A corporation may alternate between S corporation and C corporation status each year depending on which results in more tax savings.

Q: 4) Selected accounts follow of Bramble Limited at December 31, 2020: Finished Goods Inventory   $1...

A: A balance sheet is a representation of an individual's personal or corporation's financial balances ...

Q: Sandra Willis is the advertising manager for Bargain Shoe Store. She is currently working on a major...

A: The income statement explains the financial performance of the company for a particular period of ti...

Q: Suppose Tom is 20 years old. He works till 50 years old, retire, and live up to 80 years old.  While...

A: A beta of one indicates that the price of the security moves in lockstep with the market. A beta gre...

Q: Ocean Adventures issues bonds due in 10 years with a stated interest rate of 6% and a face value of ...

A: Issue price of bond is the present value of future cash inflows PV = PV of face value + PV of intere...

Q: 6. Table values are Present value of 1 for 8 periods at 6% . .627 Present value of 1 for 8 periods a...

A: Price of bond is sum of the present value of annual interest payment and present value of the par va...

Q: This problem continues the process of preparing the Kipley Company's Employee Payroll Register for t...

A: Employee payroll register is a book in which all the records of all the employees for the particular...

Q: The aggregate cash flows arising from obtaining or losing control of subsidiaries or other businesse...

A: The investment in a company or other business to gain control is an investing activity. So, the cash...

Q: Ordinary shares, P10 par, authorized 300,000 shares; 250,000 shares issued and outstanding 2,500,000...

A:

Q: Transcontinental Pipelines is considering a technical process that is expected to reduce annual main...

A: Annual saving (S) = $84000 Interest rate = 4.5% Effective annual rate (r) = [1+(0.045/4)]4-1        ...

Q: Define, in your own words, what auditing is. Mention three (3) positive effects that companies obtai...

A: Accounting is rhe process of recording and classifying accounting information so that useful financi...

Q: The problem to be resolved: The following trial balance was extracted from the books of Movies To...

A: 1. Adjusting Entries - Adjusting Entries are the entries which are made at the year end. Due to adju...

Q: Total Per Unit Sales (7,200 units) Variable expenses $ 230,400 136, 800 $ 32.00 19.00 Contribution m...

A: Formula: Sales revenue = Sales units x sales price per unit

Q: Determine the cost of direct material and salesman salary if the company produces *XX,XXX (80,000-90...

A: We are given the various elements of cost of production for two levels of production units. Some cos...

Q: The cost of goods sold computations for Novak Company and Flounder Company are shown below. Compute ...

A: Days in Inventory = 365 x Average Inventory / Cost of Goods Sold Average Inventory = (Beginning Inve...

Q: Compute and determine Maris's ending capital balance

A: To know Maris Ending Capital balance we have to prepare partners Capital Account. Capital Account of...

Q: Ronald’s Pizza produces and sells the secret recipe pizzas. Each pizza sells for RM20.00. During Dec...

A: The costs are classified as prime cost and conversion costs. The prime cost is the sum of direct lab...

Q: Preparing the Statement of Cash Flows Balance sheet information for Beckwith Products Company is pr...

A:

Q: Issuing Common Stock Palan Products Inc. sold 46,750 shares of common stock to stockholders at the ...

A: Common stock is an equity . It is type of stock which is issued to majority of shareholder in a  com...

Q: Calculate the trade discount and net price (in $) to the nearest cent. List Price Trade Discount Rat...

A: There are two type of discounts that is given to customer at the time of sale of goods. One is trade...

Q: At the beginning of 2021, Gala company purchased equity securities to held for trading for P5,000,00...

A: (Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new que...

Q: Huskey Mining Corporation issued bonds with a par value of $90,000 on January 1, 2020. The annual co...

A: Discount on bonds payable is difference of par value of bond and issue price of bonds.

Q: Required information [The following information applies to the questions displayed below.] Intercont...

A: Replacement cost = Required quantity ( in units ) * Replacement cost per unit Cost of order = Quanti...

Q: Old People Racquets manufactures pickleball racquets in four different models. For the year, the Anc...

A: Decision making process has to look into short-term as well as long-term perspectives. On deciding w...

Q: Carla Vista Company is considering three long-term capital investment proposals. Each investment has...

A: The Payback Period seems to be the time it takes to return the cost of an invested capital by the ca...

