. What amount should be debited to the investment account if the rights were not accounted for separately?

Q: Koda electronics has the details of one of its product "X" with annual fixed cost of P150,000. Its s...

A: Annual fixed cost=P150,000 Selling price per unit=P30 Variable cost=P15 Contribution per unit = Sell...

Q: Explain the concepts and principles which underlie the SMEs standard

A: The concept and principle of sme standard are as follows

Q: Assume that sales revenue in 2022 changed to S755,00 and cost

A: The income statement explains the financial performance of the company for a particular period of ti...

Q: Commercial Solutions Company manufactures a cleaning solvent. The company employs both   skilled and...

A: Labor yield variance = (AY - SY) x SCWhere,AY = Actual yield or outputSY = Standard Yield or output ...

Q: Brad Gravel Pitt Company has sales of $495,000 and cost of goods sold of $302,000. Selling and admin...

A: Formula: Gross profit = Sales revenue - Cost of goods sold

Q: The total assets and the total liabilities of Paragon Services are shown below. During the year, no ...

A: Accounting equation says that total assets should always be equals to total liabilities and equities...

Q: B. Following is the cost break-down structure (CBS) for the development of a new grocery self-checko...

A:   Cost Break Down Structure    Capital Investment  Date   Amount  a)  Research and development ...

Q: Using accrual accounting and the preceding values, show the firm's net proft for the past year in th...

A: Please See Step 2 for the Statement as required.

Q: The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's liqui...

A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and ...

Q: 5. You deposit PHPI,500 in your bank account. If the bank pays 4% simple interest, how much interest...

A: Simple Interest = P * R *T Where P = Principal = PHP1,500R = Rate of Interest = 4%T = Time = 10 Year...

Q: 16. What is the balance of the accounts receivable after pencil footing the ledger? 38,000 debit O 1...

A: Accounts Receivable It is a money due to a firm for goods or services delivered or used but not yet ...

Q: Some business transactions purchase goods and services from the seller, on credit. The buyer of thes...

A: Purchase of Merchandise on Account - Purchases on Accounts means Inventory purchase without paying i...

Q: For 2020, Ross Corporation had pretax ordinary income of $501,000 and sold for $149,000 an asset pur...

A: Calculation of taxable income particulars Amount ordinary income 501000 capital gain = [14900...

Q: Explain what is meant by a 'complex' non-current asset and explain briefly how IAS 16 requires expen...

A: complex non current assets includes building that has been built for special purpose, infrastructure...

Q: A customer has purchased $5,000 vouchers for the cleaning service to be used in next few months.  Th...

A: Profit overstated means the profit is shown more as compared to actual profit. Profit understated me...

Q: comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the bas...

A: Comparative statement is the statement of comparison between the two financials. it is the statement...

Q: 600 deposited one time in a CD that compounds once yearly at 12%. How much will be the total in the ...

A: A certificate of deposit (CD) appears to be a financial instrument used by banks and credit unions t...

Q: Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the f...

A: RECONCILITION OF PLAN ASSETS AND DEFINED BENEFIR OBLIGATION (DBO)     (AMT IN Php) PARTICULARS ...

Q: The total assets and the total liabilities of Paragon Services are shown below. During the year, no ...

A: Lets understand the basics. For calculate the drawings, we need to use below formula. Drawings = (Be...

Q: Kyle Struck's filing status is single, and he has earned gross pay of $2,340. Each period he makes a...

A: Tax is an amount that is charged by the government from the individual and organizations on the inco...

Q: Cozy Corporation purchased supplies at a cost of $24,000 during the current year. At January 1, supp...

A: Formula: Supplies expense = Beginning supplies + Supplies purchased - Ending Supplies

Q: Relax Spa Company is engaged in providing facial and body treatment in a spa centre. Customers  are ...

A: The income statement explains the financial performance of the company for a particular period of ti...

Q: Required: As an IT Auditor, identify the problems/weaknesses in the development of the new system an...

A: Answer :-  System Development Process: - System development process sometimes also known as system d...

Q: What is the current ratio of Nezuko Inc.?

