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Questions -
Q1. The Linden Company provides an incentive compensation plan under which the key management personnel receives a bonus equal to 20% of the income after bonus but before tax. The tax rate is 30% and net income before bonus and income tax was P3,150,000. The bonus is to be paid the following year. How much is the amount of bonus to key executive employees?
Q2. Anyong Company has a define contribution plan that covers its existing employees. The terms of the plan required Anyong to contribute 5% of the annual employee salaries to the retirement plan each year. The payroll shows the annual salaries and contributions made as follows:
Year
Payroll
Contribution
2020
P7,500,000
P300,000
2021
8,200,000
540,000
How much is the benefit expense in 2021?
Q3. Pacioli Company gives each of its 50 employees 12 days of paid vacation leave a year if they are employed at the end of the year. The vacation leave accumulates and maybe taken starting January 1 of the next year. The employees work 8 hours per day. In 2021, they made P40 per hour and in 2022 they made P45 per hour. During 2022, they took an average of 9 days of vacation each. The company's policy is to record the liability existing at the end of each year at the wage rate for that year.
What amount of liability for compensated absences would be reported on the 2022 statement of financial position?
The income statement of the Wilkens Company at December 31, 2017: sales revenue $1,800,000; What is Wilkens inventory turnover ratio
Paid monthly expenses. Salaries 500,000 Utilities 300,000 and advertising 100, 00, and Rent office 1,000,000.00. Prepared tabular summary of the transactions
Determine the amount of product cost Erie would allocate to cost of goods sold and ending inventory assuming that Erie uses (a) FIFO, (b) LIFO, and (c) weighted average.
The Tansian Company had 200,000 shares outstanding on January 1, 2016. What are the weighted average shares at December 31, 2016
The following is selected simplified information from Organic Catering's balance Sheet as at December. Calculate the debt to equity ratio
pag inc. is a clothing retailer and it has terms from one of its vendors of 110 n30. compute the equivalent annual rate
You are now ready to add administrative costs to your budget. Please discuss the types of administrative costs that will be required for your business.
The internal control procedures in Philips Company make the following provisions. Identify the principles of internal control that are being followed
format you are required to submit a report detailing your calculations and your analysis.you are required to select
The Basel Accords allow banks to engage in 90% leverage making insolvency in a downturn likely. Is FDIC insurance good or bad for America
A company received a special one-time order for 1000 units. Producing the order will have no effect on the production and sales of other units. The buyers name will stamped on each unit, at cost of $2000. Normal cost data, excluding stamping, follows
Divine DVD's Ltd manufactures and sells DVDs. Price and cost data are as follows: In the following requirements ignore income taxes
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