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    Gellie Real
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    The document lists expenses and losses for several companies, including a $700,000 loss from a typhoon for Farr Company, $840,000 in inventory losses for Harper Company, and $1,400,000 in net losses from disposal of a business segment and property taxes for Mill Company. It also provides income and expense details for other companies such as Pauline Company paying 2 million in staff bonuses at 5% of its 40 million income for the first half of the year, and Davao Company's 2 million total warranty expenses for the first two quarters.

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    CHAPTER 28

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    The document lists expenses and losses for several companies, including a $700,000 loss from a typhoon for Farr Company, $840,000 in inventory losses for Harper Company, and $1,400,000 in net losses from disposal of a business segment and property taxes for Mill Company. It also provides income and expense details for other companies such as Pauline Company paying 2 million in staff bonuses at 5% of its 40 million income for the first half of the year, and Davao Company's 2 million total warranty expenses for the first two quarters.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    4 views1 page

    Chapter 28

    Uploaded by

    Gellie Real
    The document lists expenses and losses for several companies, including a $700,000 loss from a typhoon for Farr Company, $840,000 in inventory losses for Harper Company, and $1,400,000 in net losses from disposal of a business segment and property taxes for Mill Company. It also provides income and expense details for other companies such as Pauline Company paying 2 million in staff bonuses at 5% of its 40 million income for the first half of the year, and Davao Company's 2 million total warranty expenses for the first two quarters.

    Copyright:

    © All Rights Reserved
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    of 1

    PROBLEM 28-1 FARR COMPANY

    LOSS FROM TYPHOON 700,000.00


    PAYMENT OF FIRE INSURANCE PREMIUM 100,000.00
    PROBLEM 28-7 PAULINE COMPANY
    TOTAL EXPENSES 800,000.00
    INCOME FOR HALF YEAR 40,000,000.00
    STAFF BONUSES 5%
    PROBLEM 28-2 HARPER COMPANY
    STAFF BONUSES FOR THE FIRST HALF YEAR 2,000,000.00
    INVENTORY LOSS 840,000.00
    TOTAL INVENTORY LOSS 840,000.00
    PROBLEM 28-8 REX COMPANY
    PROBLEM 28-3 MILL COMPANY PROPERTY TAXES 600,000.00
    NET LOSS FROM DISPOSAL OF A BUSINESS SEGMENT 1,000,000.00 REPAIRS OF EQUPIMENT 900,000.00
    PROPERTY TAXES 400,000.00 TOTAL EXPENSES 1,500,000.00
    NET LOSS 1,400,000.00

    PROBLEM 28-9 DAVAO COMPANY


    PROBLEM 28-4 VIM COMPANY
    1ST QUARTER WARRANTY EXPENSE 500,000.00
    DEPRECIATION EXPENSE 250,000.00
    2ND QUARTER WARRANTY EXPENSE 1,500,000.00
    EMPLOYEE BONUSES 600,000.00
    TOTAL WARRANTY EXPENSE 2,000,000.00
    TOTAL EXPENSES 850,000.00

    PROBLEM 28-5 MOUNT COMPANY


    ADVERTISING COSTS 2,000,000.00
    STAFF BONUSES 3,000,000.00
    TOTAL EXPENSES 5,000,000.00

    PROBLEM 28-6 BAILAR COMPANY


    FIRST QUARTER ( 30% X 6,000,000 ) 1,800,000.00
    SECOND QUARTER ( 30% X 7,000,000 ) 2,100,000.00
    TOTAL INCOME TAX FOR FIRST TWO QUARTER 3,900,000.00

    CUMULATIVE INCOME TAX FOR


    THREE QUARTERS ( 25% X 21,000,000 ) 5,250,000.00
    INCOME TAX FOR FIRST TWO QUARTERS (3,900,000.00)
    THIRD QUARTER-INCOME TAX EXPENSE 1,350,000.00

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