T&T restaurant, non-VAT registered, had gross receipts during the year which amount to P2,500,000. If the year of operation is 2019, * Subject to Output VAT of P300,000 O Subject to Output VAT of P267,854 Subject to Percentage tax of P75,000 Subject to Percentage on the P2.000.000 O O
Q: 0 $/unit). The company wanted to explore the possibi creasing its profits, so it decided to spend…
A: Profit of the company depends on the variable cost and fixed cost and the amount of sales and the…
Q: Abc company had a total overhead of 360,000 and selling and administrative expense of 140,000 for…
A: Overheads are general costs that are spent for all products or services produced. These are not…
Q: Actual manufacturing overhead 592.800 Estimated manufacturing overhead $87.000 Direct laborhours…
A: Predetermined overhead rate is the overhead rate which is calculated by using the budgeted data. It…
Q: create 2 problems (required must vary) for each type of depreciation. 1. Straight Line Method
A: As per our protocol we provide solution to the one question only but as you have asked multiple…
Q: Unit V question 1
A: A cost sheet is a method of allocating total cost into different categories. It helps to identify…
Q: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $30,000 $29,200 Inventory 75,800 76,500 Accounts…
A: Cash Flow Statement (Indirect Method) For the year ended December 31, 20Y2 Cash Flow from…
Q: On December 31, 2013, Dos Company has outstanding purchase commitments for 50,000 gallons at P20 per…
A: A commitment to purchase a specific number of items in the future at a fixed price. If the agreement…
Q: Question 1 Based on the following information, display the calculation of cash conversion cycles for…
A: The cash conversion cycle indicates the number of days or periods it takes to convert its investment…
Q: PROBLEM 3 Green Vegetable Mfg. Co. purchased equipment on January 1, 2019, at a cost of $800,000.…
A: Depreciation expense is the reduction in the value of the asset for that period. In the given…
Q: As a global citizen, what do you think is your role that can best help in addressing the…
A: Answer:- Definition of pandemic:- A pandemic can be defined as the contagious disease outbreak that…
Q: Use the table beolow to answer the following questions. a. Calculate the growth rate of real GDP for…
A: Average annual growth rate of GDP is the average increase in the value of GDP over a period of time.…
Q: What is the resort's net income for tax purposes?
A: Safe haven wildlife resort operate a proprietors-ship that generate $20000 in income under GAAP.…
Q: Activity Cost Pool Maintenance Materials Handling Setups Inspection Order processing Customer…
A: The activity costing method is used to apply overhead cost to different activities on the basis of…
Q: Bronzini enters into Fish partnership by contributing the following: Cash $15,600; Accounts…
A: The entire capital of a partner is equal to the sum of their capital and current account balances.…
Q: Klutlan Industries began construction of a warehouse on July 1, 2018. The project was completed on…
A: GIVEN Klutlan Industries began construction of a warchouse on July 1, 2018. The project was…
Q: Stute whether the following are non-current assets, current assets, owner's equty. non-current…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: If Rita receives $39.24 interest for a deposit earning 6% simple interest for 110 days, what is the…
A: The question is based on the concept of Financial Management.
Q: Brown Co made a credit sale to Cody Co for $200,000 on July 19x9. It is known that at the end of…
A: Allowance for doubtful account The purpose of creating allowance for doubtful debt account to set…
Q: your sister bought a condominuim unit for 9,300,000 peso through a condominium loan which she avaied…
A: The monthly amortization is the payment that has to be paid or received at the end of every month.
Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…
A:
Q: At the beginning of period, Ammar Co. had balances in account receivable of $ 400,000 and allowance…
A: Account receivable means the amount due from outsider for the goods or services rendered on account.…
Q: Weighted Average Method, Nonuniform Inputs, MultipleDepartmentsBenson Pharmaceuticals uses a…
A: The requirement is given as,
Q: Lowder Inc. builds custom conveyor systems for warehouses and distribution centers. Duringthe month…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: A company has $1,357 in inventory, $4,800 in net fixed assets, $646 in accounts receivable, $286 in…
A: As per the accounting equation concept, total assets are equal to the total liabilities and equity.…
Q: What amount should be reported as inventory at a year-end
A: P3,100,000 amount should be reported as inventory at a year-end.
