The following information are available for the current period
The following information are available for the current period:
Revenues of the current period P 800,000
Collections during the period of:
Revenues of prior periods 50,000
Revenues of the current period 500,000
Revenues of the succeeding period (advances) 10,000
Compute for the business tax under the following situation:
1. If the business is a domestic common carrier by land for the transport of passengers.
2. If the business is a night club.
3. If the business is a racetrack.
Homework Answers
1. P16,800
2. P100,800
3. P168,000
Her-Uh-Kins, Inc. has the following information available: current degree of operating leverage, 4.0; expected sale...
Her-Uh-Kins, Inc. has the following information available: current degree of operating leverage, 4.0; expected sales decrease, 30%; contribution margin, $500,000. What is Her-Uh-Kins profit after the expected sales decrease? a. $ 25,000 loss. b. $ 50,000 c. $ 75,000 d. $125,000. e. None of the above.
Ewing Company is preparing a cash budget for September. The following information on accounts receivable collections is available from past collection experience. Percent of current month’s sales collected this month 20 % Percent of prior month’s
Ewing Company is preparing a cash budget for September. The following information on accounts receivable collections is available from past collection experience. Percent of current month’s sales collected this month20%Percent of prior month’s sales collected this month57Percent of sales two months prior to current month collected this month12Percent of sales three months prior to current month collected this month8The remaining 3 percent is not collected and is written off as bad debts. Credit sales to date are as follows. September—estimated$280,000August252,000July240,000June286,000Required:What are the...
The following information is available concerning transactions between a parent and its wholly-owned subsidiary for the...
The following information is available concerning transactions between a parent and its wholly-owned subsidiary for the current year. The subsidiary purchased land from its parent in a prior year, at a cost of $400,000. The parent had reported the land on its books at $300,000. The parent sells merchandise to the subsidiary. The subsidiary’s beginning inventory includes intercompany profit of $50,000, and its ending inventory includes intercompany profit of $65,000. Total sales from the parent to the subsidiary were $600,000....
The following information is available for Bakers Corporation. 2018 2017 Current liabilities $ 88,000 $
The following information is available for Bakers Corporation. 2018 2017 Current liabilities $ 88,000 $ 60,800 Total assets 400,000 341,000 Currrent liabilities 40,000 38,000 Total liabilities 120,000 150,000 Net income 100,000 50,000 Net cash provided by operating activities 110,000 70,000 Preferred dividends 10,000 10,000 Common dividends 5,000 2,500 Expenditures on property, plant, and equipment 45,000 20,000 Shares outstanding beginning of year 60,000 40,000 Shares outstanding end of year 120,000 60,000 Computethe current ratio, debt to asets ratio, free cash flow, and earnings...
The following information is available from the current period financial statements: Net income $125,740 Depreciatio...
The following information is available from the current period financial statements: Net income $125,740 Depreciation expense 22,204 Increase in accounts receivable 14,186 Decrease in accounts payable 15,492 The net cash flow from operating activities using the indirect method is a. $177,622 b. $125,740 c. $73,858 d. $118,266
Carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from Current Period Direct...
Carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from Current Period Direct materials $2,000 $22,252 Conversion costs 6,200 150,536 At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs....
Carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from current Period Direct...
Carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from current Period Direct materials $5,800 $25,300 Conversion costs 6,300 158,600 At the beginning of the period, there were 400 units in process that were 40% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,500 units were started and completed. Ending inventory contained 400 units that were 32% complete as to conversion costs and 100% complete as to materials costs....
P2-3 Transactions from Gravenhurst Inc.'s current year follow. Gravenhurst follows IFRS. 1. Gravenhurst Inc. thinks it...
P2-3 Transactions from Gravenhurst Inc.'s current year follow. Gravenhurst follows IFRS. 1. Gravenhurst Inc. thinks it should dispose of its excess land. While the carrying value is $50,000, current market prices are depressed and only $25,000 is expected upon disposal. The following journal entry was made: Loss on Disposal of Land 25,000 Land 25,000 2. Merchandise inventory that cost $630,000 was reported on the statement of financial position at $690,000, which is the expected selling price less estimated selling costs....
P2.3 Transactions from Gravenhurst Inc.'s current year follow. Gravenhurst follows IFRS. 1. Gravenhurst Inc. thinks it...
