An item of p- O True O False
Q: When control risk is assessed at less than high for all financial statements assertions, an auditor ...
A: Control Risk: Control risk is the risk that a misrepresentation due to mistake or fraud that might o...
Q: July 15, 2020. Prepare the journal entries fo Cullumber related to this contract. Either party may t...
A: Date Accounts and Explanation Debit Credit May 10, 2020 No entry (To record entry of contr...
Q: M & C Corporation charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferre...
A: Stockholders' equity: Stockholders' equity refers to the summation of total ordinary share capital, ...
Q: American Importers reports net income of S50,000 and sales revenue of S625,000. If the company's gro...
A: Lets understand the basics. Gross profit rate is a rate generated from the sales of the company . It...
Q: Mauro Products distributes a single product, a woven basket whose selling price is $18 per unit and ...
A: Breakeven sales is that level of sales revenue at which business is only recovering it's total fixed...
Q: a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $90...
A: 1. Closing stock in Variable Costing is calculated on the basis of Variable manufacturing cost only....
Q: 4 Lukin Corporation reports the following first year production cost information: Units produced Uni...
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: Which of the following are assets? (Select all that apply.) O Land Supplies Expense Wages Payable
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net...
Q: a. Return on equity b. Total assets turnover c. Return on assets d. Current ratio e. Receivables tur...
A: a. Return on equity = Net Income / Shareholders' Equityb. Total assets turnover = Sales / Total Asse...
Q: Can you explain how budgetary accounting contributes to achieving budgetary control over revenues an...
A: Budgetary control is financial jargon for managing income and expenditure. In practice it means regu...
Q: Question One : define inventory costing methods and compare between them in term of cost of goods so...
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since th...
Q: Phil Corporation gave Manager A, a resident citizen grocery allowance worth P 39,000 How much is th...
A: Fringe benefit tax: It implies to a financial levy that is imposed or charged on the extra benefits ...
Q: On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a 9% promissory note with face ...
A: Lets understand the basics. When any asset is purchased against the notes payable then interest expe...
Q: You audited the financial statements of PIS Corp. for the first time in 2022. The company started it...
A: Calculation of Net income in 2020. Particulars 2020 2021 2022 Net income 65,500 97,000 115,700...
Q: A company issued a P3 million three-year non-interest-bearing note on January 1, 2021, for a piece o...
A: Solution: Amount of note = P3,000,000 Cash price of Land = P2,401,800 Annual installment of note = P...
Q: 51. On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto...
A: Overview of the capital gain tax return: Capital gains: The capital gain is the excess value of th...
Q: Problem 05-20 Excel Exercise Parts 1 and 2 According to The Wall Street Journal, Mitsubishi Motors r...
A: Calculation of above requirement are as follows
Q: 31. On January 1, 2021, a company issued P2,000,000, 16% bonds at 102. Each P1,000 bonds has one det...
A: 31) The amount credited to Share premium would be a number of share exercise time differences in par...
Q: On January 1, 2019, Caswell Company signs a 10-year cancelable (at the option of either party) agree...
A: Given:rental payments=$10,000 Executor costs = $7,000 annually
Q: Richard would like to invest on long-term debt securities, specifically bonds. Instruct Richard to g...
A: The securities are issued by the company in order to fulfill its capital requirements. It helps the ...
Q: Using the following excerpts from the Michigan Company's financial statements and the list of terms ...
A: Inventory purchased = Ending balance inventory + Cost of goods sold - Beginning balance inventory Ca...
Q: Montana Inc. issued $900,000 of 12-year bonds with a stated rate of 8% when the market rate was 9 Th...
A: Solution: Face value of bond = $900,000 Issue price of bond = $883,386 Discount on issue of bond = $...
Q: Current assets should be ? Noncurrent assets should be ? . Current liabilities should be ? Non...
A: When a company invests in another company more than 50% of its share and then the financial statemen...
Q: The records at the end of January of the current year for Young Company showed the following for a p...
A: Under FIFO Method, Units which comes in first will be sold first and the inventory will be out of th...
Q: An auditor’s preliminary control risk assessment is at a high level. Which of the following are poss...
A: Solution Explanation - The preliminary assessment of control risk is the process of evaluating the e...
Q: On June 30, 2020, Cape Company purchased 25% of the outstanding ordinary shares of Bit Co. at a tota...
A: Under the fair value method, the investment is reported at the fair value of the market share of the...
Q: On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a 9% promissory note with face ...
A: Interest payable on Decemeber 31,2022 = 9% x (1500000-400000) x3/12= 24750
Q: What is the unearned interest income at YANIG's December 31, 2020 statement of financial position?
A: Lessor - YANIG Company Leasee- SIKLAB Machine Cost 10500000 Lease Payment ( paid the ...
Q: me tax compu“ ided the follov
A: Tax Written Down Value (TWDV): The tax written down value (TWDV) of a resource is the use remaining ...
Q: CFAS Corporation was organized on January 1, with an authorization of 1,000,000 ordinary shares with...
A: share premium account is created when there is the difference in the par value or face value of the ...
Q: 41. The following transaction relate to Tool Company’s contingencies. The financial statements ar...
A:
Q: A company’s accounts payable dated December 31, 2021, totaled P1,000,000 before any necessary year-e...
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...
Q: Sweet -o- licious makes candy bars for vending machines and sells them to vendors in cases of 30 bar...
