37. On November 1, 2021, Romblon Company invested in P600,000 in equity securities representing 20,000 ordinary shares of Coke Company. The investment was designated as equity investments at fair value through profit or loss since the company intends to sell the security for a short- term profit. On December 31, 2021, this investment had a market value of P580,000. On January 15, 2022, Romblon sold the investment for P630,000. What amount of realized gain should Romblon recognized on the disposal of the investments?

Q: On January 1, 2020, Dulcinea Company enters a ten-year noncancelable lease for equipment having an…

A: It is finance lease Because use ful life of the asset and non cancelable lease same.    Calculation…

Q: Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1   Inventory 310 units at…

A: Under perpetual inventory system the cost of goods sold is updated after each sales

Q: BAK Corp. is considering purchasing one of two new diagnostic machines. Either machine would make it…

A: Machine A: Net Present value = Present value of cash inflows – Initial cash outflows…

Q: ing.” In light of this statement, critically evaluate why MNCs still engage in transfer pricing.=

A: The cost of labor and products that are traded between organizations under normal management is…

Q: For each of the following independent transactions, indicate whether there was an increase,…

A: Each financial transaction has respective effect on the asset equation. The asset equation is…

Q: Presented below is selected data from the financial statements of Morgan Corporation for the current…

A: Current ratio is calculated by dividing the total current assets by the total current liabilities.…

Q: What is a good capital structure? Are low debt ratios always favorable?

A: The capital structure of a corporation is the exact combination of debt and equity used to support…

Q: For what decisions is the manager of a cost center not responsible?

A: Responsibility of Cost Centre Manager The main responsibility of the cost center managers to…

Q: Accounts Receivable $1,000 Accounts Payable 100 Accumulated Depreciation (4,000) Cost of Goods Sold…

A: Net profit margin = Net Income / Net Sales where, Net income is calculated after deducting the total…

Q: Fill in the blank (Accounting related) ____________is an accounting device used to summarize the…

A: A basic Accounting equation is given as under:   Assets  = Equity  + Liabilities    Meaning Total…

Q: In its first month of business, Soles for Souls, Inc., started and completed 5,000 shoes and sold…

A: Cost of goods manufactured means total manufacturing costs; including all direct materials, direct…

Q: GENESIS CORPORATION Balance Sheet December 31, of Current Year Assets Cash $ 10,000 Short-term…

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…

Q: Determine the missing Land balance. Cash Supplies Inventory Land Buildings, Net of Accumulated…

A: Formula: Total assets = Total liabilities + Shareholders Equity Total assets - Total liabilities -…

Q: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays…

A: Formula used: Cash paid to manufacturer = Invoice amount - Discount amount

Q: nment has clearly indicated its intention of having the company recall all cans of this paint sold…

A: Accounting standards (AS) are the rules as well as guidelines which help in preparing or making of…

Q: dicate which statements are true and which are false. Bonding key employees helps reduce risk of…

A: Basic Concept of Audit and Assurance

Q: Complete the following table to show which accounts are to be credited and which account to be…

A: The transactions effect two or more accounts of the business, with one account debited and other…

Q: Cash Dividends on Common Stock Wildebeest Corp. is authorized to issue 2,000,000 shares of common…

A: On dividend declaration we should credit amount declared as dividend ro dividend payable account,…

Q: , C, and D are companies to be combined. Just prior to the combination, their individual…

A: Concept of companies account

Q: . What are the major advantages of starting a partnership?

A: A partnership is a legally binding agreement between two or more persons to manage and operate a…

Q: Nathan Products' equity includes 10.8 %, $100 par preferred stock. There are 100,000 shares…

A: Working Note: Quarterly Dividend to Preferred shareholders = No. of preferred share outstanding x…

Q: Chapter 3 Product Costing 7. Total costs were factory overhead P100,000 (20% fixed), marketing and…

A: Under Absorption costing, all manufacturing costs (whether fixed or variable) are included in the…

Q: Required: 1. Prepare the entries necessary for years 2019 through 2021 to reflect the above…

A: Solution:- 1)Preparation of journal entries as follows under:-

Q: Thompson Corporation gathered the following reconciling information in preparing its October bank…

A: Calculation of Cash Balance as per books    Particular  Amount ($) Cash Balance as per Bank…

Q: A taxpayer sold machinery for $24,000 on December 31, 2021. The machinery had been purchased on…

