The income tax payable of ABC Corporation for the taxable year 2023 is:
Q: mpute and record workers' compensation insurance premiums for Fairlawn Manufac The firm estimates…
A: The amount due to be paid to creditors or employee is recorded as liabilities in the balance sheet.
Q: Many companies recognize that their cost systems are inadequate for today's powerful global…
A: The traditional costing method uses a single overhead recovery rate while in the case of ABC…
Q: The amount of gain (loss) on sale and leaseback transaction is: A. The difference of fair value and…
A: Gain is booked when money is received on the sale of the asset. leasing back can be assumed to be…
Q: The Conceptual Framework for Financial Reporting addresses fundamental issues including Group of…
A: Solution Concept Conceptual framework is the accounting framework that provides the basis for the…
Q: During 2021 Nice Company experienced financial difficulties and is likely to default on a P500,000,…
A: calculation of gain from the debt restructuring are as follows
Q: On December 1, 2021, X Co. bought merchandise from Y Co. costing P50,000, terms 2/10, n/30, FOB…
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…
Q: Which of the following is true? Non-deductible expense is deducted to financial income in computing…
A: Solution Concept Deferred tax asset or deferred tax liabilities shall be recognized when there is…
Q: The amortization of prior service costs will affect the pension expense for the period along with…
A: explanation of above statement are as follows
Q: $2.2 Show the journal entries necessary to correct the following errors: a) A sale of goods £412 to…
A: Various errors can take place while doing accounting work. These errors may be errors of principle,…
Q: Which of the following statements concerning the different types of hedging transactions is…
A: The Correct Answer is Option "C" i.e. In hedging transaction which is undesignated, unrealized…
Q: 3. RJ Coley visited Malcolm Variety Store to purchase the following items: These prices are…
A: Introduction General Consumption Tax (GCT) is tax applicable on purchase and sale of goods and…
Q: 9.5 Irish Catering started in business on 1 January 2010, its financial year ending 31 December. The…
A: Depreciation is the amount which is to be reduced from value of assets to recognise the normal…
Q: le when the agreement was signed and the balance in five annual payments of P8,000 each. Tam's is…
A: In franchise business, owner of the business which has its business market acceptability along with…
Q: Is there a way you can provide an example for number 3?
A: Break-even level is computed by the company at which company has sufficient amount of revenue…
Q: Case 1. The following data are taken from the records of Elite Imports Company, a foreign subsidiary…
A: It is an adjustment of gains and losses to the other comprehensive income section of the translated…
Q: 2. A man invested P10,000 in 2 years earning an interest of P1,600. What was the interest rate…
A: Simple interest is the interest charged on the amount of investment using a flat rate.
Q: What amount should be
A: Shareholders also invest money in the company and in return they become the owners in proportion to…
Q: Using the following information, what is the amount of gross profit? Purchases $32,000 Selling…
A: Given that, Purchases = $32,000 Beginning merchandise inventory = $5,700 Ending merchandise…
Q: The total assets of National Co. is funded by both debt and equity with a debt to equity ratio of…
A: Debt to equity ratio is: =Total debts/ shareholders fund or net worth Retained earning break point…
Q: On January 1, 2018, Joel Company purchased a patent for P7,140,000. The patent is being amortized…
A: As per IAS 8, Accounting policies,Changes in accounting estimates and errors A change in legal life…
Q: b. Forgave the accrued interest for one year amounting to P12,000. Case 5 Brewed entered into two…
A: First of all Summarized all the Transaction Particular Amount Reduced Principal Obligation-…
Q: On January 1, 2021, Robin Company received a grant of P1,500,000 from the government to subsidize…
A: Solution This question relates to standard accounting for government grants Whenever the grant is…
Q: When should an impairment loss be recognised? a) Immediately b) When requested by the entity's…
A: Impairment loss is the permanent decrease in the fair value of asset over its carrying value.
