The maternity benefit of the female employee under RA 11210, otherwise known as the 105-day Expanded Maternity Leave Law, shall pertain to the: a) Full pay or full salary b) Actual cash benefit received from SSS c) Salary differential d) All of the above
Q: Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing m...
A: Under FIFO Method, units which comes in first will be sold first and the inventory will be out of th...
Q: e following cost and activity observations for Leno Enterprises' utilities, use the high-low method ...
A: The high-low method compares the cost and the activity level of the highest activity level and low...
Q: Ada Company owns and manages apartments. On signing a lease, each tenant must pay the first month an...
A: Given, Cleaning costs of Php15,000 per apartment. About 30% of the time, the tenants are also charge...
Q: During the first two years, the company drove the company truck 57S00 and 62.000 miles, respectively...
A: Activity based Method of Depreciation, also known as a unit of activity depreciation it is the depr...
Q: The standard direct labour cost of product C is as follows: Three hours of skilled labour at £4 per ...
A: Formula: Direct labour total variance = Actual cost - Standard cost
Q: Helix Corporation uses the weighted-average method in its process costing system. It produces prefab...
A: Solution: Units transferred out during the month of May = Units in beginning WIP + Units started - U...
Q: Mr. Ron acquired machinery for use in his business. After a strong typhoon, the machinery suffered p...
A: Restoration cost shall be capitalized. And also depreciation shall be deductible on such cost. Resto...
Q: Barker Inc. uses the weighted-average method in its process costing system. The following data conce...
A: a)Equivalent units of material Particulars actual units Equivalent units Units completed and t...
Q: Mountain Dirt Bikes Racing Bikes $ 256,000 159,000 97,000 Total Bikes $ 927,000 463,000 464,000 $ 26...
A: 1. Incremental Analysis - Regal Cycle - Racing Bikes Particulars Continue Racing Bikes (Alt 1) ...
Q: On May 1, 2016, Bench Co. issued 11% bonds in the face amount of P 1,000,000 that mature on May 1, 2...
A: Solution: Face amount of bond= P1,000,000 Premium on issue of bond = P62,000 Issue price of bond = P...
Q: Mr. Ron acquired machinery for use in his business. After a strong typhoon, the machinery suffered p...
A: Standard requires the entities to recognize the restoration costs at initial recognition of PPE as p...
Q: own individual lightsaber that they special order to fit their needs. Skywalke based off direct labo...
A: Predetermined overhead rate: Divide the predicted (budgeted) overhead costs for the year by the esti...
Q: Shiba Company leased an office to Cate Company for a five- year term beginning January 1, 2020. Unde...
A: Rent for first year = 800,000 Lease term = 5 years Rent for remaining year = 1,250,000 Lease grante...
Q: Budgets identify, gather, summarise, and communicate: a) Financial data only. b) Financial and non-f...
A: Budgeting is the process of identifying, gathering, summarizing, and communicating financial and non...
Q: A corporation's taxable income is taxed at the federal, state, and local levels. It is customary fo...
A: Given, A corporation has a taxable income of $7,356,401. The federal income rate is 46%, the state ...
Q: Directions: Enter the adjustments noted below to the Merchandise Corporation Worksheet Adjust...
A: Worksheet - The worksheet includes unadjusted Trial Balance, Adjustments, and Adjusted Trial Balance...
Q: Which of the following costs has no relationship with the level of output? a) Semi-variable costs. b...
A: Semi variable and variable costs has a direct relationship with the level of output. Stepped fixed c...
Q: 1) A corporation may choose to use debt financing because a) it has an income tax advantage. b) it...
A: In case of multiple questions, we are allowed to solve only the first question. In case if you want ...
Q: Given the building layout for Store A, Store B, Store C, and Store D, what portion of the shared $60...
A: Cost that would be apportioned to a particular store can be calculated as: = Total cost * area of th...
Q: Berkeley Inc. is engaged in manufacturing. For the procurement of machines, Berkeley Inc. uses the l...
A: When there is an option attached to the lease agreement then the lease is a sale-type lease. In sale...
Q: The company provides for an allowance for bad debts equivalent to 3% of total receivables. Receivabl...
A: Provision of bad debts not allowed for taxation purpose. Following is the condition of bed debts al...
Q: Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administr...
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured ...