A: Let the sale price be x. Total cost per case- Variable cost- 5.50 Variable selling expenses ...
Q: Weighted average cost per unit = per unit. Cost Cost of Goods Allocation Cost of Goods Sold Ending I...
A: Sales = (50 units x $120) + (25 units x $125) = $6000 + $3125 = $9125 Cost of Goods Available = (100...
Q: Mercedes Co. acquired all of the common stock of Tesla Co. on January 1, 2018. As of that date, Tesl...
A: Solution A journal is a company's official book in which all business transaction are recorded in ch...
Q: Account Titles Debit Credit Cash 11,400 5,620 1,050 Accounts Receivable Supplies Prepaid Insurance E...
A: The adjustment entries are prepared to adjust the revenue and expenses for the current period.
Q: PROBLEM 3: (CHANGE IN ACCCOUNTING ESTIMATE) Crisha Company purchased an equipment at the beginning o...
A: To charge depreciation expense on a fixed asset like machinery, building and equipment companies or ...
Q: Alyssa finds Brian's guitar, which Brian
A: If the benefit of the bailment is solely for the bailee then it is the duty of the bailor to provide...
Q: On January 5, 2022, a company received a P5,000,000-complaint from one of its employees who suffered...
A:
Q: At the begining of 2020, Flynne Company decided to change from the LIFO to the FIFO inventory cost f...
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the quest...
Q: Capital balances in Grouper Co, are Dene S64,000, Aneta $38,200, and Harriet $25,500. The partners s...
A: when there is a deal between two or more person to share profit and losses and contribute capital in...
Q: Tl1e shareholders’ equity section of Gaines industries’s balance sheet appeared as follows at Decemb...
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the quest...
Q: You audited the financial statements of PIS Corp. for the first time in 2022. The company started it...
A: Solution Working note- Year 2020 2021 2022 Unadjusted 104000 140000 160000 B-Omission of prep...
Q: Pls answer this question with solutions. SENTIENT AWARE Co. is engaged in logistics services. During...
A: Provision is created for the net estimated amount of payment to be made for anticipated expenditure.
Q: The following information is available for Preston Company for its first year of operations: Sales i...
A: Absorption costing is a accounting method for recording all costs associated with manufacturing (var...
Q: Problem 2 On January 1, 2020, RAGASA Company leased a building with the following information: Annua...
A: Accounting for leases There are two types of leases are there one is operating leases and another on...
Q: A company had the following unadjusted balances on specific accounts for the year ended December 31,...
A: Current Liabilities: Current liabilities are financial commitments owed by a corporation that are du...
Q: bank reconciliation.
A: Bank reconciliation statement means a statement showing the causes of differences in the balance of ...
Q: Nicanor, a Resident Citizen, bought shares of established under the laws of the Philippines. Later, ...
A: P50,000- Gain on Sale of Shares is: S1: An Income derived from sources within the Philippines; The a...
Q: Which of the following statements are true about the goal of managers? I. Managers should maximize t...
A: Manager is a person who is an expert in his or her field and act as a support system for employees ....
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- Q29 If a property is partly use by the owner for own use and the other part is held for earning rentals or capital appreciation, then: Select one: a. The entire property is investment property b. The owner occupied property is investment property c. The part held for earning rentals or capital appreciation, if it can be sold or leased out separately shall be classified as investment d. The property cannot be classified as investment propertyQUESTION 14 Donated assets should be recorded at historical cost. True FalseCh. 16 _______ specifies an action that the company agrees to take or a condition the company must abide by. Group of answer choices milking the property marketable claims negative covenant positive covenant
- 7) How to value the assets of property, plant and equipment? (short answer)q23 Which of the following is not a requirement for the recognition of an intangible asset? Select one: a. It should ONLY be used by the entity in its productive and administrative processes b. It can be sold separately from the entire business c. It should be identifiable and separable. d. It should be non-monetary and should not have physical substance1. Homeowners 3 (Special Form) is an all-risks policy that insures the dwelling and other structures against risk of direct physical loss to property. True False
- QUESTION 11 The accounting life of intangible assets is determined by a. their useful lives only. b. their legal lives or useful lives, whichever is shorter. c. the tax life mandated by the IRS. d. their legal lives only.Question 78 of 85. Choose the response that correctly describes a condition, or conditions, that must be met for property to be considered depreciable. The property must be an item that will eventually wear out, get used up, become obsolete, or otherwise lose its value. The taxpayer must place the property in service and dispose of it within the same year. The taxpayer must either rent or own the property and use it in their business or in an income-producing activity. The useful life of the property must not exceed one year.q24 Which of the following is NOT a step in impairment testing? Select one: a. Calculate the asset’s carrying amount in the books of the entity b. Sell the asset after if the fair value is greater than the recoverable amount c. Calculate the recoverable amount of the asset d. Assess whether there are circumstances that may indicate that the asset should be impaired.
- in applying code section 183 what deductions reduce the basis of property used in the activity13. Which one of the following is a circumstance for valuation of goodwill? a. At the time of death of a partner b. At the time of a partner receiving salary c. At the time of a partner is taking drawings d. At the time of a partner receiving commissionSection 6-5 of ITAA 1997: a. Both (A) and (B) are correct. b. Seeks to assess the taxpayer’s income when it is received. c. Seeks to assess the taxpayer’s income when it is derived. d. Both (A) and (B) are incorrect.