Q: A temporary difference that would not result in a deferred tax asset but not a permanent difference?…
A: Solution: A temporary difference that would not result in a deferred tax asset but not a permanent…
Q: 3. Maricel borrows P 10 000 with interest at 15% compounded monthly. How much should she pay at the…
A: Given information P=P 10 000 t = 2 years and 6 months m = 12 Therefore, n =tm =12 * 2.5…
Q: Celgene Corporation purchased all of Receptos, Inc's outstanding stock for $7.6 billion in cash on…
A: Small business units are united to form a new combined unit, which is referred to as a business…
Q: . On December 31, 2021, JV Company purchased for P4,000,000 cash all of the outstanding ordinary…
A: The value of goodwill is calculated by reducing the carrying value of liabilities from the fair…
Q: 12. A bank offers a 272 - day discounted loan at a simple discount rate of 12%. (a) How much money…
A: Simple discount loan is the loan which is given to the receiver after applying a simple discount…
Q: 4. When her granddaughter was born, Melax, invested P 20 000 at 12% compounded quarterly. How much…
A: Given data, P= 20,000 t =18 years m=quarterly =4 Therefore, n =tm =18 * 4 =72 i=12%/4 =0.03
Q: odic inventory system. One of the company’s products is a special equipment for the oil drilling…
A: First in first out refers to the inventory method under which the inventory purchased first is old…
Q: dware store to compete against Home Depot, when Home Depot can
A: Home depot : World's largest home improvement retailer having a huge customer base across US and…
Q: On January 1, 2021, Robin Company received a grant of P1,500,000 frorm the government to subsidize…
A: The grant is the amount that is received from the government to fulfill a certain activity. It is a…
Q: What is preferred stock and common stock?
A: The term "stock" refers to a company's ownership or equity. Common stock and preferred stock are the…
Q: Cost of Goods Sold $164,000 Income Tax Expense 17,470 Merchandise Sales (gross revenue) for Cash…
A: Formula for Calculating Gross profit: Gross Profit = Net sales revenue - Cost of goods sold
Q: Tic Ling sold 1,000 shares directly to the stock market for P 1,000,000. How much is the percentage…
A: Solution Provision applicable Percentage tax When the share is sold /disposed through…
Q: Jilk Inc's contribution margin ratio is 619% and its fixed monthly expenses are $47,500. Assuming…
A: Formula : Net operating income = Contribution margin - Fixed expenses Deduction of fixed expenses…
Q: 17. Most lease agreements between landlords and tenants are classified as an estate for years. True…
A: Lease is a contract made between party who transfer land, property, and services to the another…
Q: 8- Which among the following is a tool of management accounting? a. Risk analysis b. All the…
A: Management accounting refers to the managing of the operations of the business. It is basically…
Q: Blossom Company reported the following information for November and December 2022. November December…
A: Gross profit rate (%) = [Gross profit/Sales]×100 Gross profit = Sales - cost of goods sold
Q: Al Kawthar Company has oil and gas properties located only in the United States. Data for Al Kawthar…
A: Given: - Particulars Amount ($) Book value 37,500,000 Production during 2020: Oil 19,000,000…
Q: kee Power Sports is e retsier of jet skis and other matorised leisure venices. Customene pag…
A: Legal tender is money (or coins) that can be used to exchange goods, debts, or services. For the…
Q: Prepare a horizontal analysis of both the balance sheet and income statement. Complete this question…
A: The horizontal analysis analyze the financial statements of the two given financial years.
Q: On January 1, 2021, Raffy Company took out a loan of P24,000,000 in order to finance specifically…
A: Borrowing costs are capitalized on the assets when its directly attributable to the acquisition,…
Q: The statement of financial position for the partnership of AA, BB and CC who share profits in the…
A: Partnership is a formal arrangement by two or more parties to manage and operate a business and…
Q: Taking advantage of a 2/10, n/30 purchases discount is equal to a yearly savings rate of…
A: Yearly savings rate (in percent)= Discount rate ×[Number of days in a year/(Total credit period -…
Q: 2- Return to the abov end of year 3 instr
A: Market value refers to the concept of evaluating the price of an asset as per the current market…
Q: Question 3 Ephrayim Oil and Gas Company abandoned a proved property late in 2020. Costs relating to…
A: Journaling is the process of recording business transactions in accounting records. This activity…
Q: Ann files single and reports AGI of $40,000. This year she has incurred the following medical…
A: As per IRS, The medical expenses relating to knee surgery and over-the-counter drugs are not…
Q: Explain with examples, the 4 types of expropriatio for minority shareholders, namely:
A: Minority shareholders refer to those shareholders who own less than 50% of the total shares of a…
Q: Provide a data analysis of the liability part of the financial statement.
