Amber sold her personal property in 2019, with details as follows: Cost                                                                ₱ 600,000 Mortgage assumed by the buyer                  350,000 Installment collection schedule:                                      2019                                                      200,000             2020                                                      200,000             2021                                                        80,000   How much is the realized gross profit for 2018?

Q: Company acquired inventories on October 18, 2020, from its 90% owned subsidiary, B Company. The inve...

A: Solution Given G Parent company B Subsidiary company % of holding 90% Inventor...

Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Acco...

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Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Acco...

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Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume no ...

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Q: ABC COMPANY made the following cash expenditures during 2009 related to development of a new plastic...

A: The question is related to Accounting for Intangible Assets. As per the Standard the development of ...

Q: How does Accounts Payable impact Declan's Designs' 2022 Statement of Cash Flows?

A: Accounts payable form part of working capital of a company. Therefore, a change (increase or decreas...

Q: How does Interest Payable impact Declan's Designs' 2022 Statement of Cash Flows?   Question 22 opti...

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

Q: Job 123 was recently completed by BudolBudol Me Corporation. The following data have been recorded o...

A: The job cost is used to estimate the individual cost of the product. It includes both direct and ind...

Q: Calculate Joan's travel expense deduction for the trip, assuming the trip was made in 2021. 1,465 x

A: Travel expense refers to those expenses which are incurred by the employees of the company at the ti...

Q: 1. Retailers recognize revenue at the point of sale. 2.Beach Resorts, Inc. does not record the 2021 ...

A: Accounting principles are those principles which are used for accounting, recording and reporting ac...

Q: How do Dividends Paid impact Declan's Designs' Statement of Cash Flows?   Question 30 options:   D...

A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular per...

Q: Computing Taxable Income: Ross Martin arrived at the following tax information… Gross salary: $56,1...

A: 1) Taxable income: Gross income of person is calculated from all resources , thereafter deduction pr...

Q: Bisharp Corporation owns 80% of Rufflet, Inc. common stock. During 20A, Bisharp sold to Rufflet inve...

A: Income Statement It is a statement that shows all the expenses and incomes of reoccurring nature rel...

Q: the acquisition, the two companies have the following account balances. Clay’s equipment (with a fiv...

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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

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Q: a. Depreciation on the company's equipment for the year is computed to be $15,000. b. The Prepaid In...

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Q: YES Partnership started operations on January 1, 201 balances : with the following capital Yves P88,...

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Q: The December 31, 2021 and 2020 comparative financial statements of ABC Company showed equipment with...

A: Depreciation is the allocation of cost of asset over the useful life of the asset. Accumulated depre...

Q: places and "Percentage" answers to 1 decimal place and and other answers to the nearest whole dollar...

A: The answer is stated below:

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Q: Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant...

A:   Current assets are assets held for less than 12 months  Current liabilities are obligations that ...

Q: Amber sold her personal property in 2019, with details as follows: Cost                            ...

A: Selling price Mortgage assumed by the buyer                  350,000 add)Installment in2019         ...

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inven...

A:

Q: Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution form...

A: Operating leverage is used to measure the degree to which the firm can increase its operating income...

Q: 5. The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corp...

A: Income Statement is the statement which shows the net income earned or net loss incurred by the comp...

Q: A company has a fiscal year-end of December 31: (1) on October 1, $13,000 was paid for a one-year fi...

A: The financial transactions are initially recorded in the form of journal entry and posted to the gen...

Q: Which of the following is true regarding adjusting entries? a.Adjusting entries are optional wit...

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...

Q: Y Corporation has daily collections of P180,000 from a selected foreign customer group. The bank off...

A: Solution Given Amount 130000 Current clearing time 8 days Reduced clearing time 3 ...

Q: How do Dividends Paid impact Declan's Designs' Statement of Cash Flows? Question 30 options: ...

A: Financing Activities - All the issues and purchases of shares, Payment of Dividends, Issuance, and r...

Q: Tamarisk Corporation enters into a 7-year lease of equipment on December 31, 2019, which requires 7 ...

A: Answer -    Journal Entry in Lost Ark’s for 2019 -   Date  Particular Debit Credit Dec 31, 2019...

Q: On January 1, 2010, WPK Co. sold a transportation equipment with a historical cost of P1,000,000 and...

A: Net cost of the equipment = Historical cost - Accumulated depreciation Present value of note = Face ...

Q: Prepare Bridgeport’s 2020 journal entries.

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Q: December 31 Debit $ 41,000 2,300 7,600 110,000 Account Title Credit Cash Prepaid insurance Notes rec...

A: The balance sheet is an essential part of the financial statement. It indicates the financial positi...

Q: CCC Corp. has annual turnovers of inventory, receivables, and payables of 12, 18, 8 respectively. In...

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Q: 35. The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company a...

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Q: Which of the following is true? A. Companies can select any day except a holiday to end their fiscal...

A: Ans. The determination of the end of a fiscal year is very important for accounting purposes. It als...

Q: What is accounting

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Q: For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation's liabili...

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Q: The following were taken from the records of LML Co. as of December 31, 2010: • Checks drawn but not...

A: The transactions till December 31 , 2010 cash will be included in LML's December , 2010 cash. Custom...

Q: Sage Hill, Inc. leases a piece of equipment to Bucks Company on January 1, 2020. The contract stipul...

A: Lease: When one party lets out its assets to another party for some time or specific time mentioned ...

Q: refer to the orginal data. Compute the company's margin of safety in both dollar and percentage term...

A: Answer 4) Calculation of Margin of Safety in Dollars Margin of Safety in Dollars = Current Sales – B...

Q: For the year ended December 31, a company has revenues of $324,000 and expenses of $199,500. The own...

A: The closing entries are prepared to close the temporary accounts of the business including revenue, ...

Q: Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Ch...

A: Accounting equation is one of the important concept in accounting which says that total assets must ...

Q: Rich Goma Corporation failed to file its income tax return for the fiscal year ending August 31, 202...

A: In Philippines interest for late filing of income tax return is levy at 12% per year from the date t...

Q: What is the balance of the ending capital? 2. How much is the increase in the capital of choy after ...

A: Accounting equation is an expression which is used to describe the relationship between asset, liabi...

Q: nko Inc. reported the following balances at the end of each year:                                   ...

A: >Accounts Payable are the balances of suppliers that have not yet been paid in cash for the purch...

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.