You and Sunny are arguing whether tax laws can be retroactive in its application. Sunny noted that they can only be prospective but you take the stand that it may retroactive.  1. Which of the following would be the least fit example you could give? A. tax laws implementing riles and regulations that are remedial in nature B. tax memoranda that are interpretative in nature C. tax laws imposing business tax D. tax circulars that are intended for internal purposes of BIR

Q: 34. A lessee with a finance lease containing a bargain purchase option should depreciate the leased...

A: Lease: It implies to a contract whereby one party transfers it's right of using an asset to another ...

Q: Njenge Bank has the following balance sheet (in millions) with the risk weights in parentheses.    ...

A: Credit risk exposure is ascribed to balance sheet assets in four categories. For the groups indicati...

Q: West Company is a print shop that produces jobs to customer specifications. During January, Job #305...

A: Direct labor cost = 15 hours x P7 = P105   Overhead cost = 6 MHrs x P18 = P108

Q: Q1. On a multiple-step income statement, the excess of sales over the cost of goods sold is called: ...

A: A Multiple-Step Income Statement is an Income Statement which categorize income and expenses into op...

Q: “But I intended to pay it all back, I really did,” Mr. J said as he talked to his manager. How did I...

A:

Q: On January 1, 20x1, ABC Co. sold transportation equipment with a historical cost of ₱12,000,000 and ...

A: Carrying amount of the receivable on January 1, 20x3 = Present value of annual instalment payable on...

Q: quincy is single. his income of $250000 includes wages of $210000, $1500 of interest,$3500 of tax ex...

A: Net investment = Gross investment - Depreciation on capital asset

Q: How much is the share in the profit of associate in 20x1?

A: In this case the share in the profit of associate would be calculated as share in profit of P4,000,0...

Q: Common shares (no-par value; authorized 60,000 shares; outstanding 21,000 sha Contributed surplus Re...

A: Stockholders are the Persons of entities whom the company issues its ownership rights in the form of...

Q: . What impact does a bargain purchase option have on the present value of the lease payments comput...

A: Introduction:- A bargain purchase option in a lease permit or gives the lessee to purchase the lease...

Q: During one of his rallies, Jackie, a candidate for presidency, claimed that his main platform is to ...

A: Following is the correct answer 

Q: Bulldogs Inc. has a financial break-even point at P163,500. How much is the total preferred dividend...

A: Financial Break-even point is the point where Earnings before interest is taxes is sufficient to cov...

Q: Problem D- Lastimosa Corporation On March 1, 2017. Lastimosa Corporation sold P400.000 of 12 percent...

A: Bonds are financial instruments issued by corporations to raise debt capital without diluting the ow...

Q: e balance is P

A:  Introduction Net Income: Total revenue less all other expenditures and costs (including any other ...

Q: vironmentally- ke the product:

A: The correct option is 4.

Q: Alesha Energy purchased land in fee for $230,000, The fair market values of the surface and mineral ...

A: As per IAS 16, Property, Plant, and Equipment are initially recognized at cost.

Q: Prepare a cash budget for the XYZ Manufacturing Company, indicating receipts and disbursements for M...

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. % ar...

Q: Luna Sea Sushi, Inc. has total costs of $130,000 when it sells 40,000 units. If total fixed costs ar...

A: Variable cost per unit can be calculated by dividing total variable cost by total units.

Q: 1. Wrenn acquired 35% of Loy's voting stock on January 1, 2020, for $2,000,000. During 2020, Loy ear...

A: 1. Dividend distributed by Loy in 2020 = $500000 Wrenn receive dividend = 35% x $500000 = $175000, w...

Q: PR 16-18 Statement of cash flows-indirect method OBJ. 2 The comparative balance sheet of Merrick Equ...

A: Cash Flow Statement: A cash flow statement is a financial statement that summarises all of the cash ...

Q: Borich Corporation produces and sells a single product. Data concerning that product appear below: ...

A: When comparing an asset's market price to its initial cost, the breakeven point (break-even price) i...

Q: Describe the primary characteristics for governmental and not-for-profit entities. How does this dif...

A: Government or Not for Profit Entity: A non-profit organisation (NPO) is one that is not motivated by...

Q: January 2, 2020, P Company acquired 80% investment in S Company. The acquisition cost was equal to P...

A: The question is related to Consolidation. The details are as under  Share of P in S Company  = 80% N...

Q: Purchase Returns and Allowances and Merchandise Returns. Customer Refunds and Customer Allowances.

