On March 15, 2020, BBB Company established an agency in Quezon City, sending its merchandise samples costing P15,750 and working fund of P9,000 to be maintained on the imprest basis. During the month, the agency transmitted to the home office sales orders which were billed at P64,380 of which P20,400 was collected. A home office disbursement chargeable to agency is the acquisition of furniture and fixtures amounting to P25,000 to be depreciated at 24% per annum. The agency paid expenses of P3,815 and received replenishment thereof from the home office. On March 31, 2020, the agency samples were valued at P10,075. It was estimated that the gross profit on goods shipped to bill agency sales orders average 25% of cost.
Determine the following:
a. Net Income (Loss) of the agency
b. Entries to record the transactions in the books of BBB and Quezon City Agency
In: Other
The pretax financial income of Indigo Company differs from its taxable income throughout each of 4 years as follows. Year Pretax Financial Income Taxable Income Tax Rate 2020 $310,000 $183,000 35 % 2021 308,000 231,000 20 % 2022 345,000 279,000 20 % 2023 408,000 535,000 20 % Pretax financial income for each year includes a nondeductible expense of $29,900 (never deductible for tax purposes). The remainder of the difference between pretax financial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020.
Collapse question part (a) Prepare journal entries to record income taxes in all 4 years. Assume that the change in the tax rate to 20% was not enacted until the beginning of 2021.
In: Accounting
OGOYA Ltd is a fast-growing company in need of new financing to fund its expansion plans. It is hoping to raise $10 million dollars from a debt issuance. It is considering the following options:
A. Issue 2-year 8% debentures at par on January 1, 2019. Interest payments are made annually at the end of each year. The debenture matures on December 31, 2020.
B. Issue 2-year 4% convertible debentures at par on January 1, 2019. The debentures can be converted into 10 million $1 shares at maturity on December 31, 2020. Interest payments are made annually at the end of each year. Without the conversion feature, the debenture would be priced the same as option A.
Please Show Journal entries and working for option A and B
In: Accounting
In: Nursing
You have just interviewed a prospective employee for the
personnel department.
Outline the main steps you should have taken before, during and
after the
interview. for 20 marks
In: Operations Management
Knowing the questions that you will be asked is very important as well as the answers in the preparation for an interview. You are required to come up with 5 questions that the interviewer is likely to ask and 5 answers.
In: Operations Management
What is the best interview question and/or the most inappropriate question you have ever been asked? Why do you feel that way and how did you respond?
In: Operations Management
Write a comment on Melinda Gates Interview on Agricultural Transformation in Africa and Bill Gates Thinks Chickens Could Alleviate Poverty In Africa. answer must be 300 words or more
In: Operations Management
"Please I need complete answers"
“How good are you at preparing for and reaching for an interview? How do you think you appear to other people in an important interaction?
In: Operations Management
As a long-term investment, Painters' Equipment Company purchased
20% of AMC Supplies Inc.'s 470,000 shares for $550,000 at the
beginning of the fiscal year of both companies. On the purchase
date, the fair value and book value of AMC’s net assets were equal.
During the year, AMC earned net income of $320,000 and distributed
cash dividends of 20 cents per share. At year-end, the fair value
of the shares is $582,000.
1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.
Record any necessary year-end adjusting journal entry when the fair value of the shares held are $582,000 at year-end.
Help me with the name for the credit part. The correct answer is
Dr. Fair value adjustment 320,000
Cr, ? ( unrealized holding gain or loss - OCI is incorrect) 320,000
2. Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.
Help me with the name for the credit part. The correct answer is
Dr. Cash 18,800
Cr, ? ( Dividend revenue and interest revenue is incorrect) 18,800
In: Accounting