A: Introduction: A financial statement is a compilation of your company's financial information.…
42.
|
|||
|
2021 |
2022 |
2023 |
Assets |
|
||
Current Assets |
|
||
Cash and cash equivalents |
20,000,000 |
30,000,000 |
40,000,000 |
|
5,000,000 |
20,000,000 |
60,000,000 |
Land classified as inventory |
40,000,000 |
38,000,000 |
80,000,000 |
Total Current Assets |
P 65,000,000 |
P 88,000,000 |
180,000,000 |
Non-Current |
|
||
Office Building |
10,000,000 |
12,000,000 |
15,000,000 |
Land (where office is situated) |
100,000,000 |
100,000,000 |
100,000,000 |
Total Non-Current Assets |
110,000,000 |
112,000,000 |
115,000,000 |
Liabilities |
55,000,000 |
55,000,000 |
80,000,000 |
|
120,000,000 |
145,000,000 |
215,000,000 |
Statement of Comprehensive Income |
|||
|
2021 |
2022 |
2023 |
Gross sales |
P 6,000,000 |
P 20,000,000 |
P 35,000,000 |
Cost of sales |
2,000,000 |
10,000,000 |
20,000,000 |
Expenses |
3,850,000 |
5,000,000 |
5,000,000 |
Net income |
P150,000 |
P 5,000,000 |
P 10,000,000 |
The income tax payable of ABC Corporation for the taxable year 2023 is:
Step by step
Solved in 2 steps
- 40. Statement of Financial Position 2021 2022 2023 Assets Current Assets Cash and cash equivalents 20,000,000 30,000,000 40,000,000 Accounts receivable 5,000,000 20,000,000 60,000,000 Land classified as inventory 40,000,000 38,000,000 80,000,000 Total Current Assets P 65,000,000 P 88,000,000 180,000,000 Non-Current Office Building 10,000,000 12,000,000 15,000,000 Land (where office is situated) 100,000,000 100,000,000 100,000,000 Total Non-Current Assets 110,000,000 112,000,000 115,000,000 Liabilities 55,000,000 55,000,000 80,000,000 Stockholder’s Equity 120,000,000 145,000,000 215,000,000 Statement of Comprehensive Income 2021 2022 2023 Gross sales P 6,000,000 P 20,000,000 P 35,000,000 Cost of sales 2,000,000 10,000,000 20,000,000 Expenses 3,850,000 5,000,000 5,000,000 Net…React Corporation Comparative Statements of Financial Position December 31, 2025 and 2024 2025 2024 Assets Current Assets Cash & Cash Equivalent 106,789 102,375 Trade & Other Receivables 327,611 277,467 Inventory 331,863 297,654 Prepaid Expenses 101,565 114,813 Total Current Assets 870,828 792,309 Noncurrent Assets Property, Plant & Equipment Intangibles 135,754 166,481 Total Noncurrent Assets 7,500 7,500 TOTAL ASSETS 143,254 173,981 1,014,082 966,290 Liabilities and Shareholders’ Equity Current Liabilities Trade & Other Payables Unearned Revenues 238,000 208,703 Notes Payables - current 107,508 82,456 Total Current Liabilities 45,000 45,000…SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…
- SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…
- SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…
- SME Balance Sheet 2021 2020 Assets (in millions) Cash 85.960 56.460 Receivables 89.560 80.670 Inventories 55.750 41.260 Other Current Assets 9.950 6.760 Total Current Assets 241.220 185.150 Net Property, Plant, and Equipment 78.970 68.930 Goodwill and Other Intangible Assets 103.110 104.360 Other Non-Current Assets 6.900 4.200 Total Assets 430.200 362.640 Total Liabilities and Shareholders' Equity Payables 83.240 57.48 Current Debt 2.700 2.64 Total Current Liabilities 85.940 60.120 Long-Term Debt 122.000 119.62 Other Liabilities 21.880 22.58 Total Liabilities 229.820 202.320 Common Stock 200.380 160.32 Total Equity 200.38 160.32 Total Liabilities and Equity 430.200 362.640 INCOME STATEMENT 2021 Total Revenue (M) 488.10…Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.E23.10B (L0 1,4) (Classification of Transactions) Following are selected balance sheet accounts of BioLazer Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Increase Selected balance sheet accounts 2020 2019 (Decrease)AssetsAccounts receivable $154,000 $120,000 $34,000Property, plant, and equipment 631,000 581,000 50,000Accumulated…