The government has decided to give a special handout where RM10,000 can be withdrawn from KWSP. What is the impact of the withdrawal? List down 5 impacts.
Q: Show the journal entries needed to correct the following errors: a. Purchases $1,410,000 on credit ...
A: Sl No Account Head Debit Credit a B Roy 14,10,000.00 To A Roy 14,10,000.00 (Bein...
Q: ABC Co. sells equipment service contracts that cover a two-year period. The sales price of each cont...
A: Introduction:- Calculation of total sales value as follows:- Total sales value = No. of contracts so...
Q: Company E is a retailer of commercial and residential plumbing products. Steven Owens, the company’s...
A: A company's operating expense is a cost incurred as part of its normal operations. Operating expense...
Q: QUESTION 3 Hope Company's total assets were $7375. Hope collected on $617 of account receivable that...
A: Since Basic accounting equation is Total assets = Total liabilities + Owners Equity.
Q: KKingbird publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22 p...
A: The practice of entering financial activity for the first time in the books of accounts is known as ...
Q: The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Cr...
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other ...
Q: The total factory overhead for Bardot Marine Company is budgeted for the year at $1,518,000. Bardot ...
A: Factory Overhead Rate Per Hour = Factory Overhead / Direct Labor Hours Factory Overhead Rate Per Uni...
Q: Tonelife Music sells musical instruments. The following data relates to Tonelifets inventory of guit...
A: The question is based on the concept of Financial Accounting.
Q: St Bernard Compony manu factures a Proouct A-19 with the following Dnit standlards re lated to direc...
A: Actual direct labor rate per hour is the rate paid to the labor for production of actual units in ea...
Q: On June 1,2024, Puritan Performance Cell Phones sold $23,000 of merchandise to Avery Trucking Compa...
A: Direct Write off Method - Under direct write off method uncollectible accounts directly write off as...
Q: Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State tha...
A: The flexible budget performance report is prepared to to record the variance between actual results ...
Q: In connection with your examination of the financial statements of Ringo, Inc. for the year ended De...
A:
Q: Required information [The following information applies to the questions displayed below.] A company...
A:
Q: ABC Company reported pretax financial income of P 6,500,000 and P 8,200,000 for years 2019 and 2020,...
A: A deferred tax liability or asset represents the increase or decrease in taxes payable or refundable...
Q: Carla Corporation enters into a 5-year lease of equipment on December 31, 2019, which requires 5 ann...
A: A lease is an agreement where an asset is taken on rent and Lessor receives Lease rental in retu...
Q: Oriole Company, a major retailer of bicycles and accessories, operates several stores and is a publi...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: 2021 April 5 Dr. Ramirez invested P725,000 in the business April 7 Purchased equipment from Triple X...
A: The journal entries are prepared to keep the record of day to day transactions of the business. The...
Q: The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Cr...
A: Solution Working note - Present value of minimum lease payment = (Annual lease Payment *PVAD for 9% ...
Q: Recently, it was announced that two giant French retailers, Carrefour SA and Promodes SA, would merg...
A: Financial Ratio: A financial ratio, or bookkeeping proportion, is the general extent of two chosen m...
Q: ARLENE Company accounts for noncurrent assets using the cost model. On October 30,2010, Arlene class...
A: Loss on disposal: It implies to the loss incurred by the business from the sale of it's asset. It is...
Q: Required A. Use the high-low method to estimate • The variable costs per unit produced . ...
A: High low method is a method of cost estimation under which fixed costs and variable costs are estima...
Q: Hiram's Lakeside is a popular restaurant located on Lake Washington in Seattle. The owner of the res...
A: Activity Rate=Total CostAllocation Base
Q: attached is the problem REQUIRED: What is the lease liability on Dec. 31, 2020? What is the lease...
A: A lease is a contract between two parties in which one party grants rights to the other to use the a...
Q: 9..new You have completed the field work in connection with your audit of Carla Corporation for the...
A: A cash flow statement under the indirect method is prepared by adjusting the net income of the year.
Q: On Jan 1, 2020, Soul Company leased machinery from Sister Company for a 10-year period. The useful l...
A: For arriving at the solution we have to prepare an amortization schedule.
Q: Assume that for a particular company the only temporary difference for tax effect accounting purpose...
A: given Assume that for a particular company the only temporary difference for tax-effect accounting...
