X Corp, a personal holding company, is owned by two individuals and has gross income as follows: $50,000 gross profits from sales, capital gains of $10,000, dividends of $5,000 from a 10% owned corporation, and interest of $60,000. What is the amount of X Corp's personal holding company income?

Q: 7 Augusta Inc. is a manufacturing company whose total factory overhead costs fluctuate somewhat from...

A: Under High-Low Method the per-unit variable cost is computed as follows: - Per Unit Variable Cost = ...

Q: ВЕЗ.1 (LO 1) Indicate why adjusting entries are needed. The ledger of Althukair Company includes the...

A: Hi student Since there are multiple questions, we will answer only first question 

Q: XYZ Inc. manufactures a component D12, and two main products F45 and P67. The following details rela...

A:

Q: Sycamore, Inc. purchased €100,000 of 8 percent bonds of Alvarado Industries on January 1, 2022, at a...

A: When you own an asset that has deteriorated in value but do not sell it to realize the loss, you hav...

Q: describe the main differences between Vertical and Horizontal Analysis.

A: Vertical Analysis: In financial statements, vertical analysis refers to the approach of assessing ea...

Q: Victoria Company sells bedsheets for P3,000 per set. There is a promotion wherein if a customer buys...

A:

Q: Statement 1: Any loss acquired when the costs related to processing, storing, and disposing of by-pr...

A: Let us first understand what are by products. By products are something that is incidental to the pr...

Q: Line Company exchanged a car from its inventory for a computer system to be used in its technologica...

A: Solution: In case of exchange of assets having commercial substance, assets received and asset given...

Q: Sydney Company is a retailer that sells clothing. The entity has launched a promotional campaign whe...

A: Accounting- Accounting is the method that an organization uses to keep track of its finances and int...

Q: QUESTION 30 The person recognized by law as the manager of a decedent's (dead persons') affairs (und...

A: Common Law: In regulation, precedent-based regulation is the assemblage of regulations made by judge...

Q: X Company, the buyer, re ovember 2020. If the term discount period, what am

A: Formula: Amount paid = Total Invoice amount - Discount amount.

Q: TOuonals? January 8 Sold merchandise on account to C. Cline, $1,000, plus sales tax of $50. Sale No....

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Please show full solutions and state the formula used. Thank you so much tutors.

A: The main advantage of using the ABC method is its impact on profitability, it helps in improving pro...

Q: AJ Manufacturing Company incurred $50,500 of fixed product cost and $40,400 of variable product cost...

A: Cost of goods sold = Variable product costs + Fixed product costs Selling and administrative costs =...

Q: Zhane Company exchanged a car from its inventory for a computer system to be used in its technologic...

A: Amount Paid for the exchange = Fair Value of computer system – Carrying amount of Car – Gain on Exch...

Q: In applying the PFRS 9 impairment requirements, an entity needs to follow   Group of answer choices ...

A: Lets understand the basics. As per PFRS 9 "Impairment of financial assets", an entity needs to follo...

Q: ries for

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...

Q: January 8 Sold merchandise on account to C. Cline, $1,000, plus sales tax of $50. Sale No. 1474. 14 ...

A: Date Account Titles  Debit   Credit  January'8 C.Cline  $   1,050     Sales    $   1,000   Sal...

Q: EA14 Toren Inc. employs one person to run its solar management company. The employee’s gross income ...

A: Payroll- The payroll area designates a group of employees for whom the same payroll components are p...

Q: On July 1, 2020, Major Ltd. pays £15,120 to Orlow Insurance for a 3-year insurance contract. Both co...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: For each of the following activities, select the most appropriate cost driver.

A: The activity based costing identifies the cost of each activity, pools the costs under that activity...

Q: On January 1, 2018, Jane Company purchased an equipment with an estimated useful life of 8 years. ...

A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the f...

Q: What is Basis of accounting

A: The system by which revenues and expenses are recognized in a company's financial statements is refe...

Q: During 2021, because of favorable business operations in the area, Yam negotiated for the extension ...

A: On January 1, 2018, the Yam Company leased a portion of the commercial building owned by Ying Commer...

Q: Under the partnership agreement, X is to receive bonus of 20% of net income after bonus and the rema...

A: Lets understand the basics. Partnership is an agreement between two or more person who works togethe...

