True or False? Substituted filing applies only to single or head of the family.
Q: Current Attempt in Progress At August 31, Coffman Company has this bank information: cash balance pe...
A: 9) Adjusted cash balance per bank = cash balance per balance + Deposit in transit - Outstanding chec...
Q: ABC began operations at the beginning of the current year and keeps absorption-cost accounting recor...
A: Total units produced = Units sold + Units in ending inventory = 35,000 + 12,000 ...
Q: Pampanga's best provided the following information: ...
A: Solution: Inventory to be reported on statement of financial position = Raw materials inventory + Fi...
Q: The following is the balance sheet and income statement for Metro Eagle Outfitters, in condensed for...
A: Solution Formulas Inventory turnover ratio = cost of sales / Average inventory. Current ratio = curr...
Q: C Inc. and D Co. have an exchange with no commercial substance. The asset given up by C Inc. has a b...
A: If exchange has no commercial substance, there will be no profit or loss and exchange will be record...
Q: ze or false: A company is having economic problems and substantial doubt exists as to whether the co...
A: Solution Concept When there is a substantial doubt as to whether the company can continue as going c...
Q: orthwood Company manufactures basketballs. The company has a ball that sells for $25. At present, th...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Wildhorse Always enters into a contract with Dakota to construct the path for $233,000. In addition,...
A: Solution a: Consideration Bonus Amount Probability of Outcome Revenue Recognized Bonus if ...
Q: How much is the total amount normally considered as noncurrent investments?
A: NONCURRENT INVESTMENTS AS ON 31 DECEMBER PARTICULARS AMOUNT FA@FVTPL 10,00,000 FA@FVTO...
Q: On January 1, 2016, Cookie Inc. purchased an equipment for P1,970,000. On this date, the equipment h...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: On December 1, 2021, abc Ltd. borrowed $180,000 from a local bank by signing a four-month, 5% inter...
A: Since amount was borrowed on December 1 , interest will be accrued for 1 month from December 1 to De...
Q: On January 01, 2022, TGIF Company sold equipment costing P10,000,000 with accumulated depreciation o...
A: No. of installment to be received = Face value of notes / annual installments Carrying amount of the...
Q: lex Company reported an impairment loss of P5,200,000 in its income statement for the year 2016. Thi...
A: Solution Given Impairment loss on 2016 5200000 Cost of building acquired 80000000 Da...
Q: On January 2, 2020, Popsters Corporation purchased 80% of SG Corporation's ordinary shares for P648,...
A: A) Net income attributable to non-controlling interest Subsidiary Income P105,000 The share of ...
Q: P company bought 60% of common stock of S company on January 1, 20x4. On January 1 20x5, there was a...
A: Share in net income will be For company S Gain on sale of equipment $63,000 Net income from.operati...
Q: Which statement is incorrect concerning the preparation of consolidated financial statements? A. Wh...
A: Solution Concept The financial statements of the parent and its subsidiaries shall be consolidated o...
Q: On July 1, 2020, Lettuce Company, a calendar-year company, purchased a machine for a cash price of P...
A: 2020: Depreciation rate = 1/useful life = 1/10 = 10% Depreciation expense (for the entire year) = 2 ...
Q: On January 01, 2021, Scottie Boo sold equipment costing P10,000,000 with accumulated depreciation of...
A: Note means an instrument issued by company acknowledging the debt due from company to bond holder. I...
Q: MFCB Ltd uses an activity-based costing system for its overhead costs. The company has provided the ...
A: Pre-determined overhead rate = Total manufacturing overhead cost / Total units of the allocation bas...
Q: Question 10 of 10 <* View Policies Current Attempt in Progress Given the following information, dete...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, th...
A: Sales Activity Variance = Master Budget - Flexible Budget Contribution margin = Sales - Total variab...
Q: Find the interest on a P120 000-investment compounded semi-annually at 1.5% for 5 years.
A: Principal amount (P) = P120,000 Interest rate = 1.5% Semi annual interest rate (r) = 0.75% Period = ...
Q: Maximum Bank has analyzed the accounts receivable of Scientific Software, Inc. The bank has chosen e...
A: In this question, we have to find out the maximum amount that the bank will lend In the next questio...
Q: What annual savings, if any, are realized by this change of pay period?
A: We have to find the present value of payments in both the cases. Following is the solution attached:
Q: Problem 2. The following transaction occurred during year 2022 for Z Corporation: 80,000 60,000 10,0...
A: Since you have posted question with multiple sub-parts , we will do the first three sub-parts for yo...
Q: In 2020, Jack and Eri are married. Jack earns $150,000 from his job as a finance executive. Eri earn...
A: Gross Income Gross income which are included the income which are derived through salary and other i...
Q: Data Back-Up Systems has obtained a $10,000, 90-day bank loan at an annual interest rate of 15%, pay...
A: Solution Given Loan amount 10000 Interest rate 15% Maturity period 90 day Numb...
Q: TGIF Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property...
A: Determination of revaluation surplus to be reported on Dec 31, 2022: Amount (P) a Origina...
Q: Calculate the value of the bond at the time of issuance, and record the initial journal entry. Assum...
A: Bond valuation refers to a method which is used to compute the current value of future cash flow of ...
Q: ABC Company had the following capital structure during 2020 and 2021: Preference share capital, P10 ...
A: Answer) Calculation of Basic Earnings per Share Basic earnings per share = Earnings available for Co...
Q: On December 31 , 2016 , the balance sheet of CDO Partnership is as follows : Cash 15,360 Noncash Ass...
