Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princess with an FMV of Php. 2,500,000.00. The parties have agreed that Angel will pay an additional cash of Php. 300,000.00. COMPUTE THE GAIN ON EXCHANGE THAT ANGEL SHOULD RECOGNIZE

Q: item below that would cause the trial balance to not balance? ple Cholce ) A $1,260 collection of an...

A: Trial Balance is a summarizing statement in which balances of all ledger accounts are summarized. In...

Q: Prior to recording adjusting entries, the Office Supplies account had a $365 debit balance. A physic...

A: Solution: Adjusting entries are journal entries generally made at the end of accounting period to al...

Q: PROBLEM. Please show your computations to receive full credit. Mariposa Manufacturing builds custom ...

A: Hi student Since there are multiple subparts, we will answer only first three subparts. 

Q: s are added to those of the group on a line-by-line basis. (II) The group share of the associate's ...

A: Consolidation Statement- Consolidated statement is prepared to assess the financial position of the ...

Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...

A: Calculation of balance of Unappropriated Retained earnings at the end of year    Amount (In P)...

Q: HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. ...

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...

Q: Calculate missing figures from the information below: Capital as on 1" April, 2017 2,50,000 Capital ...

A: Closing capital = Opening capital + Additional capital + Profit  - Drawings - Losses

Q: Save-the-Earth Co. reports the following Income statement accounts for the year ended December 31. S...

A: Solution: An  income statement is financial statement that represents income and expenditure of a bu...

Q: or the year ended December 31, a company has revenues of $332,000 and expenses of $203,500. The comp...

A: The closing entries are prepared to close the temporary accounts of the business. The temporary acco...

Q: Tripeaks Company used the accrual basis of accounting: December 31 January 1 9,000,000 8,000,000 Inv...

A: Solution: Expenses are cost of operations to generate revenue for the business. Mainly there are two...

Q: On 1 July 2020, B Ltd acquired all the assets and liabilities of P Ltd. In exchange for these assets...

A: Business Combination: In a business combination, the acquirer gets ownership of another company via ...

Q: company's balance sheet shows: cash $30,000, accounts receivable $20,000, office equipment $54,000, ...

A: Cash = $30,000 Accounts receivable = $20,000 Office equipment = $54,000 Accounts payable = $21,000

Q: WHich of the following is not a major element of the accounting equation. cashflow, expenses, ass...

A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets = Liabi...

Q: Fragmental Co. leased a portion of its store to another company for eight months beginning on Octobe...

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service...

Q: Healesville Sanctuary is a family-owned and operated wildlife park located in Melbourne. Healesville...

A: Here asked different scenario in which the decision which are taken from Auditors for these differen...

Q: National Co. believes that its collection costs could be reduced through modification of collection ...

A: Accounts receivable is the amount due (balance) to a firm for goods or services delivered but not ye...

Q: Cedar City Public Transportation is considering adding a new bus route. To do so, the entity would b...

A: Profitability index is the ratio of present value of cash flow to the initial investment of the proj...

Q: The records of Brenda Corporation at December 31, 2021 showed the following balances:  Uncollectible...

A: Operating expenses are the indirect expenses incurred in the course of the main operations of the en...

Q: PLEASE I NEED FROM THE COGM SCHEDULE: BEGGINING WORK IN PROCESS INVENTORY TOTAL MANUFACTURING COST...

A: The cost of goods sold is calculated as difference between cost of goods available for sale and endi...

Q: MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution...

A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization i...

Q: Locky Privetra is considering investing in Sea Lounge Ltd (SLL), a large cruise ship company. Locky ...

A: Here related with the fact of Audit opinion and assurance which are provided by the auditors to fina...

Q: If assets are $112.000 and liabilities are $38.500. then equity equals: Multiple Cholce $38,500. O $...

A: Assets = $112000 Liabilities = $38500

Q: Dividend received 500,000 Dividend paid 1,000,000 9,000,000 Cash received from customers Proceeds fr...

A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the...

Q: Suppose that P dollars in principal is invested in an account earning 3.2% interest compounded conti...

A: When interest is compounded continuously, it means that the interest is calculated on the amount tha...

Q: On 1 July 2020, Kent Ltd acquired all the share capital (Ex-dividend) of Sub Ltd for $500,000. The f...

