Which constitutes a taxable item of gross income? * Compensation for personal injuries Gain from sale of shares in mutual f Gain from sale of government bonds O Income exempt under treaty

Q: dlePH accepted several office equipment from a stockholder which originally costed the donor P1,200,...

A: Solution Concept When the asset is donated to the company ,in such case it shall be recorded as dona...

Q: Fifo Company purchased a machine with a cash price of P350,000.       Fifo gave the following as pay...

A: Discount on notes payable to be recorded on the date of purchase = Fair value of shares issued + cas...

Q: Putin Company reported an impairment loss of P5,200,000 in its income statement for the year 2016. T...

A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...

Q: For more than a decade since its incorporation, Feb-Ibig Company had been renting its office space. ...

A: Cost capitalization is an important aspect in ascertaining the cost of an asset. It provides a best ...

Q: Due to erratic sales of Its sole product-a high-capacity battery for laptop computers-PEM, Incorpora...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: Question 10 of 10 <* View Policies Current Attempt in Progress Given the following information, dete...

A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...

Q: Partner, Inc. owns 80% of Senior, Inc. During 2020, Partner sold goods with a 40% gross profit to Se...

A: Answer: B. Sales and cost of goods sold should be reduced by the intercompany sales. 

Q: TGIF Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property...

A: Determination of revaluation surplus to be reported on Dec 31, 2022:      Amount (P)  a Origina...

Q: Company A had a machine with a carrying amount of P450,000. Company B had a delivery vehicle with a ...

A: Gain (loss) on exchange = Fair value of assets received + Cash received - Carrying value of the asse...

Q: We-Win Law Services received a payment of $56,000 as a retainer for a legal client for services to b...

A: Solution: Unearned revenue at year end will revenues unearned at the end of the year after adjusting...

Q: Journal Entry: 9/19 - Issued a 60-day, 5%, $22,500 note to a customer 11/18 - The note issued on 9...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: Angela Company provided the following information for the current year:   Purchases of raw materia...

A: A manufacturing company puts to use raw materials, labor and other overheads in the production of th...

Q: View Policies Current Attempt in Progress Harnish Company needs to make adjusting entries for each o...

A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...

Q: a. Prepare a vertical analysis of Midnight Enterprises' income statements. If required, round percen...

A: Solution:- a)Preparation of Vertical analysis as follows under:- Note:- Income statement vertical an...

Q: Putin Company reported an impairment loss of P5,200,000 in its income statement for the year 2016. T...

A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...

Q: Warner Company's year-end unadjusted trial balance shows accounts recelvable of $115,000, allowance ...

A: To generate a journal entry, you input transaction data into your company's books. Your journal entr...

Q: Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance...

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

Q: 8. The warehouse management team members of a manufacturing company submits their timesheets. The en...

A: job order costing system determination of price of each individual product and assurance of cost of ...

Q: Frontier Inc. enters into an 8-year lease contract to lease equipment with a useful life of 8 years....

A: Journal Entries in the books of Frontier Ince( Lessor)  Date Particulars     Dr Cr Jan-1,2020  ...

Q: (2 pounds @ $13) (0.5 hours @ $42) Direct materials $26 Direct labor 21 /ariable overhead is applied...

A: Solution: Budgeted contribution margin per unit = Selling price - Variable cost per unit = $210 - ($...

Q: January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker’s commissio...

A: Solution Given Face value 500000 Coupon rate 8% Issue price 475126 Life of bon...

Q: An entity is solvent if it can pay its currently maturing obligation.

A: Solvency: Solvency is the ability of a company to pay off its debts using assets in other words the ...

Q: Company P acquired 90% of the common stock of Company S on 1/1/2020. On the date of acquisition , Co...

A: Entry for amortization are as follows.

Q: What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual...

A: Solution Concept FIFO method :  Under this method the goods in opening inventory is sold first LCNRV...

Q: In 2020, Ted Baker had total assets of $510.31 million, of which $219.92 million were total noncurre...

A: In order to determine the percentage of current assets on the total assets, the total current assets...

Q: Required information Use the following information for the Exercises below. [The following informati...

A: Introduction: A check that has been written but not cashed, deposited, or otherwise cleared the bank...

Q: Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, t...

