1/ At the time of her death in 2019, velma owned 25% of the stock in delores corporation and 21% stock in Toyota corporation. for purposes of satisfying the more than 35% requirement of Section 303 the value of these stock may be combined. True or False?

Q: On February 28, 2022, P Corp. purchased 80% of S Co's P10 par ordinary shares for P986,000. On this ...

A: Given information, Net income =P354,000 Dividends=P112,000 Inventory overvalued =P15,000 Increase in...

Q: Company’s stockholders’ equity as of December 31, 2020 is P7,308,000. On January 1, 2021, Parent acq...

A: The goodwill or gain on bargain purchase refers to the excess or short amount paid for the acquisiti...

Q: Bulldogs Inc. wants to analyze its variances in its actual and budgeted operation. There is no diffe...

A: Sale price variance = (Actual sales price per unit - Budgeted sales price per unit) x Actual no. of ...

Q: Paul Corporation acquired 80 percent of Saul Company on January 1, 2019, by issuing 118,000 shares o...

A: Acqusition Cost It may be incurred several cost which are related with the Acqusition cost while car...

Q: How many are the ordinary shares outstanding after reflecting the foregoing transactions for the yea...

A: Preference share capital refers to the portion of the share capital whose holders are paid dividends...

Q: how to find net operating working capital

A: Working capital or net working capital is arrived by deducting Current liabilities from Current asse...

Q: After taking business classes, Jake, an avid dog-lover, decided to start selling unique pet supplies...

A: The expenses amount which remains stagnant with changing level of production are called fixed expens...

Q: how many units could it lose at the regular price before the decision became unwise?

A: Solution:- Given, Sales price = $88 Variable cost = $32 A special order for 1,000 units at $46    

Q: The Felton and Burchell Partnership has partner capital account balances as follows: Felton, Capit...

A: Existing Capital = Felton, Capital + Burchell, Capital Total Capital = Existing Capital + New Capita...

Q: On January 1, 2022, P Company acquired 80% of S Company for P2,000,000. The fair value of identifiab...

A: Total cost  = Cost of sales of P + Cost of sales of S. = 3200,000 + 1,600,000 = 4800000 Cost of sale...

Q: Which is false about long-term sources of a firm's capital? * , O All types of corporations may issu...

A: Who can issue equity securities to public:- Only large publicly-held corporation can issue equity se...

Q: AA and BB entered into partnership on March 1, 2022 by investing the following assets:   AA BB C...

A: In the given question AA and BB will share profits and losses in the partnership firm in the ratio o...

Q: Take me to the text On October 1, 2020, Robby Company issued $251,000 worth of bonds at par, with th...

A: The bonds are the financial instruments used to raise money from the market. 

Q: On January 1, 2022, P Company acquired 80% of S Company for P2,000,000. The fair value of identifiab...

A: 1) Sales of P 5500000 Less: merchandise ahipped to S at cost plus 25% (800000 x 125%) (1000000)...

Q: A proposed relaxation of credit standards of Bulldogs Inc. will increase the balance of accounts rec...

A: Solution..   Increase in accounts receivable = P95,000  Increase in collection period  = 3 * 7 days ...

Q: PARENT Corporation acquired 80% of the outstanding shares of SUBSIDIARY Company on June 1, 2022 for ...

A: The net assets of a subsidiary company is the valuation of all the equity adjusted for the fair valu...

Q: Stock production and sales data from a single product of Sweetsop are given in the following:     Pe...

A: Solution Working note-     Calculation of manufacturing cost per unit (Marginal cost). Direct mat...

Q: A firm with seasonal sales would probably select which of the following types of loans from a bank t...

A: Seasonal sales where the products of the company would be sold only in particular season of the year...

Q: From the following information for R Ltd. for the year ended 31 March, 2016, calculate the deferred ...

A: Introduction:- Differed tax liability arises when Accounting profit greater than Income as per tax p...

Q: How can the separate entity concept benefit the owner and the business

A: Separate entity concept: It refers to the practice of Recording separately the transactions of the B...

Q: Alco Co uses the % of A/R allowance method $300,000 Ending A/R Balance Management estimates 4% uncol...

A: The account receivable is an asset for the business and allowance for doubtful accounts is a contra ...

Q: Daring watercraft manufactures small boats. Materials are added at the beginning of the process and ...

A: Answer:-  Production cost report:- The production cost report basically describes the production and...

Q: pital balances on January 1, 2022 of P115,000, P150,000 and P200,000, respectively. They share profi...

