Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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The sales manager of the Walbrook Company receives an annual bonus of 10% of net income after bonus and taxes. In 2019, Walbrook's income, before bonus and taxes, was $400,000. The effective tax rate is 30%.
Required:Compute the sales manager's bonus and the income tax expense for the Walbrook Company. Round bonus to dollars and income tax expenses to cents.
Bonus
$fill in the blank 1
Income tax expense
$fill in the blank 2
Gallery located in Maine produces journals and photo albums. On May 1, 2021, G borrowed $250,000 from Midwest One Bank by signing a three year, 6% note payable. Interest is due each May 1. How much, if any, should interest expense be debited for on Dec 31, 2021?
Fill in the blank. Omit $ sign.
27. In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021 in the amount of P100,000. In the first week of July 2021, ABC made advertising campaign and paid P100,000. These advertisements are expected to benefit operations for the remainder of the calendar year. How should these expenses be reflected in ABC’s quarterly interim financial reports?
choices:
P25,000; P25,000; P125,000; P25,000
P25,000; P25,000; P75,000; P75,000
P50,000; P50,000; P50,000; P50,000
P100,000; P0; P100,000; P0
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