11. Which type of financial assets are purchased only with the intent of selling them in the near future? DA FVTPL financial assets OB. FVTOCI tinancial assets C. Amortized Cost financial assets OD. Investment accounted for using the equity method equly
Q: One of the advantages of hiring younger workers is that they: a) seldom seek job flexibility. b)…
A: The practice of finding, evaluating and establishing a working relationship with future employees,…
Q: Question: Obtaining an understanding of an entity's internal control is more likely to be performed…
A: Introduction: Internal controls are a system of preventative measures set up to make sure that no…
Q: ABC Co received from a customer a 5-year non-interest bearing note of P120,000 on Jan 1, 20X1.…
A: Note receivable is one of the current asset of the business. It means some amount is to be received…
Q: On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a…
A: Lets understand the basics. For calculating interest revenue needs to record, we need to use below…
Q: Visayas Corporation has one temporary difference at the end of 2020 that will reverse and cause…
A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…
Q: ANZ Kitchen Appliances Pty Ltd has the following information for the month ended 30th June 2022:…
A: Date Account Titles Debit Credit June'15 Cash $ 3,300 Accounts Receivable $…
Q: On January 2, 2021, Integrity Co. sold merchandise to Honesty, Inc. for P2,500,000. The cost of…
A: The installment sales method recognizes revenue and income proportionately as cash is collected. The…
Q: The adjusted trial balance of Robert Company contained the following information Sales Cost of Goods…
A: Multi step income statement is one of the financial statement which shows all incomes and all…
Q: Required: 1. Identify whether each investment should be classified as a short-term or long-term…
A: Long Term Investment :— Investment Hold for More than 1 year. Short Term Investment:— Investment…
Q: Honesty Construction is in its fourth year of business. The company has long-term construction…
A: Revenue from fix price contraction contracts is recognized on the basis of precentage of completion…
Q: The following information relates to noncurrent investments that High Corp. placed in trust as…
A: A sinking fund refers to sum accumulated by the company for the purpose of repayment of debt/…
Q: Provide 3 unique problems with own solution on performance ratio below. Also provide textual…
A: Earnings per share indicate the earnings attributable per share. It indicates how much income is…
Q: On January 1, a company issues 8%, 5 year, $300,000 bonds that pay interest semiannually each June…
A: Companies often use bonds to raise money to expand its business, to conduct normal operations etc…
Q: Sanaeil Center for Education, a nonprofit organization, learns that it has been named as the…
A: An irrevocable trust is a type of trust that cannot be changed or altered in any way once the trust…
Q: Question 15 of 34 During 2014, Gambler Company discovered that the ending inventories on its…
A: Introduction: Goods acquired first are sold first under the FIFO approach. The term FIFO means for…
Q: Question 3 (Retain or Replace Equipment) Chudzick Company has a factory machine with a book value of…
A: Retain and replacement decision will be taken on the basis of incremental profit, if after replacing…
Q: ABC Company’s Job 123 for the manufacture of 2,000 bags was completed during June 2022 at the…
A: Total manufacturing costs of a job includes direct material costs, direct labour costs and factory…
Q: On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following…
A: Answer:- Partnership meaning:- A partnership can be defined as the agreement between two or more…
Q: Question. A schedule of machinery owned by Micco Co. is presented below: Total cost Salvage value…
A: Introduction: Depreciation is an accounting technique that assigns the cost of a measurable or…
Q: The following data were gathered to use in reconciling the bank account of Eves Company: Balance per…
A: Theory part: Bank reconciliation statement: Every company maintains books of accounts . Due to Time…
Q: obal Athletes Pty Ltd is a large sports goods retailer. It purchases ‘sweet spot’ badminton set…
A: Goods Service Tax (GST) : It is the tax which is levied on the exchange of goods and services by the…
Q: The following selected transactions relate to cash collections for a firm that maintains a $100…
A: Journal entry is a primary entry that records the financial transactions initially.. Cash is debited…
Q: 4. Magsano Company is planning to sell the business to new interests. The accumulative net earnings…
A: Computation of Goodwill if excess earnings are purchased for 5 years: Step 1 - Normal profit =…
Q: 3-16 Faith Company leases a machinery from Love Corporation under a twelve-month operating lease. As…
A: Lease: A lease is an arrangement where a lessor agrees to allow a lessee to control the use of the…
Q: On Nov 24, 20X1, ABC Company borrowed P750,000, 45-day loan from a bank and pledged its receivables…
A: Note Payable: Notes payable are a kind of long-term liability that show the money that a firm owes…
Q: An aging of a company's accounts receivable indicates the estimate of uncollectible receivables…
A: d. debit to Bad Debt Expense for $5,249
