. Pacific Airlines, an international carrier, showed the following gross receipts for 2X18: Point of Origin Destination Gross Receipts Philippines United States of America P 8,000,000 United Kingdom 4,000,000 3,750,000 2,100,000 United States of America United States of America United Kingdom Philippines Philippines Additional information: • Forty percent (40%) of the shipments from the Philippines to the United States were later shipped to the United Kingdom. Twenty-five percent (25%) of all its revenues were from the transport of cargoes and goods. Compute the income tax payable for 2X18.
Q: Journal Entries: Partnership Formation Art, Bart and Cath formed a partnership by contributing 40%,…
A: Hi student Since there are multiple questions, we will answer only first question. Partnership is…
Q: You have a lawn mowing business. You plan to work 250 hours per month and charge your customers $24…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: 57. On January 1, 2019, an entity acquired 30% of the voting share capital of another entity for…
A: INTRODUCTION: The investing carrying amount as of June 30, 2020, must be determined. The equity…
Q: Craft Concept manufactures small tables in its Processing Department. Direct materials are added at…
A: Introduction: Work-In-Preogress refers to the raw materials, overhead, and labor expenses incurred…
Q: JINN Corporation started a promotional program. A towel is offered as a premium to customers who…
A: INTRODUCTION: Assets raise your company's worth and equity, but liabilities lower your company's…
Q: Tommy's homeowners policy had an $50,000 deductible clause for thefts. How much is Tommy's theft…
A: The homeowner's policy is also known as the homeowners' insurance. The homeowner's insurance is…
Q: Leaning Tower of Pizza, Inc. is preparing its master budget for its first year of business. It…
A: Introduction:- Accounts receivable balance shown under the 'current assets' section on your balance…
Q: Every tax year, regardless of whether there is any tax owing, all resident corporations (apart from…
A: The Hutterite colonies were initially set up in Moravia pulled through the Reformation and are…
Q: Question:- based on this figure: • Analyze the relationship between share price and D/E ratio •…
A: Answer:- Analysis of the relationship between share price and D/E ratio:- Stock prices are…
Q: Complete Stop Driving School charges $1,700 per student to prepare and administer written and…
A: In order to determine the contribution margin per unit, the variable cost per unit is required to be…
Q: Shoostar Ltd is a video tech company that produces videos for companies’ marketing campaigns and…
A: You have posted multiple-part questions, so as per our policy only the first three parts will be…
Q: What is the future value of $5,000 invested for 4 years at 7.5% interest compounded continuously?
A: Future value is what money invested today will become over a time at a rate of interest
Q: Isabela Africa opened a resort called Isabelo's in Marikina investing cash of P 100,000 and…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Planet of the Crepes, Inc. is preparing its master budget for its first month of business. It…
A: Master Budget: Master Budget is prepared by the company to plan its yearly Revenue and Expenses.…
Q: Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $373,815 for real…
A: Lets understand the basics. When land and building is purchased for lumpsum consideration then…
Q: Kilo Company uses a standard costing system that allows 2.0 pounds of direct materials for one…
A: Answer = $10,000 unfavorable
Q: Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: of the calendar year, what amount would her assets be sitting at? a.R690 000 b.R710 000 c.R700…
A: Basic Accounting Equation is given as under: Assets = Equity + Liabilities Meaning, Total…
Q: How can an organisation use their information system to prevent employees from making inappropriate…
A: Here discuss about the details about find out of the fraudulent purchases which are related with the…
Q: Use this information for Train Corporation to answer the question that follow. The following…
A: The income from operations is determined by deducting the operating expenses from the operating…
Q: Each family member in the Wise family received a large unexpected inheritance from a long-lost uncle…
A: The tax-free retirement account [TFRA] programmed allows you to save for retirement in a manner that…
Q: Pharoah Company is considering an investment that will return a lump sum of $931,000 4 years from…
A: · Time value of money states that the value of money decreases over time. · The…
Q: The chief executive officer earns $21,000 per month. As of May 31, her gross pay was $105,000. The…
A: Federal Insurance Contribution Act is a payroll tax that is deducted from the paycheck of the…
Q: Owner s withdrawal may be classified as
A: Owners withdrawal is part of balance sheet it is reported in equity section of balance. It is…
Q: An investor buys a five-year, 7.5% annual coupon bond priced to yield 5%. The investor plans to sell…
A: Macaulay duration=∑Present Value of Time-Weighted Cash Flows∑Present Value of Cash Flows
