What are the tax implications of the sale?

Q: and its stock price is P32. per share. What is Alessandra Company market/book Alessandra Company has...

A: Calculation of market to book ratio are as follows

Q: Directions: Complete the table below. The first item has been done for yo Increased by Decreased by ...

A:           list of accounts  classification normal balance(debit/credit) increased by debit/credit ...

Q: What would be the journal entry to record the estimated liability for warranty on Dec. 31? * a. A d...

A: Warranty is a form of assurance that is being given to the buyer that in case product will have any ...

Q: a. A debit to Warranty Expense of P 123,000 and a credit to Warranty Liability of P 123,000 b. A deb...

A: Date Account Titles and Explanation  Debit   Credit  Dec'31 Warranty Expense  1,50,000     Warra...

Q: Accrued interest income was overlooked in year 2021, what is its effect in Net income of 2023? O No ...

A: The accrued interest revenue is the revenue earned but not received yet. It is recorded as an asset ...

Q: On January 1, 2021, Mustas issued new bonds with face amount of P 10,000,000 for P 10,800,000. Musta...

A: Loss on bonds retirement = Unamortized discount on the existing bonds + call premium on payment + di...

Q: Date of lease – 7/1/19 Term – 3 years (expires 7/1/22) Semi-annual lease payments of $100,000 every ...

A: Answer:- present value of the lease payments Implicit rate of interest to be taken if it is readi...

Q: Presto Inc. acquired 75% outstanding ordinary shares of Sun Corp. Presto regularly sells inventory t...

A: The computation of non-controlling interest in the net income of the subsidiary will be: (Net income...

Q: A new product introduced by Beauty Promotions carries a two-year warranty against defects. The estim...

A: The warranty liability is the expense due as per estimation but not demanded by customer yet. 

Q: for for 20 táxáblé yéàr of ML partnership corporation) including partner's own income citizens) are ...

A: The sharing of profit and loss in accordance with the profit and loss sharing ratio.it completely de...

Q: 3. The following data were taken from the statement of realization and liquidation of AAA Corp. for ...

A: First of all we find out opening capital. Opening capital = closing capital  + dawings - additional ...

Q: Bu Co. is being sued for illness caused to local residents as a result of negligence on the company'...

A: Answer: a. a loss contingency of P 4,800,000 and disclose an additional contingency of up to P 3,200...

Q: Calculate annual depreciation (straight line): $ Calculate depreciation for the year of sale. S Reco...

A: the acquisition cost of the mower $8000 life 4 years depreciation expenses  per year 8000/4= 2000 (a...

Q: Problem 8: Amicable Company purchased a machine at a cost of P635, 000 on January 1, 2012. It was ...

A:

Q: 12. Boston Dollar Store uses the gross method to record purchase discounts and uses a perpetual inve...

A: In contrast to the net approach, the gross method records an invoice at full price, regardless of an...

Q: Fore Farms reported a pretax operating loss of $300 million for financial reporting purposes in 2021...

A: Journal entry is the first step in process of accounting which is recording the financial data in ch...

Q: due immediately. Assuming an incremental borrowing rate of 6%, what is the lease liability on Decemb...

A: The lease agreement is entered into on 31st Dec 2020. The lease liability at the inception of lease ...

Q: 12.  Novelli's Nursery has developed the following data in order to calculate the lower of cost or ...

A: Given that,  Cost to sell = 10% of the selling price.  So the NRV = sales - cost to sell  

Q: What is the revenue earned from award credits for 2022? *see attached a. P 0 b. P 28,000 c. P 36,0...

A: Given, Total Sales for 3 years = P 2,800,000 Actual Warranty Expenditure = P 136,000 Total expected ...

Q: Toys Co. started a new promotional program. For every 10 box tops returned, customers receive a bask...

A: The correct answer calculation is given in the following steps for your reference. 

Q: eto ABC Con coupo bag of dog TOod it sells. return for eight coupons, customers receive a leash. The...

A: The correct calculation answer for the above question is given in the following steps for your refer...

Q: A company made a $500 ordinary repair to a piece of equipment. The accountant debited this amount to...

A: The costs incurred on fixed assets should be capitalized only if the benefits of such costs will inc...

Q: Problem 5 (Determination of Profitability) Toyota Auto Shop had sales of P700,000 in 20X5 and cost o...

A: Net earnings: It implies to the income received by the business after deducting for all the expenses...

Q: Spyker is a small Nethwelands-based designer and manufacturer of exclusive sports cars, which had it...

A: Accounting policies are the concepts, foundations, conventions, regulations, and practices that a co...