Q: monprofit organization, on January 15, 2021. The fair value of the investmer $200,000 at the date of…
A: Journal Entries: It is the procedure to record the business transaction into the journal by…
Q: 1. A company is evaluating two projects, A and B. The company's cost of capital has been determined…
A: Net present value technique is a discounted cash flows method that considered the time value of…
Q: Instructions On January 1, the first day of the fiscal year, a company issues a $2,050,000, 9% ,…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: The following information was taken from the books of Olmeck, Inc. Sales Accounts receivable:…
A: Accounts receivable turnover = Net sales of company / Average accounts receivable of company Number…
Q: Question. A schedule of machinery owned by Micco Co. is presented below: Total cost Salvage value…
A: Introduction: Depreciation is an accounting method that assigns the expense of a financial period…
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: Calculation of Fixed Overhead rate of Molding Department Fixed Overhead rate of Molding Department =…
Q: A company has 1,000 shares of $50 par value, 4.5% cumulative and nonparticipating preferred stock…
A: Paid in capital stock which was in common consist of preferred and common stock in total and it was…
Q: The following items are taken from the financial statements of Akram Company for the year ending…
A: Classified balance sheet is one of the important financial statement for business, which shows all…
Q: Cumberland Co. sells $919 of inventory to Hancock Co. for cash. Cumberland paid $673 for the…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: A city is building a new park. To finance the construction of the park, the city will issue a…
A: Introduction: Journal entry is the act of recording transactions in an accounting journal. An…
Q: Save-the-Earth Co. reports the following income statement accounts for the year ended December 31.…
A: Multi-step income statement is the one which is prepared in a step by step format. It is prepared…
Q: On June 1, 2020, LM company purchased debt investment at amortized cost, 8,000 of P1,000 face value…
A: Investment in bonds: Investment in bonds is the scenario where the company acquires bonds either at…
Q: Identify the high and low points. Machine Hours $ High point enter the machine hours for…
A: Variable cost is the cost which may vary with the change in the level of activity or production.
Q: If the acquisition cost of investment in bonds is less than face amount, there is discount…
A: Bonds are a less risky investment when compared to investments in equity stocks. The bonds are fixed…
Q: A local partnership has assets of cash of $5,000 and a building recorded at $80,000. All liabilities…
A: The profit in a partnership form is distributed among the partner according to the capital…
Q: Allocating Liquidation Between Common Stockholders and Preferred Stockholders The Arcadia Company…
A: Introduction: A shareholder, also known as a stockholder, is someone who actually owns one share of…
Q: Compare and contrast Partnership versus Sole Trader.
A: Introduction: A partnership is a contract between two or more people to run a business and share…
Q: On January 1, 2018, HI company purchased P1,000,000, 12% bonds for P1,063,394, a price that yields…
A: Lets understand the basics. When debt investment purchased and designated at FVTPL then interest…
Q: Equipment was acquired at the beginning of the year at a cost of $76,380. The equipment was…
A: Equipment is the non-current asset which is used by the entity for day to day operations so as to…
Q: Torino Company has 2,700 shares of $10 par value, 6.0% cumulative preferred stock and 27,000 shares…
A: Solution We are given with the following information Number of shares = $ 2,700 Par value of share =…
Q: a. The prepaid Insurance account shows a total of 48,000 representing the cost of a one-year…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: FIFO & LIFO Beginning inventory, purchases, and sales data on Commodity A, as taken from Rich…
A: Inventory valuation method includes: First- in-first-out method Last-in- first- out method Weighted…
Q: On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following…
A: Final settlement means the total amount received by the partners at the liquidation or sale of…
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: Manufacturing cost is the cost of production. It is the cost which involved the direct material,…
Step by step
Solved in 2 steps
- (5). Intangible assets are initially recorded at (a). cost (b). expected future value (c). expected present value of expected cash flows (d). present fair value11, please answer last part. thanks please pick from the follow accounts: Accumulated Other Comprehensive Income Allowance for Investment Impairment Bond Investment at Amortized Cost Cash Commission Expense Dividends Receivable Dividend Revenue FV-NI Investments FV-OCI Investments Gain on Disposal of Investments - FV-NI Gain on Disposal of Investments - FV-OCI Gain on Sale of Investments GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Investment in Associate Investment Income or Loss Loss on Discontinued Operations Loss on Disposal of Investments FV-NI Loss on Disposal of Investments FV-OCI Loss on Impairment Loss on Sale of Investments No