What is Situs of Taxation? Give at least three (3) examples.
Q: Splish Company sponsors a defined benefit pension plan. The following information related to the pen...
A: Solution Pension expense is the amount that a business charges to expense in relation to its liabili...
Q: Se and Xy are partners agreeing to allow monthly salaries of P6,000 and P5,000, respectively; 6% int...
A: Interest on Se capital = P300,000 x 6% = P18,000 Interest on Xy capital = P230,000 x 6% = P13,800 An...
Q: ABC Company’s record shows December 31 balance of P2,350,000 for its accounts receivable. The follow...
A: Adjusted balance of accounts receivables is the balance of AR after all the adjustments to be given ...
Q: Mahon Corporation has two production departments, Casting and Customizing. The company uses a job-or...
A: Applied overhead is recorded as a kind of direct overhead charge in the cost-accounting technique. T...
Q: Rebecca and Irving incur the following medical expenses during 2020: Medical insurance premiums $4,5...
A: GIVEN Rebecca and Irving incur the following medical expenses during 2020: Medical insura...
Q: ABC Company is a manufacturing company that produces furniture. To improve efficiency and usefulnes...
A:
Q: Sales of goods are taxed based on? A. Gross Selling price B. Gross Receipt C. Landed Cost D. Answe...
A: Gross Selling price is the price which is normally charged from the customer is selling the goods. I...
Q: ortation has B0 minutes fo ster a new ca cermined fixe
A: Overhead variances refer to the concept of determining the difference between the actual overhead an...
Q: Beresford Inc. purchased several investments in debt securities during 2020, its first year of opera...
A: Other comprehensive income refers to an accounting item for companies which include revenues, losses...
Q: Find the compound amount for the deposit and the amount of interest earned. $6100 at 6.1% compounded...
A: Compund interest can be calculated by the following formula: Compound interest = Compound Amount -...
Q: On July 1, 2020, an interest payment date, $200,000 of Pride Co. bonds were converted into 12,000 sh...
A: When the bonds were converted into equity shares then the balance in Unamortized premium on bonds pa...
Q: The Action Toy Company has decided to manufacture a new train set, the production of which is broken...
A: calculation of cycle time for production and number of workstation are as follows
Q: Crush and Ni are in partnership and prepare their accounts to December 31 each year. On July 1, 2015...
A: “Since you have asked multiple questions, we will solve the first question for you. If youwant any s...
Q: CBC Inc is currently operating at 80% capacity. Its machine and factory has a maximum production cap...
A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed wh...
Q: Splish Brothers Inc. reports a $24000 increase in inventory and a $6000 decrease in accounts payable...
A: The question is based on the concept of Cost Accounting.
Q: Riverbed Industries and Marin Inc. enter into an agreement that requires Marin Inc. to build three d...
A: Lease arrangement is the arrangement where the lessor gives the right to the lessee to use the asset...
Q: A serious exposure for an organization that is connnected with the revenue cycle is the loss of asse...
A: In this question we asked about a serious exposure for an organization that is connnected with the r...
Q: A company that makes records have a monthly cost of $7,449 to run their factory. If it costs them $2...
A: Formula: Break even point in units = Fixed cost / Unit contribution margin
Q: What was the Federal Estate Tax: Prior to the Bush Tax Cuts? After the Bush Tax Cuts? Did the Obama ...
A: Administration Exemption level Tax Rate Years in Effect 1. Prior to Bush Tax Cuts (Bil Clinton, 19...
Q: Process costing metnod IS sultable for: Road roller manufacturing company O Steel industry Crane man...
A: Process costing is a costing technique adopted by those industries which satisfied the following con...
Q: Question 8 Smitz Spa is preparing its opening IFRS statement of financial position on January 1, 202...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Robertson Company had purchased an equipment on January 1, 2019 for P 4,800,000. The entity used the...
A: Depreciation is the amount of expense which is shown in the income statement to show the decrease in...
Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...
A: Casey made a taxable gift = $5.7 million to both Stephanie and Linda Total taxable gifts = $11.4
Q: Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first3. Please resubmit the question ...
Q: OI March 1, 2021, Remy Corporation issued $1,000,000 of 8% nonconvertible bonds at 104, which are du...
A: Paid-in capital is the money a company has received from investors in return for issuing stock. Pa...
