total amount of expense

Q: Sunland, Inc. had pre-tax accounting income of $3300000 and a tax rate of 20% in 2021, its first…

A: Income tax: It is the tax levied by the federal government on the income earned by individuals,…

Q: Cullumber, Inc. had pre-tax accounting income of $3900000 and a tax rate of 20% in 2021, its first…

A: Pre-tax Accounting Income 3,900,000   Add: Received rent from Jane, Co. for 2022 to be taxed in…

Q: The records for Ivanhoe Co. show this data for 2021: ● Gross profit on installment sales…

A: Generally Accepted Accounting Principles states that the installment method of accounting for…

Q: On January 15, 2020, Link Corp. paid $480.000 in property taxes on its factory building for the…

A: Property tax is levied by the government on the property held by the taxpayer. It is calculated by…

Q: On March 1, 2021, Special Company paid P500,000 for the calendar year's property taxes. Advertising…

A: Income statement is one of the financial statement which shows all incomes and all expenses of the…

Q: ISKOLAR started constructing a building to be used for producing its goods in January 2021. ISKOLAR…

A: As per PAS23, the interest cost on specific borrowing is capitalized with the cost of the assets…

Q: A, a real estate dealer sold a house and lot for 600,000 on November 20, 2021. The cost of the…

A: Income calculation for 2021   Installment = 125,000/600,000 = 20.83% Total gain on sale of house =…

Q: On March 16, 2022, BLUE Company paid property taxes of P375,000 on its building for calendar year…

A: Answer

Q: 4. Orange Enterprises had the following transactions: On December 28, 2021, paid property taxes for…

A: The expense recognition is based on the concept of accrual accounting.  Property taxes paid for the…

Q: SKOLAR started constructing a building to be used for producing its goods in January 2021. ISKOLAR…

A: solution concept as per the provision of PAS 23 borrowing cost , borrowing cost incurred for the…

Q: At December 31, 2019, Afro Corp. reported P1,750,000 of appropriated retained earnings for the…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: In January 2019, Dumdum Inc. paid property taxes on its factory building for the calendar  year 2019…

A: Here in this question, we are require to determine how much expense need to reflect in each interim…

Q: LOSLOS Company has estimated that total depreciation expense for the year ending December 31, 2021…

A: Total expenses for the year ended December 31, 2021 = total depreciation expense for the year  +…

Q: In the first year of operations 2021, Samuel Inc. had a pre-tax accounting income of $4,050,000 and…

A: Step 1 When we find income for taxable purpose, it will be different form income under accounting…

Q: On March 31, 2020, the CHICAGO BULLS Corporation issued a P3, 000, 000 12% promissory note for…

A: Interest expense from January 1 2021 to March 31 2021 = Amount payable x rate of interest x no. of…

Q: Principal Services Group had a 2021 Net Loss of $460,000. The company tax rate is 27% and pre-tax…

A: Lets understand the basics. When there is temporary taxable difference arise between the book profit…

Q: In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021 in…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: how much borrowing cost should be capitalized by ISKOLAR in 2021?

A: Borrowing cost can be defined as interest and other costs incurred by an enterprise in relation to…

Q: ISKOLAR started constructing a building to be used for producing its goods in March 31, 2021. On…

A: SOLUTION- BORROWING COST THAT ARE DIRECTLY ATTRIBUTABLE TO THE ACQUISITION , CONSTRUCTION OR…

Q: Tokwa't Baboy Company prepared the following reconciliation of income per books with income per tax…

A: Note:  income tax provision is created on taxable income.   Total provision for income tax =…

Q: Lolo Inc. had pre-tax accounting income of P900,000 in 2020, its first year of operations. During…

A: Received rent from mama co for the year 2021 in 2020, it means rent is received in advance. it is an…

Q: During 2021, Happy Company constructed asset costing P10,000,000. The weighted average expenditures…

A: Borrowing cost means where the assets like building , take substantial time to build , then interest…

Q: At December 31, 2019, Afro Corp. reported P1.750,000 of appropriated retained earnings for the…

A: Appropriated retained earnings refers to the portion of earing parked aside for specific purposes.…

Q: The records for Pharoah Co. show this data for 2021: ●   Gross profit on installment sales recorded…