A: Working note: Computation of fair value of the identifiable net assets acquired:

Q: n 12 September, the auditor became aware that a fire burnt down one of TGL’s warehouses, resulting i...

A: THE adjusting event are the event that provide evidence of condition that were existing at the balan...

Q: a. Define the audit evidence. b.Provide an example of proof derived from accounting records and othe...

A: Auditing is a logical process. Where an auditor is called upon to review the statements of account, ...

Q: Prepare Journal entries to record each of the following sales transactions of a merchandising compan...

A:  Increase in assets should be debited and decrease in assets should be credited. Increase in revenue...

Q: Reasons ot Motives of holding cash

A: Holding Cash: When a person or organisation holds cash, it refers to money that is kept immediately ...

Q: guy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares of P10...

A: Solution Given Authorized share capital 400000 shares Issued as on January 1 2019 (10 par ...

Q: Oxford Company obtained a P5 million insurance policy on the life of its CEO on January 1, 2019. The...

A: 1. Insurance Expense in 2021. Total Premium paid - Income received this year and last year = 80,000 ...

Q: Lavoie Corporation acquired new equipment at a cost of $100,000 plus 7% provincial sales tax and 5% ...

A: The Financial Accounting Standards Board (FASB) produced a collection of accounting principles, stan...

Q: Marcus are partin eir respective profit and loss ratio: Сapital P3,000,000 Profit and Loss Ratio vi ...

A: Manuel and Marcas  are partners who have admitted Marshal in the partnership . Marshal has been admi...

Q: hat amount should be reported as net cash provided by investing activities? 2. What amount should b...

A: Solution Working note Cash flow from operating activities Cash receipt from customers 2000000 ...

Q: Fair value is determined as: Select one: a. The current entry price. b. The current exit price. c. A...

A: Fair value is a broad measure of an asset's worth and is not the same as market value, which refers ...

Q: Andrea would like to organize SHO as either an LLC (taxed as a sole proprietorship) or a C corporati...

A: Solution Net income before tax = 240000*11% = 26400.

Q: ow do you calculate cumulative wages?   1st QTR 2nd QTR 2,950.00 5,284.00 5,498.00 3,765.00 9,489....

A: Solution Concept Cumulative wage is calculated as adding the second wage to the first wage For examp...

Q: The following information is available from the adjusted trial balance of the Harris Vacation Rental...

A: Lets understand the basics. Retained earning is a earnings that are retained after paying expenses a...

Q: Edguy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares of P...

A: Under the cost method, the purchase of treasury stock is recorded by debiting the treasury stock acc...

Q: Music, Inc. had the following beginning and ending values in its three inventory accounts:     Ja...

A:

Q: 7A semi variable cost would: A. Be zero when output is zero and would increase in direct proportion ...

A: As per our guidelines, we are supposed to answer only one question. That's why we are providing a so...

Q: Which is not a forensic-type certificate?   A. FASNA.   B. CFE.   C. CRFAC.   D.    MAFF.

A: Forensic type certificates are the courses which allows someone to become forensic accountant. There...

Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...

A: The restricted retained earnings is the portion of retained earnings kept aside for specific purpose...

Q: April 1, Garcia Publishing Company received $19,980 from Otisco, Inc. for 36-month subscriptions to ...

A: Solution: Amount received in advance is unearned fees which needs to be adjusted at year end to reco...

Q: Prepare journal entries and the ledger accounts to record the above transaction. (b)       Extract ...

A: Journal entry is the entry which is recorded at the time when a company makes a financial transactio...

Q: S117,800 $63,000 $17,500 $76,000 $3,800 on Production Equipment erty Taxes Supervisor Salary $40.700

A:

Q: Mayon Company reported the following at December 31, 2021: Cash 4,500,000 Accounts receivable 7,500,...

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result...

Q: physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,249 of supplies ...

A: Physical count of Supplies= $1,249 Balance of General ledger = $2,090  Difference= $2,090-$1,249 = $...

Q: Maju Jaya Enterprise has 20 direct workers who work 26 days a month The production rate is 30 minute...

A: Solution Given Number of direct workers 20 Number of working days in month 26 Workin...

Q: High Step Shoes had annual revenues of $197,000, expenses of $109,700, and paid dividends of $22,800...

A: Closing Entries: The four entries posted after all adjustments have been completed and the financial...