A: Contribution margin per unit = selling price per unit - variable cost per unit Contribution margin r...

Q: The supplies account had a beginning balance of $1,921. Supplies purchased during the period totaled...

A: Supplies used = Beginning supplies balance + Supplies purchased during the period - Ending supplies ...

Q: Caren Rodriguez borrows P1,500 with simple interest at 3% per month. What payment at the end of 10 ...

A: Borrowed amount = P1500 Interest rate = 3% per month Period = 10 Months

Q: The notes receivable account of Kilo, Inc. consisted of the following:    1. 60-day note of P10,000...

A: The note receivable is an asset for the business, which is due for payment from customers on future ...

Q: A piece of equipment is acquired by an entity by issuing 10,000 shares of 10 par ordinary shares. Th...

A: Cost of the equipment =List price - Trade discount - Cash discount where, Cash discount = (List pric...

Q: YSL Corporation acquired 80% of the outstanding ordinary shares of GBX Company on June 1, 2022 for P...

A: Non-controlling interest is the part of net assets and ownership that is not in the hands of parents...

Q: Each of the following decreases total stockholders' equity except a stock dividend, cash dividend. O...

A: A decrease in stockholders' equity happens when a company distributes its earnings by way of dividen...

Q: warranty

A: 2 year warranty coverage included in sale price. Warranty expenses should be recorded in 2021 as fol...

Q: Method.  Useful life in years is 20 years.  On December 31, 2021, the building is appraised at a fa...

A: Answer Building value on on January 1, 2020                                       =P16000000 Useful ...

Q: 21. For more than a decade since its incorporation, Feb-Ibig Company had been renting its office spa...

A: Solution The borrowing cost related to the qualifying asset shall be capitalized and included in the...

Q: or office space 2,400,000 Officers' salaries 3,000,000 Insurance 1,700,000 Sales representative s...

A: selling expenses are those expenses that are to be incurred by the departments of sales of an organi...

Q: During 2020, Cullumber Company started a construction job with a contract price of $1,600,000. The j...

A: Solution a: Computation of % of completion, revenue recognition and Gross Profit - Cullumber Comp...

Q: ick the icon to view the information.) he requirements rement 1. Compute the actual and budge manufa...

A: In the given question overhead rate is calculated on the basis of direct Labor cost. Therefore overh...

Q: Mr. Ernesto dela Cruz, had the following during the taxable year: • P1,500,000 for outliving his lif...

A: According the Philippines taxation there are some rules and procedures which are involved while dete...

Q: ·       Check payable to Taemin Inc., dated January 4, 2020, included in the December 31 checkbook b...

A: The answer has been mentioned below.

Q: Fogerty Company makes two products-titanlum Hubs and Sprockets. Data regarding the two products foll...

A:

Q: A building was acquired on January 1, 2019 at an original cost of P16,000,000, with zero residual va...

A: Rate of depreciation under double-declining balance method = (1/Useful life) * 100 * 2 Rate of depre...

Q: What is the amount of consolidated equity at the end of the year? (Round off answers to 2 decimal pl...

A:   amount of consolidated equity at the end of the year= P1,647,419.6

Q: Which statement is NOT true of Asset-backed securities and Mortgage-backed securities in the Philipp...

A: Answer: Asset backed securities are generally backed by asset which has readily generated cash and m...

Q: Use the following information for the Exercises below. (The following information applies to the que...

A: The adjustment entry for above transaction are as follows.

Q: ounted to P50. The seller shipped the goods on December 31, 2020. Jep Corp. received the goods on Ja...

A: Under FOB shipping terms of the shipment, Freight is to be borne by the buyer of goods. Therefore it...

Q: Your company's average make-up is 90%. The sales per tonne is R4300.It produced 500t during February...

A: Breakeven is the point at which the company will have no profit or loss. The company uses to calcula...

Q: On September 1, 2020, Sunland Company issued a note payable to Fidelity Bank in the amount of $26910...

A: Principal outstanding on December 31,  2021 = Total amount of Notes payable - Instalment payment mad...

Q: the years subsequent to the year of sale of a 90% owned subsidiary who sells equipment to its parent...

A: Solution Concept When there is a sale made (upstream or down stream ) and if the goods remains unsol...