Q: Key questions to consider when determining the appropriate consolidation adjustment entries include ...
A: Consolidation adjustment entry is the accounting entry that is to be made for consolidating the book...
Q: Cullumber Chrome Bumpers bought two acres of land with an old office building on it that was deemed ...
A:
Q: The total factory overhead for Bardot Marine Company is budgeted for the year at $1,290,000, divided...
A:
Q: Sales (7,200 units) $ 338, 400 Variable expenses 194, 400 Contribution margin Fixed expenses 144,000...
A: Formula: Contribution margin = Sales revenue - variable cost
Q: The income tax rate was 32% for 2019. Based on a new law, for years after 2019, the tax rate is 34%....
A: 2019 Cost recovery- P 0 % of completion- P 700,000 2020 Cost recovery- P 800,...
Q: The following additional information is available at July 31, 2021: (i) Rent of $510,000 was paid on...
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...
Q: for March: Cost Formula Actual Fixed Variable cost/MH Utilities $16,600 $132,900 $ 0.15 2$ 20,820 $ ...
A: The spending variance is the variance between actual results and flexible budget results.
Q: At the beginning of the current year, David and Garrett formed the DG Partnership by transferring ca...
A: No gain or loss is recognized by either the partner of the partnership when a property is contribute...
Q: What is the amount of income tax payable for 2019?
A: Income tax is a form of direct tax which is to be paid by the individual on income earned during the...
Q: Marigold Corp. recorded the return of $170 of goods originally sold on credit to Discount Industries...
A: The sales return is connected with sales return and allowance and account receivable. As the account...
Q: Crystal has received a special order for 4,000 units of its product. The product normally sells for ...
A: Minimum selling price = incremental revenue/number of units
Q: he following selected accounts and their current balances appear in the ledger of wymar Company are ...
A: A financial statement is a statement showing the financial position of the company. It includes vari...
Q: Trey Monson starts a merchandising business on December 1 and enters into the following three invent...
A: Solution Concept FIFO method means the method of inventory in which the goods purchased first is sol...
Q: ABC Company issued 500 ordinary and 500 preference shares for a total consideration of P 20,000. Eac...
A: Amount credited in the ordinary share capita account upon issuance of the shares = Total considerati...
Q: a. Prepare a worksheet for the postretirement plan in 2022.
A: a) Post retirement plan takes time to evolve. In order to have a fun, secured and comfortable retire...
Q: Helsinki Inc. produces premium bottled water. Helsinki purchases artesian water, stores the water in...
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...
Q: A note payable can be used to extend the payment due on an account payable. O True O False
A: Solution: A notes payable is used for financing, it indicates the money owed by issuer. By issuing...
Q: Costs of $15,000 were incurred to acquire goods and make them ready for sale. The goods were shipped...
A: The question is related to Valuation of Inventory. All cost that are directly attributable to the ac...
Q: Metlock Inc. was incorporated in 2019 to operate as a computer software service firm, with an accoun...
A: Solution Working note- 1- Pv of lease payment = 44000 * 102.987 =4531428. 2- Calculation of intere...
Q: Unan Inc. has decided to focus strictly on producing and selling one type of pillow. For the coming ...
A: There are two type of costs which are incurred in business. Fixed costs are costs which will not cha...
Q: The auditor would like to determine any cash restriction. Which of the following audit procedures ma...
A: Audit Procedure: In the context of financial statements, audit procedures are the steps taken by aud...
Q: M5-12 (Algo) Preparing a Bank Reconciliation [LO 5-4] Use the following bank statement and T-account...
A: The bank reconciliation statement is prepared to adjust the balance of cash book and pass book for v...
Q: Income Before Income Tax 2.00% Tax Expense (50%) Net Income 1.00% 1.00% Additional Information for t...
A:
Q: The following transactions are for Larkspur Company. On December 3, Larkspur Company sold $512,700 o...
A: Financial transactions are recorded via journal entries. You insert transaction details into your co...
The government has decided to give a special handout where RM10,000 can be withdrawn from KWSP. What is the impact of the withdrawal? List down 5 impacts.
