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Q: Adam Smith has taxable income of $37,500 for the current year His federal tax rate is 15%, while the…

A: Federal and provincial tax rates are two different types of tax rates under law. The combination of…

Q: On January 1, 2020, PQR Company purchased 40,000 shares of Frank, Inc. at P100 per share. The…

A: Initial measurement of the investment will be purchase cost of investment & expenses related…

Q: Use the following information for the Exercises 3-7 below. (Algo) [The following information applies…

A: Value of ending inventory Under FIFO method using periodic inventory system, Value of ending…

Q: On December 31, 2021, Sleepy Corporation purchased for P40,000,000 cash all of the outstanding…

A: In case of acquisition of interest in the subsidiary company, the Goodwill needs to calculated as…

Q: On June 30, 2021, ABC Company acquired 50,000 representing 25% ownership interest in Arthur…

A: Investment is the asset or security bought to earn returns from the same in future.

Q: Exercise 3 - 4. Journalizing Closing Entries The following is the list of income and expense…

A: The question is related to Partnership Accounting. Income Statement is a financial report of Revenue…

Q: Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount…

A: Pension Expense: Pension Cost is a measure of the yearly cost to a business of maintaining a pension…

Q: Bonita Products desires to set atarget price for its newest product. Information for a budgeted…

A: Return on investment means the total profit that will be earned on the investment through selling…

Q: Bentiey Corporation received cash from issuing 12,000 shares of common stock at par on January 1,…

A: Cash received  by issuing  shared at par = 12000 shares ×$0.02 =$240

Q: McDollibee Trial Balance June 30, 2019 Accounts Titles Debit Credit 8,750 2,320 Cash P Accounts…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: 10. YOU Company has 40,000 shares of common stock outstanding that it originally issued for P30 per…

A: The dividend yield can be calculated by dividing the dividend per share by the market price per…

Q: Sarah moves to Germany on July 15. Of the current year, she is 35 and has lived in Canada all her…

A: Introduction: The legal position of a foreign national in a country where he or she is not a citizen…

Q: 6. The annual premium on an insurance policy is $1, 200. First, find the premium per period if…

A: Insurance is an arrangement whereby one party provides guarantee to pay the loss incurred due to the…

Q: Skysong Inc, a greeting card company, had the following statements prepared as of December 31, 2020.…

A: A cash flow statement indicates cash inflow and cash outflow information of a particular time…

Q: For Year 1, Crescent excess of revenues and other financing sources over expenditures and other…

A: A mutual fund statement resembles a bank statement in appearance. It gives you a complete picture of…

Q: This is a method of recognizing bad debts that requires a company to estimate the uncollectible…

A: Bad debts are those customers that are not going to pay their debt to the company. The direct-write…

Q: Exercise 3 – 9. Net Income distribution and computation of partner's capital balance On July 1,…

A: The question is related to Partnership Accounting. First we will prepare Profit and Loss…

Q: Tri-State Bank and Trust is considering giving Swifty Company a loan. Before doing so, management…

A: Introduction: Inventory is a type of asset that is used to be sold in the business. Inventory may…

Q: The entry to record the payment of net payroll would include a

A: salaries and wages payable  = salaries- deductions = 90000-6885-19800-3600 = 59715

Q: On December 31, 2020, GHI Corporation holds 50,000 shares of Harry Company with market value of…

A: Unrealized gain means the upsurge in the worth of an asset or security which is yet to sold for…

Q: 10. If long-term liabilities are P300,000 and total assets are P2,100,000, what percentáge of tötal…

A: Long term liabilities as a percentage of total assets = Long term liabilities / Total assets

Q: The public accountant submitted to the tax office his revenue of his office for the year 2021…

A:

Q: Vhat is the correct amount of inventory?

