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Problem - On January 2, 2019, the corporation insured the life of its president for P2,000,000. The corporation was designated as the beneficiary of the policy. The annual premium was P80,000. The policy carried the following cash surrender values:
December 31, 2019 -
December 31, 2020 -
December 31, 2021 60,000
December 31, 2022 85,000
December 31, 2023 117,500
December 31, 2024 170,000
The president died on March 1, 2022. Prepare entries related to the life insurance for the year 2019-2022. What is the gain on life insurance settlement?
Demonstrate What Overheads were? A company absorbs overheads on machine hours which were budgeted at 11,250 with overheads of $258,750.
Amir is Single. He has 25,000 salary, tax-exempt interest of 3,000, and dividends from domestic corporations of 2700. On sep 1 he began receiving monthly pension payments of 1,000. Assume an exclusion ratio of 40%. He received rent of 12000 and incur..
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Sylvester files as a single taxpayer during 2016 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,100, real estate taxes of $1,700, state income taxes of $5,500, and interest o..
The management of the entity estimated that this recall would cost P870,000. What accounting recognition should be accorded this situation?
How much of its portfolio should it allocate to one-year zero-coupon bonds and perpetuities, respectively, if these are the only two assets funding the plan?
The ABC Company reported $350,000in cash and cash equivalent on their 12/31/2014 balance sheet. Which of the following would not be included in the $350,000 balance? The ABC Company factored, without recourse, $40,000 of accounts receivable to the La..
Whitmer inc. sells to customers all over the u.s., and all receipts come in to it's headquarteres in New York City. The firm's average accounts receivable balance is $2.5 million, and they are financed by a bank loan at an 6.5% annual interest rate.
Becky had net sales (all on account) in 2017 of $800,000. At December 31, 2016, before adjusting entries, the balances in selected accounts were: accounts receivable $1,000,000 debit, and allowance for doubtful accounts $2,000 debit. Becky estimates ..
paid dividends of $80,000. If Kilmer’s ending retained earnings was $330,000, what was the company’s revenue for the year?
What are reasons for difference in income tax expense shown in the income statement and income tax paid shown in the cash flow statement?
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