LA Corporation donated P1,000,000 to a government agency which was created to generate profit for the government. The agency's total expenses amounted to P15,000,000, 30% of which were for administrative purposes? How much was the exempt gift? O None of the above 750,000 O 700,000 O 1,000,000
Q: Partner, Inc. owns 80% of Senior, Inc. During 2020, Partner sold goods with a 40% gross profit to Se...
A: Answer: B. Sales and cost of goods sold should be reduced by the intercompany sales.
Q: Putin Company reported an impairment loss of P5,200,000 in its income statement for the year 2016. T...
A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...
Q: 6. Engineers who design cars for a car manufacturing company submit their timesheets. The entry to r...
A: Following entry will be passed to record direct labour cost incurred on job : Work in process inven...
Q: Company P acquired 90% of the common stock of Company S on 1/1/2020. On the date of acquisition , Co...
A: Entry for amortization are as follows.
Q: Blaze Corporation allocates overhead on the basis of DLH and the standard amount per allocation base...
A: Standards are set in advance, from the standard set the actual performance are required to be measur...
Q: Sephora offers its customers a traveller's gift set as a premium in exchange for $ 40 if the custome...
A: Journal entry is the first step in the process of accounting, which is recording of financial data i...
Q: Tutor Corp. uses different kinds of machines in its manufacturing process. The following information...
A: Note: Insurance during transportation is only capitalized with the machine. Insurance taken after th...
Q: Accountancy Company acquired 75% of the outstanding shares of Finance Company for P900,000. Book val...
A: Share of parent company in net income of subsidary = 75% x 135000 =101250
Q: The transaction price allocated to the pool and the installation is
A: Cost allocation refers to the process which is used by the company to allocate the cost of product o...
Q: Javon Company set standards of 2 hours of direct labor per unit at a rate of $15.50 per hour. During...
A: 1. October: Actual Cost Standard Cost AH x AR AH x SR SH x SR 11500 x 15.7 11...
Q: 2. Fill in the missing number for each of the following. Assets Liabilities Owner's Equity $100,000 ...
A: Solution As per the accounting equation Total assets = liabilities + owner's equity So, Owner...
Q: Complete the Inventory and Overhead T-Accounts For Job 1 and Job 2 and Job 3
A: Job costing is the method of costing applied when each job is different from the other. These method...
Q: 5. Understanding marginal and average tax rates Consider the economy of Cocoland, where citizens con...
A: Calculation of marginal tax rate and average tax rate are as follows:
Q: The Music carries a large inventory of quitars and other musical instruments Tho store uses the FIFO...
A: Perpetual inventory records system of the guitars (using FIFO method) Date Particulars quantity u...
Q: Conceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. The PFRS for SMEs...
A: The correct answers the above mentioned question is given in the following steps for your reference....
Q: . On January 1, 2019, Tarlac Company acquired a machine for P4,500,000. The machine has a useful lif...
A: Depreciation is a method of accounting that distributes the expense of a tangible or physical asset ...
Q: QUESTION 5 Chain Reaction, Inc. allocates overhead using machine hours as the allocation activity. T...
A: Overhead rate = Estimated Overhead/ Estimated total level of activity ( machine hours ) = $ 200000/1...
Q: 1_Contracts (2) - Protected View • Saved to this PC - O Search (Alt+Q) Love yout References Mailings...
A: Contract Law: Contract law controls the commitments laid out by understanding, whether express or im...
Q: An investor who is in a 33% tax bracket for normal (ordinary) income buys a stock for $5,000 and sel...
A: Financial Instrument: A financial instrument alludes to a resource that can be exchanged by financia...
Q: On January 01, 2022, TGIF Company sold equipment costing P10,000,000 with accumulated depreciation o...
A: No. of installment to be received = Face value of notes / annual installments Carrying amount of the...
Q: Sandhill Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,490...
A: A comparative income statement is an income statement that deals with and compares multiple periods ...
Q: In 2020, Ted Baker had total assets of S510.31 million, of which $219.92 million were total noncurre...
