User Account

All Pages

Compute the adjusted profit before tax

Assignment Help Accounting Basics
Reference no: EM133169099

Question - XYZ Co. reports profit before tax of P2,000,000 in its 2nd quarter interim financial statements before consideration for the following:

a. Inventory with a carrying amount P100,000 has a net realizable value of P80,000. It is expected that the decline in value will reverse in the 3rd quarter.

b. An investment in FVPL measured at acquisition cost of P20,000 has a fair value of P75,000 as the end of 2nd the quarter. However, the increase in fair value is expected to be only temporary.

c. It was discovered that depreciation in the previous year was overstated by P10,000.

d. No depreciation is recognized during the 2nd quarter. The quarterly straight line depreciation of items of PPE is P120,000.

Required - Compute the adjusted profit before tax.

Reference no: EM133169099

Questions Cloud

What is the difference in tax payable comparing : For the 2021 income year, what is the difference in tax payable comparing a resident to a foreign resident who both have a taxable income of $100,000
What is taxpayer net capital gain or loss for the income : She sold her car for $20,000 that she had purchase for $30,000 in July 2016. What is taxpayer net capital gain or loss for the income
Determine the classification of the lease option : Determine the classification of the lease option being considered, and indicate what the effect would be on the statement of financial position
What total amount was debited to retained earnings : Circulation Co. has 10,000 (P100 par) outstanding shares at the beginning of the year. What total amount was debited to retained earnings
Compute the adjusted profit before tax : It was discovered that depreciation in the previous year was overstated by P10,000. Compute the adjusted profit before tax
What will the dividend : Walmart currently pays a dividend of $1. The company's goal is to increase dividends by 2% each year. First, what will the dividend be in 20 years
Do you now a conflict of interest in negotiating this sale : Do you now have a conflict of interest in negotiating this sale? Would you have a conflict of interest if Kyle paid $300 to buy your ticket to the game
What amount will the insurance company pay : The damage to the parked car was $7,700 and the damage to the store was $52,200. What amount will the insurance company pay for Susan's car accident
What is the penalty to your employer for contravention : You have been appointed as an Accounts Receivable Clerk for a medium sized business. What is the penalty to your employer for contravention

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd