3. Net income for 2021 Select ) 4. Retained Earnings as of December 31, 2019 ( Select] Retained Farpinas as of December 31 2020 I Select 1
Q: discuss why it is important to have written procedures—and how does the internal audit function work...
A: Internal Audit Function: Enhance and safeguard organizational value by delivering risk-based assuran...
Q: what is the difference between Accumulated Benefit Obligation and Projected Benefit Obligation? How ...
A: Difference between Accumulated Benefit obligation and projected benefit obligation: Accumulated ...
Q: Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the ...
A: A partnership is an arrangement between two or more person and share its profit and loss.
Q: Net income at year end will be overstated if O Prepaid expense is not recognized O Accrued income is...
A: Option a is incorrect because if Prepaid Expenses is not recognized, it will increase our expenses w...
Q: Skynet Unlimited is an innovator in the new industry of neural-networked computer manufacturing. The...
A: Average inventory for 2021 = Starting inventory + Ending inventory2 = 29 + 342 = 31.5
Q: 've got a quick question for you: I was contacted by a recruiter to take a Director position at a co...
A: Taxes are forced contributions imposed by a agency on individuals or corporations, whether municipal...
Q: 1: A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: Peaceful Enterprises financial statements for the year ended December 31, 2021 are authorized for is...
A: Adjusting events are those events that occurs after reporting date ( i.e. balance sheet date ) but u...
Q: dependen les as Singie lax year Answer: А. S2,500 В. $5,000 C. S7,500 D. $10,000 B.
A: The correct answer is option (d)$10000
Q: The ABC Company manufactures stationary that goes through two processing stages prior to completion....
A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for yo...
Q: On January 1, 2025, Ariana Corporation issued its 8%, 5-year convertible debt instrument with a fac...
A:
Q: Walman Company has budgeted to produce 44,000 units of Product Y for March 20Y9. To make one unit of...
A: Given Walman Company has budgeted to produce 44,000 units Actual beginning and desired ending inven...
Q: Donative Items (LO. 2) Herman inherits stock with a fair market value of $100,000 from his grandfath...
A: The market value of stock which he got inherited from his father is $100000
Q: 4. Jones Corporation borrowed P9, 000 from Brown Corporation on Jan. 1, 2014 and P12, 000 on Jan. 1,...
A: Solution Concept The payment made shall be such that the present value of the loan amount shall be e...
Q: On January 1, 2018, Morrow Inc. purchased a spooler at a cost of $40,000. The equipment is expected ...
A: Depreciation refers to the permanent/fall/decline/decrease in the value of asset pertaining to many ...
Q: ANSWER THE FOLLOWING Complete the statement: closing entries ________ A. Reflect the net inco...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: If Opening Work in progress is 10,000 Units, 80% complete with respect to materials and 60% complete...
A: Solution.. Beginning work in process inventory = 10,000 units Units started in = 20,000 Units co...
Q: Fill in the blanks: Pasig Corp uses job order costing to produce its products. It applied a factory ...
A: The overhead is said to be overapplied when actual overhead is less than the applied overhead cost. ...
Q: Bonita Corporation has 86,000 shares of common stock outstanding. It declares a $2 per share cash di...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: red: Construct the company’s contribution approach income statement and determine the net income of ...
A: To construct the company’s contribution approach income statement and determine the net income of th...
Q: Assuming there is 5 cost to be incurred in issuing per share, how much is the current cost of equity...
A: Cost of Equity = {D1 / (P - F)} + g D1 = D0 x (1 + g) Here, D0 = Last Year Dividend D1 = Next Year D...
Q: You were able to gather the following during your audit: a. To acquire land and building, the compan...
A: The process by which an organization starts or incorporates it business and all the activities perfo...
Q: he price charged for a candy beis cent then xthousnd candy bers wi be ina certan wh Đ How andy ters ...
A: Given, p(x) = 91-x24 Now, Revenue = Price per unit * Number of units sold R(x) = x * ...
