He was in Montego Bay on special assignment for 3 days and spent an average of $20,000 per day, which he paid using the company's credit card. He gets a housing allowance of $60,000 monthly. Required Compute his gross emoluments for the month of July. State your assumptions for the computation.
Q: RDJ Berhad believes that its disadvantage of issuing preferred stock is O a. that it has to give…
A:
Q: a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio.…
A: Solution:- Calculation of Working capital as follows under:- Working capital =Current assets…
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: 18, Armstrong Company paid $3,500,000 to acquire all of the common stock of Hall Co ce sheet at the…
A: Impairment loss Impairment loss refers to the loss in the value of asset when the recoverable…
Q: Problem 12-4 (Calculation of Missing Amounts) Find the missing amounts in the following…
A: The Income statement is an important financial statement that is used by every firm to assess its…
Q: Modupe runs a manufacturing business. Some of her products are manufactured under a licence which…
A:
Q: Dazzle Corporation has provided the following information related to the current year ended December…
A: Earning per share represents the net earnings held in hands of the outstanding shares of the…
Q: omplete an INCOME STATEMENT for Perez Pizza for the month ending January 31, 2020. They sold $15 100…
A: Income statement is a part of financial statements. It is used to show the result of business…
Q: me interest i and some number a pinterest periods n, the uniform series capital recovery factor is…
A: Compound interest is used in case of lump-sum money accumulates in the future if interest is charged…
Q: 4. Explain the process of shorting a currency.
A: Shorting a currency indicates that the trader believes the currency will fall in value when compared…
Q: c) Your manager recently attended a seminar where one of the speakers asked the following question…
A:
Q: Security Common Stock c Common Stock D Cost $10,000 8,000 $18.000 Fair Value $12,000 5,000 $17,000…
A: The journal entries are prepared to record day to day transactions of the business on regular basis.
Q: Q A contractor purchase an equipment with a delivered price of (750000$) to operate it in one of his…
A: in the given problem we have to calculate a. cost per hour for first year b. average cost per hour…
Q: IBM reports that, for the years 2009 and 2008, the gross profit margins are 45.72% and 44.06%…
A: The question is related to the Ratio Analysis. The Gross Profit is difference between sales and coat…
Q: Everlasting Corporation provided the following information regarding its Research JPB-04 included in…
A: The question is related to Accounting for Intangible Assets. As per the Standard the development of…
Q: Two department costing for Always Christmas Always Christmas makes artincial Christmas trees in two…
A: Calculation of No. of equivalent units 1)Cutting Department Particulars Actual units Equivalent…
Q: 000, and payments are due at the beginning of each lease year. The lease contains a purchase option…
A: Given as, Fair value= $600, 000, Lease term= 5 years.
Q: Shannon Company began operations on January 1, 2020. The financial statement contained the following…
A: Financial statement is the summary showing revenues and expenses, assets and obligations, equities…
Q: Heartland Hospital is a private hospital with a June 30 fiscal year end. Prepare the journal entries…
A: Introduction Private non - profit entities reports their net assets according to provisions of ASC…
Q: a. Net income was $467,000. b. Issued common stock for $70,000 cash. c. Paid cash dividend of…
A: Cash flow from financing activities includes transection related to issuing or repayment of…
Q: ameter capturing technology
A: Given as, Y= z.f (K, N, L)
Q: pright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made…
A: Using average method, the cost per unit is calculated as total cost of goods available for sale…
Q: 'direct costs'
A: Direct costs are the costs that incurred directly for converting any raw material into finished…
Q: (Inventory LCNRV Computation) 6. Squat Company uses the lower of cost or net realizable value…
A: As per IAS 2 Inventories, Inventory is to be reported at lower of cost and Net realizable value.
Q: The president of Real Time Inc. has asked you to evaluate the proposed acquisition of a new…
A: Introduction Operating cash flow is the amount of cash generated by the company in normal course of…
Q: 9. The term 'break even' point is defined as when: A. fixed costs equal total revenues B. variable…
A: Introduction:- The following formula used to calculate Break-even point as follows under:-…
Q: Germo Company started business at the beginning of the current year. The entity established an…
A: Answer) Calculation Sales on account Sales on account = Total Sales X 80% Sales on account = P…
Q: Candy Candles (Pty) Ltd "Candy Candles" is a retailer of candles in Johannesburg. Candy Candles uses…
A: Under Perpetual inventory system Purchase Account is not maintained and all Purchase are debited to…
Q: Company has a net profit margin of 5% and a total asset turnover of 5 times. What is company's…
A: Answer 1) Calculation of Return on Assets Net Profit Margin = Net Profit/ Sales Asset Turnover = Net…
Q: VESTION The Articles of Con O True
A: The Articles of Confederation have been approved by the Continental Congress in the year 1777. This…
Q: Some years ago, after he graduated, Fred Murray (the musician) opened his own retail shop selling…
A: Profit indicates the net value of income earned by the business entity after deducting business…
Q: Your client wants to transfer $500 from their chequing account into a savings account to cover tax…
A: To assist you in performing business accounting duties, online accounting makes use of internet…
Q: Revenue Expenses: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent…
A: A flexible budget is one that can be adjusted to reflect changes in real income levels. When an…
Q: An engineering firm purchased 12 years ago a heavy planner for P 50,000. As the life of the planner…
A: Introduction Depreciation means decrease in monetary in value of assets over its useful life due to…
Q: 4,800 15 14,801 - 34,000 20 34,001 - 120,000 27 120,001 and ov
A: The company's income statement is prepared for arriving at the profits generated by the company…
Q: The right attaches when the author first makes his work public: using the "C" symbol to claim…
A: Generally, copyright lasts for 70 years after the author’s death.
