Which of the following is false?
Q: Every entry should have narration please Problem 1 November 19, 2020, BG Ltd purchased a mini e...
A: Journal Entry for note. BG Ltd purchased mini excavator for $60000. BG Ltd paid cash of $6000 and fo...
Q: Problem 4 Elegant Co. was organized on Jan. 1, 2022. On that date, it issued 1,000,000 shares of P1....
A: Working Note 1. Number of Shares to be remaining to be sold Total Authorised Capital- Number of s...
Q: Sparkling Beverages makes one of its products by way of three separate stages. Details of production...
A: Process costing is a costing method used primarily in manufacturing where units are mass-produced in...
Q: Using the attached T-account template or a spreadsheet with proper classifications and account names...
A: Sales Taxes Collection = $10,000,000 Sales Taxes Collection is been transferred to General Fund ( ...
Q: Can A recognize the $25,000 loss in 2016? How much loss will A recognize on the IBM calls in 2017? W...
A: Here, in the example, A has made loss on two counts. The 1st loss is incurred when the shares acquir...
Q: The following data pertain to ABC Corporation on December 31, 2022 Payroll account - 500,000 Treasur...
A: Cash and cash equivalents: Cash and cash equivalents as an item of the Financial position represent ...
Q: Problem 4-3: Recording investment and valuing debt & equity investments At the beginning of the year...
A: Journal entries Adjusting entries at Dec 31, 2021
Q: Exercise 6-13 (Algo) Depreciation calculation methods LO 3 Millco Inc., acquired a machine that cost...
A: Straight line depreciation Cost of the asset - residual value / useful life of asse Accumulated dep...
Q: Target Corp. sells merchandise primarily through its retail stores. On the other hand, Amazon.com us...
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...
Q: The NOT A CHANCE Company had a bad financial condition caused by deficiency of liquid asset. On June...
A: Solution Working note Amount realized =80% of account receivable +inventory ...
Q: HUM., Co. gave fringe benefits to employees as follows: To its Clerks and Janitors P 100,000 To its ...
A: solution concept Fringe benefit to rank and file employee are not subject to fringe benefit tax Frin...
Q: The following data pertain to ABC Corporation on December 31, 2022 Current account at China Bank - P...
A: Balance sheet: It is a financial statement that states the value of assets, liabilities, and equit...
Q: Name Paper Works Inc. makes paper products and dumps its waste into the Fish River. The waste has ha...
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...
Q: PROBLEM 7. Mcoy Company has, for the coming year, budgeted sales of P3,200,000 with contribution mar...
A: The break even sales are the sales where business earns no profit no loss during the period.
Q: The Liccorish Pizza bought $5,000 worth of merchandise from TechCom and signed a 90-day, 10% promiss...
A: Journal entry is the way of recording transactions whether economic or non economic with their debit...
Q: 3. Beginning 4. How many units should ABM Company produce in order to fulfill the expected sales of ...
A: Budgeted production refers to a form of budget which shows the number of units of a specific product...
Q: Substantive audit procedures Existence/Occurrence(E/O) Rights &obligations(R/O) Completeness(C) ...
A: Auditing of the financial position as well as the financial records of the organization are importan...
Q: 2018 2019 2020 2021 Revenue net income Revenue Net income Rev...
A: Horizontal analysis refers to comparison of items of financial statements as the preceding year or a...
Q: On December 30, 2015, Ella Thornes Inc has 2,000 8% preference stocks issued w/ USD200 par value and...
A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share...
Q: Give any three types of examples in each of operating activities, financing activities and investing...
A: Cash Flow statement has been used to identify amount of cash which was earned and spent on activitie...
Q: Holt Co. discovered that in the prior year, it failed to report P40,000 of depreciation related to a...
A: Lets understand the basics. When there is error happened in previous year in recording the transacti...
Q: Warner Company's year-end unadjusted trial balance shows accounts receivable of $105,000, allowance ...
A: If Allowance for doubtful accounts has credit balance then the Bad debt expense that should be recog...
Q: The most recent financial statements for Crosby Incorporated, follow. Sales for 2021 are projected t...
