1. Explain how to account for share investment?

Q: On June 1, 20-, a depreciable asset was acquired for $5,040. The asset has an estimated useful life…

A: Formula: Straight line method = ( Asset cost - salvage value ) / useful life

Q: cost of P6,200,000. At December 31, 2021, the market value San Jose Realty Corporation acquired a…

A: An investment property is a piece of real estate purchased with the intention of earning a return on…

Q: a, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear…

A: Solution: Budgeted cash receipts includes cash collection for sales or from accounts receivable.…

Q: On December 31, 2021, Gabriel Inc. has 100,000 common shares and 10,000, $1 no-par value preferred…

A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…

Q: On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued…

A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds payable.

Q: Using the following information: a. The bank statement balance is $4,881. b. The cash account…

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

Q: he company's margin of safety in units is closest to: Select one: a. 471,429 units b.…

A: The question is based on the concept of Cost Accounting. Margin of safety sales is the amount of…

Q: On January 1, 2021, Nebraska Company issued a 3-year bond with face value of P1,500,000 and a 9%…

A: First we need to calculate the fair value of the bond. = Coupon x PVAF(r,n) + FV x PVF(r,n) Where,…

Q: Martin Manufacturer Ltd started its operations on 1 January 2021, and the planned production for…

A: The income statement represents the net income or net loss of the company that is calculated by…

Q: YCO, Inc. budgeted manufacturing overhead of $294,644 at a level of 9,527 fabrication hours. The…

A: Applied manufacturing overhead = Actual fabrication hours x manufacturing overhead rate where,…

Q: Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the first…

A: The balance sheet is one of the financial statement of the business which tells about the financial…

Q: S benefit is $4,194 (A

A: The social security benefit is the benefits which are received by the employee once the said…

Q: Letena Company had only one job in process on July 1. The job had been charged with $1,000 of direct…

A: When actual manufacturing overhead is more than the applied manufacturing overhead , the overhead is…

Q: Maple Enterprises sells a single product with a selling price of $75 and variable costs per unit of…

A: Formula used: Break even point in dollars = Break even point in units x Selling price per unit

Q: Lucy Sportswear manufactures a specialty line of T-shirts. The company uses a job-order costing…

A: Cost of Goods Sold per shirt = Total manufacturing costs / No. of shirts where, Total manufacturing…

Q: Exercise 21-25 (Algo) Cash flows from operating activities (direct method)–includes sale of cash…

A: Cash flow statement is a financial statement that records the inflow and outflow of cash due to the…

Q: Over the next three years, Distant Groves will pay annual dividends of $1.65, $.172, and $1.80 a…

A: Dividend Discount Model is a Model for valuation of a stock which discount the the annual dividends…

Q: Ahmad is among 700 workers employed by ABC Construction Co. Ltd. at Klang, Selangor. He sought your…

A: A strike means a collaborative action that results in a suspension of work, a refusal to work, or a…

Q: Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4…

A: Answer -    Working Note -  1. Cost per Unit  Particular Amt DM 8 DL 6 Variable OH 0.3…

Q: Indicate whether each of the following should be considered a product cost or a period cost. If you…

A: Direct  product cost is the cost incurred  to manufacture  a product  that can be directly…

Q: Lightfoot Inc., a software development firm, has stock outstanding as follows: 15,000 shares of…

A: The question is based on the concept of Financial Accounting. Preference shares carries the dividend…

Q: a. Prepare a schedule of the cost of finished goods manufactured. (Not all of the data given above…

A: Please see step 2 for required information.