Q: Internal Control Build an environment of a media communication company (follow the principles and…
A: Answer:- Internal control definition:- Internal control can be defined by the accounting and…
Q: Retum on plan Assets? For Skysong Corporation, year-end plan assets were $ 2,000,000. At the…
A: Formula: Return on plan assets = Year ending plan Assets - beginning plan assets - contributions +…
Q: ccurred between Garfield Company and MiKi, Inc.: (a) On August 1, Garfield Company sold merchandise…
A: Journal Entries The act of recording or keeping track of any financial or non-financial action is…
Q: A frim has net working capital of $509, net fixed assets of $2,336, sales of $7,000 and current…
A: The sales to total assets can be calculated by dividing total sales by total assets. The total asset…
Q: The adjusting entry to record the depreciation of a building for the fiscal period is a.debit…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: low much is the cash
A: VAT is Value Added Tax. The VAT amount comprises three amounts .…
Q: Account Insurance Expense Cash at Bank Supplies Accounts Payable Sales Revenue Accounts Receivable…
A: Formula: Net income = Total Revenues - Total Expenses.
Q: Fatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April 2021 with…
A: Cash discount: Cash discount is an incentive provided by the selling party to the purchaser for a…
Q: Several expenditures are listed below. Indicate whether or not each expenditure would be included in…
A: Equipment cost includes Purchase Price ( Invoice price less deduction ) Transportation ( Freight…
Q: 60,000 Accumulated depreciation on motor vehicle (1 October 2019) 15,000 Purchases and…
A: A company is required to publish its Financial Statements at the end of each accounting period…
Q: Marie Company, a publicly-listed entity, had the following account balances on December 31, 2021:…
A: Cash is an assets recorded in the financial position of the business organization. Characteristics…
Q: The selling price of Product Y is set at $1,200 for each unit and sales for the coming year are…
A: Target cost = Desired Sales revenue - Desired profit Desired Sales revenue = 1,000 units x $1,200 =…
Q: Net realizable val = purchases entory - Decembe
A: The theory of lesser of cost or net realizable value states that inventory must be recorded at the…
Q: In 2021, Ben purchases and places in service a new auto for his business. The auto costs $57,000 and…
A: Depreciation is the amount that is charged on the fixed assets and by which the asset value…
Q: Debit Credit Cash $31,000 Accounts Receivable 7,400 Prepaid Insurance 21,000 Accounts Payable…
A: Formulas: Working Capital = Total Current assets - Total Current liabilities Current ratio = Total…
Q: e beginning of each process. On October 1, 2022, inventories co in Process-Packaging $325,000, and…
A: The answer has been mentioned below.
Q: Geary Corporation had the following transactions: · Apr. 15 - Received $6,000 from Marion Company…
A: Journal entry shows the recording of transactions during an accounting year and every transaction…
Q: Amanzi Company applies Overhead based on Direct Labour hours. At The beginning of the year, Amanzi…
A: Formula: Predetermined overhead rate = Estimated overhead / Direct labor hours
Q: The following various elements relate to Whitfield, Inc.'s cash budget for April of the current…
A: The cash collection schedule is prepared to record the estimated cash collection during the period…
Q: $ 69,550 $ 173,875X 13 3.1 X 32.5
A: Calculation of Average Operating Assets for Charlie Division Net Operating income = Average…
Q: Tommy's Trucks Co. traded in a used truck for a new one. The original cost of the old truck was…
A: Calculation of cost of acquire a new truck and cost of disposal are as follows.
Q: 2020 P1,939,500 900,000 1,039,500 445,500 37,575 P 556,425 Percentage 2019 P1,674,675 843,975…
A: Formula: Revenue % = ( Revenue value / revenue ) x 100
Q: Project B D E Initial Investment 3,300 -6,500 5,300 -7,000 -5,500 Annual Benefit 650 1,200 950 1,250…
A: The answer has been mentioned below.
