What are the principal reasons for using a special payroll bank account

Q: ba

A: Annual depreciation = (Cost of the assets - residual value)life of the assets  = (P22,000,000 - 2,00...

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A: Capital Gain on the Sale of stocks directly to Buyer : p 30000   Ordinary gain on sale of old of...

Q: ptual Framewor

A: A conceptual framework is a written or visual representation of how variables should interact. Varia...

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A: Income tax:   It is the tax every individual or company is liable to pay on the income generated dur...

Q: xpected residual value at the end of the lease term will be 60,000. Blue amortizes all of its leased

A: The given lease is a finance lease because the equipment lease for most of its economic useful life....

Q: The Chowning Company manufactures ear buds that sell for $20 a pair. The variable cost of each set o...

A: Formula: Total cost = Variable cost + Fixed cost

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A: The variable cost changes with the level of the production and fixed cost remains constant at every ...

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A: Budgeting is considered to be an important decisions for a business as it help the business to under...

Q: Which is correct?  a) The de minimis benefits not exceeding their thresholds are exempt from income ...

A: Solution Explanation -Amounts exceeding their threshold are added to the 90000 threshold and amounts...

Q: The Following fringe benefits shall not be subject to basic tax or fringe benefit, except:  a) Fring...

A: Fringe Benefit Tax Fringe Benefit Taxes which are taken from the employee of the business entity to ...

Q: The fringe benefit tax by nature is a final tax. b) The personal expenses of a managerial employee s...

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A: Unrealized gain or loss is the amount of gain or loss which the company has taken into account by wa...

Q: Required:

A: Income refers to the earnings that are received in the normal course, either by the individual as sa...

Q: At the beginning of January 2021, Luminiscence Company purchased ten-year bonds with a face amour of...

A: Solution: Face value of bond = P5,000,000 Stated interest rate = 8% Market interest rate = 10% As ma...

Q: nstructions: Enter your answers lecimal places.

A: This is a multiple part question in which different cases are given which we have to solve 

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Q: Citricacid plc budgets during its first year of operations to produce and sell 38,160 litres of prod...

A: Solution...     Total production cost per unit  = Variable production cost + fixed production cost  ...

Q: Draw a ( Ledgers ) for all transactions please. ASSIGNMENT PRINCIPLES OF ACCOUNTING (BAAC 1102) Give...

A:                         a) CASH   Date Description Debit Credit Balance   1-Apr Hilal, Capit...

Q: Show your solution pls On March 1, 2016, Rose Corporation issued at 103 plus accrued interest, one h...

A: Bonds are issued by governments and businesses when they need to generate revenue. When you buy a bo...

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A: The cost object is the key element which is used in cost accounting to assign a cost. a) A branch of...

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A: The question is based on the concept of Cost Accounting.

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: Which of the

A: This is a multiple-choice question in which we have to select the correct option. 

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Q: The company reports the following balances: Other Revenue $180,000 General and Administrative Expens...

A: Dividends paid do not affect the net income as the dividends are paid after the computation of the n...

Q: On April 1, 2016, Lanz Company issued at 99 plus accrued interest, 200 of its 8%, P 1,000 bonds. The...

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Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205.025,000 at the beginning o...

A: When goods are sold on credit, the customer's account is debited to the account called accounts rece...

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Q: State and local governments are accountable to much more than private investors. They are accountabl...

A: Comprehensive Annual Financial Report (CAFR): Using GASB criteria, a Comprehensive Annual Financial ...

Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205,025,000 at the beginning o...

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Q: Statement 1: When a taxpayer receives a car from a corporation for furnishing the names of potential...

A: Solution Taxable income is the income of which you are given tax . The income after deductions.

Q: Alpha company provided the followinginformation for the month of December: Cash balance per ledger 5...

A: Sometimes due to certain reasons the balance as per the cash boo doesn't matches with the bank state...

Q: Which is not part of de minimis benefits

A: De minimis benefits are facilities are privileges offered by employer to employees.

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A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base a...

Q: The following information applies to the questions displayed below.] Shares sold for consideration o...

A: Journal Entry The basic process of accounting is to journalize the required transaction into debit a...

Q: uyer. follows: Selling price P800,000 Cost 300,000 Expenses on sale 50,000 Compute the capital gains...

A: Capital gain means increase in value of capital assets and realized when the assets sold. Capital ga...

Q: Mega Corporation, a domestic corporation, deposited P1,000,000 in a 7-year time deposit with BPI whi...

A: Amount deposited = 1000000 7 years Time Deposit Rate of interest 7% ( annual Interest)

Q: Number of Units Unit Cost Sales Beginning inventory 900 $50 Purchased 640 52 Sold 400 $100 Sold 350 ...

A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods: ...

Q: At the beginning of Year t, Copeland Drugstore purchased a new computer system for $170,000. It is e...

A: In accounting, depreciation seems to be an indirect and explicit expense incurred by a corporation e...

Q: Fast Delivery is the world's largest express transportation company. In addition to the world's larg...

A: Gain (loss) on disposal of Truck = Sales value - Net book value of the Truck where, Net book value o...

Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205.025,000 at the beginning o...

A: Receivables refer to both the trade debtors and bills receivable, the term debtors refer to the pers...

Q: One of the following compensation income of an individual taxpayer is not an exclusion from gross in...

A: Exclusion from gross income of a taxpayer is the amount of income which has been excluded means not ...

Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of ...

A: Lets understand the basics. For calculating interest payable at the year end, we will need to use be...

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: On January 1 of the current year, Yellow Company purchased 40% of the outstanding ordinary shares of...

A: The net investment income of the purchase of shares in any company is the share of the purchasing co...

Q: On January 1, 2021, Mirakulo Company acquired P4,000,000 of 12% face amount bonds for P3,767,000 to ...

A: Carrying amount of the bond = Present value of principal + Present value of interest payments where,...

Q: Butterfly Limited has finalised its budget for 20X8 and sales are anticipated to be £243,600 in Janu...

A: A sales budget is a financial projection of a company's total sales over a given period of time. Sal...

Q: It is a kind of withholding tax which is prescribed on certain income payments and is creditable aga...

A: The question is related to the taxation. 

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.