Last day to appeal to the CTA is
Q: g interest calculation
A: It is given that the amount 4992.
Q: Advanced Physics please answer this question on excel for a quick upvote 2.79 Find the present worth…
A: Present worth indicates the computation of the present value of the amount invested with respect to…
Q: Sako Company’s Audio Division produces a speaker that is used by manufacturers of various audio…
A: Solution 3a: If Audio Division can sell all of its speaker to outside customers for 88 per speaker,…
Q: I: Vertical analysis all accounts are presented as percentage of total assets in Balance sheet II:…
A: Vertical analysis means the analysis which is done with the figures of one financial year. For…
Q: What is the adjusted cash in bank on December 31, 20XX?
A: The calculation of adjusted cash in bank on December 31, 20XX is shown hereunder : Balance as per…
Q: Which of the following is a basic element of effective budgetary control?a. cost behavior patternsb.…
A: Budgeting is a process that involves estimation of total costs and revenues of a firm over a…
Q: Complete the columns to show the effect of the following transactions: Transaction Asset…
A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…
Q: adjusting entry related to cash at Dec 31 would include: Cr Expenses 1,500 Cr Receivables 6,000 Cr…
A: The answer for the multiple choice question and relevant working are presented hereunder : Trade…
Q: You were assigned to audit the liability accounts of your audit firm’s client Shin Hye Inc. as of…
A: Adjusted balance refers to the closing balance arrived after necessary adjustments are made. The…
Q: Part I. Using the adjusted trial balance of Margie Decorating Services, compute for the following:…
A: Account Title Category Dr. CR Cash Assets 95,722.00 Accounts Receivable Assets 55,000.00…
Q: Perform vertical analysis forlvanhoeClothiers. (Round percentages to 1 decimal place, e.g. 12.1%.)…
A: The horizontal analysis is performed to compare the financial results of two different years. The…
Q: Under absorption costing, a company had the following per unit costs when 10,000 units were…
A: Formulas: Break-even point = Fixed costs /Contribution margin per unit where, Contribution margin…
Q: On September 30, 2021, Bricker Enterprises purchased a machine for $200,000. The estimated service…
A: Sum of years = 10+9+8+7+6+5+4+3+2+1 = 55 Number of years Outstanding = 10 years - 0.25 years(from…
Q: Which of the following 1s not an example of an exempt organization?
A: An entity can avail benefit of tax exempt if : 1.Organization is established for the purpose of…
Q: Supreme Hardware Store completed the following merchandising transactions in the month of May. At…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: In Step 1, operating income. I understand where the 84,000 comes from but where does the 6,000 come…
A: Solution: Return on investment is computed as = Net operating income / Average operating assets…
Q: Account of the petty cash fund of Timex Company showed showed its composition as follows: Coins and…
A: Petty cash funds are those funds which are maintained and established for the purpose of small petty…
Q: Bristo Corporation has sales of 1,250 units at $60 per unit. Variable expenses are 40% of the…
A: Formula used : Degree of operating leverage = Contribution margin / ( Contribution margin - fixed…
Q: ABC Corp showed the following data on its accounts receivables: Accounts known to be worthless.…
A: Accounts receivable Accounts receivable refers to the amount or money due to a business for goods or…
Q: Ben Merchandise presented the following accounts for 2019 and 2018: P1,238,550.00 (current assets…
A: Non-current assets in common-size statement of financial position=Total assets-Current assetsTotal…
Q: MORGAN Merchandising is preparing its Production Budget for the 3rd Quarter of 2020. Its Sales…
A: Lets understand the basics. Management prepares master budget and various budget based on activities…
Q: 728,964
A: The cash flow statement refers to the financial statement which provides the accurate amount of all…
Q: Under the installment method of liquidation, the partner with least cash priority is