A: Lets understand the basics. Current asset to total assets is a ratio in which current asset is compa...
Q: ackson Industries has borrowed $125,000 under a line-of-credit agreement. While the company normally...
A: Solution Given Amount borrowed $125000 Normal checking account balance 15000 compens...
Q: A. The company will undergo Lump - sum liquidation . Other assets of the company was realized for 20...
A: Lumpsum Liquidation of the assets realised in the partnership firm
Q: ABC Company had the following capital structure during 2020 and 2021: Preference share capital, P10 ...
A: Answer) Calculation of Basic Earnings per Share Basic earnings per share = Earnings available for Co...
Q: Prepare the journals for all transactions
A: Journal entry is the entry which is recorded on the day book whose other name is also journal book o...
Q: Marigold, Inc. has 10500 shares of 4%, $100 par value, noncumulative preferred stock and 105000 shar...
A: A dividend is the transfer of a portion of a company's earnings to a certain group of shareholders, ...
Q: QUESTION 1 Lawn & Order, Inc. reports the following costs for the year: $120,000 Direct materials us...
A: period cost are those cost that cannot be capitalised in to prepaid expenses or inventory or fixed a...
Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...
A: Gift splitting tax is a technique used by married couples to increase their tax-free gift by merging...
Q: Required: Prepare the statement of liquidation. Vic, Victor and Vincent are partners in Valentine pa...
A: Computation of personal assets realized value Vic PHP Victor PHP Vincent PHP Personal asse...
Q: The following relates to the compensation income of Juana in 2021: *
A: Answer: As per Q/ A guidelines, first question has been answered. Please repost remaining question. ...
Q: Rem was retired by his employer corporation in 2020 and was paid P1,000,000 as a retirement gratuity...
A: An individual's gross income (sometimes known as gross pay on a paycheck) is their total earnings be...
Q: 1. What amount should be reported as gross purchases for the current year?
A: Gross purchase: Gross purchase is the total of all purchases done by the company it includes total r...
Q: Question 22 (Group 21 & 22) Underworld plc is a manufacturer of computer games. It is currently fina...
A: Ordinary shares have a market price of £3.35, while debentures have a market price of £94. The compa...
Q: Consolidated financial statements are typically prepared when one company has A. a substantial equi...
A: Consolidated financial statements are prepared when a parent-subsidiary relationship exists. A compa...
Q: Ex 5. Calculate the retained earnings of a retail company considering the following financial inform...
A: Retained Earning refers to undistributed profit arises over the year. It is Known as Reserve and Sur...
Q: If you deposit 10, 000 in a bank account that pays 10% interest annually, how much will be in your a...
A: Amount after 5 years = P×1+rn Where, P = Principal amount i.e. 10,000 r = Rate of interest i.e. 10% ...
Q: Hotdog Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following item...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: Putin Company reported an impairment loss of P5,200,000 in its income statement for the year 2016. T...
A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...
Q: Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format Income s...
A: Sales ratio = 116,000 :58,000 = 2:1 when preparing contribution income statement the original var...
Q: Ex 5. Calculate the retained earnings of a retail company considering the following financial inform...
A: Formula: Ending Retained earnings balance = Beginning Retained Earnings balance + Net Income - Divid...
Q: Briefly describe the relationships between loss / combined ratios AND underwriting, marketing and cl...
A: Insurance: Insurance is a policy, addressed by an arrangement, where an individual or element gets m...
Q: Goodwill of Php 300,000 to be recorded and allocated to the prior partners. The prior partners, Bal...
A: Admission of a partner into the partnership means adding one more person in the business into the pa...
Q: Identify the term being referred to: An agreement where one party conveys to the another party the ...
A: The question contains an agreement between two parties . One party coveys the right to use the asset...
Q: January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker’s commissio...
A: Solution Given Face value 500000 Coupon rate 8% Issue price 475126 Life of bon...
Q: CM ratio Variable expense ratio 2. Compute the break-even point Break-even in unit sales units Break...
