This refers to the process of taxation to determine the amount of tax based on existing tax laws.

Q: 7. Equipment costing PIM is expected to produce 10. 000 pieces of pipes dur ing its economic life be...

A: The formula: Sinking fund method of depreciation: It is a technique for depreciating assets to repla...

Q: . What was the net income after taxes of the property/casualty division?

A: Net income after taxes  $1,53,750

Q: Chips, Inc. has developed a new production process to manufacture its product. The new process is co...

A: Y = aXb Here, Y = Cumulative Average Time Per Unit a = Time taken to produce first unit i.e. 100 hou...

Q: 1Mapiewod can sell all the units it can produce of either Product A or Product B but not hoth Produc...

A:                        In Marginal Costing we calculate contribution margin from deducting variable ...

Q: For each transaction, (1) analyze the transaction using the accounting equation, (2) record the tran...

A: 1. 

Q: Common-size and trend percents for Rustynail Company's sales, cost of goods sold, and expenses follo...

A: Net Profits: The net profits are the amounts arises where the overall incomes earned are higher than...

Q: example of lower of cost or net realizable value and explain

A: The concept of lower of cost or net realizable value says that the amount of inventory should be rep...

Q: Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets ...

A: Times interest earned = Earnings before interest and tax (EBIT) / Interest expense where, EBIT = Net...

Q: How much is the warranty expense in 2021?

A:   Simon Corporation Selling  a new line of products that’s carry a two year warranty against defects...

Q: A widower was granted a loan of P20,000 by her employer with an interest of 6% for 3 months. The com...

A: A promissory note is a sort of debt instrument that consists of a written commitment by one party (t...

Q: 2021 2020 S Change % Change Gross operating revenue 1,870,188,069.00 1,706,358,991.00 163,829,078.00...

A: Horizontal analysis is comparing financial data from two periods of the same organization taking one...

Q: A building has a salvage value of P1,000,000O at the end of its useful life of 50 years. The straigh...

A:  Depreciation as per straight line method = (Cost - salvage value) /useful life  

Q: The firm repurchases its own common stock. e. The firm pays its quarterly dividend. f. The firm issu...

A: Sources of cash are the items from which cash inflows are generated and uses of cash are the items w...

Q: [The following information applies to the questions displayed below.] Nix'lt Company's ledger on Jul...

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: The goal of this problem is to identify and implement the proper internal controls on the following ...

A: Internal controls are the systems, rules, and processes implemented by the company to ensure the cor...

Q: Tammy is single and owns and operates ABC, LLC. Her LLC (a sole proprietorship) has QBI of $850,000 ...

A: According to the rule, the QBI is limited to below options whichever is lower: (A) 20% of QBI OR (B)...

Q: Crane Inc manufactures model airplanes and repair kits. The planes account for 80% of the sales mix,...

A: GIVEN   Crane Inc manufactures model airplanes and repair kits. The planes account for 80% of the sa...

Q: Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's produ...

A: Solution: Raw material Inventory Event Debit Event Credit a $2,20,000.00 b $1,51,500.00    ...

Q: Assuming that sales and expenses will remain unchanged, an increase in the level of assets causes th...

A: Return on Investment = Net profit/ Investment in Assets    

Q: A manufacturer produces a certain commodity at a labor cost of P315 each, material cost of P100 each...

A: Answer) Calculation of number of units to be produced to breakeven Number of units to be produced = ...

Q: Question 5 Grocer Grocey Bhd has in issue 1,000,000 ordinary shares issued at RM3.50 per share and 5...

A: Introduction Answer below Explanation: a. Ordinary share capital(1,000,000 ordinary shares x 3.5...

Q: Niosoki Auto Parts sells new parts for foreign automobiles to auto dealers. Company policy requires ...

A: Given That : Last shipment made for fiscal year ended  on 31 august 2016 was recorded on document 21...

Q: Required information Exercise 6-5 Changes in Variable Costs, Fixed Costs, Selling Price, and Volume ...

A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...

Q: f the audit, the following facts were c nventory at December 31, 2019, was nventory at December 31, ...

A: Journal entries (JE) are those which are recorded in the original books of accounts and it records t...

Q: Cheyenne, Inc. produces three products from a common input. The joint costs for a typical quarter fo...

A: It is pertinent to note that gross profit is the residual amount that is obtained by reducing the co...

