Assume you received note receivable of 5,000,000 carrying 12% nominal interest rate for a period of 6 years. Note pays interest semi annual. On the date of receipt, market rate for similar note is 10%.

Q: Prepare the Income Statement for the year ended 31 December 2021 using the absorption costing…

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Q: Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.60 units of…

A: Solution: Direct material price variance = (SP - AP) * AQ Direct material quantity variance = (SQ -…

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A: A transaction or other event in which an acquirer obtains control of one or more businesses.…

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A: The income statement is the statement under which all the revenue and expenses are reported for a…

Q: Assume the following information:     Amount Per Unit Sales $ 300,000 $ 40 Variable expenses…

A: Net operating income=Sales-Variable expenses+Fixed expenses

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A: Lets understand the basics. Process costing system is followed by the business which follow…

Q: Requirement 5. Journalize the adjusting entries using the adjustment data. Post adjusting entries to…

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Q: At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization…

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Q: Juniper Corporation makes three models of insulated thermos. Juniper has $304,000 in total revenue…

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Q: Ries, Bax, and Thomas invested $28,000, $44,000, and $52,000, respectively, in a partnership. During…

A: Closing entries are recorded in  the books in order to close the temporary accounts like revenues,…

Q: On July 1 of year 1, Riverside Corporation (RC), a calendar-year taxpayer, acquired the assets of…

A: Book–Tax Difference: Accounting profit, also known as commercial profit, and fiscal profit,…

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A: Here asked for multi sub part question we will solve for first three sub part question as per…

Q: Fast Flight Inc. paid $36,000 for 3 years of rent in advance on June 30th 2022. What is the balance…

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

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Q: An employer in San Francisco, California, employs three individuals, whose taxable earnings to date…

A: FUTA refers to the Federal Unemployment Tax Act which states that every employer requires to pay 6%…

Q: Bens Corporation has three service departments (Repairs, HR, and IT) and two production departments…

A: The direct method of allocation is used to allocate the cost of the service department is allocated…

Q: on june 1st jaden contributed 7000 ab\amd properrty with an adjusted basis of 9000 and a fair market…

A: June 1 : Jaden contributed 7000 Adjusted Basis = 9000 Fair Market Value = 15,000 Relieved from 20000…

Q: 5. Using the data below, find the graphical solution for variance on quantity first and material…

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Q: 3. Samson bought a new cutting machine for P5,000,000.00. The machine could be sold for P50,000.00…

A: Depreciation Expenses - Depreciation is charged to fixed assets to account the use, obsolescence,…

Q: Screen Gems Movie Theater purchased a new projector for $155,000 with a salvage value of $2,000.…

A: Depreciation refers to the amount which is charged on the fixed asset and by which the asset value…

Q: Which of the following best explains inventory shrinkage under the perpetual inventory system? Oa.…

A: Inventory shrinkage is the loss of stock of any product as a result of unforeseen or unanticipated…

Q: Wildhorse Repairs has 200 auto-maintenance service outlets nationwide. It performs primarily two…

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Q: In two years Boris plans to enroll at Cleese University, a prestigious university in the Pacific…

A: Answer : Current Tuition fee = PV = $23,500 Interest rate = r = 6% Future value = PV ( 1+r)^time

Q: Which of the following is intellectual property? O Protection of works of original authorship An…

A: Answer:-  Intellectual property meaning:- The term "intellectual property" refers to works of…

Q: 1. Compare and contrast the production process based on manufacturing type. Provide an actual…

A: Manufacturing process refers to the method of production where the goods are creates through…

Q: ast quarter of 2021 and the first month of 2022. The only securities held by Amalgamated at October…

A: Held for trading securities are types of financial assets, a debt or security purchased with the…

Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is…

A: The given question is asked about the FICA taxes. We need to compute the FICA taxes for a…

Q: 03) Which of the following journal entry formats is appropriate under the equity method of…

A: Lets understand the basics. Equity method used by the entity generally when one entity holds between…

Q: heehan works for Andy Company and is a superior sales guy. His total compensation this year is…

A: Maximum Excess Percentage will always be the twice of the base wages percentage, for example if the…

Q: The table below shows the types of defects and their frequency in plastic bottles for motor oil in…

A: Pareto Analysis is based on the idea that 80% of the problems can be traced to 20% of the causes.…

Q: Andrew and Rachel occasionally use an online rental platform to advertise and rent their personal…

A: As per the general rules a taxpayer must report all rental income on their tax return. In general,…

Q: Mercedes a calendar year tax payer is a 40% general partner in a calendar year cash basis…

A: According to the given question, we are required to compute the share of income from the partnership…

Q: MOUNT OF P250,000.00 USING CONTINOUS COMPOUNDING BASED ON 10% FOR 10 YEARS.

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Q: For each of the three independent situations below determine the amount of the annual lease…

A: Lease payment is the amount paid by the lessee to the lessor for getting any asset on lease. This…

Q: 12) Pinky Co. acquired 80% of Scar Co. ordinary share capital on 1 January 2012. As at 31 December…

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Q: Trez Company began operations this year. During this year, the c absorption costing income statement…

A: Answer : Calculation of direct material cost = 80,000*$3 = $240,000 Calculation of direct labor cost…

Q: 20) IAS 28 Investment governs the identification of associates. Which of the following is true?…

A: Answer:- IAS 28:- Applying the equity approach to investments in partners and joint ventures is…

Q: In 2020, Henry and Eva paid $2,500 of qualified domestic adoption expenses. The adoption did not…

A: There are adoption credit available based on the income and they are paid in the year in which it is…

Q: if you can earn 2.5% per year  on your investment how  long  will it take to double your money

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Q: cardinal corporation reported pretax book income of $3,000,000 bad debt $200,000, depreciation book…

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Q: Lin Corporation has a single product whose selling price is $134 per unit and whose variable expense…

A: Introduction:- CVP analysis is used to identify the changes in costs and volume affect a company's…

Q: Samantha borrowed P100,000 from Paola. On due date of the loan, Samantha could not pay Paola because…

A: In the  above case Santhe failed to pay the. Due amount P100,000 , due to robbery and she also…

Q: accounting rate of return for Option 1, 2, & 3

A: Accounting rate of return is the return which has been earned by the company on the investment on…

Q: Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method.…

A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…