Q: Ysabelle Industries, Inc. has an opportunity to acquire a new equipment to replace one of its…
A: The answer for the multiple choice question and relevant working are presented hereunder : Present…
Q: Stonewall Corporation issued $70,000 of 5%, 10-year convertible bonds. Each $1,000 bond is…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: An investor buys a five-year, 7.5% annual coupon bond priced to yield 5%. The investor plans to sell…
A: The purchase price of a bond is equal to the present worth or present value of the bonds future…
Q: #25 ABC Company has the following data for the year: Ordinary shares, outstanding since January 1…
A: Incremental EPS is calculated with the help of following formula Incremental EPS = Incremental…
Q: In 2020, Julie Co purchased a property with the mineral deposit for P30,000,000. The property had a…
A: Depletion is the reduction in the value of the natural resources like time, coal, oil etc. Depletion…
Q: An investor buys a five-year, 7.5% annual coupon bond priced to yield 5%. The investor plans to sell…
A: Macaulay duration=∑Present Value of Time-Weighted Cash Flows∑Present Value of Cash Flows
Q: Recording a Note Payable Issued for Non-Cash Consideration Lathrop Inc. purchased equipment on…
A: Given, fair value of the equipment on January 1, 2020= $352,733 (-) cash= $97,500 fair value of the…
Q: On January 1, 20x1, ABASE Co. purchased 20,000 out of the 100,000 total outstanding shares of…
A: Investment by one company in another company is done by purchasing the shares of other company. The…
Q: Identify at least two (2) irrelevant costs in a make vs buy decision
A: Irrelevant costs are those costs that do not change if any of the alternatives are selected between…
Q: Deja Brew Company reported the following for the most recently completed fiscal year:…
A: In the context of the given question, we are required to compute the Costs of goods sold for Deja…
Q: Indiana Bones, Inc., produces and sells 2,000 units of a single product, a deluxe dog house: Selling…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: Identify the major payroll tax forms and describe the purpose of each.
A: Payroll tax refers to the percentage which is withheld from the pay or salaries of the employee…
Q: When a debt investment at FVOCI is reclassified to amortized cost, the entity will a. Remeasure the…
A: The financial asset is to be transferred at Fair value from FVTOCI to amortized cost.
Q: You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500…
A: The sales revenue is based on the number of hour worked during the year and the rate per hour…
Q: Adjusting Bonds Payable Under the Fair Value Option Josie Corporation issued 10-year, 8%…
A: INTRODUCTION: Keeping or recording any transactions, whether they are financial or not, in a diary…
Q: OSC QUESTION 26 Wok Around the Clock, Inc., sells specialty woks. In the current year it expects to…
A: Variable cost $800000 Per unit is $80 ( $800000/10000 )
Q: Ex.8: The following data were extracted from a records an industrial company in 31/12/2005: 1-…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: yran, ($88,000), payroll deductions for income tax ($8,800), payroll deductions for FICA ($6, 600),…
A: This question belongs to the accounting for Income Tax purposes. In the given question, Notice…
Q: Chicken Wings Company is engaged in buying and selling of office equipment which caters both cash…
A: A ledger is a log or list of accounts that keep track of account transfers.
Q: Marigold Corp, reported the following income statement data for a 2-year period. Sales revenue. Cost…
A: Introduction: If ending balance of inventory is overstated in any period then it will also result in…
Q: Valuation is applied to this specific object so that a proper computation of rental charges can be…
A: It's true valuation is made of some object like building, office, machines or land etc. All these…
Q: During the year 2021, the following transaction took place: January 1 Elisha contributed additional…
A: Lets understand the basics. Journal entry is a recording of financial event and transaction in books…
Q: Compute Akita’s U.S. income tax assuming that the other jurisdictions were the states of Montana,…
A:
Q: Refer to the following data: Direct material used…
A: Cost accounting is one of the important branch of accounting. Several type of costs are being…
Q: Required Explain how a flexible budget can overcome the weakness of a static budget
A: In the given question, we are required to explain how a flexible budget can overcome the weakness of…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Supercat is a common carrier by sea. During a particular quarter, its receipts consists of the following ( exclusive of taxes): Transport of passengers P2,000,000Transport of goods 3,000,000Transport of cargoes 1,500,000The output VAT and OPT due for the quarter are: Output Vat OPT Due Group of answer choices P780,000 P195,000 P540,000 P0 780,000 P0 P540,000 P60,000Japan Air Lines (a resident international carrier) has the following data for the current year: . Gross receipts – Philippines P10,000,000Gross receipts – Japan 15,000,000Expenses – Philippines 4,000,000Expenses – Japan 8,000,000 Additional information: • 60% of its gross receipts from Philippine sources were derived from transport of passengers while 50% of its gross receipts from Japan were derived from its cargo operations.