A: Liquidation of partnership means closing down the business of the partnership firm and selling off a...
Q: Conceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. Certain topics ar...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: On March 10, 2020, Wildhorse Company sold to Barr Hardware 230 tool sets at a price of $53 each (cos...
A: A balance sheet is a financial statement that illustrates the assets, liabilities, and shareholder e...
Q: TRUE OR FALSE? Dividends declared is an addition to retained earnings beginning to compute for the r...
A: Retained earnings ending balance is computed using , Retained earnings beginning balance Net Income...
Q: n January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker’s commiss...
A: Solution Given Face value 500000 Coupon rate 8% Issue price 475126 Life of bon...
Q: Love Inc. and Life Co. have an exchange with no commercial substance. The asset given up by Love Inc...
A: As accounting standards asset shall be transfer at fair market value. Here fair market value is not ...
Q: What amount should be reported as noncurrent assets as of December 31, 2021?
A: Non-current assets are those assets of the company which is held by them for a period of more than o...
Q: 9. The balance of work in process inventory account as of December 31, of the current year of Purewo...
A: Balance of WIP = P480,000 Selling price = P450,000 Cost of completion = P10,000 Cost to sell = P5,00...
Q: How much is the noncurrent portion of the note on December 31, 2018?
A: The determination of non current portion of the note receivable is shown hereunder : Apple company r...
Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a rac...
A: Financial advantage/disadvantage refers to the incremental increase or decrease which comes as a res...
Q: Hotdog Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following item...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: TRUE OR FALSE? Cash set aside for bonds payable that will mature currently is shown as current asset...
A: The assets can be classified as current assets or non current assets. The current assets can be conv...
Q: Tala Co. owns an 80% interest in Kilometro Inc., acquired several years ago. Kilometro regularly sel...
A: The question basically requires eliminating the effect of unrealised profit from inventory balance p...
Q: Rifle Co. is a distributing company selling toy guns to retailers at 10/15, 5/20, n/30 and it provid...
A: Answer) Under ageing of receivables method, the allowance for uncollectible accounts is calculated b...
Q: Hunter Appliances sells refrigerators for $1,500, which includes a two-year warranty that requires t...
A: The first, systematic recording of all monetary business transactions is called a journal entry. The...
Q: On January 01, 2022, TGIF Company sold equipment costing 10,000,000 with accumulated depreciation of...
A: Carrying amount of the note = annual installments x Present value factor No. of installment to be re...
Q: The following transactions occurred in CuddlePH Company during the month of May: Units Price Beginni...
A: Under FIFO Method value of ending inventory is calculated on the assumption that units of inventory ...
Q: On January 1, 2017, Jungkook Company purchased an equipment for P1,970,000. On this date, the equipm...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: On October 1, X company acquired for cash all the outstanding ordinary shares of Y Company. Both com...
A: Consolidated net income of parent company and includes proportionate income earned by the subsidiary...
Q: A proposal to reduce oil spill on MX5 has a B-C ratio of 1.4. The conventional annual worth of benef...
A: Benefit to cost ratio = 1.4 Annual benefits (P) = P 560,000 Interest rate (r) = 6% Period (n) = 20
True or False? Substituted filing applies only to single or head of the family.
Step by step
Solved in 2 steps
- Is Abandoned Spouse one of the filing statuses? Yes NoWhich is not a cause for a valid disinheritance of children or descendants? Parents have abandoned their children The child has been convicted with concubinage with the spouse of the decedent A child by fraud causes the testator to make a will A child has been found guilty of an attempt against the life of the testatorCompare and contrast two main filing statuses married file separate and married file jointly? example?
- Which of the following is not a close member of the family of a person in accordance to PAS 24? Parent Spouse Child Domestic partnerTrue or False: Low-income working married couples filing jointly with or without children can qualify for the Earned Income Tax Credit?Two main filing statuses married file separate and married file jointly, Include general information on the differences and when one filing status might be preferred over the other?
- Main two filing status, Married file jointly and married file separately tell us about things that might be permitted under one status and not under another?How do two taxpayers determine who has priority to claim the dependency exemption for a qualifying child of both taxpayers when neither taxpayer is a parent of the child (assume the child does not qualify as a qualifying child of either parent)? How do parents determine who gets to deduct the dependency exemption for a qualifying child of both parents when the parents are divorced or file separate returns?Which statement describes a technique used to address the issue of ensuring the payment of adequate child support by a noncustodial parent when the parents of minor children are divorced? A) A provision in the noncustodial parent's will leaving property to the minor will solve this concern. B) To ensure that child support payments are continued if the noncustodial parent dies or becomes disabled before such payments are to cease, the parents must enter into a nuptial agreement. C) An irrevocable trust established and funded by the noncustodial parent to ensure payment of child support can be a valuable tool to protect such assets from the claims of future creditors of the noncustodial parent. D) Insurance on the life of the noncustodial parent must be owned by an irrevocable life insurance trust to prevent the noncustodial parent from changing the beneficiary.
- Lavinia incurs various legal fees in obtaining a divorce. Which types of expenses associated with the divorce are deductible by Lavinia, and which are not?How do two taxpayers determine who has priority to claim the dependency exemption for a qualifying child of both taxpayers when neither taxpayer is a parent of the child (assume the child does not qualify as a qualifying child of either parent)?In year 1, John's wife died. John has no dependents. As of the end of year 2, John had not remarried. Which is the most advantageous filing status available to John in year 2? Group of answer choices Qualifying Widower Head of household Single Married filing joint