A: partnership in such form of business where two or more person come in order to join the business and...

Q: 1. The right-of-use asset shall be initially recognized at cost, which shall be comprise of the foll...

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

Q: Bulldogs Inc. had credit sales last year amounted to P18,600,000. The firm also had an average accou...

A: Solution.. Credit sales = P18,600,000  Average accounts receivable = P1,380,000  Average collection ...

Q: How much is the adjustment in goodwill as a result of the measurement period adjustment during 2021?

A: The acquirer will adjust the amount of goodwill in the provisional amount in that reporting period w...

Q: Gosens Company began operations on December 1, 2020. Presented below is selected information related...

A: Solution..   Service Revenue = $135,000  Rent expenses = $22,000  Utilities expenses = $23,000  Main...

Q: Which is correct with regards to the effects of restricting credit standards? * O An increase in rec...

A: A credit policy lays out the conditions under which consumers who purchase on credit must pay back t...

Q: The change in the credit policy would result to increase (decrease) in incremental profit of (Use 36...

A: The increase in incremental profit is when the total benefit derived from credit policy is higher th...

Q: Tyrell Company issued callable bonds with a par valu option requires Tyrell to pay a call premium of...

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: Provided the specified vesting conditions, if any, are met, share-base payment arrangement is an arr...

A: share best payment in generally transaction in which the entity receives goods or services for consi...

Q: The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales...

A: Solution Budget is an estimation of revenue and expenses over a specified future period of time and ...

Q: f the following is false? a. Baumol model helps firm to find out their desirable level of cash bala...

A: Account payable are the amount of money to be given to the suppliers and creditors who provides mone...

Q: Bulldogs Inc. maintains a cash buffer for unexpected cash outlays for the year amounting to 3,000. B...

A: Buffer cash is the amount of money that any business keeps aside for unplanned expenses in the near ...

Q: How much is the increase in retained earnings that will contribute to cover the increase in asset?

A: In this case, total assets, net profit and spontaneous liabilities all would increase by the percent...

Q: Assume that you will be unable to inspect the securities owned by the client on the balance sheet da...

A: The audit and inspection are good tool that are used by auditor. An inspection is different than aud...

Q: The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales...

A: GIVEN     The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The follo...

Q: 21. Parent company acquired 15% of subsidiary company's common stock for 500,000 cash and carried th...

A: Consolidation statement:- When one company takes over another company's share by paying purchase con...

Q: Contribution margin income statement data for the most recent year follow: Total Cat Food Dog Food $...

A: Total operating income with Dog food line is given at $78,000. If the Dog food line is discontinued,...

Q: It is assumed that the Cost of equity and rate of return are both constant under Walter's Model of D...

A: Dividend is the amount of money which is given to the shareholders of the company from the earnings ...

Q: s as: Inflow or Outflow. If neither, indicate Not Applicable.    Particulars  Amount  Classificat...

A: outflow is is the decrease of cash. inflow is increase in the cash balance. when there is purchase t...

Q: NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a dep...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amo...

A: Loan proceeds = Face value of the Notes - discount amount where, discount amount = Face value of the...

Q: Bulldogs Inc. expects to use 48,000 boxes of chocolate per year costing P12 per box. Inventory carry...

A: Total Boxes = 48,000 Cost per Box = P12 Inventory carrying cost = 20% Safety stock = 2,400 Order per...

Q: Of Peterson Enterprises’ $1.4 billion in assets, $150 million of those assets are in cash or can be ...

A: Lets understand the basics. When company having a higher cash in the books in compare to the industr...

Q: Which of the following is true? O If a firm's volume of credit sales decreases, then its liquidity r...

A: Following is the correct option. 

Q: A man owes his partner Ba sum of Rs. 1,50,000 in a business deal is requested by the latter to pay t...

A: This can be solved using simple excel based calculation. we may calculate the profit and loss by usi...

Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per ...

A: Expected gross profit= 10000*1000 units =  P 1,00,00,000   Actual gross profit= P 10000000-1200000 =...

Q: Danner Inc. has projected sales to be $100,000 in June, $90,000 in July, and $70,000 in August. Dann...

A: Answer) Calculation of Total cash collections in August    Amount  Collections in August: ...

Q: On July 1, 2021, JKJ Corporation purchased 100 common shares of JMK Ltd. at $20 per share. JKJ expec...

A: Solution: As shares are expected to be sold with in a year, therefore investment should be classifie...