Veronica Valentine works as a financial consultant as her sideline which earns her approximately 35,000 a month. She however, has a full time job as a supervisor in one of the big corporations in the City. Her full time job pays her 84,950 per month and has benefits like: rice allowance of 5,000 per quarter; uniform allowance of 8,000 per year; meal allowance of 70 pesos per day(she works 26 days a month); representation allowance of 8900 per month; communication allowance of 3,000 per month. The company pays 14' month pay @100% of her monthly pay and a 15* month pay which is 60% of her monthly pay.
Q: Core Company reported the following increases (decreases) in the accounts for the current year: Cash...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: 1. A company has a fiscal year-end of December 31: (1) on October 1, $13,000 was paid for a one-year...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: company had no office supplies available at the beginning of the year. During the year, the company ...
A: Solution: Office supplies expenses is the offices supplies used during the period. Tt is computed as...
Q: Chuzzle Company used the direct method to prepare the statement of cash flows. The e had the followi...
A: Solution: Cash balance is reported as a current asset on Balance sheet. It is computed by adding beg...
Q: Calculate missing figures from the information below: Capital as on 1" April, 2017 2,50,000 Capital ...
A: Closing capital = Opening capital + Additional capital + Profit - Drawings - Losses
Q: The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Tit...
A: Solution Retained earning are the amount of profit of a company has left over after paying all its d...
Q: Mayon Company reported the following at December 31, 2021: Cash 4,500,000 Accounts receivable 7,500,...
A: Current assets: Current assets are all those assets that are expected to be sold or used as a result...
Q: Assets: Cash Accounts Receivable Merchandise Inventory Plant and Equipment 12,300 36,000 60,800 151,...
A:
Q: A company had no office supplies available at the beginning of the year. During the year, the compan...
A: Office supplies: office supplies can be referred to as assets that are used in the office like pen-p...
Q: rawford Corporation incurred the following transactions. 1. Purchased raw materials on account $...
A: The journal entries are prepared to record day to day transactions of the business. The factory over...
Q: When an entity changed at the end of the reporting period longer or shorter than one year, an entity...
A: As per IFRS provisions, When an entity changed at the end of the reporting period longer or shorter ...
Q: Use the information below to answer the following two questions: Ginseng Inc. uses a normal cost sys...
A: The overhead applied would increase work in process and decrease overhead account balance. The selli...
Q: Satka Fishing Expeditions, Inc., recorded the following transactions in July. Provided an ocean ...
A: Income statement shows Income earned and expenses incurred. Balance sheets represents the assets and...
Q: The following information is for ChiSox corporation DM 100 DL 80 Insurance - Factory 24 Insurance - ...
A: Conversion cost is the sum of all direct labor and manufacturing overheads. In the problem above, ...
Q: Lavoie Corporation acquired new equipment at a cost of $100,000 plus 7% provincial sales tax and 5% ...
A: The Financial Accounting Standards Board (FASB) produced a collection of accounting principles, stan...
Q: The Retained earnings account has a credit balance of $41,000 before closing entries are made. Total...
A: Closing Journal Entry: Closing journal entries are passed at the end of the accounting period. In th...
Q: Problems P-1. The following account balances were included in the adjusted trial balance of Interger...
A: 1. Income Statement This statement shows the income earned and loss incurred by the organization in ...
Q: On April 1, Garcia Publishing Company recelved $17,280 from Otisco, Inc. for 36-month subscriptions ...
A: Adjusting entries are recorded at the year-end to show correct effect of transactions in the books.
Q: SHADOW BONE Company reported net income of P7,500,000 for the current year: The auditor raised quest...
A: Adjusted net income for the current year = Reported net income for the year + Debit adjustment of pr...
Q: QUESTION 4 Emily, who is single, has been offered a position as a city landscape consultant. The pos...
A:
Q: company's balance sheet shows: cash $30,000, accounts receivable $20,000, office equipment $54,000, ...
