Which of the following taxes is allowed to be deducted from gross income derived from the exercise of profession, trade or business? Group of answer choices Import duties Philippine income tax Estate and donor's tax Tax on sale of shares of stock traded through the local stock exchange

Q: 3. Penelope purchased a $10,000, 8% quarterly bond, held it for five years, received twenty coupon p...

A: In this question, we are required to calculate Purchase Price of the Bond given that Bond value is $...

Q: Below are the information provided by Mari&Ria Company for the preparation of proof of cash:   Ple...

A: Proof of cash is when in the bank reconciliation statement (BRS), each item is presented separately ...

Q: The normal balance of an account is on the Side represented by decreases in the account balance O De...

A: Answer The correct option is C)Side represented by increase in the account balance Explanation An ac...

Q: Which is true regarding the Investment

A: Option a is true regarding subsidiary stock account

Q: CSM Machine Shop is considering a four-year project to improve its production efficiency. Buying a n...

A: Net present value is is one of the capital budgeting technique widely used by the management to eval...

Q: Meng Company is preparing a flexible budgetfor next year and requires a breakdown of the factory mai...

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

Q: Veronica and Jasmine are twin sisters. They recently bought a townhouse together because they knew t...

A: The process of making estimate regarding future expenditures with a planned level of income is calle...

Q: 30. Find the monthly payment needed to save a P240000 down payment for a house in an annuity that pa...

A: Time value of money is the concept widely used by the management and individuals to determine the co...

Q: What is the amount of the “Investment in F” account on S’s financial records at the acquisition date...

A: S has acquired 100 percent of F which means F is subsidiary and S is parent company. The investment ...

Q: In a business combination - stock acquisition, difference between current fair values and book value...

A: Solution Concept Goodwill                 In a business combination - stock acquisition, difference ...

Q: The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-mon...

A: The question is based on the concept of the cost accounting

Q: Statement of Changes in Owner's Equity

A: Statement of changes in owner's equity is similar like sole trader in case of sole proprietorship , ...

Q: .Which of the following transactions affects the total value of liabilities of a firm? Goods purchas...

A: Solution: Transaction that affect total value of liabilities of a firm, is the transaction that eith...

Q: The following information is from Tejas WindowTint's financial records. Month Sales Purchases $72,00...

A: Cash budgeting is an estimation of cash collection and cash disbursement during a specific time peri...

Q: t of its Annual Income Tax Return, is the company allowed to make any amendment

A: In the above case a corporation filed its return of income on april 15th covering al the income of p...

Q: Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a plan...

A: The overhead cost can be allocated to production on the basis of traditional costing or activity bas...

Q: Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning...

A: Lets understand the basics. Predetermine overhead rate is a overhead rate which is calculate to allo...

Q: C purchases 80 percent of D. At the date of acquisition, D has revenue of P250,000 and expenses of P...

A: Since you have posted two different questions , we ll do the one question that is complete . Please ...

Q: Could you please explain to me how the cash balances are calculated???? Pro Forma Cash Flow Cash R...

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. % ar...

Q: Part #2: K Company is planning its cash disbursements for the upcoming months. In June, it anticipa...

A: 60% of purchases and 20% of pyrolls of june are paid in july

Q: Cove’s Cakes is a local bakery. Price and cost information follows:           Price per cake $ 13.6...

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

Q: Compute the balance of Buildings and Equipment, net to be reported in the consolidated balance sheet...

A: While preparing consolidated balance sheet, all the assets and liabilities of both companies would b...

Q: ill up the blank space.  A company has 12,247 customers they extend credit to, they will have 1 ___...

A: Solution Concept Account receivables is the amount that is receivables from the customers when goods...

Q: NOSKER COMPANY Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operatin...

A: Statement of cash flow shows the amount of cash receipts and payments. It is advanced and detailed v...

Q: It known that variable costing should be used for pricing purposes. What is the benefit of using var...

A: There are mainly two types of Costing systems that are variable costing and absorption costing. Vari...

Q: Net credit sales = $400,000 Net income = $100,000 Average total assets = $80,000 Average accounts...