Q: Depreciation for Partial Periods Hathaway Company purchased a copying machine for $8,700 on October ...

A: Depreciation is the value of charge on the asset for using it in the business including the normal w...

Q: Given below are the transactions related to Abdullah Enterprises for the month of March 2019. Date M...

A: The question is related to Journal entry,  Ledgers amd Trial Balance of Abdullah Enterprises for the...

Q: A company has 31,000 shares of common stock outstanding. The stockholders' equity applicable to comm...

A: Book value per share= (Shareholder's equity- Preferred stock )/ Common stock shares  

Q: 1. On May 1, 2018, the business assets and liabilities of Nathan and Janice were as follows: Nathan ...

A: Partnership formation: A partnership is a business arrangement between two or more people who own an...

Q: 1) In January 2020, Simon Corporation began selling a new line of products that carry a two-year war...

A: Formula: Warranty expense for 2021 = Warranty Liability at the end of 2021 + Actual Warranty expendi...

Q: Martinez Corporation reported net sales of $769,000, net income of $138,000, and total assets of $7,...

A: The profit margin can be calculated by dividing net income by sales revenue. It indicates the profit...

Q: On 1 July 2015 a plant is acquired at a cost of $6 million. The asset is to be depreciated using the...

A: When the carrying amount of an asset becomes higher than its recoverable amount then it is said to h...

Q: 2) How do disclosure and analysis help users of financial statements assess performance?

A: Financial analysis and reporting can help you answer lots of new important questions about your comp...

Q: Hadji wants to find the equivalent annual cash flow for 9 years with interest rate of 15% compounded...

A: Equivalent Annual Cash Flow = PV x r / [1 - {1 / (1 + r)^n}]

Q: Niosoki Auto Parts sells new parts for foreign automobiles to auto dealers. Company policy requires ...

A: Internal controls :  It is the mechanism , rules and procedures that are implemented by a company to...

Q: The estimated total factory overhead cost and total machine hours for Department 40 for the current ...

A:

Q: What are your thoughts on the misappropriation of funds? Government budgets prevent public official...

A: Government budget shows the expenditure and total income that government has.it can be either capita...

Q: The unearned rent account has a balance of P36,000. If P4,000 of the P36,000 is unearned at the end ...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: An entity recognized the following transactions during 2019: The entity estimated its annual warrant...

A: 8.Warrany expenses for the year ended December 31, 2019 is b. 1080000 Provision for liability.      ...

Q: Restate the following income statement for a retailer in contribution format. Sales revenue ($100 ...

A: Solution:- Preparation of income statement in contribution format as follows:- Format as follows: ...

Q: C. Trial Balance D. Income Statement and E. Balance Sheet

A: Answer:

Q: A company's board of directors votes to declare a cash dividend of $1.55 per share of common stock. ...

A: The dividend is the part of profit that can be either of current year or prior year accumulated prof...

Q: Sheffield Corp. had the following information in its financial statements for the years ended 2020 a...

A: Book value per share is a ratio of total common stockholders' equity and total outstanding shares at...

Q: Pina Colada Industries Ltd. had one patent recorded on its books as at January 1, 2020. This patent ...

A: As per IAS 38, Intangible Asset Only cost incurred in respect of development phase are to be capital...

Q: Jay Banning, CEO and a major stockholder of Banning Incorporated, was unhappy with its operating res...

A: The practice of reviewing your project's financial performance is known as cost variance. The cost v...

Q: Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets ...

A: Debt to equity ratio = Total liabilities / Total equity where, Total liabilities = Accounts payable ...

Q: The following data are available for Segment X of XYZ Company: Net income of the segment $50,000 Con...

A: Income or Financial performance: Using financial performance as a subjective indicator, we can deter...

Q: REQUIRED TO PREPARE A. Joumal Entries B. Ledger Accounts C. Trial Balance D. Income Statement and E....

A: Journal is a book in which all business transactions are recorded first, therefore this book is call...

Q: Han Qing-Jao is exporting from Taiwan to the United States for the first time and she is concerned a...

A: Currency risk means is known as exchange rate risk. Currency risk means change in one currency in re...

Q: uestion Four The following trial balance was extracted from the books of a partnership fim of Sofoa ...

A: The Partner's capital account is prepared to make the balance sheet:- Partners Capital Account ...

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.