A: Liquidation is the process through which the company or the partnership business liquidates the…
Q: Emporia Hornets Company manufactures and sells one product for $34 per unit. The company maintains…
A: The break even sales are the sales where business earns zero profit and zero loss during the period.…
Q: 27. Which of the following statements are not true about partnerships? Group of answer choices A.…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: 23. TRUE or FALSE: Partnerships are tricky and are sometimes difficult to know if one exists. Group…
A: A partnership firm is a firm wherein two or more persons come together and form a joint partnership…
Q: The following are clauses in the U.S. Constitution that relate to international law. A. Treaty…
A: Companies wants to expand its operations globally so that the opportunities can be grabbed by the…
Q: Assume that on December 31, 2019, Kimberly-Clark Corp. sgns a 10-year, non cancelatie lease…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Inc. has additional cash available for investment and considers replacing the old factory equipment…
A: Present problem is required to be solved by using the net present value method Net present value…
Q: Ending inventory value using LIFO? Date Description Quantity Unit Cost or Selling Price Dec. 31…
A: LIFO is last in first out inventory valuation method under which inventories which are purchased in…
Q: Current assets $745,000 $820,000 Property, plant, and equipment 1,510,000 1,400,000 Current…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 28. TRUE or FALSE: Partners are liable for ordinary negligence. Group of answer choices True False
A: As per Partneship Act, Partnership is the relation between persons who have agreed to share the…
Q: AAA Co. plans to acquire XYZ Co. As its subsidiary on April 30, 2022.
A: The capital reserves account is credited if the paid amount of the purchase consideration is lower…
Q: 9) Omani Company reported equity of RO 130,000 on March 1. During the month, The Company generated…
A: Formula: Ending equity = Beginning equity + additional investments + Net income - Dividends
Q: On July 1, 2021, ABC Co. purchased a franchise for $78,000. The franchise has a remaining legal and…
A: Introduction:- Journal entry is the first stage of accounting process. which is used to record…
Q: Define the terms assets and liabilities and give examples of each
A: Assets means anything which is owned by business and used in business. Liabilities means which the…
Q: UESTION 28
A: Residual operating income is one of the components of earnings. It is the residual earnings after…
Q: What does a balance sheet show?
A: Balance sheet consists of all assets, All liabilities and owners equity.
Q: COMPLETE THE STATEMENT OF CASH FLOWS BY REFERENCING TO THE CELLS. DETERMINE THE ANSWERS BY…
A: The question is related to Cash Flow Statement. Cash Flow Statement is summary of cash receipts and…
Q: Prepare journal entries for the following transactions that took place during the year, 2021: a.…
A: Journal entries are the basic method of recording financial transections. These are used to prepare…
Q: um rate of return o
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The petty cash fund of Liwanag Company on December 31, 20XX is composed of the following:…
A: Petty cash or petty cash fund is the amount that is kept in hand by a company or individual for day…
Q: The following data pertains to ABC Corp: Credit sales for the period, P3,000 Credit balance of the…
A: If the allowance for bad debts calculated on the basis of percentage of accounts receivable, the…
Q: MORGAN Merchandising is preparing its Production Budget for the 3rd Quarter of 2020. Its Sales…
A: Beginning Inventory for the next year is equal to the ending inventory of the last quarter of the…
Q: StudentCo Consulting in Manitoba has seven employees with total gross earnings of $623,800.00 and…
A: Introduction: The total amount of income made by a person or a corporation over a period of time is…
Q: List the five account categories, specify their natural balance and which financial statement they…
A: Accounts are classified into various categories based on their characteristics.