Q: On January 1 of the current year, Yellow Company purchased 40% of the outstanding ordinary shares of...
A: Reported income: The investor's portion of the joint venture's earnings and losses is included in th...
Q: Dow Deep Mining Co acquired mineral rights for $56,000,000. The mineral deposit is estimated at 70,0...
A: Depletion rate per ton = 0.8 Depletion expense = 14,560,000
Q: A plastic plant worth $ 216630 had a useful life of 13 years and a scrap value of $ 16195. However, ...
A: The sum of the years' digits approach is used to expedite the realization of depreciation. As a resu...
Q: Rose's VISA balance is $1,880 . She may pay it off in 10 equal end-of- month payments of $200 each. ...
A: Interest Rate: It is possible to calculate the interest rate by comparing the cost of borrowing agai...
Q: Parmida sold a Class 1 depreciable asset to a corporation that she controls in exchange for a non-in...
A: Section 85 election is used to reduce or minimize the liability of tax by transferring the eligible ...
Q: SBD Phone Company sells its waterproof phone case for $90 per unit. Fixed costs total $151,200, and ...
A: Contribution margin per unit = sales per unit - Variable cost per unit = $90-$36.=$54 Break even poi...
Q: WHAT ARE THE FEATURES AND TYPES OF FOREIGN TRADE?
A: Foreign trade are the trade between two or more countries.there are generally two types of trade tha...
Q: Kirk Company purchased equipment by making a down payment of P400, 000 and issuing a note payable fo...
A: Capitalized cost of the equipment = Down payment + Present value of Note + Shipping charges + Instal...
Q: Krawl Company uses a job order cost system. The following data summarizes the operations related to ...
A: preparation of schedule of unfinished job and and schedule of completed job are as follows
Q: What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue re...
A: Using percentage of completion method, the revenue is recognized on the basis of percentage of work ...
Q: Inspiration Company had trading and nontrading investments held throughout 2021 and 2022. The nontra...
A: Statement of changes in equity:- It is the statement that measures the changes in owner's equity thr...
Q: 1. Answer the following questions related to the source document on the next page. A. What business ...
A: The original document containing the specifics of a commercial transaction is referred to as a sourc...
Q: The standard direct labour cost of product C is as follows: Three hours of skilled labour at £4 per ...
A: Direct labor is labor that is allotted to a specific product, cost center, or work order. When a co...
Q: - Company purchased merchan paid $200 freight and sent Well harge of $200. Wellgrow uses t returned ...
A: February 19: merchandise inventory account Dr$5200 To account payable$5200 (Being amount payable inc...
Q: Which one of the following are NOT period costs? a) Advertising costs. b) Indirect materials. c) Pro...
A: Period cost is the cost which is related to the period of time and it is not directly related to pro...
Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205,025,000 at the beginning o...
A: whenever good is sold to the customer on credit then whatever will be received from the customer in ...
Q: *see attached What is the interest income for the current year? a. 1,297,905 b. 1,357,905 c. 900,0...
A: Lease means giving out the assets by lessor to lessee to use that assets in return of rent. Financia...
Q: Laura Hall is the sole owner of Wildhorse Vista Park has compiled the following financial informatio...
A: In this question, we have to make a balance sheet Assets are resources that are controlled which re...
Q: Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 manda...
A: Compensation income: The amount provided to the employees or workers for the work responsibilities p...
Q: BE5-3 Prepare the journal entries to record the following transactions on Graff Com- pany's books us...
A: As per perpetual inventory system, cost is transferred to COGS account immediately when goods are so...
Q: derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 I...
A: Capital gains are taxed differently than ordinary income and capital gains generally arise when gain...
Q: On July 1, 2014, Acting Company established an imprest (petty Cash) fund in the amount of $800.00 in...
A: Imprest (Petty Cash) System is an accounting system that is created for tracking and documenting how...
Q: Mr. Lolong, a supervisory employee, received the following income in 2015: Gross compensation income...
A: Total gross compensation refers to the amount a worker earns before any deductions or adjustments. I...
Q: Bay Company holds 60,000 of Fay Company's 200,000 outstanding shares and 8,000 of Hay Company's 400,...
A: Dividend: A dividend is a payment made by a firm to its shareholders in exchange for its earnings. D...
Q: Delta Spirit, Inc. entered into a contract to sell equipment to Wilco, LLC on October 1, 2021. Along...