Step by step
Solved in 2 steps
- A municipality decides to purchase a small collection truck that has an expected life of 10 years of Rs. 590,000. Cost of truck is to be borrowed from the local bank and to be paid back in 10 annual payments. Determine the annual instalments on this capital expense if the interest rate is 6.125 %Project B cost $5,000 and will generate after-tax net cash inflows of $500 in year one, $1,200 in year two, $2,000 in year three. $2,500 in year four, and $2,000 in year five. What is the NPV using 8% as the discount rate? For further instructions on net present value in Excel, see Appendix C.Makulay ang Buhay Corporation have agreed to shoulder the funds needed for road rehabilitation. At a meeting, the city engineer estimated that a total of Php 500,000 will be deposited at the end of next year into an account for the repaid of the old road throughout the neighborhood. Further, they estimated that the deposite will increase by PhP 100,000 per year for only 9 years thereafter then cease. Determine the equivalent annual series amounts, if public funds earn at a rate of 5% effective.
- Under a government environment incentive plan companies installing air-pollution control equipment are entitled to a 50% grant to offset the purchase and maintenance costs. Company ABC decides to avail of this incentive by acquiring equipment costing Php 500,000. The maintenance costs are estimated to be Php 40,000 in the first year, rising annually by Php 3,000. If the equipment’s useful life is 10 years, and annual interest rate is 6% compounded half-yearly, how much will the grant be? 18. Under a government environment incentive plan companies installing air-pollution control equipment are entitled to a 50% grant to offset the purchase and maintenance costs. Company ABC decides to avail of this incentive by acquiring equipment costing Php 500,000. The maintenance costs are estimated to be Php 40,000 in the first year, rising annually by Php 3,000. If the equipment’s useful life is 10 years, and annual interest rate is 6% compounded half-yearly, how much will the grant be?Consider the following:purchase of an office building worth P1M from unrestricted funding. Currently, the office building is on a 2 year lease, with rentals of BWP 22000 per month. Provide for recommendations to the finance manager. What what would be the possible effect on the financial health of the organization, if these transactions are approved?ELJ Corporation plans to construct its own building at the end of 10 years for an estimated cost of P15,000,000.00. To accumulate this amount, it will have to make equal year end deposits in a fund earning 13%. However, at the end of the 5th year, it was decided to have a larger building that originally intended to an estimated cost of P24,000,000.00. What should be the annual deposit for the last 5 years? Answer. P2,203,175.82
- Recent sales of some real estate and record profits make it possible for a manufacturer to set aside $600,000 in a fund to be used for modernization and remodeling. How much can be withdrawn from this fund at the beginning of each half-year for the next 5 years if the fund earns 7.1%, compounded semiannually?Tyu plans to construct an adiitional building at the end of 10 years at an estimated cost of P5,000,000. To accumulate this amount, it will deposit equal year-end amounts in a fund earning 13%. However, at the end of the fifth year, it decided to have a larger building estimated to cost P8,000,000. What is the equal year-end payments made for the first five years?NZ Ltd has decided to install a new item of plant, which will cost $500,000. The following alternative financing arrangements are available: Purchasing finance by borrowing Amount borrowed $500,000 Term of loan 5 years Interest rate 9.7% payable annually Lease plan Amount of finance $500,000 Term 5 years True interest rate 9.1% Annual instalments $128,880 Additional information The tax rate is 28%. Assume that tax benefits arising from deductible expenditures are received in the year of the expenditure. NZ Ltd uses the after-tax borrowing rate as a discount rate. Which financing option should NZ Ltd choose? Show your calculations of the cost of each financing option. Use whole numbers when rounding.
- 1. The company is setting aside funds to acquire a property for its new warehouse. The company needs P74,735 to make the down payment. The company deposits P5,000/month in the fund account which pays 1% per month. As the financial manager you have been tasked to determine how long it will take to accumulate enough funds to acquire the property?For its proposed expansion, an ice plant company is selecting from two offers of ice cans. The data on the offers are as follows: OFFER A OFFER B Total Cost P730,000 P650,000 Annual Maintenance P65,000 P91,008 No. of Life 12 8 For their replacements, the company is putting up a sinking fund to earn 17.5% interest compounded annually. If the money to purchase the ice cans is to be borrowed at 25% annual interest and the tax on the first cost is 3%, which offer will you recommend to be purchased? Show solutions.Determine the amount needed now to purchase a machine for P100,000, provide an annual fund of P15,000 for operation and maintenance, and to replace it at the same cost at the end of every ten-year period. Money is worth 7.5% compounded annually.