A: calculation of average collection period are as follows

Q: Minnie Oil Co. produces three joint products: gasoline, kerosene, and naphtha. Total joint productio...

A: Total Joint Product Cost = 59500 Total sales = Units * Selling price per unit Total Weights as per u...

Q: 1) (Determine Cash Balance) The controller for Wallaby plc is attempting to determine the amount of ...

A: Cash or cash equivalents refers to the form of cash available at an entity and is a form of current ...

Q: askMaster Enterprises employs a standard cost system in which direct materials inventory is carried ...

A: Material efficiency- Material efficiency is a explanation or metric which expresses the scale in whi...

Q: partners with the following P/L ratio and capital balances: A (60%) P100,000; B(30%) P60,000; and C ...

A: Journal entries refers to the process of collecting and documenting all the transactions of a compan...

Q: pense and accounts receivable balance. Under different circumstances, another method is used called ...

A: When there is only one large accounts receivable due from one client the direct write off method if ...

Q: A debit side entry must have a corresponding credit side entry. The normal balance of an account ref...

A: Solution Debit and credit are used in company bookkeeping in order for its books to balance.

Q: Cate bought a new car for $25,000. The bank granted her a loan with a simple interest rate of 7% ove...

A: Using simple interest method, the interest is paid equal during every period. 

Q: P V The Foxmoore Company experienced a $100,000 shortfall in sales revenues for the year. Top manage...

A: in cost accounting variance analysis system in order to evaluate the result, when planning,  standar...

Q: Camila Company has set the following standard cost per unit for direct materials and direct labor. D...

A: (1) Actual Cost       Standard Cost AQ x AP AQ x SP SQ x SP 128,700 x $4.75 128,700 x $5.00 1...

Q: Suppose a sole proprietor withdraws supplies from the firm. The journal entry should be O Dr. Capita...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: Using HIGH-LOW method, determine the following: 1. The total flexible cost formula? 2. The total ind...

A: Solution Concept Formula for high low method Variable cost per unit     =(cost at high point – cost ...

Q: Part #4: F Company’s Production Budget indicates that 12,000 units will be produced in April and 11,...

A: The direct labor budget is prepared to estimate the direct cost to be incurred during the period. 

Q: please answer this thank you

A: In this question, we have to find out the taxable income of Kagura under different circumstances. 

Q: 2. Determine the unit product cost of each product according to the ABC system. (Do not round interm...

A: Using activity based costing, the overhead is applied tp different activities on the basis of differ...

Q: Explain the term "balanced scorecard" in a few words. What does it have to do with a business's oper...

A: Explanation of balanced scorecard are as follows:

Q: 9. A balanced scorecard is a) a performance-measurement approach that uses both financial and non-fi...

A: Solution Concept Balance score card                 Balance score card is basically a strategic metr...

Q: Matt is withdrawing from the partnership of Matt, Lee, and Karla. The partners share profits and los...

A: The partnership comes into existence when two or more persons agree to do the business and share pro...

Q: erm, Chaprers Baved TB MC Qu. 7-139 Berry Co. purchases a patent on January 1, 2021... Berry Co. pur...

A: Straight line method of amortization: In this method same expense is charged throughout the useful l...

Q: Carolyn is helping to save for her granddaughter’s college fund. It will probably take 18 years befo...

A: Future value required (FV) = $150,000 Interest rate (r) = 6% Number of annual payments (n) = 18 Annu...

Q: Multiple Company provided the following information on December 31, 2020: Accounts payable after ded...

A:

Q: The records of Phoenix Corporation revealed the following data for the current year. $ 73,150 115,00...

A: Here given the problem which are related with the overhead charges which are incurred actual and app...

Q: Henry is saving his money to purchase ACE Engineering Company at a cost of $1,000,000.     He curre...

A: solution given Required amount (Future value ) 1000000 Current amount (present value ) 2...

Q: A painting company is deciding on 2 options, hire a painter that should be paid P70 for labor cost p...

A: Let the total number of units painted during the 3 years period is X   

Q: Daniel runs a bakery. The cash flow estimate for the bakery is $95,600, with a 35% probability, and ...

A: Expected cash flow is equals to weighted average cash flows , using probabilities as weights .