1.Which of the following is not true about FICA?
Q: ABC Corporation acquired 80 percent of XYZ Corporation on August 1 for P500,000. On that date, XYZ C...
A: 80% Acquisition of XYZ Corporation by ABC Corporation Purchase Consider = 500000 Book Value M...
Q: 10. On July 1, 20x6, Entity A leased a delivery truck from Entity B under a 3-year operating lease. ...
A: Given that entity A leased the delivery truck on July 1st, 20X6 and rent payment need to be done ann...
Q: Suppose that a cash flow will have a uniform annual payment of Php 1,200 for the first four years, a...
A: Equivalent uniform annual payment of cash flow is the amount which is equal every year but constitut...
Q: DaBaby Company issues 4,000 shares of restricted stock to its CFO, Stallion Megan, on January 1, 202...
A: Fair value on date of issue =$120,000 This value is to be considered as unearned compensation and...
Q: QUESTION 4 On Jan. 1, 2017, Acme Industries put into service a milling machine that had a capitalize...
A: Introduction:- Depreciation is a term used in accounting to describe a method of distributing the co...
Q: At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $170,000. It is e...
A: Depreciation is permanent fall or decline in value of tangible fixed asset, attributing to wear and ...
Q: The following table summarizes cash flows for a project: Year Cash Flow at End of Year $-5,100 1 $3,...
A: The student has particularly asked for part'c' of the question. Internal rate of return refers to th...
Q: Future orientation is one of the major themes of Management Accounting. Why must the information pro...
A: Management accounting is the act of creating reports regarding corporate operations to assist manage...
Q: Variable and Absorption Costing Bing Company sells its product for $106 per unit. Variable manufactu...
A: Bing Company Variable Costing Income Statement Particulars Amount Amount Sales (9,000*106) 9...
Q: Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000 ...
A: Solution.. Net income
Q: QUESTION 2 Which of the following statements is false O A positive net working capital is desirable ...
A: Income statement is prepared by the business organizations so as to know how much amount of Gross pr...
Q: Sunland Corporation has collected the following information after its first year of sales. Sales wer...
A: The contribution margin is calculated as difference between sales revenue and variable costs. The ne...
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A: Market Value 700,000 Less: Book Value 620,000 Purchase Differential 8...
Q: The assets of J&R Associates consist entirely of current assets and net plant and Problem 1 (Stateme...
A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and specif...
Q: credit sales: 70% collected in the month of sale; 15% collected in the 1st month after the sale; 10%...
A: The budget is prepared to estimate the requirements for the future period.
Q: Jerome's Fashion Dezigns sells a variety of items of clothing including footwear for men and uses a ...
A: The question is related to First in First out method of inventory valuation. The details are given r...
Q: Numbers 4-5 On August 31, 2023, an entity discounted with recourse a note at the bank at discount ra...
A: Given information, Face amount =P9,000,000 Discount rate=15% Interest rate =12%
Q: ABC Company and XYZ Company reported the following condensed Statements of Financial Position on Jan...
A: Consolidated financial statements means financial statements of overall group where conman have one ...
Q: Bourne Guitars, a corporation, reported a $157,000 net §1231 gain for year 6. b. Assuming Bourne...
A: Ordinary income will be the net §1231 gain for the year of taxation. The gain will be called ordinar...
Q: A project has estimated annual cash flows of $95,000 for four years and is estimated to cost $260,00...
A: Net present value = Present value of cash inflows - Initial investment To calculate present value,...
Q: Rawlings Company prepared the following budget information for the coming year: Product A Product B ...
A: Budgeting: A budget is a spending plan in light of pay and costs. Budgeting is the method involved w...
Q: What is the minimum number of partners required for a partnership to be valid? a. No minimum b. 2 c...
A: A partnership is a legally binding agreement between two or more persons to manage and operate a bus...
Q: Given below is information about beginning inventory and purchases for the current year for Peterson...
A: Introduction:- Gross income is the sum of all wages, salaries, profits, interest payments, rents, an...
Q: The expense recognition principle relates
A: Expense recognition is based on accrual and matching concept where accrual concept states that expen...
Q: QUESTION 12 Annual data for ABC Corporation appear below, in millions of US dollars: 2016 2017 2018 ...
A: Beginning inventory of 2017 = 9.6 Ending inventory of 2017 = 10.20 Cost of goods sold of 2017 = 50...
Q: Duncan Corporation leased 3,000 unexplored acres, paying a lease bonus of $160/acre. Delay rentals a...
A: From the point of view of the lessee, lease abandonment means that the lessee will be continuing to ...
Q: on Ihstállment. Information presented below relates to Edith's operations for the last three years: ...
A: Gross margin is the percentage of earnings made by the entity before considering the indirect expens...
Q: Here are the abbreviated financial statements for Planner's Peanuts Income Statement , 2019 Sales ...
A: The question is based on the concept of Financial Accounting.
Q: The following data were selected from the records of Sykes Company for the year ended December 31, c...
A: Net sales revenue=Sales revenue-Sales returns and allowances+Sales discounts
Q: In the first month of operations, the total of the debit entries to the cash account amounted to $12...
A: Total debit entries = $1230 Total credit entries = $840
Q: In your own words, explain why moral consideration and past consideration usually do not constitute ...
A: Consideration in legal terms means something in return. It can be understood with the maxim - quid p...
Q: (Corporate income tax) G. REdwin Inc. had sales of $6.01 million during the past year. The cost of g...
A: Given that : sales : $6.01 million Cost of good sold :$2.7 million Operating expenses : $2.47 milli...
Q: The Variable Cost of Goods Sold in the Marin Company totals P325,000. Fixed selling and administrati...
