and Mrs. oth citizens of the Philippines with
Q: Draw the cash flow diagram with your solution. In a certain department store, the monthly salary of…
A: Variable cost can be calculated using the formula given below Variable Cost per unit = (Change in…
Q: Amazing Corporation gathered the following information for Job #928: Standard Total Cost Actual…
A: In this question, we need to compute direct labor efficiency variance. Direct labor efficiency…
Q: Data Allocation base Machine-hours Estimated manufacturing overhead cost $300,000 Estimated…
A: Introduction: A predetermined overhead rate is a rate that is applied to cost objects for a specific…
Q: AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is…
A: Cost accounting is one of the important field or area of accounting, under which all type of costs…
Q: Why is time value of money important in accounting? Specifically, what accounting principles would…
A: As per the concept and theory of time value of money the worth of money is never the same; it…
Q: mes) Simtech, Inc. started business on January 1, 2020. During the year, they purchased $180,000 of…
A: The valuation of inventory is the one of the most important part of the cost accounting. There…
Q: Required information [The following information applies to the questions displayed below.] Altira…
A: When the average costing approach is utilized within a perpetual inventory system, every time an…
Q: Use this information for Pierce Company to answer the question that follow. On May 1, Pierce Company…
A: Concepts and reason Financial instrument: Monetary value of any document is called as financial…
Q: D) II, III, and IV
A: Option D is correct answer II,III and IV are correct techniques which are used by the transferor…
Q: HLOPHEKANE FARMING had the following balances when they commenced a simultaneous liquidation of the…
A: Liquidation is the shutdown of a business or business segment. The business sells off assets to pay…
Q: XYZ Company has net income of $1,000, revenues of $10,000, total assets of 50,000, current assets of…
A: Profit margin measures the net income generated from the revenues of the company for a period of…
Q: Proof of Cash Problems 1. Lazer Company had the following bank reconciliation on June 30: Balance…
A: Disclaimer : Hello. Since your question has multiple sub-parts, we will solve the first three…
Q: Laurey Inc. is working on its cash budget for June. The budgeted beginning cash balance is $45,100.…
A: Introduction: Cash includes bills, coins, bank balances, money orders, and checks. Cash is used to…
Q: Global Entity is a retailer situated in Windhoek that sells various products. For the month of March…
A: Lets understand the basics. As per balance sheet and acccounting equation, total assets are always…
Q: Required: 1. What is the title used by Target for its balance sheets? 2. On the balance sheets, what…
A: Property plant and equipments include all fixed assets of a business, which are long term in nature.…
Q: The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,490,000, with…
A: Ratio analysis is a process of knowing insight view of a company. Competitors, investors, management…
Q: In July 2022, Thembi presented data in Table 3 for her cost center in budget costing: Table 3:…
A: Overhead absorption rate :— It is the estimated overhead rate which is used to apply overhead to…
Q: XYZ Company trims some more trees for a customer. They billed the customer for $4,000. They have…
A: Journal Entry for Sales Revenue :— As we know that Sales are made by the organisation either in…
Q: At the beginning of January XYZ Company bought $10,000 of supplies. At that time they paid $3,000…
A: Accrual Concept :— According to this concept, Expenses related to accounting period are recorded in…
Q: Recording, Reporting, and Evaluating a Bad Debt Estimate Using Aging Analysis Brown Cow Dairy uses…
A: 1) Journal entry No General Journal Debit Credit a Allowance for doubtful accounts 750…
Q: What's the relationship between various financial markets
A: Introduction: Any location or system that allows both buyers and sellers to trade investment…
Q: MR. MAGBITANG MADE A MONEY MARKET PLACEMENT OF P100,000,000 FOR 30 DAYS AT 12% PER YEAR. IF THE…
A: Amount = 100,000,000 Time Period = 30 Days or 1 Month Monthly Interest Rate = 12%/12 = 1%…
Q: Entries for equity investments: 20%–50% ownership On January 4, 20Y4, Ferguson Company purchased…
A: The investment in other business is recorded as assets in the business. The investment value…
Q: Access the Recurring Transactions List from the: Multiple Choice Navigation Bar Gear icon (+) New…
A: Select the Gear Icon from the Icon .