Q: eBook Print Item Question Content Area Lens Junction sells lenses for $43 each and is estimating sal...
A: Budget means the expected value of future. Budget is not affected by the actual value as it is prepa...
Q: e paid in hop. Do
A: Income statement records the revenues and expenses for a given period. It is prepared on accrual bas...
Q: Question 4: Of the cafeteria plans listed, which is NOT a voluntary nontaxable deduction? Answer: А....
A: In this question we choose that which one is nontaxable deduction.There are four options medicare, ...
Q: please help me
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: The company sells T-shirts with identical unit costs and selling prices. Shown below are the revenue...
A: Workings 1) Computation of contribution margin income statement Particulars Amount $ Sales reve...
Q: uestion 12: Match the taxes or act to the year it was established.
A: Match the following Social Security Act = 1937 Employee Retirement Income Security Act = 1974 ...
Q: The premium on a three-year insurance policy expiring on December 31, 2022 was paid in total on Janu...
A: >Adjusting entries are recorded, as part of completion of accounting cycle. >These are mad...
Q: During 2021, Colombo Company changed its inventory costing method from FIFO to weighted average meth...
A: Inventory is one of the important current asset of the business. Regular management and valuation of...
Q: Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the ...
A: Liquidation of Partnership - Liquidation of partnership is the process of selling all the assets ava...
Q: the allocation base. This period's estimat $500,000 and estimated direct labour he
A: These are the indirect cost that provides support to the direct cost in the manufacturing process of...
Q: At the fiscal year ended June 30, 2020, the following information is available for Shein Company: Co...
A: Let's understand the basics Net income is the also called net earnings, is sales minus cost of goods...
Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...
A: Introduction:- Exemption equivalent trusts are trusts financed by a decedent's will with a property ...
Q: Requlred Information [The following Information applies to the questions displayed below.] George an...
A: Comment -Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the quest...
Q: Relevant data from the Poster Company’s operating budgets are: Quarter 1 Quarter 2 Sales $208,470...
A: Borrowings = Required minimum cash balance - Excess (Deficiency) of cash available over disbursement...
Q: If a partnership is liquidated, partners ( except for limited partners) are liable to the extent of ...
A: Partnership is an agreement by two or more individuals to do a business together and the profit or l...
Q: Oyster Corporation is a publicly traded company that follows IFRS. On December 31, 2019, Oyster's fi...
A: Introduction Pension worksheet is a document maintained by employer to show annual pension expense, ...
Q: 2: Martin Hughes earns net self-employment income of $157,100. He works a second job from which he r...
A: Taxes are forced contributions imposed by a agency on individuals or corporations, whether municipal...
Q: Martin Jackson receives an hourly wage rate a week. Payroll data for the current week are
A: In this question, we have to find out how much amount is paid to be Jackson.
Q: A docs.google.com cuspace.h... fn https://soul2.hkuspace.h. n https://soul2.hkuspace.h. G Google Doc...
A: The question is related to Marginal Costing. The Contribution Margin is calculated with the help of ...
Q: I buy house on credit. The operation will Select one: O a. not change my total assets O b. decrease ...
A: The assets are the accounts which are owned by the business. The assets have debit balance. The lia...
Q: How much is the tax basis of the old car?
A: Donation is the amount of money or the property which has been received by the donee which has been ...
Q: The company sells T-shirts with identical unit costs and selling prices. Shown below are the revenue...
A: Variable Costing - In this costing method, variable costs are considered in preparing contribution. ...
Q: When costing loss is Rs. 5,600, administrative overhead under-absorbed being Rs. 600, the loss as pe...
A: It is pertinent to note that under or over absorption of fixed overheads leads to differences in pro...
Q: The Souvenir Company purchased, on 1 January 2015, a machine producing embossed souvenir badges. Th...
A: The declining balance depreciation method ensures that depreciation costs accurately represent an as...
