What is an assessment under the income tax assessment legislation? and why are assessments importa

Q: Based on the following information, prepare a cost of goods manufactured statement. Material purchas...

A: Material used = Beginning material inventory + material purchases - Ending material inventory Cost o...

Q: What is the depreciation charge for 2019?

A: Total Cost of building = P 8,600,000 Useful life of building = 40 years Salvage value.       = P 600...

Q: A net income will increase the owners capital account. True or false

A: Net Income can be derived from an income statement. It is an excess of all revenue over the expendit...

Q: Using the information below from Planters, Inc., what is the cost per un under both variable and abs...

A: Using absorption costing, the product cost comprises of fixed and variable cost. Using variable cost...

Q: Slater & Sons Corp manufactures electronic components for use in many consumer products. Their raw m...

A: Part 1: Accountants are concerned with timing since they want to ensure that revenues are documented...

Q: tement of changes in owners equity summarizes the effects on the capital account of the various busi...

A: Solution: The statement of changes in owners equity represents the changes in balance of equity from...

Q: Susan Carrie is planning to sell her special pottery for $25 per unit. She purchases units from a lo...

A: The breakeven point is the level of production at which a product's costs equal its revenues. The br...

Q: COCO Inc. has a credit agreement which is revolving fund with its bank under which it can borrow up ...

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

Q: After analyzing the transactions, prepare the adjusting entries for the month of May

A: Adjusting entries are a type of journal entries used to update the account balances.

Q: Z. Net, an accountant, owns a business with the following assets and liabilities. Please note Capita...

A: A t-account is a log or list of accounts that keep track of account transfers

Q: person to start a project 8 years ago placed a deposit of ¢ 1,500,000.00 in a financial institution ...

A: Solution Given Life of project 8 years Initial deposit 1500000 First 3 years 5% mo...

Q: The cost of goods sold was computed at P12.250. Teotal sales for the year were P42950. of which P31....

A: Formula: Inventory turnover ratio = Cost of goods sold / Average Inventory

Q: for the Compute following (show your solution): 1. Total Current Assets 2. Total Non-current Assets ...

A: Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the balance ...

Q: Audit of various funds Case 1 – Sinking Fund The following information is available concerning the S...

A: Solution Sinking Fund is a fund containing money set aside or saved to pay off a debt or bond.

Q: What is the treatment of any input tax paid by a non-VAT (but subject to percentage tax) seller on h...

A: Input tax refers to the tax which is charged on the goods and services supply or both made to the re...

Q: Horn’s Crane Service furnished supplies and services under a written contract to a partnership engag...

A: Partnership: This is a type of business entity that is formed by an agreement and is owned and manag...

Q: more than 155 hours per​ month, he or she gets an additional​ "overtime" pay of ​$65.80

A: Aggregate plan is a planning done by Operations managers to make the most of the required production...

Q: Accounts Receivable 100 Accounts Payable (4,000) Accumulated Depreciation Cost of Goods Sold 1,000 D...

A: Solution: Operating income is computed as operating revenues reduced by operating expenses. Non oper...

Q: up formula, sol Percent mar

A:

Q: The primary financial statements prepared for a sole proprietorship are the income statement, statem...

A: Solution: There are 4 main financial statements: 1. Income Statement 2. Statement of changes in equi...

Q: heese). Each unit produced will require 0.50 direct labor hours at a cost of $10.00 per hour. Variab...

A: Standard costs are estimates of the cost of goods sold, or the cost of producing your items. They ar...

Q: ys operated it as a C corporation. However, at the beginning of this year, Connor made a qualifyin o...

A: b. It is required to compute the amount and nature gain that C would recognize if he received $60,00...

Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The...

Q: Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,000,000 in 201...

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

Q: 9. Hong Kong Clothiers reported revenue of $5,150,000 for its year ended December 31, 2021. Accounts...

A: Solution We are provided with the following information Revenue = $ 5,150,000 Opening balance of acc...

Q: The capital accounts for the partnership of Luke and Mark at October 31, 2022 are as follows: Luke, ...

