What is the difference between tax reliefs and tax credits?

Q: Due to extreme financial difficulties, Armand Company had negotiated a restructuring of a 10% P 5,00...

A: Notes payable refers to the amount of the bill that the company owes from the vendors or suppliers. ...

Q: On October 1, 2020, Eastern Timber Inc. has available for issue $700,000 bonds due in four years. In...

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Q: In 35 years, John is planning on retiring. In general, what type of financial instrument should he s...

A: Retirement is the age on which the person or the employee stops working and now the person is litera...

Q: 13.  On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory val...

A: Introduction Inventory refers to goods used in production or manufacturing by company during a finan...

Q: Recover Co. has the following assets: Land used as plant site 50,000 Land and building classified as...

A: Assets that is classified as property,plant and equipment are as under. Correct answer is option (b)...

Q: Required: • Posting • Trial Balance • Statement of Financial Position

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

Q: Suppose you are a bank loan manager. Your target EAR is 5%. Now, you are required to offer bank loan...

A: Calculation of monthly instalment for 3 years Customer want to Borrow- $ 1,000,000 EAR - 5 %  Month ...

Q: opic: Cost of Funds Solve the following cases using the Gordon Growth Model of determining the cost...

A: Debt holders are also the debt providers to the company but they won’t interfere in the working of t...

Q: Farmer Company issues P 20,000,000 of 10-year, 9% bonds on March 1, 2020 at 97 plus accrued interest...

A: Issue price of bond= 200000*97  Accrued interest= P 20000000*9%*2/12 = 300000 

Q: GEB PHOTOGRAPHY Trial Balance July 31,2019    Debit   Credit  Cash                       403,003   A...

A: The closing entries are prepared to close the temporary accounts of the business. The revenue and ex...

Q: slo Company prepared the following contribution format income statement based on a sales volume of 4...

A: Variable Cost - The total cost of production of a good comprises of the total fixed cost of producti...

Q: 1. Following the depreciation example on page 7-7 of the VLN determine Activity based year 2 accumul...

A: Depreciation Expenses Calculation of Depreciation cost is important for the business which can be re...

Q: Based on the provided information, how is the corridor amount solved for in each of these cases? Tha...

A: This same corridor rule throughout retirement accountancy mandates the presence of any actuarial gai...

Q: Aris, Blair, and Cassie are partners who split profits in a 3:3:4 ratio. They have recently been ove...

A: Solution: Total partnership capital before admission of Shane = P60,000 + P80,000 + P120,000 = P260,...

Q: Which method is required under GAAP? O All are acceptable methods O FIFO O LIFO O Average cost or we...

A: GAAP means the generally accepted accounting principle which means that those accounting principle w...

Q: What are the defenses that someone can take to charges of violations under the 1933 securities act?

A: Defenses are explained below

Q: 2. Identify the relevance of each of the figures given in the exercise in terms of making the specia...

A: A special order refers to the special one-time order made by a customer where the management has to ...

Q: $5,500 2,050 Sales Fixed Expenses Variable Expenaes 1,800 What would expected operating proft be if ...

A: Formula: Operating profit = Sales revenue - Variable cost - fixed cost

Q: The board of directors of Sizzy Company, whose USD50 par value share capital is currently trading at...

A: Calculation of percentage of share dividend are as follows.

Q: Tulips Companý has a DSO of 40 days, and its annual sales are P7,300,000. What is its accounts recei...

A: ANSWER 1)DSO=40 ANNUAL SALES=7300000 NUMBER OF DAYS IN A YEAR=365 DSO = (ACCOUNT RECEIVABLE/ANNUAL S...

Q: ds for the next 3 months. She badly needed P30,000,000 in cash because of an emergency. Pielago look...

A: Money Market Fund Money market fund is also called short term financial fund which can be generate t...

Q: preciation example on page 7-7 of the VLN determine Activity based year 2 accumulated depreciation__...

A: Depreciation Expenses Calculation of Depreciation cost is important for the business which can be re...