• 50% of it~ expenses (Philippines and Japan) are related to passenger operations. What is the applicable business tax of Japan Air Lines Group of answer choices 12% value added tax 3% percentage tax on gross receipts derived from sources within the Philippines. All of the above 3% common carrier's tax on gross receipts derived from the transport of cargo from Philippines to another country.Payton Company has the following segment revenues for the two most recent fiscal years. Segment Current Year (in millions) Prior Year (in millions) China $790 $640 Canada 330 242 Other countries 213 167 Total revenues $1,333 $1,049 Prepare a vertical analysis of the segment data. Calculate the percentage to four decimal places, then round your answer to one decimal place. For percentages, do not enter the percent sign. Payton Company Vertical Analysis Segment Current Year Amount (in millions) Current Year Percent Prior Year Amount (in millions) Prior Year Percent China $790 % $640 % Canada 330 242 Other countries 213 167 Total revenues $1333 % $1049 %
- An entity and its divisions reported the following for the current year: Sales to unaffiliated customers 40,000,000 Intersegment sales of product similar to those sold to unaffiliated customers 12,000,000 Interest earned on loans to other operating segments 1,000,000 The entity and all of its divisions are engaged solely in manufacturing operations. To qualify as reportable segment, the segment revenue should at least be what amount? A. 5,300,000 B. 4,100,000 C. 5,200,000 D. 4,000,0001-Assume that our subsidiary’s income statement in Euros (€) is reported as follows for the year: Income statement: In Euros (€) Sales 2,500,000 Cost of goods sold (1,600,000) Gross Profit 900,000 Operating expenses (540,000) Net income 360,000 Also assume the following exchange rates: $ / € BOY Rate $1.30 EOY rate $1.40 Avg. rate $1.35 Required: Translate the income statement into $US using the current-rate method.K Ltd., a Canadian company, had sales of $2,400,000 in the last reporting period of the fiscal year ($2,000,000 within Canada and $400,000 outside of Canada). During the same period, the following expenditures were incurred: inventory purchased $600,000, equipment purchased $80,000, salaries & wages $300,000, rent $130,000, insurance $10,000, and interest expense $25,000. What is the amount of GST to be remitted to the CRA for the reporting period?
- Given the following balance sheet of a US based MNC’s fully operational subsidiary, who operates in Japan and whose functional currency is the Japanese Yen, determine the amount of the translation exposure in dollars if the Yen depreciates by 10% from ¥110/$ to ~¥122/$ by applying the current rate method. Balance Sheet of Subsidiary in ¥ Assets Liabilities + Equity Cash ¥145,000 Accounts Payable ¥246,000 A/R ¥104,000 Short Term Debt ¥128,000 Inventory ¥275,000 Long term debt ¥329,000 PPE ¥895,000 Common Stock ¥534,000 Retained Earnings ¥182,000 Total ¥1,419,000 ¥1,419,00021. The following information pertains to the Chicken Wings Company and its divisions for the year ended December 31, 2020: • Sales to unaffiliated customers- P10,000,000 • Inter-segment sales of products similar to those sold to unaffiliated customers- P2,000,000 • Interest expense- P60,000 White has a reportable segment if that segment’s revenue isPayton Company has the following segment revenues for the two most recent fiscal years. Segment Current Year (in millions) Prior Year (in millions) China $775.00 $650.00 Canada 325.50 245.50 Other countries 215.50 168.50 Total revenues $1,316.00 $1,064.00 Required: Prepare a vertical analysis of the segment data. Calculate the percentage to four decimal places, then round your answer to one decimal place.
- An entity included the following items in inventory at year-end: Goods out on consignment at sales price, including a 40% markup on cost: P1,400,000 Goods purchased in transit, shipped FOB Destination: 1,250,000 Goods held on consignment by the entity: 1,010,000 At what amount should the inventory at year-end be reduced? a. 1,460,000 b. 2,660,000 c. 1,300,000 d. 2,500,000Entity A, a VAT-registered business in the Philippines, had total sales of $3,000,000 and total purchases of P1,200,000 (both exclusive of VAT) during 20x1 Show all your solutions 1. How much is the Output VAT? 2. How much is the Input VAT?3. How much VAT should Entity A remit to the BIR? 4. What is the journal entry to record the sales? 5. What is the journal entry to record the purchasesEsposito is an Italian subsidiary of a U.S. company. Esposito’s ending inventory is valued at the average cost for the last quarter of the year. The following account balances are available for Esposito for 2021: Beginning inventory € 20,000 Purchases € 400,000 Ending inventory € 15,000 Relevant exchange rates follow: 4th quarter average, 2020 $ 0.93 = € 1 December 31, 2020 0.94 = € 1 Average for 2021 0.96 = € 1 4th quarter average, 2021 0.99 = € 1 December 31, 2021 1.01 = € 1 Compute the cost of goods sold for 2021 in U.S. dollars using the temporal method.