Entry Note Investment at Amortized Cost Other Investments Recovery of Loss from Impairment Retained Earnings Unrealized Gain or Loss Unrealized Gain or Loss - OCI11, please answer part b, thanks list of accounts Accumulated Other Comprehensive Income Allowance for Investment Impairment Bond Investment at Amortized Cost Cash Commission Expense Dividends Receivable Dividend Revenue FV-NI Investments FV-OCI Investments Gain on Disposal of Investments - FV-NI Gain on Disposal of Investments - FV-OCI Gain on Sale of Investments GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Investment in Associate Investment Income or Loss Loss on Discontinued Operations Loss on Disposal of Investments FV-NI Loss on Disposal of Investments FV-OCI Loss on Impairment Loss on Sale of Investments No Entry Note Investment at Amortized Cost Other Investments Recovery of Loss from Impairment Retained Earnings Unrealized Gain or Loss Unrealized Gain or Loss - OCI
- Q11 Which of the following options is INCORRECT regarding financial assets and the subsequent measurement model(s)? Select one: a. Financial Asset: Equity instrument Management Intention: Realise fair value changes Measurement Model: Fair value, adjustments in OCI _ b. Financial Asset: Debt instrument Management Intention: Earning contractual cash flows Measurement Model: Amortised cost _ c. Financial Asset: Equity instrument Management Intention: Realise fair value changes Measurement Model: Fair value, adjustments in SPL _ d. Financial Asset: Debt instrument Management Intention: Earning contractual cash flows Measurement Model: Fair value, adjustments in OCI _Which of the following is typically recorded at its present value? a. long-term investments b. long-term liabilities c. intangible assets d. contigent liabilities21.Which of the following best depicts the computation for the carrying amount of an investment in associate account? Purchase price + Share in the associate's profit - Dividends received - Amortization/Depreciation of undervaluation of assets Purchase price + Share in the associate's profit - Dividends received + Amortization/Depreciation of undervaluation of assets Purchase price + Share in the associate's total comprehensive income -Dividends received - Amortization/Depreciation of undervaluation of assets Number of shares held x Fair value per share
- 15, please answer last part. thanks Accumulated Other Comprehensive Income Allowance for Investment Impairment Bond Investment at Amortized Cost Cash Commission Expense Dividends Receivable Dividend Revenue FV-NI Investments FV-OCI Investments Gain on Disposal of Investments - FV-NI Gain on Disposal of Investments - FV-OCI Gain on Sale of Investments GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Investment in Associate Investment Income or Loss Loss on Discontinued Operations Loss on Disposal of Investments FV-NI Loss on Disposal of Investments FV-OCI Loss on Impairment Loss on Sale of Investments No Entry Note Investment at Amortized Cost Other Investments Recovery of Loss from Impairment Retained Earnings Unrealized Gain or Loss Unrealized Gain or Loss - OCIUse IFRS 9 to determine how to subsequently measure the following financial assets. Three choices of measurement basis are amortized cost, fair value through other comprehensive income, and fair value through profit or loss. Provide justification for your choice. Long-term loans that are held for collecting contractual cash flows till their maturities, but may be subsequently sold if the loans’ credit risk substantially increases. Investments in bonds that are held for collecting contractual cash flows, and may be subsequently sold to re-invest the cash in financial assets with a higher return. Subprime (high risk) mortgage loans that were originated by a mortgage-broker firm that always sell these loans to banks right after their origination. Forward contracts that an EU bank purchased to hedge the exposure to changes in fair value of US$-denominated loans. Investment in bonds that are convertible into common stock of the bond issuer. Investment in bonds that pay a variable market…6. When computing the amount of interest cost to be capitalized, the concept of "avoidable interest" refers to A) a cost of capital charge for stockholders' equity. B) that portion of weighted-average accumulated expenditures on which no interest cost was incurred. C) the total interest cost actually incurred. D) that portion of total interest cost which would not have been incurred if expenditures for asset construction had not been made.
- is there any chance these other calculcations could be done please? thank you :) Return on Capital Employed(v) Asset turnover(vi) Non-current asset turnover(vii) Current Ratio(viii) Quick Ratio(ix) Inventory days(x) Receivables days(xi) Payable days(xii) Interest coverWhich of the following is measured at fair value with fair value changes recognized in profit or loss? a. held to maturity investments b. financial assets designated at FVPL c. FVOCI d. all of these28Which of the following best explains what is meant by “capital expenditure”? Capital expenditure is expenditure Select one: a. relating to the acquisition or improvement of non current assets. b. relating to the issue of share capital. c. on non current assets, including repairs and maintenance. d. on expensive assets.