14. ABM company purchased a two-year fire insurance coverage policy on June 1, 20XX with a cost of ₱200,000. At its December 31, 20XX, how much should be recorded as an expense? A. ₱100,000 B. ₱50,000 C. ₱200,000 D. ₱0
Q: 5. On October 1, year 1, Acme Fuel Co. sold 100,000 gallons of heating oil to Karn Co. at $3 per…
A: Sales Revenue is generally recognized at the date of delivery, because at that generally it is the…
Q: Malaysia Inc. purchased a capital expenditure amounting to Php1.500 is 30% a. Php75,000 b. Php57,650…
A: Cash flow means inflow and outflow of cash into the business during a specified period of time
Q: Brilliant Company sold a franchise to sell its products for P5,000,000 on January 1, 2021. The…
A: The revenue to be recognized would be annual amount of installment fee and the commission to be paid…
Q: Donna Cruise Lines (DCL) purchased a five-year insurance policy for its ships on April 1, 2015 for…
A: Insurance expense for the year ended December 31, 2015 = (Total amount paid / Total no. of years) x…
Q: (iii) Pau Bhd, a public company, purchases a 60% interest of another company, Pol Sdn Bhd, on 1…
A:
Q: 9. ABC Company purchased a machine on December 1, 20X1 at an invoice price of 4, 500, 000 with terms…
A: The depreciation expense is charged on fixed assets as reduction in the value of assets with the…
Q: 11 For 100.000 $ land is purchased with a $20, 000 down payment and the execution of an $80, 000…
A: Accounting equations are the presentation of assets, liabilities and equities of the company.…
Q: January 20x3. During 20x3, Cole incurred intere on specific construction debt, and P20,000…
A: The Interest cost of specific borrowing incurred for the construction of a fixed asset or interest…
Q: Good morning 5 de mayo 8:48
A: Franchise:Franchise is a type of business organization in which the owner (franchiser) grants legal…
Q: 466. An electric utility purchases 2,300,000 kw-hr per month of electric energy from National Power…
A: Purchase cost of utility (2300000 KW * P2.00) P46,00,000 Other Monthly Expenses: Salaries…
Q: Good afternoon
A: Given infornation is: Sale made to Enkins Office Supply co. = $9000 (a) Journal entry for sale…
Q: amount paid as transportation and insurance cost
A: Option a is wrong because transportation and insurance cost is part of cost of the photocopier and…
Q: curred RM1.5 million to construct a building on 1 May 2011. The building was used as office from 1…
A: Allowance for industrial building: It is the qualifying expenditure with the objective of industrial…
Q: · Payment of quick response insurance premium for calendar year (payment was made during the…
A: Solution: Total expenses for a particular quarter is based on expenses incurred in that period which…
Q: . Adoptions and More drew on 8 annual notes totaling $250,000 to be paid upon completion of the…
A: Answer: Given 8 annual notes = $250,000 Payable next year = $ 75000
Q: On January 1, 20x1, Entity A obtained a 10%, ₱5,000,000 loan, specifically to finance the…
A: Interest on loan = Amount borrowed x rate of interest x no. of years = ₱5,000,000 x % x 1 = ₱500,000
Q: 10.Sariaya Company sells office equipment service contracts agreeing to service equipment for a…
A: Unearned service contract revenue closing = Unearned service contract revenue opening + Cash receipt…
Q: Our company has purchased a machine for 600.000 TL excluding 18% VAT. He paid 47.200 TL, including…
A: As per IAS 16, the cost of property, plant, and equipment includes the purchase price, any other…
Q: 11 NANGUTANG started constructing a building for its own use on January 1, 2020. NANGUTANG provided…
A: Borrowing cost means where the assets like building , take substantial time to build , then interest…
Q: A Ltd buys a machine on 1 June 19.1 the cost price of which is R1 000 000. A Ltd provides for…
A:
Q: d. On February 28, 20x2, a building with carrying amount of P1,800,000 on December 31, 20x1 was…
A: Here asked about the various situation which are reflecting the ending balance of the net profit…
Q: 21. For more than a decade since its incorporation, Feb-Ibig Company had been renting its office…
A: Solution The borrowing cost related to the qualifying asset shall be capitalized and included in the…
Q: Example ABC begins construction on a warehouse on 1/1/19 and completes on 12/31/19 Expenditures on…
A: Avoidable Interest refers to the interest accrued or paid in relation to a Capital Project.
Q: 1. On July 1, APPLE purchased a machine worth P21,000,000 subject to a 2% cash discount if paid…
A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: During Problem 23-12 (IAA) the year, Storm Company purchased a new machine. A P120.000 down payment…
A: Cost of machine means the cost incurred to bring the machine in workable condition. It will include…
Q: Our company has made drilling for oil exploration by paying 350.000 TL + 10% VAT through a bank to…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: A Ltd buys a machine on 1 June 19.1 the cost price of which is R1 000 000. A Ltd provides for…
A: The company will charge depreciation on the assets to record the wear and tear of the assets. The…
Q: 35. An Entity bought an office equipment costing P60,000. It was however, charged to repairs and…
A: Statement of profit or loss records total revenue and income earned by the company during the period…
Q: A company purchased equipment, incurring the following costs: Invoice price $55,000 Sales taxes.…
A: The equipment includes all the costs that are incurred in making equipment available to use. It…
Q: E10-4 Distinguishing capital expenditures from expenses [5 min] Classify each of the following…
A: Capital expenditure means the cost incurred for the item which will be used in many year to come .…
Q: amount of provision on product warranty
A: Provision of warranty means the estimate of liability required to meet the repair and maintenance…
Q: n March 1, 20XX, ABM company sold 300 one-year subscriptions for ₱15 each. The total amount received…
A: Formula: Total revenue = Number of subscriptions sold x Each subscription price.
