3. Norte De University, a pr
Q: Required information [The following information applies to the questions displayed below) Daley…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: The following information was taken from the records of Skysong Inc. for the year 2025: Income tax…
A: Income statement is the financial statement that records all the income and expenses of the business…
Q: On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account…
A: The journal entries are prepared to record the transactions on regular basis. The treasury stock…
Q: mount for each of the following notes: Annual Interest Rate 4 5% % 8% 6% Time 2.5 years 9 months 90…
A: There is a concept of time value of money. When the money is invested some where, it gives us return…
Q: Required information [The following information applies to the questions displayed below.] Assume…
A: Section 179 was introduced to enhance capital investment. Section 179 for 2022 provides that the…
Q: QS 11-10 (Algo) Recording employer payroll taxes LO P3 Merger Company has 10 employees, each of whom…
A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…
Q: uestion 4 of 10 ournalize the following business transactions in general journal form. Identify each…
A: A journal entry is record of business transactions.The journal entry follows double entry accounting…
Q: E2-16 Part 2 2. Prepare a trial balance at December 31, 2021. Answer is not complete. BAILEY…
A: TRIAL BALANCE Trial Balance is the Summarised Sheet of Closing Balance of All the Ledgers Account.…
Q: Sales mix and break-even sales Rosenberg Sports Inc. manufactures and sells two products, baseball…
A: Break-even point is calculated by dividing the total fixed costs with the overall or composite…
Q: A firm is considering the purchase of a new machine to increase the output of an existing production…
A: MARR stands for Minimum Acceptable Rate of Return refers to the rate of return a company expects to…
Q: The acco
A: Accounting equation has been considered as the origination of double entry accounting system. This…
Q: Which of the following journal entries would be recorded if a business performs services and…
A: A journal entry is a formal record of a financial transaction or event in an organization's…
Q: (Common stock valuation) Wayne, Inc.'s outstanding common stock is currently selling in the market…
A: Market price of share = $ 20 Last dividend (D0) = $ 2.65 Return on equity (Re) = 18% Retention ratio…
Q: Palencia Paints Corporation has a target capital structure of 25% debt and 75% common equity, with…
A: A company's average after-tax cost of capital from all sources, including common stock, preferred…
Q: During January, Mary Dolan, a contractor, provided pet care se Fridays in January, totaling 24 hours…
A: The adjusting journal entry is made to record the expenses and the corresponding accounts payable.…
Q: BRONCO METALS Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating…
A: The cash flow statement is prepared to know the net change in cash of business during year. There…
Q: issues December 31. of 7%, 15-year bonds dated January 1, 2021, that pay interest semiannually on…
A: The bonds can be issued at discounts and premiums as well. The premium or discount on bonds can be…
Q: On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is…
A: The accounting equation states that assets equal to the sum of liabilities and equity. The…
Q: Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has…
A: A "make or buy" decision refers to the choice that a company or organization faces when deciding…
Q: Complete this question by entering your answers in the tabs below. Required A Required B Required C…
A: (As only requirement A is asked by student and all entries are correct except entry 5 of supplies.…
Q: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3…
A: The net present value represents the amount of value generated by a project or an investment for the…
Q: In October, Blue Spruce Inc. reports 44,400 actual direct labor hours and incurs $218,000 of…
A: Predetermined overhead rate: Predetermined overhead rate is calculated before the period begins.…
Q: Define regulation D
A: The Accounting Standards are specific set of principles and procedures set by the authorized bodies…
Q: Punk Corporation purchased 90 percent of Soul Company's voting common shares on January 1, 20X2, at…
A: It is the single balance sheet in which the financial positions of both the parent and subsidiary…
Q: Please include part D.
A: Times interest earned ratio: The times interest earned ratio shows an organization ability to pay…
Q: A state lotto has a prize that pays $1,700 each week for 20 years. Find the total value of the…
A: Answer:- Formulas:- 1. Total value = Weekly payment x Number of years x Number of weeks 2. Amount…
Q: The general ledger of Red Storm Cleaners at January 1, 2018, includes the following account…
A: 1. T-Accounts - T-Accounts are the T-Shaped ledgers prepared to derive ending balance of an…
Q: cel to calculate the issue price of the bonds.
