…
A: Account Receivables- Accounts receivable refers to the situation in which a company sells goods and…
Q: Explain why the implementation of ERP in a company, especially SAP, can simplify the accounting…
A: Answer:- Auditing meaning:- Auditing can be defined as the verification activity of a process or…
Q: Rochester Flour Mills purchased new equipment and made the following expenditures: Purchase price…
A: Expenditure: The sum amount paid for the acquisition of a product or service is referred to as the…
Q: The information below is from the Takafel Company.: 1. Investment property is acquired August…
A: When any Investment Property is purchased, it is recorded in the books of accounts at its…
Q: On December 1, Daw Co. accepts a $28,000, 45-day, 6% note from a customer. (1) Prepare the year-end…
A: The journal keeps the record of transactions in the form of debit and credit. The assets and…
Q: Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10…
A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average cost method FIFO…
Q: Blended Company uses the allowance method to account for uncollectible receivables. At the beginning…
A: Allowance method is the method of maintaining a reserve separately for the uncollectible or bad debt…
Q: On June 15, 2020, Brainiac Company purchased 8 shares of Lovely Company for $6 per share. The…
A: Introduction: If investments in equity shares are less than 20%, then such investment is carried at…
Q: PA 6. Morris Industries manufactures and sells three products (AA, BB, and CC). The sales price and…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: Find the following values, using the equations, and then work the problems using a financial…
A: Present Value: The idea of present value asserts that a sum of money in the here and now is worth…
Q: Compute the cost allocations to Dept. S and Dept. T under the reciprocal method: To T: S To S: S
A: Cost Allocation :— cost allocation is the process of assignment of cost in Different Department on…
Q: Question 1 Brandon, an individual, began business four years ago and has sold §1231 assets with…
A: According to the given question, we are required to compute gains and losses after the net section…
Q: Company ABX in Toronto is shipping 1050 units of computers to South Korea. Each computer is priced…
A: Insurance is an agreement under which the insurer that is from whom insurance has been taken,…
Q: One Company uses a normal, traditional (functional) cost system and applies overhead to production…
A: Applied overhead is based on a predetermined overhead and actual machine hours. The predetermined…
Q: Initial Cost of $55,000, annual O&M costs of $800 increasing by $100 annually, salvage value of…
A: In this question , we will be calculating the depreciation for each year and book value using the…
Q: C) Adjusted gross income is decreased by any tax preference and adjustment items.
A: Minimum tax refers to the separate system that is required by some taxpayers for calculating the…
Q: Department G had 3,600 units, one-third completed at the beginning of the period, 12,000 units were…
A: Work in process (WIP) is a type of inventory which is not completely produced but not completely…
Q: The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: 1.…
A: Post Closing Trial Balance - Post Closing Trial Balance is the trial balance after providing closing…
Q: A taxpayer employs a qualified PWD for a total salary of P50,000. Assuming taxpayer meets all…
A: IN ACCORDANCE TO SECTION 8 OF RA 7277 STATES THAT THERE IS A SPECIAL DEDUCTION OFFERED TO TAXPAYERS…
Q: b. IKEA Berhad used the allowance method to account for uncollectible accounts. Apr 1 Sold RM2,500…
A: Note Receivable = Note receivable is a long term Liabilities which is owned by the Borrower &…
Q: Required information Exercise 7-17 (Algo) Record the sale of equipment (LO7-6) [The following…
A: Introduction: A journal entry is indeed a record of a commercial transaction in a company's…
Q: Select each attribute with the most directly related term. No term is used more than once.…
A: Audit is the inspection of the accounts of organisation. It is performed by an independent body. The…
Q: What are the risk factors in a risk management about the wiredcards Ag's Scandal?
A: The wiredcards Ag's Scandal was biggest scandal in the fintech industry once was biggest innovator…
Q: Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance…
A: Introduction: Inventory turnover is a financial indicator that examines the frequency with which a…
Q: The following information is available to reconcile Branch Company’s book balance of cash with its…
A: Bank Reconciliation Statement The purpose of preparing the bank reconciliation statement is to know…
Q: onsider the data below and perform the following for company YZ.…
A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: #2 only and pr
A: As per requirement, only 2nd question is solved. A cash flow statement refers to the statement…
Q: An entity reported the following data on December 31,2019: Cash in bank, net of bank overdraft of…
A: Cash in bank net of bank o/d of 100000 = 1200,000 Cash in bank (Gross) = 1200,000 + 100,000 =…
Q: At the start of 2019, Croton’s Debt Service Fund had no assets or liabilities. Prepare appropriate…
A: Journal Entries in the Books of Croton’s Debt Service Fund S. No Fund Particulars Debit ($)…
Step by step
Solved in 2 steps
- Refer to RE18-1. Assume that Parkers taxable income for Year 1 is 150,000. Prepare the journal entry to record Parkers income tax expense.How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?