Q: Kiko group of companies exchanged a car from its inventory for a computer system to be used in its t...

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger mean...

Q: The following totals for the month of June were taken from the payroll register of Arcon Company: S...

A: Journal is the book of original entry in which all the transactions of the business are recorded ini...

Q: The following information pertains to Dallas Company. Assume that all balance sheet amounts represen...

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...

Q: g consultants, initiating the payment process, and notifying the accounting department of all openin...

A: As per the mentioned guidelines I am answering the 4 th part only.

Q: 70. The book recorded a check disbursement in November for P15,000, the correct amount is P25,000. ...

A: Error can be of 4 types Error of Omission: When transaction are completely or partially recorded in...

Q: Wynn Farms reported a net operating loss of $195,000 for financial reporting and tax purposes in 202...

A: Solution 1: Net Operating loss carryback Amount Rate of Tax Tax Recorded as Carried back - 2017...

Q: 29. The Cash Receipts Journal of the X & Y Co shows the following accounts and account balances: Sal...

A: A cash receipts journal is a type of journal that is used to record cash that a company receives fro...

Q: What is the parties reported by the auditor that are related to the results of the audit reports mad...

A: Audit is independent examination of financial statements of any company for the purpose of giving op...

Q: Leprechan Inc. had the following stock and convertible securities outstanding on January 1: • 750,00...

A: Earnings per share (EPS) is calculated by dividing a company's profit by the number of shares of com...

Q: On January 1, 2021, Lynne Company has equipment having a useful life of 10 years with the following ...

A: Impairment Loss: A reduction in the carrying value of an asset or a cash-generating unit that is gre...

Q: Which one of the following actions would be most appropriate to help meet the liquidity needs of Kar...

A: Karen is the sole owner of a wildly successful small business. She does want to take some action to ...

Q: E4.8 (LO 2) Huang Automotive ended its fiscal year on July 31, 2020. The company's adjusted trial ba...

A: Hi student Since there are multiple questions, we will answer only first question.

Q: On January 1, 2018, a new building was purchased at a cost of P30 million. Depreciation was computed...

A: Concept: Revaluation surplus will be the differed between carrying amount of the building on Decembe...

Q: Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airpo The c...

A: Solution: Planning budget is prepared based on planned volume of the activity. It is different from ...

Q: what are the possible violation of financial reporting protocols ?

A: Financial Statements: Financial statements are formal records of the monetary activities and positio...

Q: b.bond payable c.two-year note payable

A: Current liabilities are a company's short-term financial commitments due within a year or during a r...

Q: Two years ago, a machine was purchased at a cost of $( 2,000,000 to be useful for eight years. Its s...

A: Purchase price of old machince= $200000 Present value of old machine (P)= $120000 salvage value (F) ...

Q: The Willsey Merchandise Company has budgeted $45,000 in sales for the month of December. The company...

A: The purchase Budget is prepared to estimate the requirements for the purchase during the period. End...

Q: Your client, Ms. I. M. Gorgeous, is an aspiring actress. She has managed to earn a living doing tele...

A: Deductible expenses are those that can be subtracted from a professional or company's income before ...

Q: Sample Size Determination: Classical Variables Sampling. Shannon Solomon, CPA, isauditing the accoun...

A: Sample size refers to the act of selecting the number of replicates for including the statistical sa...

Q: Help me with question b) only Ratio calculations:

A: Ratio Analysis The Purpose of preparing the Ratio Analysis is to measure the strength and weakness o...

Q: On January 1, 2020, Alpha Aviation issues 105,000 shares of stock. Shortly thereafter, Delta Tech pu...

A: Dividend refers to the profit distribution to its shareholders and when the business earns the profi...

Q: XYZ Entertainment Solutions Corporation manufactures and sells smart phones. Information on the prio...

A: Cost-volume-profit (CVP) analysis is a way to find out how changes in variable and fixed costs affec...

Q: -X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,O0; P200,000; P300,000, r...

A: Months   X capital  Y capital Z Capital  January   150000 200000 300000 February    150000 20000...

Q: 3.The Mark Company acquired a helicopter in 2018. At the time of acquisition, the cost of the jet fr...

A: Solution Depreciation refer as the reduction of the recorded cost of fixed assets in a systematic ma...

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.