Philippine Bank of Communication has the following records of its trading transactions. January P 100,000 February (150,000) March 100,000 April 80,000 May (50,000) June 90,000 How much trading gain subject to percentage tax should be reported by the Bank for the month of June? P 90,000 P 70,000 P 40,000 P 170,000

Philippine Bank of Communication has the following records of its trading transactions. January P 100,000 February (150,000) March 100,000 April 80,000 May (50,000) June 90,000 How much trading gain subject to percentage tax should be reported by the Bank for the month of June? P 90,000 P 70,000 P 40,000 P 170,000

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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Bank Alfatih earned an annual profit amounting to USD1,500,000 through a Mudharaba Mutlaqah deposit account. The profit sharing ratio between the bank and the depositors of the Mudharaba deposit account is (40:60) respectively. The table below contains data on the deposit types that are available, average balance needed, and the weights that are used. Deposit Types Average balance Weights 1 month 300,000 0.5 3 months and less 400,000 0.8 6 months and less 600,000 1 12 months and less 800,000 1.25 Total 2,100,000 Calculate the total depositors’ share from the annual profit. Calculate the weighted average balance for each type of deposits.
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In 2021 Coronado Co. had credit sales of $1810000 and sales returns and allowances related to these sales of $150000. Its comparative balance sheet at December 31, 2021 showed the following: 2021 2020 Accounts receivable $775000 $676000 Less: Allowance for doubtful accounts 74000 66000 Carrying amount $701000 $610000 The company's average collection period for 2021 is (Round answers to 0 decimal places. Use 365 days for the calculation purpose) O 136 days. O 144 days. O 146 days. O 160 days.
Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000 Impairment for loans: OMR 300 Impairment for investments: OMR 2,700 Rebate on bills…
Flint Corp. reported the following items on its June 30, 2020 trial balance and on its comparative trial balance one year earlier: June 30, June 30, 2020 2019 Cash in bank $12,050 $9,770 Petty cash 680 540 Investment in shares of GTT Ltd. (to be sold within 60 days) 7,000 -0- Investment in Canada 60-day treasury bills 20,400 -0- Accounts payable 66,505 69,310 Temporary bank overdraft, chequing account 13,000 1,300 Determine the June 30, 2020 cash and cash equivalents amount for the 2020 statement of cash flows, and calculate the change in cash and cash equivalents since June 30, 2019. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cash and Cash Equivalents 24 Net Increase/(Decrease) $
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POLKADOT Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…
INFORMATIONThe following information was provided by Intel Enterprises:1. The bank balance on 31 December 2022 is expected to be R40 000 (unfavourable).2. Credit sales are expected to be as follows:December 2022 January 2023 February 2023R576 000 R540 000 R648 0003. Credit sales usually make up 40% of the total sales. Cash sales make up the balance. Cash customersreceive a 10% discount.4. Credit sales are normally collected as follows:* 30% in the month in which the transaction takes place, and these customers are entitled to a 5% discount.* 65% in the following monthThe rest is usually written off as bad debts.5. Budgeted purchases of inventory are as follows:December 2022 January 2023 February 2023R1 000 000 R800 000 R920 0006. Fifty percent (50%) of the purchases are for cash. The remainder is paid in the month after the purchase.7. The monthly salaries amount to R150 000. Salaries are expected to increase by 9% with…
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