Sundae Inc. sells land to Parfait Co. for 9k. The land had cost S 10k 5 years ago. Provide the workpaper entry to make w

Q: January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at…

A: Initial amount of the note receivable = Down payment (If any)+Present value of face amount + Present…

Q: 10. Sicilian Corporation purchased a condominium unit for P2,000,000. The zonal value is P2.500,000.…

A: Fringe Benefits- All those benefits which are granted by an employer to the employee apart from the…

Q: Anderson disposes a vacant lot for P3,000,000.  The lot has an Assessor's fair value of P2,800,000,…

A: What is the basis in the valuation of real property?  The value of the real property will be based…

Q: Rental House: Purchase price $79,000, ( Remaining Loan Balance: $66,102) Depreciation Costs…

A: The term like-kind exchange means a tax-deferred transaction that allows for the disposal of an…

Q: ential house and lot located in Manila on January 5, 2018 for 8,000,000. The property was purchased…

A: Capital Gain - A capital gain is a rise in the value of a capital asset that is realized upon the…

Q: ABC Inc. purchased machinery for $600861 which is used through the end of Year 2. The machine falls…

A: CCA Tax Shields = Depreciation * Tax rate for each years - Tax shield on sale value   Year 1 (600861…

Q: On January 1, 2022, ABC Company buys three hectares of land for exactly P800,000 with the amount to…

A: The notes payable is the financial instruments recorded as liability on the balance sheet, the…

Q: KNB sold real property to Firm P for $15,000 cash and Firm P’s assumption of the $85,000 mortgage on…

A: Answer 1: Amount to be realized on sale Amount Realized on sale= Cash amount+ Mortgage relief Amount…

Q: Pyri Flours, a sole proprietorship, owes $9,741 in taxes on taxable income of $61,509. If the firm…

A: Average rate of tax =

Q: 5. Cartridge Company owns a fleet of motor vehicles. In 2018, one of the cars which was acquired at…

A: Companies provides various types of benefits to its employees apart from the normal compensation…

Q: Mang Pandoy sold his primary residence (house and lot) for P10M. The cost of the property is P6M.…

A: Tax is a charge which a taxpayer has to pay to the government for having excess income. The excess…

Q: pusiness imported 500 cars

A: From the currency P it is clear that the it is related to…

Q: Entity XYZ acquires a machine for CU100,000. The machine has an estimated useful life of 5 years and…

A: In the context of the given question, we are required to compute the current tax, deferred tax,…

Q: Puerto Princesa Company sold its parking lot for P2,000,000. The lot has a zonal value of P2,500,000…

A: solution: given : sale price            =P2,000,000 zonal value         =P2,500,000 appraisal value…

Q: On June 7, 2006, Hawk Corporation sold a tract of land for P70,000 that resulted in a P30,000 gain…

A: The gain arises when the selling price is greater than the purchase price of the asset. The revenue…

Q: 2. Soft Oil Company has an ORI in an unproved property for which it paid $80,000. The ORI has not…

A: The gain on the sale of an asset arises when the selling price is more than the cost. When…

Q: On January 1, 20A1, Mangosteen leased its land to Gumamela for a period of 15 years for P200,000…

A: The two allowable methods in recognizing income in case of a lease are the straight-line method and…

Q: Mike Mulligan Excavation Inc. has one Caterpillar 345DL Hydraulic Excavator. It was purchased at the…

A: Present value refers to the method of capital budgeting which describes the value of the current…

Q: A real estate broker has a listing where the seller agreed to should capital gains tax and broker's…

A: The net amount at which the broker would sell so that the seller would get the realized amount, the…

Q: 1. A special manufacturing and handling device was purchased by Alfonso Manufacturing for $200,000…

A: Net present value refers to the difference between the inflows and outflows of cash during a…

Q: P800,000. Compute the capital gains tax:

A: In  Philippines the Capital Gain on the Sale of the Capital assets located will be charged based on…

Q: Solving. On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was…

A: A note receivable is a composed guarantee to get a particular measure of money from one party on or…

Q: Hani Ltd has tar written down value on its main pool of plant and machinery of E20.000 on 6 April…

A: Hani Ltd., On 06.04.2019, Tax written down value on plant and machinery = E20000  In year to…

Q: How much is the income tax applicable on the transactions?

A: taxable AMOUNT = 15,000,000

Q: Puerto Princesa Company sold its parking lot for P2,000,000. The lot has a zonal value of P2,500,000…

A: Parking Lot sold for P 2000000 Zonal Value P 2500000 Appraisal Value P 1800000

Q: KNB sold real property to Firm P for $15,000 cash and Firm P’s assumption of the $85,000 mortgage on…

A: Calculation of KNB’s amount realized on the sale: KNB’s amount realized on the sale = Cash + Relief…

Q: On 01.10.20X1, TK transfers the annual rent of EUR 7,000 for the business and office space for one…

A: when there is payment in advance it is treated as prepaid from the point of view of the one who paid…

Q: Surfin Corporation sold product "S" to Red Corporation for P1,000,000 plus 12% VAT. Subsequently,…

A: VAT is form of indirect tax that is payable on sale of goods and services in the business.

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.