A: Variable Costing - In this costing method, variable costs are considered while preparing the cost of...
Q: init costs $625 and the cost of carrying one ear is 2% of the unit purchase price. If E rder is $5, ...
A: Ordering costs and Carrying coat of inventory are inversely proportional. If a company orders in sma...
Q: 5. What are vulnerabilities? Give some examples.
A: Vulnerabilities refers to the possibility of being exposed, harmed and attacked of an application so...
Q: Blossom Company purchased real estate for $1,165,000, which included $6,200 in legal fees. It paid $...
A: The procedure of entering business transactions for the first time in the books of accounts is known...
Q: under each of the E assumption: s paid cash of P1C
A: B. The capital balance of each partner is shown as,
Q: or pay off cumulative loan. Initial cash balance in June is $6,000,000 and there is no cumulative lo...
A: Introduction Cash Budget: In the business world, a cash budget is an estimate of a company's cash ...
Q: A company's financial statements states that amounts are reported in thousands of dollars. Its incom...
A: Introduction: Financial statements are helpful for the following reasons: determining a company's ab...
Q: On July 1, 2020, Shroff Company leased a warehouse building under a 10-year lease agreement. The lea...
A:
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A: The non controlling interest is the interest held by minority shareholders of the business. The min...
Q: what is the difference between unsecured and secured transactions in terms of default
A: These types of transactions are based on the creditworthiness. These are loan or other credit transa...
Q: In Wildhorse Company, materials are entered at the beginning of each process, and conversion costs a...
A:
Q: Problem #1 (Adapted) Jack and Jill are partners who share profit or loss in the ratio of 3:2. They h...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: Bing Company sells its product for $106 per unit. Variable manufacturing costs per unit are $47, and...
A: Fixed manufacturing costs per unit = fixed manufacturing costs / Units produced Total Fixed manufact...
Q: Assess and identify the parent/acquirer that will direct the relevant activities of theinvestee Zeu...
A: Here given the details of the identification of parent and acquirer for the given transaction which ...
Q: In solving for the annual cost of an asset, yearly depreciation is considered an expense. During the...
A: Depreciation is defined as the reduction in the value of fixed asset due to normal wear & tear,...
Q: Describe the effects of risk planning on risk evaluation and treatment.
A: Risks Planning plans help a business to determine what their risks are so that one can lessen their ...
Q: year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the mach...
A: Solution... Cost = $56,000 Sales value = $42,000 Accumulated Depreciation expense = $32,000
Q: Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,650. Ea...
A: According to the IRS- Internal Revenue Service of United States,the rate for contribution to social ...
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- Question 13: Which of the following is a true statement regarding the W-2 Form? Answer: А. Employers must submit the W-2 Form regardless of the amount of compensation paid to employees. Sending a copy of the W-2 Form to the employee is optional. C. The control number on the W-2 Form must be completed by the employer. D. The W-2 Form includes both federal and state tax information. B.The salaries of the Chief Justice and associate justice of the Supreme Court aretax-exempt because they are employees of the government. a.true b.falseDividends paid to a shareholder by a corporation should be reported on which of the following forms? Oa. 1099-R Ob. 1099-INT Oc. 1099-MISC Od. 1099-DIV Oe. None of these choices are correct.
- Which of the following is true about the MACRS depreciation system? Oa. Residential rental buildings are depreciated straight-line over 20 years. Ob. Commercial real estate buildings are depreciated over 39 years using accelerated depreciation. Oc. No salvage value is used before depreciation percentages are applied to depreciable real estate. Od. No matter when equipment is purchased during the month, it is considered to have been purchased mid-month for MACRS depreciation purposes.2. Under the employers cannot discriminate against individuals based on race, religion, or gender. OMinority Amendment OCivil Rights Act OPrivacy Law OProtection Agreement Untitled document...pdf PDF hpWhat factors will the courts take into account when deciding whether a person is an employee or an independent contractor? Explain why this distinction is important.
- Since they are NOT an employee, it is solely the responsibility of the independent contractor to report his/her annual compensation to the federal government. True or False?Section 188 of the LRA provides the means by which a dismissal can be determined to be fair or unfair. In the event of a claim that an employee was unfairly dismissed, what proof is an employer required to provide in order for the dismissal to be deemed fair?1. Which of these is NOT a regulation set forth within ERISA? Answer: A. Employees must be provided with pertinent retirement plan information. B. Employers are required to offer retirement plans. C. Fiduciaries of the retirement plan may be held accountable for breaches of responsibility. D. There are specific timeframes over which retirement plan benefits become nonforfeitable. 2. Which statement is incorrect regarding wage garnishments? Answer: A. They are only ordered by a court or other legal proceeding. B. The amount of the garnishment is based on disposable earnings. C. The limit can be increased for child support. D. If multiple garnishments are in effect, they are satisfied in the order in which they were received. 3. Which statement about Social Security tax is accurate? Answer: A.…
- The Following fringe benefits shall not be subject to basic tax or fringe benefit, except: a) Fringe benefits which are authorized and exempted from income tax under any special law. b) Benefits granted to the employee which are required by the nature of, or necessary to the trade, business or c) profession of the employer. c) De minimis benefits d) None of the choices.Regarding CFA Standard 1 (B), if all relevant parties are notified in writing of the gift or benefit received by a member from a client or their employer: Group of answer choices will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from a client and is contrary to the policies of their employer will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from their employer not the client this can still result in a breach of the CFA Standards will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from a client not their employer this can only represent a breach of the CFA Standards if the gift or benefit has a value of less than $300Employers are responsible for paying FICA taxes, but are not responsible for paying state and federal unemployment taxes. True or false
