The University of Saint Augustine Philippines (USAP) was a domestic educational institutionestablished in 1432. It is the first to offer Accountancy, Law, and Medicine in Asia. It has producedmany distinguished alumni, including presidents, statesmen, and saints. For the taxable year endingDecember 31, 2025, the University of Saint Augustine Philippines had the following results ofoperations:Gross ReceiptsFrom tuition feesFrom rentalsFrom sale of school merchandiseTotal gross receiptsLess: Cost of ServicesGross ProfitLess: Operating expensesNet Income14,000,0002,500,0006,300,00022,800,00013,450,0009,350,0005,240,0004,110,000Included in the operating expenses is a full-year depreciation expense in the amount of P1,000,000for a newly acquired building with a useful life of five (5) years. The entire gross receipts wereused for the acquisition of a land for the expansion of the educational institution.If University of Saint Augustine Philippines is a proprietary profit educational institution and it didnot opt to deduct the capital outlay as an expense, how much is income tax due?

In Phillipines as per the provisions of BIR non proprietory i.e non profit…

Answered: y distinguished alumni, i ember 31,…

Business

Accounting

y distinguished alumni, i ember 31, 2025, the Um rations:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…
Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…
St. Matthew Hospital, a private 40-bed hospital in Bataan province, presented the following data for the taxable year, 2018: Gross receipts from patients and laboratory 5,000,000.00 ;Income earned from unrelated activities 1,500,000.00 ; Total hospital expenses 2,300,000.00. What is the rate of unrelated activity income to St. Matthew Hospital's gross income? Determine the income tax liability of St. Matthew Hospital.
The statement of financial position of Washbud Private University as of the end of its fiscal year, June 30, 2018, is as attached:The following transactions occurred during the fiscal year ended June 30, 2019 (all numbers are in 000’s):a. On July 7, 2018, a gift of $90,000 was received from an alumnus. The alumnus requested that one-half of the gift be used for the purchase of equipment for the university athletic department and the remainder be used for the establishment of a permanently restricted endowment.The alumnus further requested that the income generated by the endowment be used annually to award a scholarship to a qualified disadvantaged student. On July 20, 2018, the board of trustees resolved that the funds of the newly established endowment would be invested in savings certificates. On July 21, 2018, the savings certificates were purchased.b. Revenues from student tuition and fees applicable to the year ended June 30, 2019, amounted to $1,900,000. Of this amount, $66,000…
Tesla State University is a public university. Assume deferred revenues as of July 1, 2022 are in the amount of $3,500,000. Record appropriate transactions for the year ended June 30, 2023. Properly classify the revenue transactions in your answers (operating revenues, nonoperating revenues, etc.): 1. Deferred revenues were earned prior to December 2022. 2. During the fiscal year ended June 30, 2023, student tuition and fees were assessed in the amount of $68,000,000. OF that amount, $52,000,000 was collected in cash. Also, of that amount, $2,400,000 pertained to that portion of the 2023 summer session that took place after June 30, 2023. 3. Student scholarships amounted to $2,500,000. No services were required of the students. 4. Student assistantships and work-study stipends amounted to $2,000,000. 5. Auxiliary enterprise revenues amounted to $10,500,000. 3. The state appropriation for operations was received in the amount of $43,000,000. Pell Grants in the amount of $ 18,000,000…
Accounting for Student Aid from External Sources Landry State University, a public university located in Louisiana, has a June 30 fiscal year. On July 20 of the current year, Landry State University receives $1,275,000 in payments from the U.S. federal government for Pell grants and loans for students for the upcoming academic semester which begins August 1. Record the following transactions. 1. The receipt of funds on July 20. 2. The recognition of revenue on August 1, assuming that amounts are applied to student accounts entirely for tuition and fees revenue. Debit Account To record receipt of funds on July 20. To record recognition of revenue on August 1. 0 0 0 0 Credit 0 0 0 0
General Purpose Financial Statements The following Trial Balance relates to Banco Community College, a public tertiary educational institution in Guyana, as at December 31, 2019. DR CR $00 $00 Fees Income 4,575,622 Permanent Post 5,312,430 Allowance 856,670 Independent consultancy fees 655,600 Legal Cost 25,059 CARICOM Grant 1,540,000 Consultancy Cost 565,500 Non-Permanent Post 1,253,600 Seminars cost 500,000 Sponsorship (granted/received) 8,100 9,066,828 Receivables 468,050 Payables 182,840 20% loan 8,600 Books and Research Allowance 150,765 Plant and Machinery 3,000,000 250,000 Motor Vehicle 2,505,000 352,000 Building 12,300,000 756,000 Software 995,500 150,000 Other Incomes 211,430 Project Work Supervisory Allowance 48,500 Cash and Bank 294,233 Training and Workshop cost Bad debt provision (student fees) Work in Progress 104,000 4,940 8,251,735 Other Expenses 71,000 Withholding Tax 90,500 Accumulated Fund 11,205,270 Utilities Bills 560,053 Proceeds from Sale of Admission Forms…
The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted. The following transactions occur during the year.Prepare journal entries for each transaction. Then determine the end-of-year balances for unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets by creating a statement of activities.a. Charged students $1.2 million in tuition.b. Received a donation of investments that had cost the owner $100,000 but was worth $300,000 at the time of the gift. According to the gift’s terms, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in the value of these securities must be held forever and cannot be spent.c. Received a cash donation of $700,000 that must be used to acquire laboratory equipment.d. Gave scholarships in the amount of…
The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted. The following transactions occur during the year. Prepare journal entries for each transaction. Then determine the end-of-year balances for unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets by creating a statement of activities. Charged students $1.2 million in tuition. Received a donation of investments that had cost the owner $100,000 but was worth $300,000 at the time of the gift. According to the gift’s terms, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in the value of these securities must be held forever and cannot be spent. Received a cash donation of $700,000 that must be used to acquire laboratory equipment. Gave scholarships in the amount of $100,000 to…
Bible Community of the Philippines, Inc. (BCPI)is registered with theSecurities and Exchange Commission as a nonstock, not-for-profitcorporation with the primary purpose of "Widest distribution of holyscriptures all over the Philippines and spiritual transformation of theFilipino people." The corporation has the following gross receipts andinput VAT from its purchases: Government grant - P3,000,000;Contributions from the public - P1,000,000; Sales of gift shop itemsP600,000; Rental of commercial space - P2,000,000; Input VAT related togift shop and rental activities - P126,000; Input VAT related to not-forprofit activities - P 436,000; What is the VAT payable? None. The Corporation is a nonstock, not-for-profit corporation which is exempt from business tax.P186,000P230,000P306,000
P Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Private Proprietary Educational Institution majority of its income is from related activities. P, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was contributed by related activities and total expenses of P 3,000,000, 50% of which was incurred in connection with non-related activities. Compute the income tax due if all the income of Qalvin is used for educational purposes. P, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was contributed by related activities and total expenses of P 3,000,000, 50% of which was…
Big Blue University has a fiscal year that ends on June 30. The 2019 summer session of the university runs from June 10 through July 29. Total tuition paid by students for the summer session amounted to $123,000. Required: a. How much revenue should be reflected in the fiscal year ended June 30, 2019? Amount of revenue b. Would your answer to part a be any different if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes? O Yes O No