Q: 4. A broadcasting corporation purchased equipment worth P57, 000 and paid P1, 500 for freight and…
A: Depreciation means cost of tangible assets allocated over its useful life. Depreciation amount is…
Q: An entity acquired an operating license from the local council to operate a night club for ten years…
A: Yearly amortization of license = R150 00010 years = R15,000
Q: Our company purchased a photocopy machine for 100.000 TL, excluding 18% VAT, to be used in…
A: In an accounting entry for the purchase of equipment, including VAT is, debit the equipment with the…
Q: 15. LIME Co. decided to construct a building to expand its operations. The entity decided to obtain…
A: Borrowing cost in relation to construction of a qualified asset, shall be capitalized. Borrowing…
Q: Kindly answer the 13, 14 and 15 question thank you
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: 29. The entity purchased land paying P200,000 cash and non-interest bearing note amounting to…
A: Present value means the actual amount is adjusted with the interest rate so as to get the present…
Q: 20-National insurance company undertakes insurance business for Motor Vehicles. During the year 2020…
A: Insurance means where insurance company agree to pay the specified amount to insured person in case…
Q: Type A: First cost P250,000 Annual operating cost $65,000 Insurance and property taxes = 4% Payroll…
A:
Q: Prepare the necessary entries to be made by the agency for the construction of the building
A: We will be using 2 accounts to record the payments for the contract. 'Contract Advance payment 'a/c…
Q: Prepare a schedule starting with pretax financial income and compute taxable income.
A: Pretax financial income is the income which the company has earned during the year before the income…
Q: . In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021…
A: Solution: Property taxes are paid for whole year in Jan'21, however its benefits will be available…
Q: Mutual Inc, a 10 million dollar company, bought a domain subscription for $70 using a credit card.…
A: The depreciation is related to a decrease in the value of fixed assets. The tangible assets are…
Q: 8. AYALA LAND,INC. began work on a P70 million contract in 2019 to construct an office building.…
A:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- 15. On March 1, 20XX, ABM company sold 300 one-year subscriptions for ₱15 each. The total amount received was credited to subscriptions revenue. How much should be recorded as liability? A. ₱750 B. ₱4,500 C. ₱3,750 D. ₱023. Below are DCI & Co.’s transactions for the third quarter:· Payment of quick response insurance premium for calendar year (payment was made during the 1st quarter)- P400,000· Loss from earthquake- P980,000· Writedown of inventories (loss in P/L)- P720,000How much is the total expense for the third quarter?6. On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
- 20-National insurance company undertakes insurance business for Motor Vehicles. During the year 2020 the company collected insurance premium of RO 6,000. The claim for the accidents pending on 31 Dec was RO 1200. How much amount will be shown under current liabilities in the balance sheet? a. RO 3000 b. RO 4000 c. RO 6000 d. RO 120028- National insurance company undertakes insurance business for Motor Vehicles. During the year 2020 the company collected insurance premium of RO 6,000. The claim for the accidents pending on 31 Dec was RO 1200. How much amount will be shown under current liabilities in the balance sheet? a. RO 3000 b. RO 4000 c. RO 6000 d. RO 120021- After our business deducted 20% income tax on 48.000 TL, which is the one-year rent of the workplace it rented for one year on 01.03.2020 , the rest was paid to the owner of the real estate from the bank. In accordance with the concept of periodicity, how much is the amount that should be accepted as an expense in the future period? a) 40.000 TL B) 8.000 TL NS) 9,600 TL D) 38,400 TL TO) 48,000 TL
- 19. On January 1, 20x1, ABC Co. extended a P1,000,000 loan to one of its officers as part of ABC’s car and housing assistance program. The note received is due on January 1, 20x4 and bears 10% interest compounded annually. For the year ended December 31,20x3, interest income shall be The correct answer is: 121,000The total liability of A is P150,000 of which P80,000 was paid in cash and P10,000 was issued with promissory note. The new balance of A’s liability is a. P60,000 b. P70,000 c. P80,000 d. P150,000A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is P3,000 and is paid at the beginning of the first year. Three-fourths of the premium applies to factory operations and one-fourth applies to selling and administrative activities. The amounts of product and period costs respectively for the first year of coverage were:a. P250; P750b. P750; P250c. P1,000; P0d. P2,250;P750
- B. At December 31, 2020, Hersheys Company had 1,000 gift certificates outstanding, which had been sold tocustomers during 2020 for P720. Laser operates on a gross margin of 60%. 2. How much revenue pertaining to the gift certificates should be deferred at December 31, 2020?22-A company purchased goods worth RO 10,000 excluding VAT and sold to customers for RO 25,000 excluding VAT. Assume the VAT rate as 5%. How much will be the VAT collected by the government? a. RO 1,750 b. RO 750 c. RO 1,250 d. RO 5007)Neal Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1. What amount should Neal report as a current liability for Unearned Insurance Premiums on December 31? a)$10,000. b)$13,500. c)$15,000. d)$5,000