P2.3 Transactions from Gravenhurst Inc.'s current year follow. Gravenhurst follows IFRS. 1. Gravenhurst Inc. thinks it should dispose of its excess land. While the carrying value is $50,000, current market prices are depressed and only $25,000 is expected upon disposal. The following journal entry was made: Loss on Disposal of Land 25,000 Land 25,000 2. Merchandise inventory that cost $630,000 was reported on the statement of financial position at $690,000, which is the expected selling price less estimated selling costs....
Calculator Carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from current Period...
Calculator Carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from current Period Direct materials $5,200 $28,200 Conversion costs 6,000 154,400 At the beginning of the period, there were 600 units in process that were 45% complete as to conversion costs and 100% complete as to direct materials costs. Duri the period, 5,300 units were started and completed. Ending inventory contained 400 units that were 31% complete as to conversion costs and 100% complete as to materials...
Her-Uh-Kins, Inc. has the following information available: current degree of operating leverage, 4.0; expected sales decrease, 30%; contribution margin, $500,000. What is Her-Uh-Kins profit after the expected sales decrease? a. $ 25,000 loss. b. $ 50,000 c. $ 75,000 d. $125,000. e. None of the above.
The following information is available from the current period financial statements: Net income $125,740 Depreciation expense 22,204 Increase in accounts receivable 14,186 Decrease in accounts payable 15,492 The net cash flow from operating activities using the indirect method is a. $177,622 b. $125,740 c. $73,858 d. $118,266
P2-3 Transactions from Gravenhurst Inc.'s current year follow. Gravenhurst follows IFRS. 1. Gravenhurst Inc. thinks it should dispose of its excess land. While the carrying value is $50,000, current market prices are depressed and only $25,000 is expected upon disposal. The following journal entry was made: Loss on Disposal of Land 25,000 Land 25,000 2. Merchandise inventory that cost $630,000 was reported on the statement of financial position at $690,000, which is the expected selling price less estimated selling costs....
P2.3 Transactions from Gravenhurst Inc.'s current year follow. Gravenhurst follows IFRS. 1. Gravenhurst Inc. thinks it should dispose of its excess land. While the carrying value is $50,000, current market prices are depressed and only $25,000 is expected upon disposal. The following journal entry was made: Loss on Disposal of Land 25,000 Land 25,000 2. Merchandise inventory that cost $630,000 was reported on the statement of financial position at $690,000, which is the expected selling price less estimated selling costs....
Calculator Carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from current Period Direct materials $5,200 $28,200 Conversion costs 6,000 154,400 At the beginning of the period, there were 600 units in process that were 45% complete as to conversion costs and 100% complete as to direct materials costs. Duri the period, 5,300 units were started and completed. Ending inventory contained 400 units that were 31% complete as to conversion costs and 100% complete as to materials...
Most questions answered within 3 hours.
-
In this exercise, we will be refactoring a working program. Code
refactoring is a process to...
asked 1 hour ago -
3
researchers at Cambrige looked at 5,000 firms in Englans and found
that, in terms of...
asked 1 hour ago -
why it is important and how it integrates within ERP? And what
the core challenges of...
asked 3 hours ago -
A strawberry farmer determines that the average weight of
individual strawberries produced by plants in his...
asked 3 hours ago -
Chargaff's results yielded a molar ratio of 0.400 for A to G in
avian tubercle bacillus...
asked 5 hours ago -
Which of the following binds ATP/ADP?
a. microfilaments
b. microtubules
c. intermediate filaments
d. microfilaments and...
asked 5 hours ago -
Assume that the situation can be expressed as a linear cost
function. Find the cost function....
asked 7 hours ago -
(Sort ArrayList) Write the following method that sorts an
ArrayList: public static > void sort(ArrayList list)...
asked 8 hours ago -
2) A 9 volt battery is connected to a parallel plate capacitor
with an initial capacitance...
asked 7 hours ago -
Prince Equipment has to decide whether to obtain $1,000,000 of
financing by: (1) selling common stock...
asked 8 hours ago -
The terms electrical and electronic have similar but
different meanings which of the following statement is...
asked 8 hours ago -
You wish to test the claim that the mean GPA of night students
is than 2.5...
asked 9 hours ago