Q: The outside basis is defined in the internal revenue code as a partner's basis in the partnership in...

A: True

Q: artinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and ...

A: The question is based on the concept of Cost Accounting. Fixed cost is the cost that remains the sam...

Q: Gold Star Rice, Limited, of Thaland exports Thai rice throughout Asia. The company grows three varie...

A: Calculation of contribution format income statement and break even point are as follows

Q: What is the boarding understanding of 3As (accounts, accounting, accountability)?

A: Financial statement: It refers to the financial records of the business, of its activities performed...

Q: On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-mar...

A: Inventories are recognized lower of cost or market. This rule is applied to inventory item-wise. ...

Q: Which one of the following statements is true?   If the activity method is in use, residual value sh...

A: Lets understand the basics. In activity based costing, depreciation is calculated based on the activ...

Q: Calculation of Net income and Cost of Goods Sold

A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of direc...

Q: On January 1, Year 1, Hills purchased equipment for $350,000. The equipment had an estimated useful ...

A: Double Declining balance method refers to accelerated method of Depreciation . Under this method Dep...

Q: Accounts receivable Accounts payable Buildings $ 18,000 Long-term notes payable 11,000 Office suppli...

A: Formula: Current ratio = Current Assets / Current liabilities

Q: The RiMiA decided to end their partnership business on September 30, 2018. On this date, their capit...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: The equipment is computer, I want to know 10 years Depreciable Life is reasonable or not under GAAP,...

A: Firstly, what is depreciation. Depreciation is a method of spreading over the cost of the asset over...

Q: 8. Alta Ski Company's inventory records contained the following information regarding its latest ski...

A:

Q: The assets and liabilities of Smith Company are as follows: Cash $28,650, Supplies, $840; Equipment,...

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity. 

Q: To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory recor...

A: LIFO reserve = FIFO inventory - LIFO inventory FIFO , in first in first out inventory the inventory ...

Q: Preparing the Statement of Cash Flows Balance sheet information for Beckwith Products Company is pr...

A:

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

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Q: A private educational institution has presented the following data for the 2020 taxable year: Gross ...

A: Thus, pioneer college is required to pay 10% of the net income as per the Philippines law. Net incom...

Q: Inc. owns these assets at the statement of financial position date: pank (savings account) $20,240 h...

A: Prepaid Insurance is insurance expenses which have been paid in advance . It is an current asset . P...

Q: Jones Company had net income of $10,000 for the Beginning total assets were $150,000 and ending asse...

A: ROA is a financial ratio that indicates the percentage of return an entity has generated from it's a...

Q: Provide the quick ratio. Given: Current Assets Cash in bank       P282,506 Due from related p...

A: current ratio are those ratio that measures the liquidity of the company it is the ability of compan...

Q: Williams moved out of Los Angeles District in June 2018. Williams' account had a zero balance in Jul...

A: The answer is stated below:

Q: nd is not a user of the fund but a surplus unit, what do you think is the most suitable money market...

A: In Philippines there are different type of money market fund which are available for the investment ...

Q: Problem 9 Hilarious Company provided the following data pertaining to machinery on the date of reval...

A: Reduction is the value of the asset with the time known as depreciation. By different methods, we ca...

Q: Create your own company describing the nature of the company and what it provides (should be providi...

A: Journal Entry The purpose of providing the journal entry to enter the required transaction into debi...

Q: Rich company produces a variety of stationery products. One product, sealing wax sticks, passes thro...

A:   No. Of actual units and equivalent units                       Particulars  Paraffin   Pigment ...

Q: The cost of goods sold computations for Novak Company and Flounder Company are shown below. Compute ...

A: The question is based on the cost accounting.

Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and...

A: Manufacturing cost means the cost incurred to produce the finished goods in factory. Fixed manufactu...

Q: Park Industries manufactures custom-designed playground equipment for schools and city parks. Park e...

A: Formula: Predetermined overhead rate = Estimated yearly overhead costs / Estimated yearly direct lab...