A: Issue price or value of a bond is the present value of all the future cash flows associated with the…
Q: Need help with part B. Thank you
A: a. Record the journal entry for transaction on December 31, 2020 for flint Co. as shown below:
Q: Concord Lou has just won the lottery and will receive an interest rate is 11%, what is the present…
A: The present value concept is widely used in various financial calculations, such as investment…
Q: Lauprechta Incorporated has the following employees on payroll. Assume that all Form W-4 is not…
A: The taxes are paid on the taxable income. The tax liability depends upon the filing status of the…
Q: Which one of the following statements is correct? A company should address all risks, respect
A: Addressing all significant risk areas with controls allows the company to proactively reduce the…
Q: The standard cost of product 5252 includes 1.9 hours of direct labor at $17.10 per hour. The…
A: Total labor variance = Budgeted labor cost - actual labor cost
Q: 17. Neta Fitzgerald earned $127,375.60 so far this year. This week she earned $2649.78. Find her (a)…
A: FICA stands for Federal Insurance Contributions Act that refers to the Government federal program…
Q: SI opere
A: The Qualified Business Income must be calculated separately for each business. The QBI…
Q: Exercise 15-40 (Algo) Segment Reporting (LO 15-5) Eastlawn Travel has two operating divisions, Tours…
A: The process of collecting and presenting financial data about several business segments within a…
Q: Exercise 14.4 (Algo) Measures of Liquidity (LO14-4) Roy's Toys is a manufacturer of toys and other…
A: The ratio analysis helps to analyze the financial statements of the business on the basis of various…
![3. Norte De University, a proprietary educational institution, has the following selected information for the
taxable year 2X18:
Tuition Fees
Miscellaneous Fees
Interest on Bank Deposits
Rent Income
Salaries and Bonuses, all personnel
Other Operating Expenses
Quarterly Income Tax Payments
P 12,800,000
1,800,000
12,300
350,000
7,500,000
3,500,000
48,000
An additional school building was built and finished on April 1, 2X18 at the cost of P2,000,000 with a
depreciable life of 50 years.
a. Compute the income tax payable assuming the university opted to claim the cost of construction as an
outright expense.
b. Compute the income tax payable assuming the university opted to capitalize the cost of building
construction.
3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6e10912e-5b4f-4905-9d20-b9b6469c0778%2Fa9cfaeaa-57e0-43af-b15c-d9fb2042f3b6%2Fyf141zh_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…Hi, Could you please help me fill in the missing values labeled a through i. Thank you
- 4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…VisnoT1.
- Eastern Universty had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7,370,000 , Or that amount $4,730,000 was collected in cash2. Pell Grants in the amount of $2,023,000 were received by the university3. The Pell Grants were applied to student accounts4 Student ocholarships, for which no services were requited amounted to $790,000. These were applied to sudent tuition bills at the beginning of each semester. Required: Prepare journal entries to record the above transactions assuming a. Eastern University is a public university b. Eastern University is a private universityAt the beginning of the fall semester beauty state university a public university, billed tuition and fees at a gross amount of $4,800,000. of this amount, the university awarded a scholarship of $250,000 and $50,000 was believed to be uncollectible. The University also offered a generous tuition discount for the dependents of its employees. An additional $300,000 of the gross amount was awarded as employer provided tuition discounts. 1. Record the journal entry for the billing described above. 2. Assume that the transactions described above were in the summer instead of the fall. The billing was on June 25, fiscal year end is June 30, and the semester does not begin until July 15. How would the journal entries differ? 3. How would the journal entries in #1 differ for a private, nonprofit university?Accounting for Student Aid from External Sources Landry State University, a public university located in Louisiana, has a June 30 fiscal year. On July 20 of the current year, Landry State University receives $1,275,000 in payments from the U.S. federal government for Pell grants and loans for students for the upcoming academic semester which begins August 1. Record the following transactions. 1. The receipt of funds on July 20. 2. The recognition of revenue on August 1, assuming that amounts are applied to student accounts entirely for tuition and fees revenue. Debit Account To record receipt of funds on July 20. To record recognition of revenue on August 1. 0 0 0 0 Credit 0 0 0 0
- 1. CPA University, a private educational nstitution organized in 2000, had the pllowing data for 2021. * Tuition fees P480, 000 P520, 000 P 450, 000 Rental income School related expenses The income tax due for 2019 is O P137, 500 O P 55,000Direction: Give what is asked. Write your solution and answer on another sheet of paper. 1. For the summer session of 20X1, Armando University (AU), a non-profit organization, assessed its students P1,700,000 (net of refunds), covering tuition and fees for educational and general purposes. However, an amount of P1,500,000 was only expected to be realized. It is because P150,000 were granted to students, and P50,000 tuition remissions were allowed to faculty member's children attending the university. What amount should AU include in its unrestricted funds as revenues from tuition fees? 2. The League, a non-profit organization, received the following pledges: Unrestricted Restricted for Capital Additions P200,000 150,000 All pledges are legally enforceable. However, the League's experience indicates that 10% of all pledges prove to be uncollectible. What amount should the League report as pledges receivable net of any required allowance account? 3. Child Care Center, Inc., a non-profit…Foc
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)