ABC Corp showed the following data on its accounts receivables: Accounts known to be worthless. P37,500 Advances to affiliated companies, P200,000 Account balances of customers, P750,000 Customers' account reporting credit balances arising from sales returns, (P45,000) Trade receivables from officers due currently P22,500 How much is the amount of trade receivables?     705,000 750,000 772,500 972,500

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A: Introduction:- Depreciation is a non cash expenditure. Which id charged on fixed assets over a…

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A: The flexible budget is a budget that is prepared for the actual level of activity achieved during…

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A: Grants- Grants are financial assistance to institutions that promote some specially designated…

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A: An income statement refers to the financial statement of a company that reflects the income…

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A: Manufacturing overhead cost is the sum of all the indirect costs which are incurred while…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

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A: Interest on the Note = Present value of the Note x rate of interest x no. of months / 12 where,…

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A: Answer:- Compensation meaning:- Compensation is usually a monetary payment made to someone on…

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A: Cost to retail percentage or ratio is the rate of percentage which is used to see the percentage of…

Q: lower-of-LIFO-cost-or-market.

A: Inventory valuation is very important for the business to calculate the correct amount of profits…

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A: Introduction: Journalising is the practice of maintaining financial transactions in the books of…

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A: Merger and acquisition is the type of business combination in which the one company acquires the…

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A:

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A: The retained earnings are the accumulated profits of the business till date. The dividend to the…

Q: Top management is trying to determine which would be the best choice of the following   investment…

A: Residual income can be calculated by deducting return on investment from operating income.

Q: Prepare the following: Balance Sheet and Closing Entries

A: In Closing entries, accounts (Revenue and Expense) are closed using Income summary account. The…

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A: Return on Investment (ROI) is determined by dividing operating income by average operating assets.…

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A: A tax that is being imposed by one country on the goods and services that are being imported from…

Q: transaction asset liability capital we paid supplier $1900 by cheque

A: Paid to suppliers decreases the value of assets and and also the value of liabilities.

Q: Transaction Asset Liability Capital (g) The owner takes out $100 cash for his personal use.

A: Since basic accounting equation is Total assets = Total liabilities + owners equity

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A: Tax is calculated on the income earned by an individual from all the sources of income such as…

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Q: Select one:

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Q: Unit VIII question 11 part c

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Q: b) Suppose that you observe the following information in Table 2 for stocks A and B: Table 2…

A: Single index model: Ri=αi+βiRm+ei Ri=excess return over risk free rate

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Q: g interest calculation

A: It is given that the amount 4992.

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Q: . A payment on account for $230 was credited t

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A: Accounts are classified into various categories based on their characteristics.

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.