Q: A business that purchases items to place into their inventory to resell may purchase the items…
A: Its True that A business that purchases items to place into their inventory to resell may purchase…
Q: RebecoCa entity, purch o 'aɔr
A: The bonds were purchased at premium of P 251,880 [3,251,880-3,000,000]. The…
Step by step
Solved in 2 steps
- Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? P2,240,000 P1,920,000 P1,980,000 P2,500,00016. Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? a. P1,920,000 b. P2,240,000 c. P2,500,000 d. P1,980,000CarRoq Corporation, a domestic dorporation a retailer of goods has gross sales of P 1,400,000,000 with a cost of Sales of P560,000,000 and allowable deductions of P150,000,000.00 for the calendar year 2021, its total assets of P180,000,000 includes the P50,000,000 and the building of P 25,000,000. How much is the income tax due?
- A company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000Interest income on time deposit 200,000Depreciation deducted for income tax purposes in excess of financial depreciation P100,000Income tax rate 30% 1. How much is the taxable income?A. 950,000B. 750,000C. 850,000D. 700,0002. How much is the accounting income subject to tax?A. 900,000B. 750,000C. 700,000D. 225,000Thank you.Azure Company reported in the income statement for the current year P900,000 income before provision for income tax. Please consider the following information: Rent income received in advance P150,000 Interest income on time deposit 200,000 Depreciation deducted for income tax purposes in excess of financial depreciation P100,000 Income tax rate 30% How much is the permanent difference?A. 200,000B. 100,000C. 150,000D.350,000The following information applies to the operations of MK Inc. for 2022 and 2023. Assume a tax rate of 20% for both years.2022 information:Sales on account in the amount of $675,000Warranty expense and associated liability in the amount of $145,000No other expenses incurred.2023 information:Sales on account in the amount of $210,000Warranty repairs made in the amount of $69,000No expenses incurred.What is MK's income tax expense for 2022? Group of answer choices $121,200 $135,000 $106,000 $164,000
- FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. What is deductible expense if the company uses OSD?* a. 920,000 b. 1,360,000 c. 880,000 d. 800,000 Using the problem above, what is the income tax payable?* a. 330,000 b. 375,000 c. 575,000 d. 525,000Rental income of R70 000 is received in advance. Calculate the tax base for income received in advance for the year ended 29 February 2016. Accept that SARS will tax the rental income when the rental premises is made available to the lessee. The tax base is: a. R70 000 b. R19 600 c. R0 d. R7 000In 2021 XY corporation is subject to MCIT has the following records Sales: net of discounts and allowances php 9,500,000 cost of sales php 5,000,000 gain on sale of building php 150,000 allowable deductions php 4,420,000 Compute the income tax payable of XYZ Corporation P46,000 P46,500 P76,000 P95,000
- Marr Company reported rental revenue of P2,210,000 in its cash basis income tax return for the year ended November 30, 2010 . Additional information is as follows: Rent receivable – November 30, 2010 1,060,000; Rent receivable – November 30, 2009 800,000; Under the accrual basis, Marr should report rental revenue of Choices; 1,920,000 1,950,000 2,440,000 2,470,000Brush Company has the following income before income tax and estimated effective annual income tax rates for the first three quarters of 2019. Quarter Income before income Estimated Effective Tax Tax provision rate 7 st 120,000 12 2nd 130,000 10 3rd 140,000 14 Required: What should be Brush company estimated income for "First" quarter income statement? Select one: a. $54,600 b. None of the other points c. $39,000 Od. $46,800 %24During 2020, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. Gross profit figures under both methods for the past three years appear below: Completed-Contract Percentage-of-Completion2018 ₱ 475,000 ₱ 700,0002019 625,000 950,0002020 700,000 1,050,000Total ₱1,800,000 ₱2,700,000 Assuming an income tax rate of 40% for all years, the effect of this accounting change on prior periods should be reported by a credit ofa. ₱540,000 on the 2020 income statement.b. ₱330,000 on the 2020 income statement.c. ₱540,000 on the 2020 retained earnings statement.d. ₱330,000 on the 2020 retained earnings statement.
