I need it asap. The Mira Bookstore sells books used in classesOf this, 25% is for the small office at the back ofsuch as workbooks and accounting books. Thethe bookstore. Depreciation for store fixturesenrolled students from different privateamounted to P50,000. Total supplies used isschools comprising 1,545 senior high schoolP12,500.taking up STEM , purchased the three pre-Prepare a Statement of Comprehensive Incomescribed books at P500 each. The books costfor MIRA Bookstore based on the above infor-P200 each. Also, sales of various school sup-mation using a multi-step approach for the yearplies amounted to P500,000. Costs of theseended 2021.school supplies amounted to P250,000. Thebt st datimentmonthly salary of the bookstore manager isP28,000. The store is manned by one officeclerk with monthly salary of P16,000, and twosalespeople with a monthly salary of P18,000.Utilities expenses for the year totaled P80,000.

Statement of comprehensive income shows all incomes and all expenses of the business for the…

Answered: The Mira Bookstore sells books used in…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter17: Property Transactions: §1231 And Recapture Provisions

Section: Chapter Questions

Problem 11DQ

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John’s Publishing Company, a new service that writes term papers for college students, provides 11-page term papers from a list of more than 500 topics. Each paper will cost $7.50 and is written by a graduate in the topic area. John’s will pay $20,000 for the rights to all of the manuscripts. In addition, each author will receive $0.50 in royalties for every paper sold. Marketing expenses are estimated to be a total of $20,000 divided equally between Years 1 and 2, and John’s cost of capital is 11 percent. Sales are expected as follows: a. What is the payback period for this investment? Its NPV? Its IRR? b. What are the ethical implications of this investment?
At the end of Year 1, Herkimer Co. sells two laptops for 1,800 each. Based on the information in RE11-6 in Year 1, prepare the journal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops.
The Happy Toddlers Bookstore sells the books used in classes such as workbooks and coloring books. All the enroled students (150 students) purchased the three prescribed books at P500 each. The books cost P200 each. Also, sales of various school supplies amounted to p500,000. Cost of these school supplies amounted to P250,000. The monthly salary of the bookstore manager is P20,000. The store is manned by one clerk with monthly salary of P6,000. Utilities expense for the year totals P80,000. Of this, 25% is for the small office at the back of the bookstore. Depreciation for the store fixtures amounted tp P50,000. * Prepare the multi-step income statement for the year ended December 31 for Happy Toddlers Bookstore.
Carson Print Supplies, Inc., sells laser printers and supplies. Assume Carson started the year with 100 containers of ink (average cost of $8.90 each, FIFO cost of $9.00 each, LIFO cost of $7.80 each). During the year, the company purchased 800 containers of ink at $9.80 and sold 600 units for $21.50 each. Carson paid operating expenses throughout the year, a total of $4,000. Ignore income taxes for this exercise. Prepare Carson’s income statement for the current year ended December 31 using the aver-age-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading.
The Happy Toddlers (THT) is a preparatory school for children three to five years old. There are ten teachers employed by THT: five senior teachers with a salary of P30,000 a month and five junior teachers at P18,000 a month. There are also four administrators with average monthly salary of P35,000. Annual depreciation for furniture and fixtures amounted to P100,000. Utilities starting operation totals P200,000. Required:Examine and list down the expenses of THT as of December 31 by nature. Which type of expense is the highest and lowest? If the owner of THT consulted you on minimizing expenses and maximizing profit, what would you recommend?
The Happy Toddlers (THT) is a preparatory school for children three to five years old. There are ten teachers employed by THT: five senior teachers with a salary of P30,000 a month and five junior teachers at P18,000 a month. There are also four administrators with average monthly salary of P35,000. Annual depreciation for furniture and fixtures amounted to P100,000. Utilities starting operation totals P200,000. Required:Examine and list down the expenses of THT as of December 31 by nature. Which type of expense is the highest and lo
The Happy Toddlers (THT) is a preparatory school for children three to five years old. There are ten teachers employed by THT: five senior teachers with a salary of P30,000 a month and five junior teachers at P18,000 a month. There are also four administrators with average monthly salary of P35,000. Annual depreciation for furniture and fixtures amounted to P100,000. Utilities starting operation totals P200,000.Required:Examine and list down the expenses of THT as of December 31 by nature. Which type of expense is the highest and lowest?If the owner of THT consulted you on minimizing expenses and maximizing profit, what would you recommend?
All Business Ltd. Is setting up a truck rental operation. They purchase ten trucks for a total of $950,000. In year 3, they buy two more trucks for $200,000. In year 5, they sell three trucks for $100,000 and buy four new trucks for $425,000. In year 6, they sell three trucks for $85,000. These trucks belong to CCA Class 16 (CCA rate of 40%). Calculate the CCA and UCC for the six years for this pool of trucks
southwest milling co. purchased a front end loader to move stacks of lumber. the loader had a list price of $117,270. the seller agreed to allow 5.50 percent discount because southwest milling paid cash. delivery terms were FOB shipping point. Freight cost amounted to $2790. southwest milling had to hire a specialist to calibrate the loader. The specialist's fee was $990. The loader operator is paid an annual salary of $13,640. The cost of the company's theft insurance policy increased by $1,770 per year as a result of acquiring the loader. The loader had a four year useful life and an expected salvage value of $6,100. a. Determine the amount to be capitalized in an assest accound for the purchase of the front end loader.
Shipments received from home office are billed at 120% of cost.  During the year, the branch received shipments billed at P360,000, and returned damaged goods with billed price of P24,000.  The branch has an ending inventory of P72,000.  The branch reported a loss of P10,000.  How much is the true branch income? Choices: P44,000 P34,000 P54,000 P56,000
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8      Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. Compute the balance of the Inventory account on January 12 assuming that the company uses periodic inventory system. Compute the cost of goods sold assuming use of periodic inventory system. To create year-end blance for cost of goods sold, please close the beginning inventory, purchases and ending inventory accounts assuming that the company uses periodice inventory system. Date…
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8      Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. Compute the balance of the Inventory account on January 12 assuming that the company uses periodic inventory system.

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