Q: What are the aspects of Taxation?
A: Taxation Taxation is important for the country which can be generate revenue to the government to me...
Q: The actual return on plan assets __is equal to interest expenses accrued each year on the projecte...
A: Plan assets refer to long term assets held for the benefit of employees. It includes long term inves...
Q: Your firm has total sales of $10,508. Costs are $6,062, depreciation expense is $1,188, and the inte...
A: Net profit margin = Net profit / Sales where, Net profit = Total sales - costs - depreciation expens...
Q: Mohave Corp. is considering outsourcing production of the umbrella tote bag included with some of it...
A: Solution:- 1)Computation of the difference in cost between making and buying the umbrella tote bag a...
Q: From these particulars prepare a Bank Reconciliation Statement of Brindha Ltd. by taking Balance as ...
A: Please see Step 2 for the answer as required.
Q: E9-5B: (Statement of Financial Position - Current vs Non-current Classification) KIWI Corporation is...
A: Assets and liabilities are being classified based on their holding period and purpose of holding. Fo...
Q: How much money should you invest at an interest rate of 6% compounded monthly, to have P400,000 in 5...
A: Compound interest refers tonl the interest on any thing that is calculated by adding both Initial Pr...
Q: Question 4: Investments Please note that this question has two independent parts. Part 1: On January...
A:
Q: The following data are available: variable cost per unit, P8, fixed cost per unit P10, profit P20,00...
A: “Since you have asked multiple questions, we will solve the first question for you. If youwant any s...
Q: EXERCISE 2.1 Make the TABLE to show the division of net income/net loss and give the CLOSING ENTRIES...
A: A partnership firm refers to where the partners do business and share the profit and losses that are...
Q: Bonita Inc. reports the following pretax income (loss) for both book and tax purposes. Pretax Year I...
A: The income tax is an expense for business entity which is charged on the generated income for each y...
Q: 5. Dali is trying to decide whether to accept a salary of P80,000 or a salary of P50,000 plus a bon...
A: Partnership is one of the agreement between two or more than two persons, in which they join their h...
Q: On January 1, 2021, Banco de Oro made a 1,000,000 8% loan with interest receivable at the end of eac...
A: Principal Repayment- A principal payment is an imbursement that goes toward the reimbursement of the...
Q: On November 15, 2010, Abar Corporation acquired Rapids, a Company that operates a scenic railway alo...
A: Impairment means the reduction or decline in value of asset because of negative changes in the exter...
Q: Adam operates a smal shop specializing in party favors. He owns the build- ing and supplies all of h...
A: A company's net income, which is revenue less expenses, is referred to as accounting profit. Economi...
Q: Which is exempt from VAT?
A: given VAT is
Q: . The partnership agreement of Hi and Rap provides that interest at 14% per year is to be credited ...
A: The meaning of partnership business is two or more persons bringing the capital to form the business...
Q: The key accounting considerations relating to accounts payable are: Determining their existence and ...
A: Accounts payable is a current liability. As per IAS 1, Presentation of financial statements, Curren...
Q: Find the payment made by the ordinary annuity with the given present value. $216,967; quarterly paym...
A: Present Value of Ordinary Annuity (End) = r * P / {1 – (1+r)-(n)} rate of interest= 8% Per quarter i...
Q: 14. A 120-day, 15% interest bearing note receivable is discounted to a bank at 18% after being held ...
A:
Q: Vells Leasing Company signs an agreement on January 1, 2020, to lanchester Company. The following in...
A: In this question, we have to calculate the an=mount of annual rental payment required.
Q: Upto 100 3% 101 - 200 5% 201 - 300 8% >300 10% Find the gross earnings if Ahmed sells worth RO 320. ...
A: The commission is based on sales revenue earned.
Q: Your friend is a higher rate taxpayer and has a large amount in a savings account which is earning 3...
A: For having maximum 500 limit on interest, maximum investment required= 500/interest rate
Q: 10. Chop and Suey are partners who share profits and losses after salary and interest allowances in ...
A: Suey is getting interest on capital P4,000 and Salary P10,000 But his total Share is P40,000. Diff...
Q: On August 1, 2019, Aiken Corp. enters into a contract with Benton Corp. to sell it $25,000 of goods....
A: Contracts are promises that the law will enforce. Contracts arise when a duty comes into existence, ...
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