An apprenticeship contract is one whereby a firm owner undertakes to provide full vocational training to another person who has completed at least: O a. 14 years of age Ob. 16 years of age Oc. 18 years of age d. 12 years of age QUESTION 20 Which of the following clauses is not included in the (MOA) of a company? DIG
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- QUESTION 1 Identify the clause. (Select all that apply.) Consultant warrants for a period of thirty (30) days from performance ("Warranty Period") that any products delivered shall conform with their agreed upon specifications as contained in the Statement of Work ("Specifications"). The foregoing is subject to performance by Client of all of its obligations as set out in the applicable Statement of Work. a. INDMENITY b. WARRANTY SERVICES c. LIMITATION OF LIABILITY d. WARRANTY GOODS e. WARRANTYRequired A 1. Record the sales agreement. 10.01.2020 2.Record entry for forward contract entered into by Mertag Company. 10.01.2020 3. Record the forward contract and recognize the change in fair value. 12.31.2020 4. Record the firm commitment and recognize the change in fair value. 12.31.2020 5. Record the entry to adjust the fair value of the forward contract. 01.31.2021 6. Record the entry to adjust the fair value of the firm commitment. 01.31.2021 7. Record the sale and receipt of PLN. 01.31.2021 8. Record settlement of forward contract. 01.31.2021 9.Record entry to close the firm commitment. 01.31.2021 Required B Determine the net benefit, if any, realized by Mertag from entering into the forward contract. (Do not round intermediate calculations. Negative amount should be entered with a minus sign.) Net benefit:Determine if this shall result in recognition of liabilities 5. signing of employment contract by a new employee a. yes b. no
- 3. Determine the implication of the following independent cases to the December 31, 2020financial statements as per PAS 37, on Provisions, Contingent Liabilities, and ContingentAssets.Case 1On December 5, 2020, an employee filed a P3,000,000 lawsuit against Lance Company fordamages suffered when one of the company’s equipment malfunctioned in August, 2020.In your inquiry of the company’s legal counsel, the legal counsel expects the company willlose the lawsuit and estimates the losses to be between P500,000 and P1,500,000. Theemployee has offered to settle the lawsuit out of court for P1,200,000, but Lance Companywill not agree to the settlement.Case 2Lance Company has guaranteed a loan of P2,000,000 of one of its key officers from a bankin 2020. By the time the financial statements of Lance Company were approved forissuance by its BOD, it is clear that the key officer is in financial difficulties and it is probablethat Lance Company will meet the guarantee.Case 3On December 20, 2020,…73. A company entered into a contract on 1 January 20X5 to build a factory. The contract price was GHS2.8m. At 31 December 20X5 the contract was certified as 35% complete. Costs incurred during the year were GHS740,000 and costs to complete are estimated at GHS1.4m. GHS700,000 has been billed to the customer but not yet paid. What amount will be included in receivables for this contract in the statement of financial position as at 31 December 20X5? A. GHS271,000 due from customers B. GHS509,000 due from customers C. GHS271,000 due to customers D. GHS509,000 due to customers[S1] Under the current PPRS, a franchisor recognizes the initial franchise fee as revenue in full at the commencement of the franchisee's business operation if the fee is for initial services to prepare the franchisee for business. [S2] A right to access is determined as a performance obligation when the franchisor's intellectual property is expected to change over the contract period. [A] Only S1 is true, [B] Only S2 is true. [C] Both are true. [D] Both are false. ABC obtained 2 fire insurances for his commercial building. During the year, the commercial building was burned. What legal principle prohibits ABC from relaxing and just watch the commercial building burn? [A] proximate cause [B] loss minimization [C] Contribution [D] Indemnity [S1] Where there is, double insurance, the insurers are to divide the loss ratably or in the ration each policy bears to the total insurance carried. [S2] When property is insured with different insurers against the same risk and total insurance…
- 6. Which of the following is not considered separate performance obligation in relation to the franchise agreement? a. grant of franchise right b. delivery of kitchen equipment c. franchisor's promise to undertake activities to support the franchise d. all of these are considered as a single performance obligation 7. On Jan 1, how will the initial franchise fee be recorded? a. credit contract liability of Php750,000 b. credit revenue of Php750,000 c. credit contract liability of Php600,000 d. credit revenue of Php150,000 8. How would the entity recognize revenue from the delivery of equipment? a. in full on Jan 1, 2021 b. in full on Mar 1, 2021 c. in full on May 1, 2021 d. deferred and amortize over the franchise term starting May 1, 2021 9. Which of the following is correct in determining the satisfaction of performance obligations? a. in the grant of franchise right, specific principles will be used b. in the…Section 5-EMPLOYEE DATA: FORM W-4 AND STATE WITHHOLDING 0ALLOWANCE CERTIFICATES How long does a new employee have to submit a completed W-4? How must the employer withhold FIT until the W-4 is received from a new employee? On March 2, 2020, Mischa submits a new W-4. If payday is Friday, what is the date of the first paycheck that must reflect Mischa’s new W-4? On March 23,2020, Paul submits a new W-4. If Paul is paid the last weekday of each month, what is the date of the first paycheck that must reflect Paul’s new W-4? On October 2, 2020, Janet starts a part-time job. She did not owe federal income tax in 2019 and does not expect to earn enough to pay federal income tax for 2020, so she claims exempt from federal income tax withholding on her 2020 Form W-4. Does Janet need to submit a W-4 in 2021? If so, by when—and how does her employer withhold if she does not do this?Payroll Accounting 2020 by Landin Question: Lila Rivera is a new employee for Divera Glass. Which federal forms must she complete as part of the hiring process? Here is my answer, is it correct? SS-8 uncheckedI-9 checkedW-2 uncheckedW-4 checked
- #17 On January 15, 2021, Bella Vista Company enters into a contract to build custom equipment for ABC Carpet Company. The contract specified a delivery date of March 1. The equipment was not delivered until March 31. The contract required full payment of $75,000 30 days after delivery. The revenue for this contract should be Question 17 options: a recorded on April 30, 2021. b recorded on January 15, 2021. c recorded on March 31, 2021. d recorded on March 1, 2021.Example 5-10 Spencili Company is an employer located in a state with an unemployment compensation law containing merit-rating provisions for employers who meet certain requirements. Below is a summary of the total wages for the years 2019 to 2022, inclusive. For the purpose of the illustration, assume that the total wages and taxable wages are the same amount. Quarter 2019 2020 2021 2022 1st $11,000 $10,000 $8,500 $10,500 2nd 10,000 9,000 9,500 11,000 3rd 10,000 9,500 10,000 11,000 4th 10,500 9,750 9,500 9,500 Total $41,500 $38,250 $37,500 $42,000 The State Unemployment Compensation Commission maintains a separate account for each employer. The account is credited with contributions paid into the unemployment compensation fund by the employer and is charged with unemployment benefits paid from the fund. For 2023, the state law set up the following contribution rate schedule for employers: Reserve Ratio Rate Negative reserve…Question On June 1, 2019, Madison Inc. entered into a contract to deliver one of its specialty machinery to Pick Co. The contract requires Pick to pay the contract price of €900 in advance on June 15, 2019. Pick pays Madison on June 15, 2019, and Madison delivers the machinery (with cost of €575) on June 31, 2019. Instructions Prepare the journal entry on June 1, 2019, for Madison. Prepare the journal entry on June 15, 2019, for Madison. Prepare the journal entry on June 31, 2019, for Madison.