Q: Question 22: What type of institution might offer a 403(b) plan to its employees? Answer: A. A small...
A: This 403 (b) plan is a plan which is related to retirement account. these plans are specific for org...
Q: Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overh...
A: Indirect factory wages = $30,240 x 8,860 hours / 8,400 hours = $31,896 Power light = $20,160 x 8860/...
Q: tory, January 1, 2022, P 15,000; Credit - Cost of Sales, P 15,000. b. Debit - Retained Earnings, P 1...
A: The inventory balance of December 31 , 2021 is carried forward to January 1, 2022. If the ending inv...
please answer 3 & 4
Step by step
Solved in 2 steps with 2 images
- Refer to the information in RE13-11. Assume that on December 31, 2019, the investment in Cornett Company stock has a market value of 10,500. Prepare the year-end journal entry to record the unrealized gain or loss.During your audit of the books of Colorado Corporation for the year ended December 31, 2021, you discovered that certain accrued income and expenses were overlooked at the end of 2019, 2020 and 2021. Not recognized at year end 2019 2020 2021 Accrued interest income 2,000 3,000 Accrued salaries expense 12,000 6,000 Accrued rent payable 20,000 Net income for the year 500,000 550,000 600,000 Retained earnings at year end 8,300,000 8,800,000 9,200,000 REQUIRED: Based on the foregoing, compute the corrected balances of following: Net income for 2019 Net income for 2020 Net income for 2021During your audit of the books of Alarcon Corporation for the year ended December 31, 2021, you discovered that certain accrued expenses were overlooked at the end of 2014, 2015 and 2016. Not recognized at year end 2019 2020 2021 Accrued salaries expenses 15,000 10,000 12,000 Accrued rent expense 25,000 Accrued interest payable 2,000 Net income for the year 500,000 550,000 600,000 Retained earnings at year end 8,300,000 8,800,000 9,200,000 REQUIRED: Based on the foregoing, compute the corrected balances of following: Net income for 2019 Net income for 2020 Net income for 2021 Retained Earnings as of December 31, 2019 Retained Earnings as of December 31, 2020 Retained Earnings as of December 31, 2021
- A corporation filed its Annual Income Tax Return for the taxable year 2018 on April 15, 2019 together with its required attachments such as the Audited Annual Financial Statements. On March 17, 2020, the company’s accountant discovered an error for excluding a sales amounting to 7,500,000 which comprises a 30% under declaration of sales. a. What necessary action must be done by the company in relation to its discovery? b. Assume that the company was subjected to a BIR audit or was issued a Letter of Authority (LOA) prior to the amendment of its Annual Income Tax Return, is the company allowed to make any amendment? Justify your answerYou were assigned to perform audit procedures on the investments account of Classic Corporation for 2020, yourfirst-time audit of the client. The current asset portion of Classic Corporation’s statement of financial positionshows the following information as of December 31, 2019: Current Assets Note As of December 31, 2019 Cash and cash equivalents 5, 14 P 3,985,000 Receivables, net 6, 14 7,742,000 Inventories 7 15,859,000 Short-term investments 8, 14 3,280,000 Other current assets 10 352,000 Total current assets P 31,218,000 Note 8 on investments described the investments as equity securities held primarily for being traded to takeadvantage of price fluctuations in the market. The following information shows the breakdown of the investmentaccount per client’s subsidiary records: Held for Trading Securities: Securities No. of Shares Market Price Amount SMC Ordinary 5,000…You were asked by your audit client Panga Inc., to assist them in preparing its income tax return for the period ended December 31, 2021. You investigation revealed the following information: Pre-tax financial income P10,000,000 Estimated litigation loss recognized as a provision for the current year 600,000 Accrued rental income 1,200,000 Prepaid operating expenses 250,000 Unearned rental income 300,000 Dividend income from domestic corporation 500,000 Life insurance expense 300,000 Current income tax is 25% and is expected to remain in 2022 but will increase to 30% in 2023. Assuming all temporary differences will clear by 2022, what is the total tax expense for the year?