A: Assets: Assets are the resources of companies which are acquired for availing the long term benefits…

Q: Measures of liquidity, solvency, and profitability answer 10,11,12 The comparative financial…

A: The ratio analysis helps to analyse the financial statements of the business with various elements…

Q: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method…

A: Particulars  Cost  Retail  Beginning inventory  165,000 220,000 Add: Purchases 690,000 688,000…

Q: What present value amounts to $25,000 if it is invested for 20 years at 5% compounded annually?…

A: Solution Concept The interest rate compounded annually means the interest is charged on interest and…

Q: Assume that projected revenue for 2018 is 1,058,949.  Also assume the following projected 2018 costs…

A: Introduction:- The following formula used to calculation of contribution margin as follows:-…

Q: A fixed asset with a cost of $27,381 and accumulated depreciation of $24,642.90 is sold for…

A: A fixed asset is a long-term physical piece of real estate or equipment owned by a firm and used to…

Q: he purchase price per unit of inventory is relevant in the computation on EOQ. otal factory labor…

A: EOQ= square root of (2DS/H) ​D=Demand in units  (typically on an annual basis) S=Order cost (per…

Q: Choice Are revenue expenditures.

A: Extraordinary repairs are repairs that are of high cost and increase the useful life of the asset…

Q: Pal and Mall are partners with capital of P200, 000 and P100,000and sharing profits and losses 3:1…

A: A partnership is an agreement between two or more partners where partners are agreed to work…

Q: Camco Ltd. is a Canadian Controlled private company with a December 31 year end. The following…

A: CDA (Capital Dividend Account) represents the corporate tax account of dividends prepared to record…

Q: ired to remit this payment?

A: As per IRS ,if the due date for payment of  federal tax falls on Saturday , Sunday or national…

Q: Frazer Corp sells several products. Information of average revenue and costs is as follows: Selling…

A: Cost volume profit analysis is the technique used by the management for decision-making. The methods…

Q: 1. What is the accumulated value of the Php 25 payment be made at the beginning of each of the next…

A: The accumulated value can be calculated as sum of future value of all cash flows

Q: company has three jobs in process: Job No. 1, Job No. 2 and Job No. 3 Raw materials used 840,000…

A: Calculation of Direct material cost for Job no.1 , Job no. 2 , Job no. 3    Raw Material Used  =…

Q: Using the following information:  The bank statement balance is $3,093. The cash account balance is…

A: Bank reconciliation statement record book which reconcile  the balance as per bank books with cash…

Q: why it is important to use profitability ratios

A: Ratio analysis is an evaluation tool used by the businesses with a view to obtain knowledge about…

Q: Bilo-Bilo Company’s inventory at June 30, 2022, was P75,000 based on a physical count of goods…

A: The term inventory refers to both the raw materials utilized in production and the finished goods…

Q: On 30 June 2019 Southside plc purchased 5,000 shares in ABC plc at £10.00 per share. On acquisition,…

A: The securities that are classified as securities available for sale are to be recorded in the books…

Q: A work element takes 20 hours of labor of a technician. Currently, the technician makes $22.50 per…

A: The answer is stated below:

Q: Jaffe Blackout Power Company constructed a new power plant to supply energy to the Castle Electrical…

A: One of the source of raising the funds is obtaining the loans from the financial institutions. The…

Q: Clark and Lana take a 30-year home mortgage of $125,000 at 7.6%, compounded monthly. They make their…

A: Loan Repayment Concept

Q: Work in Process 160,000 3,760,000 Finished Goods Beg 320,000 720,000 1,200,000 pplied1,920,000 ? ?…

A: Cost of material requestion is the value of raw materials issued for production .  It can be used…

Q: Describe how the matching principle applies to contingent liabilities (hint: warranties).

A: Introduction:- Contingent liability may or may not occurred in the future. Matching principles…

Q: Which of the following is not considered an effective cash management strategy? Multiple Choice…

A: The practice of collecting and processing cash flows is known as cash management. Cash management is…

Q: Question 30: Match each form to its purpose. SS-4 W-4 SS-5 1-9 DROP HERE DROP HERE DROP HERE DROP…

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

Q: The marketing department of Graber Corporation has submitted the following sales forecast for the…

A: Cash budget means the statement which shows the expected cash available for distribution including…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.