Q: Flint Company purchased an electric press on June 30, 2017, by trading in its old gas model and…
A: In case of asset have commercial substance we record new asset at fair market value plus cash paid…
Q: Compare general, limited, and limited liability partnerships. Formulate reasons as to why a group of…
A: General Partnership An unincorporated partnership having two or more owners who divide the company's…
Q: Answer part C only The following information was obtained from the financial statements of X Inc.…
A: Defined Benefit Plan - Defined Benefit Plans are pension plans that provide benefits to employees…
Q: A company makes a product with a selling price of $20 per unit and variable costs of $ 9 per unit.…
A: Contribution Margin Per Unit :— It is the difference of Selling Price and variable cost per unit.…
Q: Accounting A company purchases corporate bonds for $1,000,000 and categorizes them as AFS. At…
A: (Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: QS 17-11 (Algo) Computing activity rates for activity-based costing LO P3 A manufacturer uses…
A: Activity Based Costing :— Activity Based Costing is a Powerful Tools for Measuring Performance.…
Q: How to make monthly cash flow statement in Excel. Give me an example.
A: Cash flows statement is one of the financial statement which shows all cash inflows and cash…
Q: The following transactions relate to the business of Jacob’s Coffee Shop for the month of February…
A: Accrual basis of accounting - Under this basis the transaction is recorded in the books of account…
Q: Given the following cost and activity observations for Bounty Company's utilities, use the high-low…
A: Answer - High Low Method of Variable Utility Cost - The High-low method is a method used to…
Q: Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year,…
A: Accounting is the detailed process of recording, classifying, summarising and analysing business…
Q: On May 31, the following data were accumulated to assist the accountant in preparing the adjusting…
A: Journal entries are used to record the day to day business transactions. It has two aspects One is…
Q: 1. Provide the names of 2 asset accounts and indicate the increase side, debit or credit. 2. Provide…
A: Assets :— Assets means A Resources with economic value that an individual, Corporation, or country…
Q: Please use Excel Broncos Company leased equipment from Wilson-Tech Leasing on January 1, 2022.…
A: A lease is an arrangement by which one party gets the property for use for a fixed period, generally…
Q: Expenses related to the business Mrs. J: Gross income, practice of profession Expenses, practice of…
A: Taxes on Personal Income The Philippines levies income taxes on its nationals living abroad. No…
Q: Dake Corporation's relevant range of activity is 2,300 units to 5,500 units. When it produces and…
A:
Q: How do you Calculate "Change in Retained Earnings"?
A: Retained earnings are the earnings which has been with the company from the net income which has…
Q: BE2.1 (LO 1), C For each of the following accounts indicate the effects of (a) a debit and (b) a…
A: All assets and losses have a debit balance. but all income, gains, common stock, and liabilities…
Q: Schwiesow Corporation has provided the following information: Variable manufacturing overhead Fixed…
A: Contribution Margin Per Unit :— It is the difference between the selling price and variable cost per…
Q: a. Pearl receives C8,000.00 monthly salary, doesn't want to deal with bank bureaucracy so
A: INTRODUCTION According to the inventory-theoretical approach outlined in the Baumol-Tobin Model, a…
Q: Errors affecting the trial balance For each of the following errors, considered individually,…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: 2. View the Transaction Journal for the Expense. a. From the bottom of the Carole Design Media…
A: 1. Total Amount Paid = 10 * 100 = $ 1,000 ( $100 per hour for 10…
Q: Selected account balances before adjustment for Intuit Realty at November 30, the end of the current…
A: Comment - Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: is the last day of the month and fiscal year, your manager asks you to create an invoice for $10,000…
A: Revenue should be recognise as and when all performance obligations satisfied and the amount of…
Q: d-1. Which entity/compensation combination generated the most after-tax cash flow for Mackenzie?…
A: Please fallow the answer as below: Answer: d.-1:Which entity/compensation combination generated the…
Q: Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes?…
A: Answer:- Taxable income meaning:- The amount of income used to determine whether an individual or…
Q: Stenberg Realty Co. pays weekly salaries of $18,500 on Friday for a five-day workweek ending on that…
A: The process of recording business transactions in the books of accounts for the first time is…
Step by step
Solved in 3 steps