A: Purchase means buying goods from supplier . The difference between purchase return and allowances an...

Q: The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Sp...

A: It is an arrangement between two parties in which one party (lessor) allows another party (lessee) t...

Q: A manufacturing company has been working with one of its primary suppliers to improve the quality of...

A: Cost of Quality refers to costs incurred with respect to a product to assure its quality such as pre...

Q: In her 1988 article called ‘Financial Accounting: In Communicating Reality, We Construct Reality’, R...

A: Introduction:- The field of accounting that deals with the summary, analysis, and reporting of a com...

Q: H sold land to his sibling for $280,000. The land is used for farming and at the time of the sale ha...

A: The amount earned by an individual or company after deducting costs, allowances, and taxes is referr...

Q: Whilst searching for related literatures for her thesis study, Jackie found a tax law which provides...

A: The answer is stated below:

Q: An objective of the statement of cash flows is to disclose changes during the period in all asset ...

A: The cash flow statement is part of the financial statements of the company. It is prepared at the en...

Q: Thomlin Company forecasts that total overhead for the current year will be $10,864,000 with 194,000 ...

A: Projected total overhead = $10,864,000 Projected machine hours = 194,000 Hours  

Q: PR 14-48 Entries for bonds payable and installment note transactions OBJ. 3,4 The following transact...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: On January 2, 20Y7, Mikedes Company acquired 30% of the outstanding stock of Violet Company for $720...

A: Journal entry shows the recording of the transaction during an accounting year and every transaction...

Q: What is the amount of gain or loss to be recognized by WAVY Company in its income statement as a res...

A: Reclassification of the asset means that the assets value has to be revalued so that the current val...

Q: P Corporation purchased 60% of the shares of S Corporation on January 01, 2019 for P2,200,000. On th...

A: Working

Q: n a finance lease, the lessee records interest expense only. lease expense only. amortization expe...

A: Solution: Finance lease is the giving right to use the asset along with the buy option at the end of...

Q: On January 4, 2021, P Company purchased 75% interest in S Corporation for P300,000. S's recorded ass...

A: Consolidation statement In the consolidation statement parent company acquired the subsidiary compan...

Q: 27 Statement I: When a partner sells an interest to a new partner at an amount that exceeds the cary...

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

Q: What procedures must the auditor perform when gathering evidence related to contingencies? (Several ...

A: the liability that possibility arises because of happening of the future event such a liability is t...

Q: The capital structure of Bulldogs Inc. is comprised of 50% ordinary stock, 25% preferred stock, and ...

A: Formula: Weighted Average Cost of Capital = (Cost of Ordinary Stock X Weighted of Ordinary Stock) + ...

Q: Cheyenne Company manufactures a check-in kiosk with an estimated economic life of 12 years and lease...

A: Journal entries (JE) refers to the entries which are recorded in the original or first book of accou...

Q: 3.) Alaundry can purchoscsoap containing 30.owt'. water ata price of $'7.00/ kg - thesamc manufactur...

A: The final cost of the dry soap to the laundry includes the price paid to the manufacturer for the dr...

Q: Which of the following would be classified as a financing activity on a statement of cash flows? S...

A: Solution: Financing activity section of statement of cash flows reflects the net cash flows used to ...

Q: 7....Stellar Industries and Pearl Inc. enter into an agreement that requires Pearl Inc. to build thr...

A: Calculation of depreciation  Building cost = $2362000 / 10 years = 236200   Statement of lease   ...

Q: National Co. formulates and sells three major chemicals: AB, CD and EF. It sells to industrial users...

A: Solution Working note - Sales mix ratio : AB =3 CD =6 EF= 1 Total =10  The average UCM is : AB =P30 ...

Q: Simon intends to start his own business selling specialist wines. Some of his sales will be for cash...

A: A cash budget is a financial analytic tool that forecasts the inflow and outflow of cash in the futu...

Q: P20,000,000. The supplier provides the entity one additional truck of the same kind with a fair valu...

A: whenever a company purchase it's asset is recording is done in the balance sheet at  historical cost...

Q: Flu Buster Ltd manufactures a type of oral flu vaccine in capsules. These are produced in three sepa...

A: As per Bartleby policy, only the first three interlinked parts are answered of the first question. I...

Q: What procedures must the auditor perform when gathering evidence related to contingencies? (Several ...

A: Auditor should perform following procedures while gathering evidence related to contigencies:- Revi...

Q: The debt ratio is calculated by dividing total assets by total liabilities Group of answer choices T...

A: The correct option with proper explanation are as follows