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Problem 1: Teddy is a venturer sharing 50% in the profits of Wise Ventures, an unincorporated joint venture, engaged in the trading of home appliances. Wise Ventures reported P200, 000 profits for 2014. How much final tax will be withheld by Wise Ventures?
a. P 0
b. P 10, 000
c. P 20, 000
d. P 40, 000
Make Sampa Ltd's cash flow statement for the year ended 30 June 2019. Use the direct method for cash flows from operating activities.
Assume that XYZ is not a large corporation for purposes of estimated tax calculations. Compute XYZ's taxable income.
Cullumber Company, Issued common stock to investors for $136,140 cash. Show the effect of each transaction on the accounting equation.
Comment on Fun App Company's liquidity, assuming total current assets are $350,000. Prepare the current liabilities section of the balance sheet
Wexpro, Inc., produces several products from processing 1 ton of clypton, a rare mineral. Material and processing costs total $27,000 per ton, one-fourth of which is allocated to product X15. 6,000 units of product X15 are produced from each ton of c..
A company allocates overhead at a rate of 140% of direct labor cost. Actual overhead cost for the current period is $745,000, and direct labor cost is $500,000. Prepare the entry to close over- or underapplied overhead to cost of goods sold
Supplier discovered that he would have to source for the patties at a cost of RM700,000. The supplier could not get out from the contract. Advice the supplier.
Imagine you are the controller of a new company and are discussing financing options with the Vice Prisident of Finance. Would you want to finance with notes payable (a bank loan) or with bonds? Which option would you recommend? Justify your reasonin..
Your client, the majority shareholder in a small business, is considering selling his shares to an “outside” party who would like to take control of the enterprise. What will be the consequences if the stock is sold at a gain? What will be the conseq..
Economical house painting company painted for houses in June at $500 each at the end of June 3 homeowners had paid economical cash for the jobs under the accrual basis what amounts will be reported on the income statement and the statement of cash fl..
On August 1, 2015, Hampton Construction received a 9 percent, six-month note receivable from Dusty Roads, one of Hampton Construction's problem credit customers. Roads had owed $31,400 on an outstanding account receivable. Assume that Dusty Roads pay..
What is present value of $2,500 to be received at the beginning of each of 30 periods, discounted at 10% compound interest?
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