A: Depreciation refers to the fall in the historical value of an asset each year. Depreciable amount is…

Q: Doxon Development began operations in December 2021. When lots for industrial development are sold,…

A: 1) Particulars Current Year - - - Future TaxableAmount Year 2021 2022 2023 2024 Total Pretax…

Q: National Tourism Company reported on 31 December, 2018 a pretax financial income of $900,000 which…

A: The reported numbers are incorrect. The correct calculations are as mentioned below:   Calculating…

Q: In November and December 2021, Print Company, a newly organized magazine publisher, received P72,000…

A: As per accrual concept or principle of accounting, all revenues and expenses related to the…

Q: henron, Inc. had pre-tax accounting income of P1,350,000 and a tax rate of 40% in 2020, its first…

A: PARTICULARS    AMOUNT IN (P) Pre-Tax Accounting income           P1,350,000…

Q: For calendar 2020, Marvel Corporation, Inc., reported depreciation expense of $900,000 on its income…

A: Deferred tax liability is a tax obligation that accumulated in one year but is due to be adjusted in…

Q: okwa't Baboy Company prepared the following reconciliation of income per books with income per tax…

A: Formula: Total provision for income tax = Taxable income x Tax rate

Q: Tokwa't Baboy Company prepared the following reconiliation of income per books with income per tax…

A: Solution: Total provision for Income tax = Book income before taxes * Tax rate

Q: n January 2021, Lite Inc. paid property taxes on its factory building for the calendar year 2021 in…

A: Solution: Property taxes is for whole year, therefore same should be recognized equally in each…

Q: 4. Orange Enterprises had the following transactions: On December 28, 2021, paid property taxes for…

A: As per accrual basis of accounting,  Income and expenditures are to be recognized as and when they…

Q: A company made $49,000 in installment sales in 2021 and will receive payment from customers in…

A: Pretax accounting income = Taxable income + Installment sales = $472,000 + $49,000 = $521,000

Q: What amount will be disclosed on the company's notes to financial statements?

A: The determination of amount to be disclosed on the company's notes to financial statements is shown…

Q: WHITE started constructing a building to be used for producing its goods in January 2021, WHITE…

A: We know that IAS 23( Borrowing costs) deals with capitalizing borrowing costs that are incurred in…

Q: 1. Prepare the journal entry to record income taxes for 2019. 2. Which approach have you applied in…

A:

Q: Ronin, Inc. had pre-tax accounting income of $2.700,000 and a tax rate of 40% in 2018, its first…

A: Introduction: Income tax payable is a part of accounting in the current liabilities section of a…

Q: 6. ISKOLAR started constructing a building to be used for producing its goods in January 2021.…

A: Borrowing cost means where the assets like building , take substantial time to build , then interest…

Q: . In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021…

A: Solution: Property taxes are paid for whole year in Jan'21, however its benefits will be available…

Q: 57. On March 15, 2019, Milo company paid property taxes of P180,000 on the factory building for…

A: Solution: Amount of these expenses to be reported in quarterly income statement ending June 30, 2019…

Q: At the end of 2021, Schrutte Inc. in its first year of operations, had pretax financial income of…

A: Correct option is D.$100,000   credit to Income Tax Payable account by $100,000.

Q: Vilma Company has estimated that total depreciation expense for the year ended December 31, 2019…

A: Given: Depreciation expense for the year = P300,000 Bonuses to employees for the year = P600,000 The…

Q: During 2020, a construction company changed from the completed-contract method to the…

A:

Q: n January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021 in…

A: Solution: Property taxes is for whole year, therefore same should be recognized equally in each…

Q: or the year ending December 31, 2018 Lomi Inc has calculated that total depreciation expense will…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: Vilo Company has estimated that total depreciation expense for the year ended December 31, 2019 will…

A: Interim statement is defined as the financial report which cover a period pf less than a year. These…

Q: Dixon Development began operations in December 2021. When lots for industrial development are sold,…

A: 1. Taxable income=Pretax accounting income-Sales revenue+Collection from lot…

Q: On March 1, 2021, Special Company paid P500,000 for the calendar year'sproperty taxes. Advertising…

A: Income statement is that financial statement which shows all incomes and all expenses of the…