A taxpayer filed his income tax return in October 28, 2022. The deadline for the return was April 15, 2022. If he has P40,000 net tax due, compute the penalties in the form of interest.   What is the total surcharge penalty? P0 P10,000 P8,000 P20,000

Q: Lancelot is a dealer of household appliances. He reported the following in 2019 and 2020:   2019 20...

A: Accrual Basis of accounting means recording transaction on Accrual basis i.e. as and when they inten...

Q: e adjusted trial balance is prepared   a.to determine the net income or loss. b.to verify the equali...

A: Solution: Trial balance is a supporting statement to financial statements which summarizes the balan...

Q: How do proceeds from the sale of PPE impact Declan's Designs' 2022 Statement of Cash Flows? Ques...

A: Investing Activities - All the Purchase sales of assets are included under this section.

Q: Which of the following is true? A. Companies can select any day except a holiday to end their fiscal...

A: Ans. The determination of the end of a fiscal year is very important for accounting purposes. It als...

Q: Calculate the material price and usage variance, and the material cost variance for the concrete wor...

A: Variance analysis is one of the important technique of management accounting, under which actual cos...

Q: Required information [The following information applies to the questions displayed below.] The follo...

A: Closing entries: All revenues are closed by crediting the income summary account and expenses are cl...

Q: Statement of Comprehensive Income for the year ended 31 March 2021 Revenue (all credit) Gross profit...

A: Answer: Gross margin = Gross profit/ revenue  Current ratio= Current assets/ Current liabilities Aci...

Q: The following information is provided for the current year: Revenue - 1,200,000; Income from continu...

A: In order to determine the net income, all the expenses are required to be deducted from the sales re...

Q: lier charges P500 per sa ies. It takes an average entory are funded thru

A: Here it is given that number of days is 365 and average unit sold per day is 60. Hence Total Require...

Q: Required information [The following information applies to the questions displayed below.] The follo...

A: Closing entries: All revenues are closed by crediting the income summary account and expenses are cl...

Q: Has social media  changed the accounting profession?

A: An accountant is a specialist who handles accounting tasks like account analysis, auditing, and fina...

Q: A debit is not the normal balance for which of the following? O a) Asset account b) Dividends accoun...

A: Normal debit balance include assets expenses and losses  Nature of Account Normal Balance In...

Q: 20.... . . .  Your answer is incorrect. On December 31, 2019, Sandhill Company leased machinery fro...

A: Leases is a form of contract or arrangement between two parties under which one party provides it's ...

Q: In the base year Marley Enterprises of Vancouver had cash of $560, accounts receivable of $2650, inv...

A: Inventory forms a part of current assets and represents the value of raw material, work in process a...

Q: nd of 3,000,000 for a fund set aside for operating expenses. The cost to transfer funds into this ac...

A: Optimum cash balance: It is the balance wherein the cost of depositing the fund is minimum if we com...

Q: Whirly Corporation's contribution format income statement for the most recent month is shown below: ...

A: The question is based on the concept of Cost Accounting. Variable cost = Variable cost per unit rema...

Q: An auditor's engagement letter most likely would include a statement regardıng: 1. Conditions under ...

A: Auditing involves an independent examination of financial records of an entity with a view to provid...

Q: GBV Co. is preparing its November 30, 2015 bank reconciliation statement. The following information ...

A: Credit memos are those collections made by bank, which are not yet recorded in books of account. Thi...

Q: In preparing a statement of cash flows, which of the following transactions would be considered an i...

A: solution concept cash flow statement consists of                 -cash flow from operating activitie...

Q: ge 151 of the text and complete Financial Problem 6 Ann and Carl Wilton   In addition to answering t...

A: Taxable income refers to the earnings gained by an entity on which the government imposed a percenti...

Q: Analyse on the variance between the planned and actual nett profit contribution of all the projects ...

A: Here asking about the total project details of different project which was actual value which are in...

Q: How do businesses recover the cost of capitalized, intangible assets? O Direct write-off O Depreciat...

A: Intangible assets are non-monetory assets and do not have physical existence. It includes goodwill p...

Q: Which of the following is not an example of the application of professional skepticism? 1. Designing...

A: Proper professional care necessitates professional skepticism on the part of the auditor. Profession...

Q: he recording of adjusting entries is supported by the   a.accuracy concept. b.matching principle. c....