A: Break even point means where there is no profit no loss. Variable cost means the cost which vary wit...
Q: The notes receivable account of Kilo, Inc. consisted of the following: 1. 60-day note of P10,000...
A: The note receivable is an asset for the business, which is due for payment from customers on future ...
Q: YOU CAN DO IT Corporation has equipment with a carrying value of 450,000 on December 31, 2021. The f...
A: Solution: An impaired asset is asset which is having market value less than amount listed on balance...
Q: Last year Minden Company Introduced a new product and sold 25,100 units of It at a price of $95 per ...
A: In Cost , The. variable . cost and fixed cost and incurred. this is eaten under marginal costing . U...
Q: Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falco...
A:
timed task, pls help thanks!
about transfer taxes
Step by step
Solved in 2 steps
- For 20X1, XYZ Corporation has a Gross Income of $ 1,000,000 and a total of Ordinary and Necessary Expenses of $ 600,000. Expenses include an item of $ 50,000 for Donations. All items are presented on a tax basis. The entity has not incurred net operating losses or received dividend income. Determine the amount of deductible donations for XYZ Corporation in 20X1. Select one: O a. S45,000 O b. S35,000 O c. SO O d. $50,0003 During the year, a local merchant donated a building to the City of Stage Coach. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. The acquisition value of the donation at the date of the gift was $600,000. At what amount should this contribution be recorded in the governmental activities accounts at the government-wide level? Multiple Choice $50,000. $300,000. $600,000. $0.RST Charities received equities securities valued at $100,000 as an unrestricted gift. At year end, the securities had a fair market value of $110,000. By what amount did these transactions increase RST's net assets? A.) $100,000 B.) $105,000 C.) $110,000 D.) $115,000
- This year, the Jackson Miller Trust earned the following: $4,000 in ordinary dividends. • $500 in interest income. • $1,500 in municipal interest. The only expenses were $1,000 in fiduciary fees. What portion of the fiduciary fees are deductible? O $1,000 O $750 O $667 O $0On January 1, 20x1, Entity A receives a financial aid from the government amounting to ₱1M as compensation for losses it has incurred on a recent calamity. How much income from government grant will Entity A recognize in 20x1? 1,000,000 3 53,334 100,000 4. 0The GOOD SHEPHERD Foundation, a nonprofit organization, had the following cash contributions and expenditures in 2018: Acquisitions of investment in securities Payment of long-term debt Payment of supporting expenses Disposal of property and equipment Acquisition of property and equipment Unrestricted cash contribution Cash contributions, restricted by the donor to the acquisition of property Cash contributions to be permanently invested P11,500 20,000 6,400 10,400 9,800 45,000 29,000 50,000 9,000 Payment of program expense Cash contributions, restricted by the donor to the retirement of long-term debt 31,000 Page 12 Net cash provided by (used in) operating activities: Net cash provided by (used in) investment activities: Net cash provided by (used in) financing activities:
- In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Required: a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire? b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What amount of…In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Required: a. What amount of the $400,000 donation is OCC, allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire? b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required A Required B What amount of the $400,000 donation is OCC allowed to…Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire? Deductible donation Carryover Carryover expire
- Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, Occ reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2021, wh when does the carryover expire? the carryover to 2022, and Deductible donation Carryover Carryover expireIn 2018, Pyle Hospital received a $250,000 pure endowment grant. Also in 2018, Pyle’s governing board designated, for special uses, $300,000 that had originated from unrestricted gifts. What amount of these resources should be accounted for as part of the unrestricted net asset class? a. $0 b. $250,000 c. $300,000 d. $550,000In 2021, Garden City bought land for $50,000. Which of the following is not true? O a. The land could be reported as an asset by the business-type in the fund-based financial statements. O b. The land could be reported as an asset by the governmental funds in the fund-based financial statements. O c. The land could be reported as an asset by the governmental funds in the government-wide financial statements. O d. The land could be reported as an asset by the business-type activities in the government-wide financial statements.