21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? (NO Solutions)
Q: Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800...
A: Formula: Net income = Total revenues - Total Expenses.
Q: Prepare the journal entry to record Autumn Company's issuance of 63,000 shares of no-par value commo...
A: For no par value shares issued, there is no discount or premium is recorded as the par value for the...
Q: Pedro Corporation owns an 80% interest in Simon Company. In the consolidated financial statements on...
A: Pedro Corporation owns an 80% share in Simon Company, according to the question. The share capital o...
Q: Schultz Electronics manufactures two ultra high-definition television models: the Royale which sells...
A: Royale Majestic Purchasing 1417500 x 17700/40500 =619500 1417500 x 22800/40500 =798000 Mac...
Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year roun...
A: Solution Margin of safety refers to the difference between actual sales and break even sales . Mana...
Q: Tanek Corp's sales slumped badly in 2017. For the first time in its history, it operated at a loss. ...
A: The break even sales are the sales where business earns no profit no loss during the period.
Q: An engineer bought equipment for P500,00O. HE spent an additional amount of P30,000 for installation...
A: Total cost of the equipment = P500,000 + P30,000 = P530,000 Annual depreciation = Total depreciat...
Q: As a fraud investigator, why you should be concerned about fraud trials as a result of resolving a f...
A: Answer:- Fraud investigator :- Fraud investigator is that person who investigates the alleged fraud...
Q: On 1 July 2015 a plant is acquired at a cost of S6 million. The asset is to be depreciated using the...
A: Impairment loss is the decrease in the value of asset with the help of carrying amount and recoverab...
Q: The ABC Company had the following transactions in 2021, the first year of its operations: 1. Issued ...
A: Financial Statements - Financial Statements included income Statement, Statement of Retained Earning...
Q: Chaz Corporation has taxable income in 2021 of $313,000 for purposes of computing the §179 expense a...
A: Depreciation is the diminution in the worth of the fixed assets due to its over use, obsolescence or...
Q: Pearl Woodcrafters sells $227,500 of receivables to Commercial Factors, Inc. on a with recourse basi...
A: Cash A/c Dr. 202475 Loss on sale of receivable A/c Dr. ...
Q: anuary 1, 2026 and were purchased for P5,550,000 to yeild 11%. The entity classified the bondss as h...
A: Price of bond is the present value of coupon payment and the present value of the par value of the b...
Q: uestion Four The following trial balance was extracted from the books of a partnership fim of Sofoa ...
A: The Partner's capital account is prepared to make the balance sheet:- Partners Capital Account ...
Q: Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's produ...
A: Solution: Raw material Inventory Event Debit Event Credit a $2,20,000.00 b $1,51,500.00 ...
Q: The firm repurchases its own common stock. e. The firm pays its quarterly dividend. f. The firm issu...
A: Sources of cash are the items from which cash inflows are generated and uses of cash are the items w...
Q: Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with...
A: Income tax payable is an obligation by the tax payer to the government on the taxable income. Income...
Q: Analyze each of the following situations below and provide your assessment of the potential resoluti...
A: An auditor is a person who is authorized to assess and verify the accuracy of financial papers, as w...
Q: On June 15, 2020, Brainiac Company purchased 8 shares of Lovely Company for $6 per share. The invest...
A: As the investment was hold with the intention of sell hence the investment will be classified as hel...
Q: Refer to the following selected financial information from Phantom Corp. Compute the company's days'...
A: Average inventory = (262500+280000)/2 = 542500/2 ...
Q: Engr. Dimaamin bought a concrete mixer costing P2,000,000 with a down payment of P600,000. He paid P...
A: Here it is pertinent to note that the present value of all the payments made in order to purchase th...
Q: Zhang Company reported Cost of goods sold of $847,000, beginning Inventory of $39,600 and ending Inv...
A: Merchandise inventory is the value of goods in the stock whether it is finished goods, raw material ...
Q: A corporation ssued NO shares of ns $5 par value common stock an payment of o $2.600 charge trom es ...
A: Introduction:- Issue of shares 180 Par value per share $5 Total par value of shares = 180 x $5=$900 ...
