Samson Corporation has $200,000 of outstanding long-term debt, $400,000 in total liabilities, and $1,000,000 of total assets of which $75,000 is goodwill. Its long-term debt to tangible assets would be
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Samson Corporation has $200,000 of outstanding long-term debt, $400,000 in total liabilities, and $1,000,000 of total assets of which $75,000 is
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- During 2021, Tiktok Company constructed various assets. The weighted average expenditures for capitalization of interest during 2021 amounted to P 5,600,000. The entity had the following debt outstanding at December 31, 2021: • From BPI (specific borrowing), P 3,600,000, 10% • From BDO (general borrowing), P 4,000,000, 12% • From PNB (general borrowing), P 2,000,000, 9% QUESTION 1: What is the capitalized borrowing costs for the year ended December 31, 2021? I Select 1 QUESTION 2: What is the interest expense for the year ended December 31, 2021? I Select 1During 2020, ABC Company constructed various assets. The weighted average expenditures for capitalization of interest during 2021 amounted to P 5,600,000. The entity had the following debt outstanding at December 31, 2021:• From BPI (specific borrowing), P 3,600,000, 10%• From BDO (general borrowing), P 4,000,000, 12%• From PNB (general borrowing), P 2,000,000, 9%1) What is the capitalized borrowing costs for the year ended December 31, 2020?P580,000P360,000P800,000P440,0002) What is the interest expense for the year ended December 31, 2020?P580,000P480,000P660,000P440,000Consider the following information: Effective gross income (EGI) was $40 million; the deprecation deduction was $9 million; debt service was $17million, of which $6 million was principal; $1.5 million was put into a fund for future renovations; operating expenses were $14 million. Compute the taxable income from operations.
- Wakanda Company borrowed P4,000,000 on a 10% note payable to finance a new warehouse which the entity is constructing for own use.The only other debt of the entity is a P6,000,000, 12% mortgage payable on an office building.At the end of the current year, average accumulated expenditures on the new warehouse totaled P4,750,000. What amount of interest should be capitalized? A. P400,000 B. P475,000 C. P490,000 D. P522,500Napier Co. provided the following information on selected transactions during 2021: Purchase of land by issuing bonds, P250,000; Proceeds from issuing bonds, P500,000; Purchases of inventory, P950,000; Purchases of treasury shares, P150,000; Loans made to affiliated corporations, P350,000; Dividends paid to preference shareholders, P100,000; Proceeds from issuing preference share, P400,000; Proceeds from sale of equipment, P50,000. The net cash provided by financing activities during 2021 is (A P650,000. (B) P800,000. P900,000. D P550,000.Napier Co. provided the following information on selected transactions during 2021: Purchase of land by issuing bonds, P250,000; Proceeds from issuing bonds, P500,000; Purchases of inventory, P950,000; Purchases of treasury shares, P150,000; Loans made to affiliated corporations, P350,000; Dividends paid to preference shareholders, P100,000; Proceeds from issuing preference share, P400,000; Proceeds from sale of equipment, P50,000. The net cash provided (used) by investing activities during 2021 is A P(300,000). B P(1,250,000). c) P50,000. (D) P(550,000).
- Thea Corporation has the following: Unsecured Creditors P 230,000 Liabilities with Priority 110,000 Secured Liabilities: Debt One, P210,000; value of pledged asset Debt Two, P170,000; value of pledged asset 180,000 100,000 Debt Three, P120,000; value of pledged asset 140,000 The corporation also has a number of other assets that are not pledged in any way. The creditors holding debt two want to receive at least P142,000. For how much do these free assets have to be sold so that debt two would receive exactly P142,000?The Q3 Company purchases P2,000,000 of bonds. The asset has been designated as one at fair value through profit and loss. One year later, 10% of the bonds are sold for P400,000. Total cumulative gains previously recognized in Q3's financial statements in respect of the asset are P100,000. What is the amount of the gain on disposal to be recognized in profit or loss?The Pearson corporation reported an EBITDA of $7.5 million, net income of $1.8 million, $2 million of interest expense. The applicable corporate tax rate was 40%. Calculate the firm’s depreciation and amortization expense.
- Won Hae Hyo Company, an investment entity, provided the following income and expenses for the current year: Dividend income from investments- P9,200,000; Distribution income from trusts- P500,000; Interest income on deposits- P700,000; Income from bank treasury bills- P100,000; Unrealized gain on derivative contract P400,000; Income from dealing in securities and derivatives held for trading- P600,000; Write-down of securities and derivatives held for trading- P150,000; Other income- P50,000; Finance cost- P300,000; Administrative staff costs- P3,800,000; Sundry administrative costs- P1,200,000 interest expense- P1,700,000. What is the total comprehensive income for the current year? A. P3,800,000 B. P4,200,000 C. P4,400,000 D. P9,200,000On January 1, 2018, an entity purchased bonds with face amount of P5,000,000. The entity paid P4,500,000 plus transaction cost of P168,600. The bonds mature on December 31, 2020 and pay 6% interest annually on December 31 of each year with 8% effective yield. The bonds were quoted at 105 on December 31, 2018 and 110 on December 31, 2019.The business model in managing the financial asset is to collect contractual cash flows that are solely payments of principal and interest and also to sell the bonds in the open market. The entity has not elected the fair value option. On December 31, 2019, the entity changed its business model to collect only contractual cash flows. On December 31, 2020, the bonds are quoted at 115 and the market interest rate is 10%. find the following: 1. What amount of unrealized gain should be reported as component of OCI in the statement of comprehensive income for 2018? 2. What amount of unrealized gain should be reported as component of OCI in the statement of…ABC Company reported pretax financial income of P6,200,000 for the calendar year 2020. Included in the other income section of the income statement was P200,000 of interest revenue from government bonds held by the entity. The income statement also included depreciation expense of P500,000 for a machine that cost P3,000,000. The income tax return reported P600,000 as depreciation on the machine. The enacted tax rate is 30% for 2020 and future years. What is the current tax expense for 2020? (Round answer to whole number)