- Case 12 Mr. and Mrs. J, both citizens of the Philippines, with five qualified dependent children, had the following data for 2001: Mr. J: Gross income, business Expenses related to the business Mrs. J: Gross income, practice of profession Expenses, practice of profession Income tax withheld on the professional income Mr. and Mrs. J: Gross income from rental property Expenses on the rental property Income tax withheld on the rents 800,000 500,000 900,000 550,000 90,000 400,000 100,000 20,000 By agreement, Mr. J claims the additional exemptions How much was the income tax due from Mr. and Mrs. J at the end of the year?Determine the amount of the child tax credit in each of the following cases: Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,200 and one child age 4. b. A single parent with modified AGI of $78,800 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $408.733 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $132,855 and one child, age 13. Child Tax Credit Allowed $ $ $ 19 $ 1,900 x 9,000 x 6,000 x 3,000Determine the amount of the child tax credit in each of the following cases: Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,800 and one child age 4. b. A single parent with modified AGI of $79,400 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,333 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,455 and one child, age 13. Child Tax Credit Allowed $ $ $ $ 1,275 X 6,000 X 1,550 X 2,000 X
- Determine the amount of the child tax credit in each of the following cases: a. A single parent with modified AGI of $213,700 and one child age 4. b. A single parent with modified AGI of $78,300 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $408,233 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $132,355 and one child, age 13. 1711111 Child Tax Credit Allowed1. Which of the following is required to file an income tax return? A. An employee covered by the substituted filing system. B. A taxpayer deriving purely passive income subject to final tax. C. A special alien with respect to his compensation income. D. A non-resident citizen who derives his entire income form sources outside the Philippines. 2. The taxable income of a mixed income earner is the : A. Net income from business less personal exemption B. Net income from business C. Taxable compensation income D. Taxable compensation income plus net income from business.Determine the amount of the child tax credit in each of the following cases: > Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,600 and one child age 4. b. A single parent with modified AGI of $79,200 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,133 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,255 and one child, age 13. Child Tax Credit Allowed $ $ $ $ 1,250 ✓✔ 9,600 X 3,544 x 3,000
- Use the Tax Rate Schedules to determine the tax liability for each of the following cases. a. Single taxpayer, taxable income of $20,032. b. Single taxpayer, taxable income of $47,172. c. Married taxpayers, who file a joint return, have taxable income of $20,000. d. Married taxpayers, who file a joint return, have taxable income of $58,547. e. Married taxpayers, who file a joint return, have taxable income of $21,103. f. Single taxpayer, taxable income of $86,178. Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. b. C. d. e. f. S Answer is not complete. Tax liability 1,114.40es Mc Graw Hill In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Required: Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. a. A single individual with modified AGI of $32,900 and expenses of $2,560 for al child who is a full-time college freshman. b. A single individual with modified AGI of $44,500 and expenses of $3,320 for a child who is a full-time college junior. $79,300 and expenses of c. A couple, married filing jointly, with modified AGI of $6,400 for a child who is a full-time graduate student. Allowable Credit Type of Credit AOTC AOTC Lifetime learning credit AOTC Lifetime learning credit1. Paul, a resident citizen, provided the following data for year current taxable year: Gross Income from business (gross of 12,000 creditable withholding tax) Business Expenses 700,000.00 300,000.00 a. How much is the income tax of Paul? b. How much is the income tax payable of Paul? c. How much is the taxable income of Paul?
- Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(a) of the NIRC? a. Salary received by a managing director of a general professional partnership. b. A passive income in the form of a prize win in a raffle amounting to P4,000.00. c. A gain from sale of his personal motor vehicle as another income of a taxpayer who is a compensation earner. d. A gain on sale of a real property for private use of the family of the taxpayer.Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the Tax Tables to compute tax liability. Required: a. Married taxpayers, who file a joint return, have taxable income of $32,366. b. Single taxpayer, has taxable income of $67,342. Note: For all requirements, round "Average tax rate" to 2 decimal places. Tax liability a. $ b. $ 3,474 14,336 Marginal tax rate 15 % 25 % Average tax rate. 12.13 % 21.28 %Under the 1987 Philippine Constitution To compute the income tax due, what are the 2 tax options of individuals earning income from self-employment and/or practice of profession whose gross sales/receipts do not exceed P3,000,000?