Explain and enumerate the differences between a Partnership and a Corporation.
Q: Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (...
A: The essential concept of partnership taxation is that all profits and losses flow through to the par...
Q: Each of the three Independent situations below describes a finance lease in which annual lease payme...
A: Answer - Statement showing claculation of Annual Lease rent payment amount Situation 1 2...
Q: The Fuller Company has provided the following information Month Direct Labour Hours 23,000 26,400 18...
A: Lets understand the basics. In high-low method, fixed cost and variable costs are separated. Formul...
Q: Book Value P50,000 140,000 530,000 210,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant...
A: The acquisition means that the parent company acquires the subsidiary company.
Q: RJD Corporations had the following authorized capital on December 31, 2020: 10,000 shares of $100 pa...
A: GIVEN RJD Corporations had the following authorized capital on December 31, 2020:10,000 shares of ...
Q: Problem 3 - Calculate ending inventory and cost of goods sold Princess Company uses a periodic inven...
A: FIFO Method - Under FIFO Method of Inventory valuation, Inventory purchased 1st are sold first. LIFO...
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: Problem 11 (Current Ratio) The Artist Company has P1,312,500 in current assets, and P525,000 in curr...
A: Current Ratio is a financial ratio that indicates ability of the entity to settle it's short-term ob...
Q: Peter operates a dental office in his home. The office occupies 250 square feet of his residence, wh...
A: Total expenses for a particular time are the sum of all gross cash expenditures plus any pending sub...
Q: Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which asse...
A: Credit card expense = $4,900 x 5% = $245 Credit card expense is borne by the seller and the seller r...
Q: Book Value P50,000 140,000 530,000 210,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant...
A: Fair value of net identifiable assets = Fair value of assets - fair value of liabilities ...
Q: Jerome's Fashion Dezigns sells a variety of items of clothing including footwear for men and uses a ...
A: FIFO Method of inventory valuation considers the goods purchased first are issued first, most of thi...
Q: The Ohio Company has the following historical pattern on its credit sales: 70% collected in the mont...
A: Budgets are the forecasts or estimates that are made for future period of time. Budgeted cash collec...
Q: Lapuz Company uses the Job order costing. On January 1, 2020, Job no. 101 was the only job in proces...
A: Prime cost means the addition of direct material and direct labor and other direct expenses. Manufac...
Q: are sol at specia ty shops aidens per year. Costs to manufacture and sell e $ 5.00
A: Opportunity cost is the profit lost if one decision is chosen over the other. New Iberian Corp acce...
Q: Particulars Credit balance as per cash book 5,000 Cheques issued, but not yet presented for payment ...
A: Sometimes the balance of the cash book and the bank statement doesn't matches. In order to reconcile...
Q: Using the following budgeted information for production of 10,000 and 15,000 units, prepare a flexib...
A: Fixed costs: Fixed costs means the costs that are not dependent on the level of production of goods ...
Q: Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inven...
A: calculation of value of inventory at lower of cost or market method
Q: Copley Corporation is preparing their financial statements for the year ending February 28, 2022. C...
A: Introduction Earning per Share (EPS) is the profit per outstanding share, it can be calculated as fo...
Q: In 2021, Carlos drives from his home in Los Angeles to Oregon to consult with a client. He works for...
A: The correct answer is option (e)$175
Q: A $60,000 loan with interest at 6% compounded quarterly is being paid off with monthly payments of $...
A: The notion of the time value of money (TVM) states that an amount of money is worth more now than it...
Q: 16. On January 1, 20x5, Paz acquired 80% of Shey outstanding ordinary shares for P950,000. Paz uses ...
A: Non-Controlling Interest refers to the share of portion in the company less than 50 percent, also re...
Q: Determine the contribution margin in dollars, per unit and as a ratio. (Round contribution margin pe...
A: Contribution Margin Ratio = 1 - Variable Costs to Sales Ratio Contribution Margin Per Unit = Selling...
Q: Question 2: If an individual whose filing status is single earns $256,000 during the year, what port...