Q: Beatty Corporation recently started operations. They add material at the beginning of their…

A: Working: Cost per unit = Materials costs + Conversion costs = $15 + $22 = $37 per unit

Q: On January 1, 2022, Iced Latte Corporation issued 5,000 10-year bonds of 12% P1,000 face value, each…

A:

Q: How much is the Contribution Margin ? The Company has Sales of P288,000, a Contribution Margin Ratio…

A: Introduction: Contribution margin: Deduction of variable cost from sales value derives the…

Q: Explain why deficiencies in internal controls might not always result in significant misstatements…

A: Internal controls are the systems, rules, and processes implemented by a company to ensure the…

Q: A promissory note calling for payments of $1,100 at the end of each year for the next 13 years is…

A: The rate of return is the percentage return we will get after adjusting the time value of money…

Q: 34. Dissolution is always followed by liquidation. . 0 The amount of asset revaluation when a new…

A: partnership  between partners to share profit and loss and contribute capital in the aggred ratio .…

Q: Johnson Company purchased an equipment at P6,500,000 on January 1, 2020 which will be used for a…

A: Revaluation Model In the revaluation model the determination of assets value will be determined by…

Q: d the payment of the notes payable on September 1, 2025. The agreement provides that the discretion…

A: Notes Payable:

Q: dentify each of the following statements as either true or false. a. A voucher system of control…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: An entity reported the following assets at year-end: Franchise - 1,000,000 Computer Software -…

A: Answer -    Calculation of total amount that should be reported as intangible assets -…

Q: Prepare journal entries for the above events. B. Post the journal entries to T-accounts. C.…

A: Transactions for the month of September are given to us. We are also given the financial statements…

Q: True or False. 1. Maturity value is the amount collectible on the agreed date of payment. 2. The…

A: Creditor: A creditor is an entity (person or institution) that extends credit by giving another…

Q: The following costs are incurred by Everlasting Corporation in 2022: a.    Cost of activities…

A: The question is related to Accounting for Intangible Assets. As per the Standard the development of…

Q: Diving Wear Ltd makes neoprene wetsuits. The company’s projected income  statement for the coming…

A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…

Q: A P 110,000 chemical plant had an estimated life of 6 years and a projected scrap value of 10,000.…

A: Introduction:- The following basic information as follows under:- Book Value of Assets = P 110000…

Q: A firm has liabilities of ₱30,000 and owner’s capital of ₱90,000. Find the percentage of total…

A: Answer 1) Calculation of proportion of Total Liabilities to Total Assets Total Liabilities to Total…

Q: On July 1, 2018, ABC Company borrowed P1,000,000 on a 10% five-year note payable. On December 31,…

A:

Q: Sniper Company purchased on January 2, 2019, a new set of furniture and fixtures by issuing 5,000 of…

A: According to the question, we are required to compute the depreciation expenses using a 1.5…

Q: Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2021 and 2020, and…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: On December 31, 2017, Evermore's Inc 's long-term obligation portion includes USD3,000,000 in 5-year…

A: Valuation of Bond

Q: On September 1, 2022. ABC Company approved a formal plan to sell a business segment. The sale will…

A: In the context of the given question, we compute the net income reported from the ordinary…

Q: Shimada Products Corporation of Japan plans to introduce a new electronic component to the market at…

A: Target cost is the cost which need to incurred by a entity in order to arrive the predetermined…

Q: E2-13 Prepare journal entries and income statement, and determine investment account balance Pop…

A: What is meant by Investment Accounting? When one Corporation/Company purchases certain percent of…

Q: a. Equipment with a book value of $82,000 and an original cost of $163,000 was sold at a loss of…

A: Working Note: Receipt from sale of Equipment = Book value of Equipment - Loss on sale of Equipment =…

Q: 21. When 'a bonus is given to the new partner, part of the entry to record the admission of new…

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

Q: Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of…

A: After tax amounts are the net earnings which are left for the tax payer after paying all expenses,…

Q: emts You just deposited $4,000 in cash into a checking account at the local bank. Assume that banks…

A: Following is the correct answer

Q: Blossom Enterprises uses a computer to handle its sales invoices. Lately, business has been so good…

A: Solution:- Computation of an incremental analysis to determine whether the current machine should be…