A: amount of inventory = FG + cost + goods in process +material + factory supplies

Q: ccount set up by the for

A: 1. Risk in the workplace is a broad term. It refers to any event or scenario that could hinder  and…

Q: 1. What amount should be reported as total assets after restatement for hyperinflation? a. 5,150,000…

A: Hyperinflation is the inflation on which the prices of the things has changed or increased and as a…

Q: On December 31, 2021, Sleepy Corporation purchased for P40,000,000 cash all of the outstanding…

A: Goodwill is the amount of the difference between the consideration paid for an acquisition and net…

Q: You are auditing Abra Inc.’s cash in bank for the year ended December 31, 2021. You assessed control…

A: A bank Reconciliation statement is a report that is prepared to know the differences between…

Q: In general, all of the following are required financial statements to be presented by NPOs except:…

A: NPO's means not for profit organization. The motive of these organizations is not to earn the…

Q: 8. Briefly describe the 4 principles of the Code of Conduct for a BAS Agent

A: The professional code of conduct states the principles to regulate the actions and ethical values of…

Q: l plans for the coming year (2021). Information related to financial projections for the year 2021…

A: The answer has been mentioned below.

Q: In 2021, Russell Rogers is single with net investment income of $18,000 and modified adjusted gross…

A: Answer 4:- Option E is correct None of the above. Net investment income tax for the year is $684.…

Q: Answer in 20 minut

A: Debentures are an obligation instrument utilized by organizations and governments to give the…

Q: O Perseverance Corporation is deciding whether to pursue a restricted or relaxed current asset…

A: Return on equity = Net income/equity   Roe under restricted policy is 6.5℅ and under relaxed policy…

Q: 9. How much impairment loss is to be recorded by Frozen relating to the non-current assets held for…

A: As per our protocol we provide solution to the only one question kindly resubmit the remaining…

Q: Company purchases the 50,000 starters that it installs in its standard line of farm tractors per…

A: Financial Advantage Associates is a full-service financial counseling organization with the goal of…

Q: Erica is a citizen of a foreign country and works as an employee for Fco, a foreign corporation that…

A: Income tax is a sort of tax levied by governments on the earnings of enterprises and persons under…

Q: On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a…

A: Noncurrent assets are long-term investments that will not be fully recognized within the fiscal…

Q: Wynn Farms reported a net operating loss of $280,000 for financial reporting and tax purposes in…

A: Solution 1: Net Operating loss carryback Amount Rate of Tax Tax Recorded as Carried back - 2017…

Q: A part year resident for the current year is an individual who either establishes residency in…

A: The statement is true.

Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Consider the following per unit data for Jennifer Company, a seller of both chairs and tables: Unit…

A: The Break-even point indicates that total units are to be sold by the business entity to recover its…

Q: Discuss the different types of taxpayers.

A: there are different types of taxpayer in the Philippines it often times causes public confusion…

Q: The BEP is 5000 units, the price per unit is P60 and the variable cost per unit is P20. What is the…

A: Formulas: Break even point = Fixed costs /Contribution margin per unit  where, Contribution margin…

Q: On January 1, 2015, Oxford Company finished consultation services and accepted in exchange a…

A: As per Accounting standards for revenue recognition, service revenue should be recorded when…

Q: An auditor's objectives in evaluating accounting estimates include all of the following except to…

A: Audit:   It is a procedure for examining a company's financial statements. The goal of auditing is…

Q: Determine the net income of a company for which of the following information is available for the…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: Of the following individuals who would be a resident or deemed resident of Canada for tax purposes…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : There…

Q: 10. An adjusting entry in relation to estimates will always: a. increase total expenses. b. decrease…

A: Accounting Estimates: An accounting estimate is an approximation of the amount of a business…

Q: A Machinery is purchased for $ 60,000 on 1st April 2009. It is estimated that the residual value of…

A: Introduction: Depreciation expense is the expense that was spent on the fixed asset for the current…

Q: Statement 1: It is not always necessary to identify both fair value less cost to sell and value in…

A: The Correct Answer is Option "D" i.e "Both Statement are Incorrect