Q: A corporation issued 220 shares of its $5 par value common stock in payment of a $3,000 charge from ...
A: Increase in expenses should be debited. Increase in equity should be credited. Amount in excess of...
Q: Which of the following is an example of tacit knowledge? [OBJ. 6.2] O An introductory textbook for l...
A: Knowing how to drive
Q: On July 1, 2021, Swifty Satellites Corporation issued $1,400,000 of 10-year, 9% bonds to yield a mar...
A: The question is based on the concept of Financial Accounting.
Q: A machine costing P480,000 is estimated to have a salvage value of 10% of the first cost when retire...
A: Answer) Calculation of Book value at the end of 5 year Year End Depreciation Expense Accumul...
Q: A business bought $500 worth of Supplies and paid cash. In error, the transaction was recorded as fo...
A: Following journal entry will be passed to record purchase of supplies for cash : Supplies A/c.........
Q: A machine with a cost of $146,000, accumulated depreciation of $93,000, and current year depreciatio...
A: The purchase and sale of assets are reported under cash flow from investing activities. So the proce...
Q: d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goo...
A: The total cost is calculated as sum of materials, labor, and applied overhead cost.
Q: PUMASA AKO Company and its subsidies own the following properties that are accounted for in accordan...
A: Investment property is land or building (including part of a building) or both held for rent or capi...
Q: Find the present worth of this cost.
A: An endowment fund is the fund set aside and invested, the earnings of which will be utilized for the...
Q: Profits generated by a Machine Prime Inc. were 100 M for the first year and increased by 10 M each y...
A: In the given question, Profit of P 100 million is generated at the end of first year. This amount wi...
Q: n order to prepare Forms W-2, an employer would utilize the employee's earnings record. True OFalse
A: Form W-2 (Wages and Tax Statement) is an Internal Revenue Service (IRS) tax form used in the United...
Q: Niosoki Auto Parts sells new parts for foreign automobiles to auto dealers. Company policy requires ...
A: Given That : Last shipment made for fiscal year ended on 31 august 2016 was recorded on document 21...
Q: Ningning Company makes a white liquid substance that is used to cover errors made on printed documen...
A: Solution... Standard quantity = Actual output * standard quantity per unit = 900,000 units * ...
Q: Tempura Company produces 2,000 parts each year that are used in one of its products. The unit cost o...
A: An accounting method which determines the value of profit which is realized from a operations of bus...
Q: Complete the remaining columns of the payroll register for the five employees whose information was ...
A: The payroll register is prepared to calculate the withholdings and net pay of each and every employe...
Q: Determine the most accurate statement about variances. Unfavorable variances normally have a credit ...
A: Variance: A variance is defined as the difference between a budgeted, planned, or standard cost and ...
Q: lthough Goldman Sachs paid Heather $100,000.00 per year, she was not satisfied with her job. She had...
A: Opportunity Cost: The opportunity cost of a specific action choice is the deficiency of significant ...
Q: Introduction and client background You are an audit senior in Riskam and Co and you are commencing...
A: Audit risk refers to the risk of misstatement identified during planning and willassist the auditor ...
Q: M Corp. has an employee benefit plan for compensated absences that gives each employee 15 paid vacat...
A: Short-term employee benefits are those expenses that are expected to be paid within twelve months af...
Q: You purchase a bond with a coupon rate of 5.2 percent, a par value $1,000, and a clean price of $930...
A: The question is based on the concept of Financial Management.
Q: A product is bought for an amount of P50,000 which will be sold after 7 years.Calculate the constant...
A: The double declining balance depreciation method is an accelerated depreciation method that counts a...
Q: Required: a. Compute the goods available for sale, and the cost of goods sold and gross profit for t...
A: Goods Available for Sale = Beginning Inventory + Net Purchases Cost of Goods Sold = Goods Available ...
Q: Ames Trading Co. has the following products in its Quantity Cost per Unit $ 600 Product Mountain bik...
A: In this question, we have to compute the lcm applied for each product.
Q: On October 1, 2021, POGI company purchased 4000 of the P1000 face amount, 10% bonds of GANDA Company...