A: Pro forma income statements are projected statements. These kind of statements are used for the purp...
Q: Helpful Division of X Company makes two products, Small and Large. The company has always used Conve...
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...
Q: Prepared ledger account for following transaction 1- Jan Started business with $ 2,000 in the bank 2...
A: Ledger- A subsidiary ledger is a group of related accounts with consolidated balances equal to the g...
Q: 3. A family obtained a P1,000,000 mortgage. If the monthly payment is P38,000 for four years, how mu...
A: Formula: Yearly payment amount = Monthly payment amount x Number of months in a year
Q: Question 5 The following is the Trial Balance of Maple Union Berhad at 31 December 2021. DR CR RM RM...
A:
Q: On February 3, Smart Company sold merchandise in the amount of $2,400 to Truman Company, with credit...
A: Journal entries are used to keep financial transactions organized. You enter transaction data into y...
Q: ibble Company has observed that at an activity level of 8,000 units the cost for maintenance is £15,...
A: As per the High low method we should calculate the variable cost per unit first, we can use the belo...
Q: Jessie buys 100 shares of stock at $29.52 per share and then sells the stock 9 months later at $37.8...
A: Annual interest or gain is the gain which is calculated on an annual basis by extrapolating the gain...
Q: Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000 Sal...
A: The income statement is the financial statement that shows the financial performance of the business...
Q: F and H Pharmacy Trial Balance December 31, 2018 Cash 327,500 Account receivable 109,100 Notes recei...
A: There is a totalling error in a trial balance . Deficit in credit column by P500.
Q: What type of services can a freight forwarder provide? O Containerization and consolidation of freig...
A: Question 6. Freight forwarders offer a wide range of services such as warehousing, preparation and f...
Q: 3TATEMENT For (In Philippine Peso) Capital Stock Common Stock (20,000 outstanding shares @ P100.00 p...
A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and ...
Q: Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 3...
A: The accrued interest revenue is the interest earned but not received yet.
Q: iler of sailing boats, negotiating the payment delays with your providers and clients. How can you i...
A: Company has to maintain the sufficient cash to operate and maintain the company without which compan...
Q: A company produces products type: A, B and C in three separate departments (production hall). Produc...
A: Segment Reporting- When a business has a lot of different operating segments, segment reporting is u...
Q: Nright Company's cash account shows a $31,300 debit balance and its bank statement shows $29,600 on ...
A: Bank reconciliation is prepared in order to reconcile the bank balance and the company book balance....
Q: Knox Corp has a selling price of $18, variable costs of $13.86 per unit, and fixed costs of $23,500....
A: The question is based on the concept of Financial Management. Contribution Margin is the difference ...
Q: Frank has 200 shares of XYZ, Inc. with a basis of $5,000 and a value of 7,500. He receives a tax-fre...
A: Dividend- A dividend is an allocation of profits by a company to its shareholders. When a company ea...
Q: the amo est expense to be capitalised It: the loan was specifically taken out to finance the bridge ...
A: Solution Concept As per the relevant accounting standard , the borrowing cost incurred on the qualif...
Q: preferred shares, both payable on 30 October 20X5, to shareholders of record on 10 October 20X5. (Re...
A: Journal Entry The purpose of preparing the journal entry which kept the recording of the transaction...
Q: Moede Motors applies overhead based a single plant-wide rate and uses direct labor hours as the basi...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are ...
A: The portion of your total income used to calculate how much tax you owe in a given tax year is known...
Q: Compute the amount to be presented as cash and cash equivalents on December 31, 2022
A: given data about cash flow activities then we find out cash and cash equivalents in step 2
Q: JD Company decided on January 2, 2022 to effect the change in accounting policies in relation to bad...
A: solution Concept Debit balance in allowance for bad debt account Normal balance in allowance for bad...
Q: True or False The purpose of adjusting entries is to assign appropriate portion of revenue and profi...
A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current pe...
Q: Previous Balance Method: On February3, the billing date. Carol Ann Bluesky had a balance due of $124...
A: In order to determine the finance charge, the average daily balance is required to be multiplied wit...