Q: TRUE or FALSE: Partnership by estoppel applies in situations where participants are not, in fact,…
A: The answer for the True or false question and relevant explanation are presented hereunder : Based…
Q: Carfax provides various services to supply vehicle reports to consumers. Carfax is subsidiary of R.L…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: On Jan 1, 20X4, ABC Corp sold goods and receive a P400,000 non-interest bearing note due on Jan 1,…
A: Interest on the Note = Present value of the Note x rate of interest x no. of months / 12 where,…
Q: each of the journals is va = $2,000, vg scription prices, to which journals does t
A: Given as,
philippine accounting
Step by step
Solved in 2 steps
- Question 18 of 75. Pringinel pe rollowing statements is TRUE regarding Form S82 and the reduton or ta sequred for the Ouahed Residence Indebtedness (QPRI) exclusion? Form 982 is O Not required in the year cancellation of debt income is realized since tax attrbutes are not reduced until the beginning of the year following the cancellation. Not required in the year of cancellation but the tax attributes are reduced in the year of cancellation A Required in the year of cancellation since tax attributes must be reduced as of the date of canceflation Required in the year of cancellation to report the principal residence basis reduction on hne 10b. which is not caried out until the year following the cancellation. OMark for follow upWhich is FALSE? S1 – A Notice of Discrepancy needs to be settled within 30 days from receipt of Notice S2 – A taxpayer is required to reply to the Preliminary Assessment Notice (PAN) within 15 days from receipt of the PAN S3 – A taxpayer is required to protest to the Formal Letter of Demand / Final Assessment Notice (FLD/FAN) within 30 days from receipt of the FLD/FAN otherwise the assessment shall become final, executory and demandable S4 – A taxpayer is required to file an administrative or judicial appeal within 30 days from receipt of the Final Decision on Disputed Assessment (FDDA) otherwise the assessment shall become final, executory and demandable. Group of answer choices d. S4 c. S3 a. S1 b. S2If the IRS owes a taxpayer a refund, the law generally provides that the IRS must pay interest on the refund if it is not paid within __________ days of the tax-payer filed his or her tax return or claim for refund. 30 45 60 90 None of the above
- Which of the following statements is correct? a.The taxpayer has the right to object to a tax assessment anytime after receiving an Assessment Notice. b.The taxpayer must state the grounds of objection in his/her Notice of Objection c.The Tax Commissioner must accept a Return once it is filed on time. d.The Taxpayer has the right to object to an assessment within the timeframe specified on the Assessment Notice.0 ences Indicate whether each of the following items of IRS administrative guidance should be cited and relied on in researching a tax issue for a taxpayer to whom the item was not directly issued. a. Revenue ruling. Yes No b. IRS Publication. Yes No c. Technical advice memorandum. Yes ONO d. Private letter ruling. Yes No e. Revenue procedure.A tax preparer may be subject to a $540 preparer penalty under IRC $6695(g) Select one: Oa For failure to comply with due diligence requirements limited to a maximum of $540 OD.For each failure to comply with the due diligence requirements OC. For failure to file Form 8879 Od. For including a Schedule A when filing a return using the standard deduction Oe None of these
- Question 20: Identify the incorrect statement regarding EFTPS. Answer: А. O It's a free, online service for remitting federal tax payments. В. O Payments can be made via phone, Internet, or wire transfer. С. When using the EFTPS, payments are due by 11:59 p.m. on the tax due date. D. O Requirements for use include enrollment and setting up a unique PIN.6. Contributions to an IPA may be made by the due date of the individual's income tax return, including any extensions. a. True b. False1. What amount of permanent difference between book income and taxable income existed at year end?a. 520,000b. 360,000c. 800,000d. 280,0002. What amount of current tax expense should be reported? a. 786,000b. 510,000c. 750,000d. 678,0003. What amount of income tax payable should be reported?a. 498,000b. 606,000c. 330,000d. 570,0004. What amount of total tax expense should be reported?a. 714,000b. 726,000c. 642,000d. 594,000
- Tax Drill - Interest Applicable to Federal Tax Underpayments Complete the following statements regarding the interest applicable to Federal tax underpayments and overpayments. IRS interest is compounded . IRS Deficiency Assessments Interest usually accrues from the until days after the taxpayer agrees to the deficiency by signing Form 870. If an overpayment is refunded to the taxpayer within days after the date the return is filed or is due, no interest is allowed. When the taxpayer files an amended return or makes a claim for refund of a prior year's tax, interest is authorized from the due date of the return through the date when the20. A temporary difference arises when a revenue item is reported for tax purposes in a period After it is reportedin financial income Before it is reportedin financial income No Yes No No Yes No Yes YesHow are payments of alimony and separate maintenance under agreements and modifications finalized prior fto 2019 treated tax purposes?