A: When the consideration received for the sale included not only the sale of goods but also includes c...
Q: On January 1, 2021, Illuminati Company purchased 10% bonds with a face amount of P3,000,000. Th bond...
A: Computation of carrying amount of bonds on december 31,2022: Amount Interest income Interest re...
Q: 7) You purchased a commercial building and lot for $190,000 on March 3rd, 2020. The lot itself was v...
A: Modified Accelerated Cost Recovery System that allows a deduction for depreciation for the tax purpo...
Q: . How much money would have to be raised to put a new plant costing $ 250972, if a fund reserve was ...
A: Sum of years depreciation is a method of depreciation amount which is charged on the asset during th...
Step by step
Solved in 2 steps
- According to PAS 19, short-term employee benefits are recognized a. at each year-end b. at each month-end c. on a semi-monthly basis d. when an employee has rendered service in exchange for those benefits.Under IAS 19 on Employee Benefits, which of the following terms best describes other long-term employee benefits a. Benefits not falling due wholly within twelve months of the end of the period in which the service is rendered. b. Benefits which are payable after completion of employment c. Benefits payable as a result of an entity's decision to end an employment before the normal retirement care. d. Benefits which fall due within twelve months of the end of the period in which the service is rendered.The wage base for unemployment compensation taxes are: a. all wages paid but not including those that have been set aside for the employee to draw upon at his/her discretion. b. all wages actually paid or constructively paid. c. all wages paid or payable for the period. d. all wages that are considered to be constructively paid plus wages payable.
- These provide an employee with financial security upon ceasing employment. A wide variety of these exist, and withholding from gross pay for these plans is a voluntary deduction. The withholding of a portion of an employee's earnings, in compliance with a court order or other legal proceeding. Limited to the lesser of 25% of disposable earnings or the amount of disposable earnings that exceed 30 times the federal minimum wage. A flexible spending account that is designated for a specific purpose. It is a type of cafeteria plan.All of the following fringe benefits may be excluded from an employee's income EXCEPT: Qualified moving expenses for civilian employees. Qualified transportation benefits. Employer-provided education expenses up to $5,250. Health insurance benefits for an employee's spouse.In the case where an employer is delinquent in paying contributions to the state for SUTA: a. experience ratings may be decreased. b. their employees may not be eligible to collect unemployment benefits. c. the employer may be required to contribute monthly rather than quarterly. d. a 100% penalty may be imposed.
- Which of the following types of payment are exempt from unemployment taxable wage base: a. Standby payments. b. Noncash Christmas gifts of significant value. c. A union's payment to its striking members. d. Bonuses.All the listed benefits paid by an employer are required to be included in an employee's income for a tax year except one. Which one? Question 4 options: a) Tuition fees for training that relates to employer's work b) Medical expenses of an employee c) Forgiveness of employee debt d) Cost of life insuranceIf an employee has received over one million dollars in supplemental earnings for the year, any further supplemental earnings should be withheld a.at a 22% withholding rate. b.using the wage bracket method. c.at a 37% withholding rate. d.using the aggregate method.
- V6. Based on the wage-bracket method, the federal income tax withholding for an employee who files as Single, is paid weekly, completed the current Form W-4, has one job, and whose adjusted wage amount is $572 is $In Oregon, employers who are covered by the state workers' compensation law withhold employee contributions from the wages of covered employees for the workers' benefit fund at the rate of 1.2¢ for each hour or part of an hour that the worker is employed. Every covered employer is also assessed 1.2¢ per hour for each worker employed for each hour or part of an hour. The employer-employee contributions for workers' compensation are collected monthly, quarterly, or annually by the employer's insurance carrier, according to a schedule agreed upon by the employer and the carrier. The insurance carrier remits the contributions to the state's Workers' Compensation Department. Cortez Company, a covered employer in Oregon, turns over the employer-employee workers' compensation contributions to its insurance carrier by the 15th of each month for the preceding month. During the month of July, the number of full-time employee-hours worked by the company's employees was 8,490; the number of…The employees are entitled to 10 days holiday leave per calendar year. Unused holiday leave may be carried forward until the employee leaves the employment of the entity, at which time the entity will pay the employee for all unused holiday leave. The holiday leave is. a termination benefit a postemployment benefit a short-term employee benefit other long-term employee benefit