Q: Use the following information for the Exercises below. (Algo) [The following information applies to…
A: The question is related to the Ratio Analysis. The Net profit ratio is calculated with the help of…
Q: The beginning balance of supplies is $4000. On December 31st, the physical count of remaining…
A: Formula used: Supplies used = Beginning supplies balance - Ending supplies balance Deduction of…
Q: 48. Which of the following statements is incorrect about perpetual inventory system? a. Inventory…
A: Inventory is the current asset for the company that is reported under the head current asset in the…
Q: Taxable income Marginal tax rate 0-12.000 € 0% 12.001-30.000€ 29% 30.001-75.000 € 39% άνω 75.000 €…
A: on the taxable income the tax recharge by the government on the basis of income . generally as the…
Q: You can afford a $400 per month car payment. You've found a 4 year loan at 5% interest. How big of a…
A: Given data, A=Annuity=$400r=monthly interest rate=5%12 monthsn=number of times interest applied=4…
Q: Problem: On December 31, Mr. Adrian sold equipment amounting to P640,000 with a trade discount of…
A: Purchase and sales are the major activities of every business operation. Goods and services have to…
Q: Is it possible for the airline to increase their ticket price further? How will it affect their…
A: Revenue is the amount which an airline company earns through the selling of airline tickets and when…
Q: FILL -UP THE MISSING AMOUNTS: Sales CGS GP 40% Expenses 421,800 Net Profit 58,200
A: The gross profit is calculated as difference between sales and cost of goods sold. The operating…
Q: Issuance of Common Stock Smith & Sons inc.is authonized to issue one milion shares of S1 par value…
A: Journal is the basic book of recording transactions incurred during the year.
Q: Customers' current ac bank.
A: Liabilities are accumulated financial obligations that result from past events that are expected to…
Q: Maintenance costs at a Tierce Corporation factory are listed below: Machine-Hours Maintenance Cost…
A: Answer) Calculation of Variable cost per unit using High-low method Variable cost per unit =…
Q: lance of Esplanade's ending inventory account was P750,000, and the allowance for ventory write down…
A: Basic Concept of Valuation of Inventory
Q: 220,000 is evidenced by an executed corporate note. alaries of $20.000, $100,000, and $140.,000…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: If fixed costs are $246,000, the unit selling price is $120, and the unit variable costs are $71,…
A: Formula: Break even sales units = Fixed cost / Unit contribution margin Division of unit…
Step by step
Solved in 2 steps
- Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountDotty, age 40, incurred and paid for the following items this year: Doctor visits for allergy treatments $4,300 Eyeglasses 300 Medical insurance premiums 2,700 She received insurance reimbursements of $3,000 and her AGI was $20,000. What is her maximum allowable medical expense deduction for the current year? (For this problem, medical expenses in excess of 10% of AGI are deductible) O $7,300 O $4,300 O $2,300 O $2,000 ****
- YOU HAVE A MAXIMUM OF 3 CONTINUOUS HOURS TO COMPLETE THE 100 QU Question 72 of 100 Tori received the following during the tax year: • $5,000 wages • $2,200 in computer parts in exchange for helping run inventory at the ele • $300 credit for use on services from Township Spa and Massage $15,000 cash gift from her aunt and uncle What is the total amount Tori includes in gross income (IRC Section 67) for the year? 9 $5,000 $20,000 $22,500 $7,500Jewel Jones is an employee for a local accounting firm. She received the following benefits for the year: . Medical Insurance $516.23 per month . Commuter pass: $630.00 per year Employer-paid membership to Planet Global Fitness: $205 Dependent care assistance: $4,000 per year . . What is the total taxable amount for Jewel's benefits? $4.775.00 $575.00 $375.00tes This year (2023), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $79,400 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $ 1,200 2,940 1,540 1,370 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable income
- This year (2023), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $79,700 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans. Cost of purchasing a delivery uniform Contribution to State University deliveryman program $ 1,200 2,960 1,560 1,380 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable incomeMason Phillips, age 45, and his wife, Ruth, live at 230 Wood lane, Salt lake City, UT 84101. Masons Social Security number is 111-11-1111. Ruths Social Security number is 123-45-6789. Mason and Ruth arc cash basis taxpayers and had the following items for 2019: Salary of 140,000. Had debt of 30,000 from uncollected rent. Collection of unpaid rent from a prior year of 6,000. Sale of 124-i stock resulting in a loss of 105,000. The stock was acquired eight months ago. Rental income of 60,000 (property is managed by Mason and Ruth). Rental expenses of 33,000. Casualty loss on rental property of 10,000. Personal casualty loss (from one event) of 3,000; not in a Federally declared disaster area. Theft loss of 8,000 on a painting held for investment. Other itemized deductions of 21,000. Federal income tax withheld of 3,000. (Compute Mason and Ruths 2019 Federal income tax payable (or refund due).