What is their QBI deduction for the current year?

Q: 8 9 19 0 Given the following information, calculate the maintained markup %: Cost 1 Retail $69,600.0...

A: Introduction:- The markup on items supplied to consumers, or the difference between the cost of good...

Q: Assume the following year 2 income statement for Johnstone Corporation, which was a C corporation in...

A: C Corporation: A C-organization is a made up legitimate substance that is made to show a business to...

Q: The underlying evidences for intangibles which includes purchase agreements, patent certificates, fr...

A: A permanent file is a set of records used in future as a reference for an organization's external au...

Q: Complete the following table (assume the overtime for each employee is a time-and-a-half rate after ...

A: Solution: Total time worked in the week = 12 + 8 + 10 + 8 + 6 + 3 = 47 hours Regular time = 40 hours...

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: The Cumberland Company provides the olowing Information: Sales (250,000 units) Manufacturing costs: ...

A: Answer -  Part 1 - Calculation of the break-even point in units for Cumberland -  Break-even Point =...

Q: nts) The following data have been taken from the accounting records of Larder Corporation for the ju...

A: Operation Income = Revenue - Expenses Total manufacturing cost incurred = Direct materials used + Di...

Q: Journal the entries. Record the following transactions on page 21 of the journal. May 20 Sold merch...

A: Journal entry is a process of recording and classifying business transactions into books of accounts...

Q: e   January 1,   Annual lease payment due at the beginning of    each year, beginning with January 1...

A: The Pina prepaid to the rent of $5,000 to Faldo is given as,

Q: wner borrowed P4,000,000 in notes from the bank and paid of notes of P3,000,000 and interest of P240...

A: Computation of the net income for the current year.   Effect on Equity       Increase Decrease ...

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

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

Q: up formula, sol Percent mar

A:

Q: 1. The cashier of a company bought one calculator for office used. The the accountant who recorded i...

A: Accounting principles are the set of rules which needs to be followed by the organization, even acco...

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

A: Formula: Cash collections from customers = December 31, 2021 revenue - December 31, 2021 receivables...

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: Assume that DBP Leasing Corp. and Minasugbo Inc. sign a lease contract effective on January 1, 2019 ...

A: DBP leasing leases to Minasugbo a bulldozer. Therefore, Lessor= DBP leasing Lessee= Minasugbo  The r...

Q: Current accounting standards require that the discount rate used for pension plans be:   Multiple ...

A: As per IAS 19 discount rate used for pension plans be considered as following 

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: A. On January 1, 2021, Bradley Company issued $100,000, 9%, 4-year bonds. Interest is paid sem...

A:

Q: Problem #11: Standard Costing & Variances Jake’s cheese Company produces gourmet cheese for resale ...

A: Solution..   Actual quantity = 45,000 batches  Standard hours per unit = 0.50  Total standard Labor ...

Q: 3. Mala-Prohibita Company has annual credit purchase of ₱720,000 with a usual term of 3/10, net 35. ...

A: The simple cost of foregoing the cash discount is computed following formula: - Cost =  Discount Per...

Q: QUESTION 30 Presented below is selected data from the financial statements of Cycology, Inc. for the...

A: The analysis made for financial statements where change in each individual item is determined for su...

Q: 2) Whitman Products and Rockland Industries report the following information at December 31: a. Whic...

A: 2).   a) Rockland is a manufacturer because it has raw material and goods in process with it      Fu...

Q: c. Assuming the $160,000 NOL carryover originated in 2020 and WCC elected to not carry back the loss...

A: NOL is an acronym of net operating loss which is the loss which has taken place in order words the c...

Q: An investor purchases a 20-year, $1,000 par value bond that pays semiannual interest of $50. If the ...

A: Current market value of the bonds = Present value of principal + Present value of interest payments ...

Q: Health Corporation has several current notes receivable on its year-end balance sheet. While collect...

A: Notes receivable are balance sheet items that record the value of promissory notes that a company ow...

Q: Iniwan had P600,000 in cash basis pre-tax income for 2020. The following information pertains to Ini...

A: Cash basis is the method of accounting in which which records expenses and income only on the basis ...

Q: 10%? Provide p

A: Net Present Value = $12,118.6 Year Cash flows = CF Working capital adjustment = WC Net cas...

Q: On March 28, the corporation purchased 10,000 shares as treasury stock at P15 per share. On April 10...

A: The issued and outstanding shares are the shares that are issued by the company and are not repurcha...

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

A: Breakeven point implies that point at which firms earn no profit and bear no loss so directly we can...

Q: prepare a cost of goods manufactured statement and an income statement.

A: Statement of cost of goods manufactured used to compute cost finished goods manufactured  

Q: Fields Finance Ltd. (FFL), a leasing company that reports under ASPE, is in the process of preparing...

A: (A) To be classified as capital lease any one of below conditions should be met : transfer of owner...

Q: fter closing entries have been posted, the temporary accounts will have zero balances.   Select one:...

A: Solution: Closing entries are those entries which are made to close the temporary accounts of the in...

Q: The stockholders’ equity accounts of Rayburn Corporation as of January 1 appear below: Common stock...

A: You enter transaction information into your company's books to create a journal entry. In the second...

Q: When converting accrual basis to cash basis of accounting, which of the following adjustments should...

A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received an...

Q: A firm has a P/E ratio of 18 and a ROE of 13% and a market to book value of __________. a.0.64 b...

A: P/E ratio = 18 ROE = 13%

Q: Bismarck Cameras, Inc. manufactures two models of cameras. Model ZM has a zoom lens; Model DS has a ...

A: The overhead is applied to the production on the basis of predetermined overhead rate. The total cos...

Q: For the March Transactions set forth below, prepare the journal entries for the month of March in a ...

A: Journal entries recording is the first step of accounting cycle process, under which atleast one acc...

Q: can be purchased by paying a down payment of P15 ents, the first installment to be after two years a...

A: Here, Interest Rate is 15% Compounded Semi-annually Details of First Option: Down Payment is P150,00...

Q: Match each item with the correct statement below. Only the ____ accounts appear on the post-closing ...

A: Post-closing trial balances are prepared at the end of the accounting period. It is prepared after a...

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

A: Answer -  Cash collected from customers = Sales Revenue + Opening Account Receivable - Closing Accou...

Q: Braxton Technologies, Inc. constructed a conveyor for A&G Warehousers that was completed and ready f...

A: Note Payable refers to legal arrangement among the  issuer as well as payee, where issuer agree to p...

Q: Instructions: А. Determine the type of adjustment (prepaid insurance, Unused Supplies, unearned reve...

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is pr...

Q: a project that will last for a long period of time. years from now, annual maintenance would b 0,000...

A:   As we can see that the cost part comes only within the 4th year and we only have 5 years once the...

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

A: Initial measurement of the lease liability=Present Value of Five annual payments +Present Value of P...

Q: ssume that markup is based on selling price. Calculate the dollar markup and cost. (Round your answe...

A: The goods are sold to the customer at the price higher than its cost price.  The markup cost is the ...

Q: a. What amount of ordinary income and separately stated items are allocated to them for years 1 and ...

A: Solution:- Given, Jack and Jill are owners of Up A Hill, an S corporation.  Jack has = 25% Jill = 75...

Q: Which of the following will give you the most accurate allocation between a cost's fixed component a...

A: Total cost consists of a fixed cost component and a variable cost component. In accounting we often ...

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: 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...