A: Current ratio means  total current assest is divided by  the  total current  liability.             ...

Q: Ann and Jack have been partners for several years. Their firm, A & J Tax Preparation, has been very ...

A: The advantages of corporation as compared to Partnership are as follows: 1. Option (C) Owners have l...

Q: The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chl...

A: Remaining income allocation = Total income - Salaries

Q: 2019 2020 Assets Cash & Short Investments Accounts Receivable Inventories Other Current Assets TOTAL...

A: A statement which is used to compare item by item in a horizontal line for two years, is known as co...

Q: 455,000 32 during the vear?

A: As per the accounting equation Total Asset= Total Liabilities + Owners Capital Owners Capital is the...

Q: On January 1, 2020, Jam Company reported as investmonts the following unquoted equity shares: long t...

A: Journal entry refers to the process of recording business transactions for the first time in the boo...

Q: Feal-Goode Inc. purchased a patent on a new drug. The patent cost S12,000. The patent has a life of ...

A: Formula: Amortization expense per year = Patent cost / Useful life years

Q: An engineer bought equipment for P500,000. Other expenses including installation amounted to P30,000...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: What amount should be recorded by Rosas Company as Estimated Liability for the current year?

A: Estimated Liability at the end of the year is the expected amount of mugs yet to be distributed for ...

Q: The problem to be resolved: The following trial balance was extracted from the books of Movies To T...

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...

Q: Chapter 3 Activity – Taxes   Individual Income Tax Brackets (2021) Marginal Tax Rate Single, t...

A: Introduction: Individual gross income (sometimes known as gross pay on a paycheck) is a person's ent...

Q: Indirect materials used in production 43000 Total raw materials used in production 407700

A: Cost of direct materials used in production is the cost of total raw materials used in production re...

Q: verage corporate tax rates Ordinary income in 2017 was taxed subject to the rates shown in the accom...

A: Total tax liability = Base tax + Marginal tax Marginal tax = Marginal rate * amount over bracket low...

Q: Babcock Company purchased a piece of machinery for $40,500 on January 1, 2019, and has been deprecia...

A: Calculation of depreciation as per sum digit method   As per sum digit method =  ( 5 + 4 + 3 + 2 + 1...

Q: Interest versus dividend income Depot Logistics Inc. has declared pretax income from its operations ...

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...

Q: On January 1, Year 5, Pic Company acquired 7,500 ordinary shares of Sic Company for $726,000. On Jan...

A: Consolidated profit is the combined profits of either all the divisions of the firm or all the subsi...

Q: These transactions occurred during the second half of January. Continue the General Journal where yo...

A: Journal entry - It refers to the process where the business transactions are recorded in the books o...

Q: 1. Prepare a journal entries to record the start of the licensing agreement on January 1, 20X1 in it...

A: SBITA are subscription based information technology arrangements. These are accounted in similar way...

Q: Please answer in 30 mins. You have been working with the Humber Room Restaurant to determine the bes...

A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...

Q: The firm is contemplating the following (base case): Vehicle acquisition cost                      ...

A: Economic profit is different from net profit. Where net profit is calculated by deducting only opera...

Q: On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, inclu...

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle, whiche...

Q: Sensible Company provided the following ledger account of the cash in bank maintained with Second Ba...

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...

Q: The use of standard costs in pricing and budgeting is quite valuable  since decisions in the fields ...

A: Standard cost is the cost which is predetermined and which is expected to be incurred during the yea...

Q: A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data re...

A: The capital gains tax is a tax levied just on profit made on a sale of an investment. When you sell ...

Q: The most recent financial statements for Kerch, Incorporated, are shown here (assuming no income tax...

A: External finance needed = Total assets - Debt - Equity Total Assets = Total equity + Total liabiliti...

Q: Frank Moran manages the cutting department of Greene Timber Company. He purchased a tree-cutting mac...

A: Income statement refers to the financial statement which shows the financial performance for an acco...

Q: An equipment costs P10,000 with a salvage value of P500 at the end of 10 years. Calculate the annual...

A: Sinking Fund Depreciation Method: It is possible to depreciate an asset while simultaneously earning...

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.