A: Solution: Adjusting entries are those entries which are made to match the revenues and expenses to t...

Q: Required information [The following information applies to the questions displayed below.] a. Wages ...

A: A general journal is a daybook or subsidiary journal in which transactions relating to adjustment en...

Q: Mr. E is a business process outsourcing (BPO) employee in IT Park, Lahug, Cebu City. Prepare a very ...

A: Introduction:- A tax is a governmental organization's mandatory financial charge or other type of le...

Q: Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the n...

A: In accounting analysis and break-even analysis margin of safety is the difference between the expect...

Q: Assume that IBM leased equipment that was carried at a cost of $62,000 to Carla Vista Company. The t...

A: Answer -  Lease Liability Recording -  In recording lease Liability, the amount of lease Liability i...

Q: On December 30, Year 1, ABC Corporation sold a machine to DEF Corporation in exchange for a non-inte...

A: Note payable is to be measured at present value of all future cash inflows using market interest rat...

Q: n 2014 Janice Martin fulfilled a life-long dream and moved her home-based cottage baking business to...

A: The contribution margin is excess of selling price over variable cost. While analyzing the decision ...

Q: Declan's Designs Balance Sheet Declan's Designs Income Statement ASSETS 12/31/2021 12/31/2022 For th...

A: Interest payable is a current liability. Increase or decrease in current liabilities affect the "Cas...

Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume no ...

A: Increase in assets should be debited and decrease in assets should be credited. Increase in revenues...

Q: refer to the orginal data. Compute the company's margin of safety in both dollar and percentage term...

A: Answer 4) Calculation of Margin of Safety in Dollars Margin of Safety in Dollars = Current Sales – B...

Q: The petty cahs fund is $800 On September 5, the petty cash fund needed replenishment, and the follo...

A:

Q: On January 1, 2021 Asset of ABC Company was P2,500,000 and its liabilities was P800,000. By December...

A: Solution Concept The increase / decrease in assets and liabilities can not give the implication abou...

Q: Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores. Th...

A: Activity based costing means where the product is valued on the basis of actual direct material , di...

Q: December 31 Debit $ 41,000 2,300 7,600 110,000 Account Title Credit Cash Prepaid insurance Notes rec...

A: The balance sheet is an essential part of the financial statement. It indicates the financial positi...

Q: Which of the following is not added to net income as an adjustment to reconcile net income to cash f...

A: Cash flows from operating activities is one of the important section of cash flows statement which s...

Q: 1. How much is the cash balance after all transactions were taken into account? 2. How much is the a...

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: In your own words, Explain the accounting cycle. 5 sentences only. No google and plagiarism.

A: Accounting Cycle - Accounting Cycles is the process of recording a transaction through different sta...

Q: The official patterns of coordination and control, work flow authority and communication that channe...

A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three sub-pa...

Q: Question: Considering the year-ending adjusting journal entries for the periodic inventory system. I...

A: Formula: Cost of goods sold= opening inventory+purchases - closing inventory. Gross profit = sales -...

Q: Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the co...

A: Income statement is the statement of company's revenue and expenses. It shows the net income earned ...

Q: Calculate Joan's travel expense deduction for the trip, assuming the trip was made in 2021. 1,465 x

A: Travel expense refers to those expenses which are incurred by the employees of the company at the ti...

Q: Wolford Department Store is located in midtown Metropolis. During the past several years, net income...

A: Income statement is prepared by the business organizations so as to determine how much amount of Gro...

Q: ABC Ltd. ABC Ltd.’s principal business activity is the assembly of circuit boards. One of the key ma...

A:   A risk-based auditing is an approach to identify risks with the greatest potential impact on a bus...

Q: 1

A: The present value factor (PVF) is a financial treatment used for estimation of the current value of ...

Q: an auditor finds any misstatements or deviations in planned procedures: a. the auditor should not re...

A: When an auditor finds any misstatements or deviations in the financial statements then the auditor h...

Q: Question 1. A project costs 5,00,000 and yields annually a profit of * 75,000 after depreciation @ 1...

A: Net cash inflows means amount of cash profits that is being received on account of investment in par...

Q: What is Declan's Designs' 2020 Cash Flows from Investing Activities?   Question 26 options:   Decre...

A: The cash flow from investing activities includes the cash flow from sale or purchase of fixed assets...