a. How much is the amortization expense for the year 2021? b. How much is the franchise fee expense for the year 2021

Q: A company has purchases a new machine for $7,500, and the machine is expected to have a residual…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: Hendry Limited produces a mini-kitchen called Town Cook, which is enjoying extensive popularity…

A:

Q: How important is a purchases budget and how does it help managers run a company?

A: A purchases budget contains the amount of inventory that a company must purchase during each budget…

Q: On January 4, 2021, Jonathan Company purchased 75% interest in Monica Corporation for P300,000.…

A:

Q: ficient Securiti

A: Stakeholders are those who are interested in the company and can influence or be influenced by the…

Q: In 1989 Tom died and provided in his will that certain assets with a Fair Market Value of $6,100,000…

A: On the death of a person, all the properties he has are subject to estate tax and inheritance tax.…

Q: At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $65 million…

A: Introduction: Journal entries should not be used to record routine transactions such as customer…

Q: Ayres Services acquired an asset for $168 million in 2021. The asset is depreciated for financial…

A: Introduction: The deferred tax liability on a corporation's balance sheet signifies a future tax…

Q: Waterway Corporation was organized on January 2, 2020. During 2020, Waterway issued 39200 shares at…

A: Purchase  of treasury stock will reduce the stockholders equity. The net income will be added to…

Q: A bank offered a 1-year loan to a commercial customer. The instrument is a discounted note with a…

A: Lets understand the basics. Effective interest rate is a rate at which interest is effectively paid.…

Q: In 2021, Dan Davis, age 85 and single, received Social Security benefits of $14,000, dividend and…

A: Social Security Benefit: It is the benefit which an individual get at the time or retirement or for…

Q: Which of the following considerations would not be relevant in determining the entity's functional…

A: As per IAS 21 , Effects of changes in foreign exchange rates The entity should measure its assets,…

Q: What is the present value of $44,100 to be received in 10 years; i = 7%. Present value %24

A: Present value is the worth of future sum of money on present date.

Q: True or False: Borrowing money and repaying debt re Select one: True

A: Net Worth The sum of all non-financial and financial assets minus the sum of all outstanding…

Q: Which of the following statements is true when assessing whether potential voting rights contribute…

A: 1) When assessing whether or not possible voting rights assist control? All facts and situations…

Q: Waterway, Inc., has 4900 shares of 3%, $100 par value, cumulative preferred stock and 39200 shares…

A: A dividend is the payment of a part of a company's value to a certain group of shareholders…

Q: Use the following Unadjusted Trial Balance for Monroe Entertainment Company for questions 44 - 49:​…

A: Total expenses = Wages Expense + Insurance Expense

Q: True or False: Borrowing money and repaying debt results in changes in Net Worth.

A: Net worth is the difference between the assets and liabilities of the company. When the assets are…

Q: The chart of accounts for Roth Co. includes the following accounts:  Cash, Accounts Receivable,…

A: Services are provided on account. So accounts receivable is increased and fees earned is increased.

Q: prts the following transactions for the 2020 tax year. The trustee accum come from a business…

A: The taxable income refers to the sum value of income gained by an entity that is subject to the…

Q: ABC Company employs a process costing system for its manufacturing operations. All direct materials…

A: when materials are added at the beginning of the year they are considered to be 100% complete as to…

Q: 27) Under the corporate form of business organization, A) stockholders wishing to sell their…

A: Stockholders are holders of shares who are considered the owners of the shares of the company. They…

Q: Assets = Liabilities + Owner’s Equity is called the _______________________. Group of answer choices…

A: Accounting Equation: According to the accounting equation, the total assets of a corporation are…

Q: Task 2: Rustaq company has sold goods on credit RO 55,000 on 31“ December 2020 and received RO…

A: A bad debt expense is reported when a receivable is no longer recoverable due to a customer's…

Q: прапу Laguna

A: The Junacho is paying for raw materials to a foreign company…

Q: Compute NET Profit margin ratio Income Statement ($M) 2019 Revenue 372 Depreciation Other Operating…

A: The net profit margin ratio is calculated as net income divided by revenue.

Q: Ryo Kiritani is a hair dresser and earns income by styling hair of well-known people. He initially…

A: the adjusted income is the income that is recorded as an income at the end of the year. The adjusted…

Q: Jim commenced business as a sole trader under the name of ‘JimTag’, and he has provided the…

A: Financial statements are those statements which are prepared at the end of accounting period for the…

Q: Income Statement ($M) 2019 Revenue 372 Depreciation Other Operating Expense Income Before Taxes 12…

A: Formula: Net profit margin ratio = ( Net income / revenues ) x 100

Q: Every partner may check the books and records of the partnership so that they can make good…

A: Partnership is one of the form of arrangement or agreement between two or more than two persons,…

Q: What are the rights of creditors (claims against the assets of the company--creditors' equity) that…

A: Amount payable with In normal operating cycle is called as current liability.

Q: cross-purchase buy-sell agreement between the two sisters

A: Business techniques are important for the business and help in developing and optimizing solutions…

Q: The First- In- First- Out method, which is mainly utilized to assign the average cost of production…

A: First in first out (FIFO) is one of the method of inventory valuation, under which inventories which…

Q: Compute the common-size income statements for the 2017-2020 periods

A: Common size income statements is the income statement which is prepared by the company with the aim…

Q: What do you call the partner who has the duty to make sure that all the employees enter on time, all…

A: Lets understand all options. Limited partner is a partner whose liability is limited to its…

Q: Lace Company provided the following information during PROBLEMS Problem 10-1 (AICPA Adapted) the…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Errors can occur in posting debits and credits from the journal to the ledger. One way to detect…

A: Errors in accounting refers to the mistakes made while recording the business transactions in the…

Q: What is the purpose of the statement of cash flows? What are the three types of cash flow…

A: cash flow statement are the statement which show the position of cash on particular date.  These…

Q: Bonneau Corporation declares a cash dividend of $100,000 on July 1 for any shareholder on record on…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: How did you calculate Net Income from business?

A: Net income from business = Business Revenue - Business expenses

Q: Bruce Corporation makes four products in a single facility. These products have the following unit…

A:

Q: True or False: Borrowing money and repaying debt results in changes in Net Worth. Select one: True…

A: Introduction: Net worth is a form of wealth. Net worth is the total of a person's or company's…

Q: Q2) 2. The price of Al-Saad company's shares is $30 per share, and it plans to pay cash dividends of…

A: A perfect capital market is one where there is no Arbitrage Opportunity. So after the dividend…

Q: True or False: Borrowing and repaying debt principal does not impact net worth. Select one: O True…

A: Introduction: The net worth of a firm is that the total of its assets minus its liabilities as…

Q: Required: • Explain how B Ltd should classify Alphablock in the financial statements up until 1…

A: As per IAS 40, Investment property is the property held by an individual with the purpose to earn…

Q: The following information has been extracted from the financial statements of ChopChop Pty. Ltd., a…

A: Current ratio is one of the liquidity ratio of the business which shows ratio between current assets…

Q: find the outstanding of pepsi co for year 2019, 2020, 2021?

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: How much is the amount of cash to be reported in the financial statements?

A:

Q: April 2 Purchased $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice…

A: Business Translations: An economic event involving a third party that is documented in the…

Q: Pangasinan Company acquired 80% of the outstanding shares of Sorsogon Company on May 31, 2022.…

A: There are two companies which are used for preparation of consolidated financial statements. One is…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.