Q: If estimated production overhead in the printing department is $120,000 and actual overhead is $1i16...
A: Pre-determined overhead rate refers to calculation of overhead rate based on estimated cost and the ...
Q: 1) Stock in A Corp. that he purchased on July 14, Year 1, for $40,000. 2) Stock in B Corp. that h...
A: As per our protocol we provide solution to the one question or to the first three sub-parts only but...
Mrs. Y, wife of a deceased employee, received financial benefits voluntarily voted upon by the Board of Directors of the employer-company in recognition of her husband’s long and loyal service and primarily to help her meet financial needs. Which of the following is false?
A. Mrs. Y is not subject to income tax on the financial benefits she received because there were no services rendered by Mrs. Y.
B. Mrs. Y is subject to income tax on the financial benefits she received because such amount is in consideration of her deceased husband’s employment.
C. The amount is not considered as income of the deceased employee because the giving was not in payment for services rendered.
D. A and B
Step by step
Solved in 2 steps
- Vanida received workers' compensation due to an injury on the job. When Vanida files her tax return, her workers' compensation income will be: Fully taxable. Nontaxable. Partially taxable. Taxable at the discretion of the employer.Carding was fond of violating his employer’s company policies. As a result, he was asked by his employer to sign a resignation/termination letter which he did. He received a separation pay. Is the separation pay taxable to Carding? a. Yes, his separation is voluntary and not one of those enumerated under the law to be tax-exempt. b. No, his separation was involuntary. c. No, his separation was against the law. He should be reinstated back to employment and return his separation pay. d. Answer not given.Employer gave a certain car to its employee in consideration of the latter's services rendered to the company. The transfer of the ownership of the car to the employee is subject to transfer tax, in this case donor's tax. Yes No
- Virginia Pecson is an MWE working in Quezon City. As such, her employer did not withhold any tax from her compensation. In addition to her Statutory Minimum Wage (SMW), she also earned a one-time commission from her employer in September of taxable year 2018. In what months of the taxable year shall her employer withhold income tax from her SMW? (a) When she received the commission in September, she ceased to be an MWE. Her employer shall withhold income taxes from her compensation (which includes the SMW) received in the months of September thru December 2018. (b) None. Her employer may not withhold income taxes from the SMW she received in all the 12 months of 2018. Her employer shall withhold the CWT only from the commission she received in September 2018. (c) In all the months of 2018. (d) None of the above.Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $150,200 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)? Solve for sub-questions 2, 4, and 6.Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $132, 200 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)?
- John Taylor, a tax consultant, charges his clients a fee based on the percentage of the tax he saves a client. John received a payment from a client, but he realised that Angela didn’t declare income. Therefore, the income tax return that John’s prepared understated income tax liability.Taking into consideration the Accounting Professional Code of Conduct explain the Tax Penalties and actions John should take following his discovery.Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $127,400 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. -what is the amount of Ekiya’s after-tax compensation (ignore payroll taxes)? -suppose Ekiya receives a competing job offer of $122,000 in wages and non taxable (excluded) benefits worth $5,400. What is the amount of Ekiyas after tax compensation for the competing offer?Jackie derives its sole income from Zhakie. Said income is normally subject to withholding taxes. Jackie found out that there is a statute providing tax exemption. Knowing he is within the scope of the exemption, Jackie asked Zhakie to return the previously withheld amount. Zhakie refuses to do so since the related expense might be disallowed if it fails to withhold. Who has the responsibility to prove that Jackie is exempted? Zhakie BIR Congress Jackie
- a. Assume that Eva is concidered to be an employee. What amount of FICA taxes is she required to pay for the year? b. What is her regular income tax liability for the year? c. Assume that Eva is concidered self-employed contractor. What is her self-employment tax liability and additional medicare tax liability for the year? d. Assume Eva is concidered to be self employed contractor. What is her regular tax liability for the year?Which of the following would constitute tax evasion? a. Henry salary sacrifices future income for which services have not already been provided into superannuation. b. Emily defers prepayments of income to a later income year. c. Jane does not include $50 of interest from her bank account on her tax return. d. Jia establishes a family trust and distributes income between family members equally.