Q: On January 1, 2019, Aspen Company acquired 80 percent of Birch Company's voting stock for $352,000. ...

A: Accruals are revenues or expenditures incurred that influence a company's net income on the financia...

Q: Carlo, not a dealer in securities, had the following transactions on ordinary shares of JJ Co. (a do...

A:   Capital gains:  The gains are derived from the sale of investment in assets such as shares, stocks...

Q: Rooney Company incurred $280,000 of research and development cost in its laboratory to develop a pat...

A: As per Standards on accounting,  Research and development expenditures must be recognized as expense...

Q: On Jan. 1, 2021, Gel Co. settled a P 1,000,000 loan by issuing to the lender 10,000 shares with par ...

A: Bonds means an instrument issued by company acknowledging the debt due from company to bond holder. ...

Q: On August 1, Gold Company exchanged a machine for a similar machine owned by Cowboy Company and also...

A: a.  Date General Journal Debit Credit   Cash $7,000     Equipment - (New) ($80,000 - $14,500 ...

Q: Ms. Magan Dah and her sister, Ms. Supla Dah got into the cakes and pastries business almost by accid...

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want ...

Q: Directions: Complete the table below. The first item has been uoe Increased by Decreased by List of ...

A: The balance sheet represents the financial position of the business with assets and liabilities on t...

Q: Ms. Magan Dah and her sister, Ms. Supla Dah got into the cakes and pastries business almost by accid...

A: Earnings Before Tax also known as EBIT. It indicates profitability of any entity. It is calculated a...

Q: Instructions Chart of Accounts Journal Instructions Journal On August 1, 20Y1, Newhouse Co. received...

A: 1. Adjusting Entry - Adjusting Entries are the entries that enters at the end of the financial year....

Q: Based upon the provided information, how would I be able to calculate the Amortization of prior serv...

A: ANSWER 1.) Calculation of Amortization Amortization of Prior service cost = 2 million ( is already g...

Q: 5. A comparative balance sheet for Bill Industries is given below: Assets 20x2 20x1 Cash and cash eq...

A: Under the indirect method, the deferred tax will be adjusted to profit in the operating activities a...

Q: Andres Michael bought a new boat. He took out a loan for $24,320 at 4.5% interest for 2 years. He ma...

A:

Q: Problem 2-2 Calculation of Net Income and Cost of Goods Sold 1. At the end of the first month of ope...

A: Formula: Net Income = Revenues – Expenses

Q: Lake Company, organized in 2020, has the following transactions related to intangible assets in that...

A: The question is related to Intangible Assets. The intangible assets will be amortised over a period ...

Q: You have reviewed creative ownership as a key principle through your reading. In this Journal invest...

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...

Q: On January 2, 20x1, Paul Corp. acquired 20% ownership interest in Simon Corp. for P1,350,000 and the...

A: Goodwill in Consolidation In the consolidation process the calculation of goodwill is the total cons...

Q: Adjustment for Accrued Revenues At the end of the current year, $17,810 of fees have been earned but...

A: In adjusting entry for accrued revenue we should debit account receivable and credit accrued fees ac...

Q: Marsh microns produces an product and provides the following information for the year 2019 Margin of...

A: Selling price per unit: = Margin of Safety / Margin of Safety in quantity Profit computation: = Sell...

Q: 1. How much is the additional allowable training expenses, if any? 2. How much is the taxable net in...

A: Taxable income of the company is the income which the company has earned during the year from the op...

Q: Rooney Company incurred $280,000 of research and development cost in its laboratory to develop a pat...

A: A patent is the granting of a proprietary interest to an inventor by a sovereign authority. In retur...

Q: Intermediaries can reduce positive income (maturity) gaps by. _the proportions of their liabilities ...

A: Interest rate sensitive assets increases the positive income gap and interest rate sensitive liabili...

Q: Sweet Tooth Candy Company has computed the net present value for capital expenditure at two location...

A: The question is based on the concept of Financial Management.

Q: Cullumber Company owns delivery equipment that cost $53,800 and has accumulated depreciation of $27,...

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...

Q: U.S. $ EQUIVALENT CURRENCY PER U.S. $   Polish Zloty .2984             3.3516                 Euro 1...

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...

Q: What is the difference between Direct and Indirect Financing?

A: Financing refers to raising of funds or capital from various sources. In this process, company borro...

Q: Problem 4 (Price/Earnings Ratio) A company has an EPS of P2.00, a book value per share of P20, and a...

A: P/E ratio= MPS/EPS MPS= 1.2*20 = P 24 P/E ratio= 24/2 = 12