A: Cash = $30,000 Accounts receivable = $20,000 Office equipment = $54,000 Accounts payable = $21,000
Q: The following information is available for Cubic Company before closing the accounts. After all clos...
A: Retained earnings: The remaining amount of earning after the payment of dividend to the shareholder ...
Q: May 01 Petty cash Cash May 15 Janitorial expenses Miscellaneous expem Postage expenses
A: Journal entries refer to the process of documenting all the transactions of a company in its books.
Q: Healesville Sanctuary is a family-owned and operated wildlife park located in Melbourne. Healesville...
A: Here asked different scenario in which the decision which are taken from Auditors for these differen...
Q: VAL HELSING Company provided the following information on December 31, 2021: Accounts payable (net o...
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle, whiche...
Q: tealesxille Sanctuary is a family-owned and operated wildlife park located in Melbourne. Healesville...
A: Answer:- The answers to each individual situation is as follows; i) Here the omission of manual invo...
Q: Consider the following independent events. Assume that each event is material. For each of the indi...
A: The answer for the question on material misstatements in the audit report is discussed hereunder : I...
Q: Units in beginning inventory 0 Units produced 200 Units sold 180 Units in ending inventory 2...
A: Solution 1: Fixed manufacturing overhead cost is included in the company's inventory at the end of l...
Q: The ABC Company started its operations during the 20th century. Many years later, the balance sheet ...
A: note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: Intra group Transactions Kent Ltd owns all the share capital of Lodh Ltd. That is, Lodh Ltd is a w...
A: The question is related to Consolidated Financial Statements. Kent is parent company of Lodh Ltd. Ke...
Q: The following is governed by an income tax rate of 25% . Depreciation rate is determined using MACRS...
A: Introduction:- For 60,000 dollars, a machine is purchased. It's a five-year property course. It will...
Q: Alpha Company has assets of $638,000, liabilities of $269,000, and equity of $369,000. It buys offic...
A: Total assets = Total liabilities + Stockholders' equity Given, Office equipment purchased on credit ...
Q: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the follo...
A: Under specific identification method, inventories that are specifically identified will be sold out ...
Q: Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on t...
A: Solution: Manufacturing overheads are indirect manufacturing cost of the company that is part of pro...
Q: 9. ABC paid finder's fees of P80,000, legal fees of P26,000, audit fees related to stock issuance of...
A: Formula: Total expenses = Finder's fees + Legal fees + Audit fees + Stock issuance + Stock registrat...
Q: Requirements: Record the transactions stated above in the general journal. Post the transactions t...
A: Journal is a book that includes all business transactions, In the journal, all business transactions...
Q: What amount should be reported as total current assets at December
A: Solution Concept Current asset are the assets which are expected to be realized within a period of ...
Q: On January 1, 20x1, ABC Co. acquired 80% interest in XYZ, Inc. by issuing 5,000 shares with fair val...
A: The consolidated profit of the group is allocated to owners of the parent by deducting the share of ...
Q: A/P R/E $253 Cash RM WIP FG МОН PP&E Beg $39 $89 $14 $19 $120 $28 a. b. с. d. е. f. g. h. i. j. k. E...
A: Calculation of actual overhead Salary and wages (70% x 50) 35 Depreciation on PP&E (90% ...
Q: For each of the individual statements listed, explain whether the item should be reported to managem...
A: Healesville Sanctuary is a family-owned and operated wildlife park located in Melbourne. It has more...
Q: What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statem...
A: Calculation of cost of goods sold Amount ($) Manufacturing Costs $2,875 Add - Beginning Wor...
Q: to make a down paymer Jay is going to pay the рay I a. How How
A: Maturity value refers to the sum value of money an entity that has borrowed a loan needs to pay when...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: Calculation of balance of Unappropriated Retained earnings at the end of year Amount (In P)...