A: The carrying value of a bond means the net amount between the bond's face value plus any un-amortize...
Q: Powers Company reported net sales of $1,310,000, average Accounts Receivable, net of $67,500, and ne...
A: Accounts receivable turnover ratio = Net salesAverage Accounts receivable =$1,310,000$67,500=19.49 t...
Q: a. Show the accounting entries that you would make to record depreciation on tractors of R20 000, wh...
A: Date Account Titles and Explanation Debit Credit Dec'31 Depreciation Expense - Tractors ...
Q: Gideon Corp. is a reinsurance and financial services company. Gideon strongly believes in evaluating...
A: Solution Residual income is income that one continues to receive after the completion of the incom...
Step by step
Solved in 2 steps with 2 images
- A Non-VAT business reported the following:Sales P2,500,000Cost of Sales P1,000,000Purchases, inclusive of VAT P560,000How much is the amount of business tax payable?21. A non-VAT business reported the following: Sales P2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? _ 22. A non-VAT person reported the following during the year: (NO Solutions) Domestic Sales P1,000,000 Export Sales 600,000 Importation of Goods Transaction deemed sales 500,000 100,000 Its total amount subject to 12% VAT would be: (NO solutions)Which is false? Business with annual gross receipts of more than P3,000,000 * O Are subject to graduated income tax Are subject to Creditable withholding tax O Are subject to VAT O None of the above
- X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclusive of VAT. The goods were bought for P8,000 exclusive of VAT. How much is the VAT payable? * O PO P1,329 O P1,488 О Р369X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclusive of VAT. The goods were bought for P8,000 exclusive of VAT. How much is the VAT payable? * О РО O P1,329 O P1,488 О Р369Suppose a company has the following financials (in £millions) and no other non-operating income or expense: Net financial expense after tax = 8 Net interest expense = 12.6 Reported tax (on standard income statement) = 1220.4 Operating profit = 4,741 What is the company's net operating profit after tax (NOPAT)? (in £millions) Select one: a. 1,635 b. 3,516 c. None of the others d. 5,163
- What is the amount subject to business tax? 2 points Jackpruit, a seller of goods, had the following transactions in January 2020: 200,000 300,000 40,000 20,000 Cash sales P Credit/Installment sales (40% collected) Sales returns and allowances Freight-out charged to customers O PO P460,000 P480,000 P500,000Suppose the Tax Code is "Percetage Tax - 3% of Sales", the presented income statement is correct. False; date or business name error True False; Calculation error False; this is a cashflowI need step by step instructions for the problem e) what is the average income tax rate?** I know you have to divide total tax expense by the net income before taxes.So,For E) the income tax expense is $13,134Net Income before tax??Average Tax rate: ??Revenue : (sales) $144000(service) $28700All the taxes :depreciation tax $10400Interest expense $2400Income Tax expense. $13,134Supplies expense. $12,700F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?Retained Earnings Dec 31st : $59000Dividens declared: ???Retained Earnings January 1st: ???Please solve and explain thoroughly.
- 3. Not for profit accounting accounts for expenses in the following manner: NET goods or services (before taxes) plus i. 18% of the former PST portion (8%) of HST* ii. 50% of the former GST portion (5%) of HST** *82% of the 8% is put through an HST recovery line **50% of the 5% is put through another HST recovery line With the above information in mind, please indicate the $ amounts that should be allocated to the Expense and HST Recovery lines. Expense $584.18 HST $75.94 Total $660.12 Enter your answerces a. Fill in the missing numbers in the following income statement: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g. 32. Sales Costs Depreciation EBIT Taxes (23%) Net income 594,000 366,800 116,900 b. What is the OCF? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32. c. What is the depreciation tax shield? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32. b. OCF c. Depreciation tax shieldAssume that the Kelso Company operates in an industry for which NOL carryback is allowed. The Kelso Company had the following operating results: O $22,800. Year 2019 2020 2021 25% What is the income tax refund receivable? O $24,300 O $28,800. Income (loss) 54,000 57,000 (72,000) O 23,550. Tax rate 35% 30% Income tax 18,900first year of operations 17,100 0