A: Answer) Under Bonus Method, total capital of the firm post admission of new partner will be equal to...

Q: 1. How much is overstatement(understatement) of the retained earnings by the end of 2019? (if UNDER,...

A: Retained Earnings The purpose of keeping retained earning is to reserve the amount of profit which a...

Q: effective interest rate

A: Formula: effective interest rate= [1+ interest rate/period)^ period]-1 *100

Q: The operations vice president of Security Home Bank has been intelested IN has been particularly con...

A: Solution: First stage allocation under activity based costing is distribution of cost to different a...

Q: 2. M. Knight owns a business called "Accounting Done Right" which has the following account balances...

A: 1. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the balan...

Q: 35. The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company a...

A: Leases is a form of agreement or arrangement between two parties, in which one party provides its as...

Q: Net income or net loss is the difference between total revenue and total expenses over a specific pe...

A: Net income is the income earned by a business during a accounting period. Net income or loss is comp...

Q: Review the following independent auditors’ report: To the Board of Directors and Shareholders Comp...

A: GIVEN   To the Board of Directors and Shareholders Company XYZ"We have audited the accompanying bala...

Q: what drawings are concerning small business and answering her query concerning her holiday.

A: Dear Linda,    I acknowledge your query concerning your holidays and drawings. Drawings refers to an...

Q: Required information (The following information applies to the questions displayed below) Warnerwood...

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: What annual deposit is required for 5 years to accumulate an amount of money with the same purchasin...

A: Answer) Calculation of amount of annual deposit required to accumulate P 1,000 after the end of 5 ye...

Q: On January 1, 2019, Kyle company established a share appreciation rights plan to key employees whe...

A:

Q: In December 2018, General Electric (GE) had a book value of equity of $51.5 billion, 8.6 billion sha...

A: Market capitalization = Market price per share * Number of shares outstanding Market-to-book ratio =...

Q: 167. Pearce CompanyPearce Company uses a standard cost system for its production process. Pearce Com...

A: Solution: Variable overhead spending variance = (SR - AR) * AH Standard rate of variable overhead = ...

Q: Teal Leasing Company agrees to lease equipment to Flint Corporation on January 1, 2020. The followin...

A: Lease: A lease is a lawful agreement by which one party conveys land, property, administrations, and...

Q: hich of the following accounts is a contra account?   Select one: a. Drawing b. Transportation In c....

A: Solution: A contra account is related to a main account and used in a general ledger to reduce the v...

Q: 20 A credit to the account Cash-MDS Regular will most likely be recorded in what journal?  Group o...

A: Cash MDS regular account is one of the cash account which is maintained in the assets side of the ba...

Q: The total owners' equity is usually under a number of subcaptions on the corporations balance sheet....

A: Shareholder equity is the section that foremost comes in the liability side of the balance sheet   

Q: QUESTION 15 During the year, Proffitts, Inc., had revenue of $83,000 and expenses of $26,000. During...

A: Revenue = $83000 Expenses = $26000

Q: What does the expression “marginal product of labour” mean ? Why do workers (skilled and unskilled) ...

A: marginal product of labour is concept of economics. this concept is generally used in economics when...

Q: Pine Corporation, a calendar-year corporation, was formed three years ago by its sole shareholder, C...

A: Introduction:- A dividend is a payment given to stakeholders by a corporation. When a firm makes a p...

Q: ABC Ltd enters into a five-year lease agreement with Legal Ltd on 1 July 2023 for an item of machine...

A: Amount to be paid as insurance and maintenance of the equipment shall be accounted separately and sh...

Q: of the company's S10 par common stock at an option price of 530 per share. The market value of the t...

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

Q: Marin Ltd. started the year with a balance owing from Stratford Inc. of $31,200. After several phone...

A: Journal entry refer to the first step in process of accounting which refer to recording of financial...

Q: Consider the following information regarding Sensation Ltd, a listed company on ASX in Australia.  ...

A: a) Residual income = Net Income – Equity Charge                               = EPS – Book value of ...