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Problem 1: Dynasty Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Dynasty Company recognizes the unearned revenue as realized. Information for 2019 is as follows: Unearned Revenue, January 1, 2019 P650,000; Gift certificates sold P2,250,000; Gift certificates redeemed P1,950,000; Gift certificates unredeemed for a long time P100,000; Cost of Goods Sold 60%. What amount should be reported as Unearned Revenue on December 31, 2019, following the ruling by the Department of Trade and Industry that gift certificates no longer have an expiration period?
Assuming that Susan has a marginal tax rate of 30%, the net effect of her having this hobby will be to increase her total tax liability by:
Explain the role of economies of scale in the success, or perhaps lack of success, for a given supplier operating within the context of oligopoly.
Compute taxable income and income tax payable for 2011, prepare the journal entry to record 2011 income tax expense, income tax payable, and deferred taxes.
Joe writes a check payable to Advance Autos. The check is drawn on his checking account with Progressive Bank.
The company uses a 12% discount rate on the new project. Using the NPV approach, advise the firm whether the project should be undertaken
On May 1, 2019, Luke paid LinkedIn $1,200 for his 2-year, What amount of revenue should LinkedIn record for the years of 2019 and 2020?
What should be done to ensure that code of ethics of a company are not just a document but rather something the company stand by its dealings
Unethical acts are generally committed by unethical people. What are some things companies can do to help ensure that their employees act ethically?
How much money will have in the account after 2 years? You put $1,000$1,000 into a savings account today that offers a 5% APR with semi-annual compounding.
Compute What rate would bank offer a customer who is in upper medium grade risk class? The bank's pure rate of interest is 4.0% and the inflation premium is 3%.
Determine the net operating profit or loss for the business. Provide detailed assumptions to support each line item in your Proforma P&L Statement.
Prepare a table with the following column headings: Employee; Cumulative Pay; Pay Subject to FICA Social Security Taxes; Pay Subject to FICA Medicare Taxes; Pay Subject to FUTA Taxes; Pay Subject to SUTA Taxes.
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