Q: On November 1, Jasper Company loaned another company $270,000 at a 8.0% interest rate. The note rece...
A: Interest revenue reported in first year = Amount of loan x rate of interest x No. of months / 12
Q: Compton Information Services, Inc., has two service departments: human resources and billing. Compto...
A: Answer - Step Method of Cost Allocation - This method an approach used to allocate the cost of...
Q: he company purchased a portable building with $55,000 cash and moved it onto the land acquired o he ...
A: Income Statement - This statement shows the income earned and loss incurred by the organization in t...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: Solution Concept When share dividend is issued the retained earnings is debited When cash dividend i...
Q: List and discuss at least four types of fraudulent practices or methods companies use in misstatin...
A: Financial statements that describe a company's operations and financial performance. Financial dat...
Q: roblem #2 Admission by Purchase of Interest and Investment of Assets The capital accounts of Loida C...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: RESET 23. What is the best way to manage the credit card? i. Always pay the minimum amount ii. Make ...
A: Solution: A Credit card is a card that allow holders to do shopping, Payments or withdraw cash with ...
Veronica Valentine works as a financial consultant as her sideline which earns her approximately 35,000 a month. She however, has a full time job as a supervisor in one of the big corporations in the City. Her full time job pays her 84,950 per month and has benefits like: rice allowance of 5,000 per quarter; uniform allowance of 8,000 per year; meal allowance of 70 pesos per day(she works 26 days a month); representation allowance of 8900 per month; communication allowance of 3,000 per month. The company pays 14' month pay @100% of her monthly pay and a 15* month pay which is 60% of her monthly pay.
Given the above stated data,compute for her.
a.Monthly take home pay.
b.It was found that at the end of the year,Ms. Valentine has accumulated a total of 15 hours tardiness.With this data in mind,compute for her total income tax to be paid to the government considering both sources of income.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- A. Lois Lane Dela Cruz works in a corporation as an executive. She receives a basic monthly income of 84,690.00 and receives various benefits: laundry allowance of 5,000 every 2 months, travel allowance of 5,000.00 per month, clothing allowance of 7,500 per year, rice allowance of 4,000 per quarter, load allowance of 3,000 per month. The corporation gives 13th and 14h month pay plus education assistance amounting to 50,000 per year. Compute for the following: please show all necessary computations and make sure to label your answers a. How much is the total monthly income of Ms. Dela Cruz? b. How much is her monthly contribution to SSS, Philhealth, Pag-ibig? c. If her salary were to be given on a monthly basis, how much is her withholding tax? d. Additional information, aside from those mentioned above, records show that Ms. Dela Cruz also received additional benefits for the year amounting to 85,690.00. Compute for the annual tax that she should pay to the government: 1. How much is…Gomez runs a small pottery firm. He hires one helper at $15,500 per year, pays annual rent of $5,500 for his shop, and spends $21,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $6,500 per year if alternatively invested. He has been offered $20,500 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $7,000 per year. Total annual revenue from pottery sales is $87,000. Instructions: Enter your answers as whole numbers. a. Calculate the accounting profit for Gomez's pottery firm. b. Now calculate Gomez's economic profit. Prev 1 of 11 Next >George runs a coffee shop. His total sales are $107,758 per month. He has the following monthly expenses: rent is $5,140 wage expense is $21,076 material supplies are $10,545. George owns the building where he has his coffee shop. He could rent this space for $11,766 per month. If George only cares about earning the maximum income possible, what is the minimum monthly salary he would have to earn at his next best employment opportunity to get him to close his coffee shop? Enter a whole number with no dollar sign.
- LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $285 per month. Required: If LaMont receives one pass (worth $285) each month, how much of this benefit must he include in his gross income each year? If the company provides each employee with $285 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?Harry has worked at a medium-size interior design firm for five years and earns a salary of $4,080 per month. He also receives $3,000 in interest income once a year from a trust fund set up by his deceased father's estate. Belinda earns a salary of $6,400 per month, and she has many job-related benefits including flexible benefits program, life insurance, health insurance, a 401(k) retirement program, workplace financial education, and a credit union. The Johnsons live in an old apartment located approximately halfway between their places of employment. However, their rent will increase by $100 a month in July. Harry drives about ten minutes to his job, and Belinda travels about 15 minutes via public transportation to reach her downtown job. Harry and Belinda's apartment is very nice, but small, and it is furnished primarily with furniture given to them by some of his friends. Soon after getting married, Harry and Belinda decided to begin their financial planning. Fortunately each had…Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him$4,000 per year if alternatively invested. He has been offered $15,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3,000 per year. Total annual revenue from pottery sales is $72,000. Calculate the accounting profit and the economic profit for Gomez’s pottery firm. d. How much is the total implicit cost? (Use a whole number, no currency, no comma, no space) e. How much is the economic profit? (Use a whole number, no currency, no comma, no space)
- Abdul works full-time in a bookstore. He earns a take-home salary of $580 a week. His expenses are $770 a month for rent and utilities, $41 a month for his cell phone, $80 a week for groceries, and $150 every two weeks for miscellaneous expenses. How much can Abdul save each month?Garth Grits works as an employee at Superior Foods, a local supermarket. As an employee, Garth earns $17 per hour and works 200 hours per month. Garth currently supplements his income with the interest he earns from having $30,000 in a savings account earning 5% annual interest. Instead of continuing to work for Superior Foods, Garth would like to start up his own dollar store called Just-a-Buck located in a strip mall close to his home. If Garth starts up Just-a-Buck, he would quit his job working for Superior Foods, and he would work full-time (200 hours per month) in his new business. To set up Just-a-Buck, Garth would have to use his $30,000 savings to buy the necessary equipment and make the appropriate renovations to the mall space he plans to rent. Garth hired an accountant who estimated the annual revenue and costs of Just-a-Buck as follows: Annual Store Sales $175000 Less Annual Expenses: Mall Rent (includes utilities) $10000 Cost of…A senior citizen gets a part-time job at a fast-food restaurant. She earns $9 per hour for each hour she works, and she works exactly 30 hours per week. Thus, her total pretax weekly income is $270. Her total income tax assessment each week is $50, but she has determined that she is assessed $3 in taxes for the final hour she works each week. This person's average tax rate each week is percent. (Round your answer to one decimal place)
- Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Madeline is living at home and works in a shoe store, earning a gross income of $960 per month. Her employer deducts a total of $170 for taxes from her monthly pay. Madeline also pays $115 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $170 per month. Calculate her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.) With college loan Without college loan Debt Payments-to- Income RatioYou have just accepted your first full-time job as assistant manager. You will be earning a salary of $625 per week. That sounds like a lot of money, but you know there will be deductions from your paycheck, such as federal income tax, Social Security tax, and medical insurance. Let’s find out how much you will actually make. 1 You are single and claim no allowances. How much is deducted from your weekly paycheck for federal income taxes? 2Your state tax income rate is 4.2% on all gross income. How much is deducted from your weekly paycheck for state .income taxes? 3.Your local tax rate is 2.1% on all gross income. How much is deducted from your weekly paycheck for local tax? 4.Social security tax is deducted at the standard rate of 6.2%. How much will you pay into Social Security each week? 5.Medicare is deducted at the standard rate of 1.45% on all earnings. How much will your pay into Medicare each week? 6.You know it’s a good idea to have medical insurance.…Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam and Tom are concerned about the payroll taxes they will have to pay. Assume they form an S corporation, and each earns a salary of $85,000 from the corporation; in addition, they expect their share of business profits to be $60,000 each. How much combined Social Security tax and Medicare tax (Employee Rate=7.65%; Employer Rate=7.65%) will Adam and the corporation have to pay on his salary and profits?