Q: Alpha purchased delivery equipment amounting to P100,000 and plans to sell the asset for P10,000 at ...

A: The formula to calculate annual depreciation is Cost - SalvageUseful life

Q: Rory and Stan established a partnership with USD180,000 and USD220,000 in capital contributions, res...

A: Partnership means where two or more person comes together to do some common business activity and ea...

Q: Ms. Magan Dah and her sister, Ms. Supla Dah got into the cakes and pastries business almost by accid...

A: EBIT is the short form for Earnings Before Tax. It indicates profitability of any entity. It is calc...

Q: following mation applies to th shons displayeO below The following selected information was extracte...

A: The question is based on the concept of Cost Accounting.

Q: Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired ins...

A: Insurance policy can not be purchased in the beginning of the year. It is purchased as per requireme...

Q: ✓ If a retailer has revenues of$700,000, cost of goodssold that total $270,000, andoperating expense...

A: Income statement is prepared with a view to calculate the earnings of an entity over a specific time...

Q: The following information is taken from JYP Company's shareholders' equity section: December 31, 20...

A: Retained Earnings: When a company's direct and indirect expenses, income taxes, and dividends to sha...

Q: The simple interest rate charged on a $8,600 loan is two-thirds of 1% per month. If the principal an...

A: Simple Interest Rate = 1% x 12 x 2 / 3 = 8% Interest = Principal x Interest Rate x No. of Years Here...

Q: Whirly Corporation's contribution format income statement for the most recent month is shown below: ...

A: Net Operating Income Net operating income refers to the income generated from the day-to-day operati...

Q: artinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and ...

A: The question is based on the concept of Cost Accounting. Fixed cost is the cost that remains the sam...

Q: Salary expense has a balance of $65,400 in the trial balance debit column of a worksheet. The adjust...

A: Adjusting Entries - Adjusting entries are recorded at the end of the period to distinguish the trans...

Q: Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, ...

A: Gross method is an Method where Sales are recorded in Full value including the discount amount which...

Q: bba Company accounted for noncurrent assets using the revakuation model. On June 30,2021, the entity...

A: Solution Concept When the fair value exceeds the carrying amount The asset is revalued and the amoun...

Q: Ivanhoe Company reported net income of $93,300. The partnership agreement provides for salaries of $...

A: Partnership Business: A partnership business is comprised of two or more individuals who pool their ...

Q: Liam, a shareholder in Lager, Inc., (a C corporation), would like to sell 800 of his shares of stock...

A: Present market value of 800 shares = $200,000 Value of shares when Liam purchased=800×$95=$7,200 Pro...

Q: Flounder Corporation reports operating expenses of $90,100 excluding depreciation expense of $15,400...

A: Operating Expenses: Operating expenditures in company are expenses that are incurred on a day-to-day...

Q: 1. Disposal of an asset. From pages 7-7 and 7-8 of the VLN, the company sold the mower after using i...

A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage , ...

Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful life of 10 years a...

A: Assets held for sale are recorded at lower of carring amount in books and fair value less cost of sa...

Q: Total $ 230,400 136,800 Per Unit Sales (7,200 units) Variable expenses $ 32.00 19.e0 $ 13.00 Contrib...

A: Under marginal costing, costs are divided into variable and fixed costs. Variable costs are costs th...

Q: As the new accountant of Villain Corn, you were assigned to prepare the bank reconciliation statemen...

A: Working Details Available Cash on book records before reconciliation was P 900000 Cash per bank stat...

Q: The SWIPE Company's Account Receivable Control Accounts had balance of P2,865,000, which the account...

A: Trade Receivable: Trade receivables are defined as the amount owed to a business by its customers fo...

Q: Problem 4: Ocean Company recently acquired several items of property, plant and equipment. The trans...

A: Fixed assets are those assets which are being held by the business for longer period of time. For ca...

Q: Lauren Sign Company uses the allowance method in accounting for uncollectible accounts. Past experie...

A: Bad debts expense = Net credit sales x 3% Allowance for Doubtful Accounts balance at end = Allowance...

Q: nd is not a user of the fund but a surplus unit, what do you think is the most suitable money market...

A: In Philippines there are different type of money market fund which are available for the investment ...

Q: a) Will credit cards help? The average undergraduate student leaves college with a diploma and aroun...

A: a) Yes, Credit Cards will help as long as we are paying the interest amount on time and principal am...