- A corporation filed its Annual Income Tax Return for the taxable year 2018 on April 15, 2019 together with its required attachments such as the Audited Annual Financial Statements. On March 17, 2020, the company’s accountant discovered an error for excluding a sales amounting to Php7.5M which comprises a 30% under declaration of sales. 1. What necessary action must be done by the company in relation to its discovery? 2. Assume that the company was subjected to a BIR audit or was issued a Letter of Authority (LOA) prior to the amendment of its Annual Income Tax Return, is the company allowed to make any amendment?Parkman Sporting Goods is preparing its annual report for its 2021 fiscal year. The company’s controller has asked for your help in determining how best to disclose information about the following items:1. A related-party transaction.2. Depreciation method.3. Allowance for uncollectible accounts.4. Composition of investments.5. Composition of long-term debt.6. Inventory costing method.7. Number of shares of common stock authorized, issued, and outstanding.8. Employee benefit plans.Required:Indicate whether the above items should be disclosed (A) in the summary of significant accounting policies note, (B) in a separate disclosure note, or (C) on the face of the balance sheet.Subsequent Event Below here were subsequent event that occurs in your client. Consider that all events were has material effect on client’s financial statement. The auditor is auditing financial statement for the year ended December 31, 2020 and is completing the audit in March 15, 2021.1) On January 12, 2021, auditor found that client made overstatement to their longlived asset account on 2020 year-end financial statement2) On January 31, 2021, client announced that they do stock split 2 for 1 for their entire common shares 3) The client purchased raw material that was received just before year-end. The purchase was recorded based on its estimated value. The invoice was not received until February 5, 2021, and the cost was substantially different than was estimated4) On February 15, 2021, the civil court decided that Client Company must pay compensation loss due to defect product sold to their customer. lawsuits started in court since June 20205) On February 20, 2021, a major of…
- Subsequent Event Below here were subsequent event that occurs in your client. Consider that all events were has material effect on client’s financial statement. The auditor is auditing financial statement for the year ended December 31, 2020 and is completing the audit in March 15, 2021.1) On January 12, 2021, auditor found that client made overstatement to their longlived asset account on 2020 year-end financial statement2) On January 31, 2021, client announced that they do stock split 2 for 1 for their entire common shares 3) The client purchased raw material that was received just before year-end. The purchase was recorded based on its estimated value. The invoice was not received until February 5, 2021, and the cost was substantially different than was estimated4) On February 15, 2021, the civil court decided that Client Company must pay compensation loss due to defect product sold to their customer. lawsuits started in court since June 20205) On February 20, 2021, a major of…Subsequent Event Below here were subsequent event that occurs in your client. Consider that all events were has material effect on client’s financial statement. The auditor is auditing financial statement for the year ended December 31, 2020 and is completing the audit in March 15, 2021.1) On January 12, 2021, auditor found that client made overstatement to their longlived asset account on 2020 year-end financial statement2) On January 31, 2021, client announced that they do stock split 2 for 1 for their entire common shares 3) The client purchased raw material that was received just before year-end. The purchase was recorded based on its estimated value. The invoice was not received until February 5, 2021, and the cost was substantially different than was estimated4) On February 15, 2021, the civil court decided that Client Company must pay compensation loss due to defect product sold to their customer. lawsuits started in court since June 20205) On February 20, 2021, a major of…A corporation filed its Annual Income Tax Return for the taxable year 2018 on April 15, 2019 together with its required attachments such as the Audited Annual Financial Statements. On March 17, 2020, the company’s accountant discovered an error for excluding a sales amounting to Php7.5M which comprises a 30% under declaration of sales. Assume that the company was subjected to a BIR audit or was issued a Letter of Authority (LOA) prior to the amendment of its Annual Income Tax Return, is the company allowed to make any amendment?