A:
Q: Electronics Outlet employs two workers who, as of the beginning of the current pay period, have earn...
A: Calculation of SUTA tax are as follows
Q: At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $170,000. It is e...
A: Formula: Straight line method = ( Asset cost - Salvage value ) / Useful life
Q: City Bank currently has $500 million in transaction deposits on its balance sheet. Fed just cut the ...
A: New reserve requirement as, = $ 500 million x 6% = $30 million
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: QUESTION ONE RJD Corporations had the following authorized capital on December 31, 2020: 10,000 shar...
A: Stockholder's Equity - Stockholder's Equity is the statement of the company that contains Common Sto...
Q: On January 1, 2021, MANGO Corp. issues $100 million of convertible bonds at par value. The bonds ha...
A:
Q: Your friend made an investment of P 45,000 for 2 months at 15% simple interest. If withholding tax i...
A: Simple interest = Amount x Rate x Time = P45,000 x 15% x 2 months12 months = P1,125
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A: Amount (P) Fair value of Plant 700,000 Book value of plant (620,000) Pur...
Q: Navigator sells GPS trackers for $41 each. It expects sales of 4,200 units in quarter 1 and a 5% inc...
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. % ar...
Q: Best Appliance Store offers a two-year warranty on all appliances sold. The company estimates that 5...
A: Formula: Sales revenue = Sales units x Sales price per unit
Q: Cash Inventory Plant Assets (net) Cost of Goods Sold Depreciation Expense 60,000 Liabilities Book Va...
A: Identifiable net asset and NCI calculation: Amount (P) Cash 50,000 Inventory...
Q: Question 2: A sets aside funds to be used for health-care expenses. Answer: flexible spending accoun...
A: The correct answer is option (a)Flexible spending account
Q: What is the budgeted total unit cost and multiple step income statement given the information below?...
A:
Q: Oyster Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Oyster's fi...
A: Introduction Pension worksheet is a document maintained by employer to show annual pension expense, ...
Q: Relevant data from the Poster Company’s operating budgets are: Quarter 1 Quarter 2 Sales $208,470...
A: Borrowings = Required minimum cash balance - Excess (Deficiency) of cash available over disbursement...
Q: Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gid...
A: The correct answer is option Account Title Debit Credit Allowance for doubtful accounts 2300 ...
Q: Valley Spa purchased $11,200 in plumbing components from Tubman Company. Valley Spa signed a 90-day,...
A: Interest applicable on the note = $11,200 x 7% x 90/360 = $196
Q: True or false The definition of Control is under the PFRS 3 standard.
A: As per accounting standard PFRS 3 /PFRS 10 Following is answer
Q: Please answer practice question 9
A: NOI stands for Net Operating Income, it is calculated on basis of revenue minus all operating expens...
Q: On December 1, 2022, J and P formed a partnership. J invested land with a cost of P250,000. P invest...
A: Partnership Capital: A partnership capital account is a separate account that reflects the equity in...
Q: The ABC Company manufactures stationary that goes through two processing stages prior to completion....
A: Solution a: Nos of units completed and transferred to next department = Beginning WIP units + Units ...
Q: Lola Inc. must compute EPS for its 2020 reports. The following information is available to the contr...
A: Dilutive EPS refers to if all the securities are exercised, then the quality of earning per share is...
Q: Please see the picture. I need help with the red box I got wrong. Note that the info below is part o...
A: The question is based on the concept of Financial Accounting. Intangible assets are amortized over t...
Q: Martin Jackson receives an hourly wage rate of $15, with time and a half for all hours worked in exc...
A: Formula: Net pay = Gross pay - All deductions.
Q: Jerome's Fashion Dezigns sells a variety of items of clothing including footwear for men and uses a ...
A: calculation of cost of 60 pairs as per FIFO method 35 pairs remaining from Oct 10 purchases= 35* (59...
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- What are the benefits of the corporation in comparison with the partnership and proprietorship structures? How is equity treated and reported differently in this structure?Describe some special types of partnerships and corporations, andexplain the differences among them.How isaccounting for a partnership ifferent from accounting for a corporation.