Questions 24-35 30. One of the following is not correct for deductibility of losses from gross incomeA. Must arise from fire, storm or other casualty, robbery, theft or embezzlement.B. Must not be compensated by insurance or other form of indemnity.c. A declaration of loss by casualty should be filed with the Bureau of Internal Revenue.D. Must have been claimed as deduction in the estate return of the taxpayer.31. Which of the following statements is not correct?A. The Optional Standard Deduction is an amount equal to forty (40%) of the gross income from business orpractice of profession of the taxpayer.B. The Optional Standard Deduction is not available against compensation income arising out of an employer-employee relationship.c. The election of Optional Standard Deduction is irrevocable for the taxable year for which the choice is made.D. Unless the taxpayer signifies in his return his intention to avail of the OSD, he shall be considered as havingavailed of the itemized deductions.32. The net operating loss, which had not been previously offset as deduction from gross income shall be carriedover as deduction from gross income for the nextA. 2 consecutive taxable years immediately following such loss.B. 3 consecutive taxable years immediately following such loss.C. 4 consecutive taxable years immediately following such loss.D. Taxable year immediately following such loss.Use the following data for the next two (2) questions:A taxpayer engaged in business incurred a partial loss of property as follows:Asset 1Asset 2Book value of the asset at the asset at the time of lossCost to restore the property back to its normal operating conditionInsurance recoverySalvageP200,000120,00050,000P200,000300,000NoneNone40,00033. The deductible loss for asset 1 isA. P120,000B. P70,000C. P30,000D. P80,00034. The deductible loss for asset 2 isA.P300,000B. P150,000C. P160,000D. P240,000 25. Any amount subsequently received on account of a bad debt previously charged off and allowed as a deductionfrom gross income in prior years must be included in gross income in the taxable year in which received. ThisisA. Severance testB. Life-blood theoryC. Destination of income testD. Equitable doctrine of tax benefit26. A took out a life insurance policy of P1,000,000 naming his wife as beneficiary. The policy provides that theinsurance company will pay A and his beneficiary the amount of P1,000,000 after the 25th year of the policy,should he die before this date. The premiums paid on the policy is P700,000. If A outlived the policy andreceived the proceeds of P1,000,000, such proceeds will be:A. Taxable in fullB. Exempt from income taxC. Partly taxable, partly exemptD. Subject to final tax27. Using the preceding number, if A dies and his beneficiary received the proceeds of P1,000,000, such proceedswill beA. Taxable in fullB. Partly taxable, partly exemptC. Exempt from income taxD. Subject to final tax28. May consider capital expenditure as revenue expendituresA. Resident citizenB. Domestic oorporationC. Private educational institutionsD. Resident alien29. A building was partially destroyed by fire in 2017. The building had a book value of P5,000,000. The insurancecompany was willing to pay P4,000,000, which was refused by the owner. Finally, the claim was settled in 2018for P4,600,000. The proceeds will beA. Exempt from income taxB. Part of taxable incomeC. Subject to final taxD. Partly exempt, partly taxable

25. Any amount subsequently received on account of a bad debt previously charged off and allowed as a deduction from gross income in prior years must be included in gross income in the taxable year in which received. This is A. Severance test B. Life-blood theory C. Destination of income test D. Equitable doctrine of tax benefit

25. Any amount subsequently received on account of a bad debt previously charged off and allowed as a deduction from gross income in prior years must be included in gross income in the taxable year in which received. This is A. Severance test B. Life-blood theory C. Destination of income test D. Equitable doctrine of tax benefit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. MC.14.81.ALGO 2. MC.14.96.ALGO 3. MC.11.69.ALGO 4. MC.11.112.ALGO 5. MC.15.86.ALGO 6. MC.15.125 7. MC.16.71.ALGO 8. MC.16.86.ALGO 9. MC.17.87.ALGO 10. MC.17.129 11. MC.18.58.ALGO 12. MC.18.45.ALGO 13. MC.20.81.ALGO Mocha Company manufactures a single product by a continuous process, involving three production departments. The records. indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000, $60,000, and $70,000, respectively. Department 2 has transferred-in costs of $390,000 for the current period. In addition, work in process at the beginning of the period for Department 2 totaled $75,000, and work in process at the end of the period totaled $90,000. The journal entry to record the flow of costs into Department 3 during the period is Oa. Work in Process-Department 3…
%24 %24 %24 %24 %24 eNOWv2 | Online teachin X Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator3D&inprogress3false Blackboard Learn US: The Texas Abort... eb California governor... USN Idaho Supreme Co... Oklahom ... Calculate interest using a 360-day year. If required, round your answers to the nearest cent. Principal Interest Rate Time Interest $2,700 9.6% 30 days 45 days 3,300 6.0% 80 days 3,800 10.5% 120 days $4 5,300 150 days
7-2 Project: Company Accour x 121. Project Guidelines and Rubric x 121. 7-1 Problem Set: Module Sev X CengageNOWv2 | Online tea now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator3D&inprogress3false eBook Show Me How Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $224,540 Interest expense 39,620 Average total assets Determine the return on total assets. If required, round the answer to one decimal place. 1.8 Check My Work Divide the sum of net income and interest expense by average total assets. Previa Check My Work ADE dy
Question 40 At March 1, 2019, Cookie purchased supplies of $1,90 report what balance in the su 008'T$ O 009'T$0 006 $1.9
College Connect Link - ACC-102-80 - Ac O Question 9 - CHAPTER 23 EXERC X M MHE Reader ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.cc R 23 EXERCISES Saved QS 23-23 Sustainability and standard overhead rate LO P4 HH Co. uses corrugated cardboard to ship its product to customers. Currently, the company's returns department incurs annual overhead costs of $230,000 and forecasts 5,000 returns per year. Management believes it has found a better way to package its products. As a result, the company expects to reduce the number of shipments that are returned due to damage by 6%. In addition, the initiative is expected to reduce the department's annual overhead by $18,000. Compute the returns department's standard overhead rate per return (a) before the sustainability improvement and (b) after the sustainability improvement. (Round your answers to 2 decimal places.) Before Sustainability Improvement After…
Unit 1 question 16
ent Question 6 QUIZ CH 18-C X Project 6 x + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.tulsacc.edu%252Fw... JIZ-CH 18 Saved CO 6 Fints eBook References Exercises 18-41 (Algo) Allocation of Central Costs; Profit Centers [LO 18-3] Woodland Hotels Incorporated operates four resorts in the heavily wooded areas of northern California. The resorts are named after the predominant trees at the resort: Pine Valley, Oak Glen, Mimosa, and Birch Glen. Woodland allocates its central office costs to each of the four resorts according to the annual revenue the resort generates. For the current year, the central office costs (000s omitted) were as follows: Front office personnel (desk, clerks, etc.) Administrative and executive salaries Interest on resort purchase Advertising Housekeeping Depreciation on reservations computer Room maintenance Carpet-cleaning contract Contract to repaint rooms $ 12,100 5,700 4,700 600 3,700 80 1,210 50 570 Mc…
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12:52 S ㅁ expert.chegg.com/qna/au Chegg Hide student question Student question LTE Skip Exit + 32 5G Classify the following balance sheet items under fixed assets, working capital, shareholders' equity, or net debt: overdraft, retained earnings, brands, taxes payable, finished goods inventories, bonds. Time Left: 01:59:57 Submit ||| 8 Training
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