Bar
Q: Question 2.6 LA Fashion records indicate that the balance in their cash account (in the ledger) at t...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: ABC Corporation's performance during the last three years had not been favorable resulting to a defi...
A: Answer: Quasi reorganization is done to remove the deficit balances. Given Deficit balance= P 950000
Q: When inventory is held on consignment it should be? Derecognized Reported as cost of goods sold Re...
A: Solution: When inventory is held on consignment it should be "Derecognized" as inventory is not belo...
Q: ABC Machineries, dealer of machinery and equipment, leased equipment to XYZ on July 01, 2021. The le...
A: As a lesser ABC Machineries, has to record the selling profit or loss on leasing equipment in its bo...
Q: Financial Asset at Fair Value under OCI would have its gain or loss reported at what Financial State...
A: Financial Asset at Fair Value under OCI would have its gain or loss reported at what Financial State...
Q: Buggs-Off Corporation produces and sells a line of mosquito repellants that are sold usually all yea...
A: Requirement d. Calculation of break-even point and margin of safety in units and sales dollars. B...
Q: 4.1 Calculate the following ratios for 2021. Express answers to two decimal places. 4.1.1 Gross marg...
A: Solution:- Calculation of ratios as follows under:- 4.1.1)Gross margin ratio =Gross profit/Sales x 1...
Q: Prepare the Statement of Financial Position as at 31 December 2020. The notes to the financial state...
A: A balance sheet is a representation of an individual's personal or corporation's financial balances ...
Q: Original DVD player sales and cost data for ABC Video: Unit Selling Price: Php 500 Unit variabl...
A: New contribution margin = selling price - discount - variable cost = 500 - 500*10% - 300 = Php 150 p...
Q: ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions du...
A: Solution: ABC Corp.’s ordinary share outstanding at December 31, 2021 = (Nos of shares issued - Nos ...
Q: Parktown Medical Center, Inc.. is a small health care provider owned by a publicly held corporation....
A: 4 Control Weaknesses: Service Physician approves the credit: Potential threat: If service physicia...
Q: 1. Aristorenas, Soriano and Filamor have the foļlowing profit and loss agreement: Partners Aristoren...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: Question 3: Mirbat Company's financial information is given in the table below. Year Sales (OMR) Fix...
A: Break even point means where there is no profit no loss. Variable cost means the cost which vary wit...
Q: ⦁ Sally Company has the following sales data and total monthly cost data. ⦁ Month ...
A: Total cost = Fixed costs + No. of units sold x No. of units sold x Variable cost per unit
Q: ent expense 42 880 ptor expenses 34 000 ad debts recovered 2 000
A: comprehensive income statement include all operting expenses and income and also include other incom...
Q: ABC Co. acquired a new machine. Details of the acquisition are as follows: Cash paid for machine in...
A: All costs directly related to the asset and the cost incurred to bring the asset to use will be capi...
Q: Calculate the overhead rate based on the traditional overhead allocation ethod using direct labour h...
A: Calculation of predetermined overhead rate based on Direct labour hours::: Predetermined overhead ra...
Q: ABC Corporation’s performance during the last three years had not been favorable resulting to a defi...
A: Defict balance given is P950000 Amount realised is by issue at a P22 Premium component of P2
Q: Which of the following statements is incorrect? O New term for the corporation in the revised corpor...
A: In the given case the company cannot issue shares more than the authorised capital of such shares.. ...
Q: ABC Company leases out an equipment under direct finance lease. There is no residual value nor barga...
A: Solution: Annual rental payment = Fair value of equipment / PVAD of 1 at 8% for 5 periods = P3,234,0...
Q: substituted Filing of Tax Return is applicable
A: First option is wrong because the substituted filing of tax return is available to the employee who ...
Q: Appropriation for retained earnings
A: Appropriated retained earnings are portion of retained earnings appropriated for specific purposes.
Q: Overhead rates were based on normal monthly capacity of 6,000 machine hours. During November, the co...
A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are allow...
Q: Discuss what is working capital.
A: Working capital - It is the capital required for the day-to-day operations of an enterprise. It is ...
Q: Prepare SFP using report form, classify the elements into current and noncurrent and show the respec...
A: Financial statement means the trading and profit and loss account and balance sheet of the company w...
Q: Lessee Company leased a machine with an estimated useful life of 15 years from Lessor Company. The 1...
A: The leased asset shall be depreciated over the useful life of the asset term or the term for whih th...
Q: Financial Asset at Fair Value under OCI would have its gain or loss reported at what Financial State...
A: Gain or loss on Financial Asset at Fair Value under OCI will be shown as other comprehensive income ...
Q: Which of the following may not affect retained earnings or earned capital? Correction of prior peri...
A: The question is related to retained earnings. The retained earnings will be affected by Profit or lo...
Q: 3. Reed, Sharp, and Tucker were partners with capital account balances of $80,000, $100,000, and $70...
A: Admission of partnership Admission of new partners in a partnership firm that a new partner is added...
Q: Oro Company prepared an aging of its accounts receivable at December 31, 2020 and determined that th...
A: Allowance for uncollectible accounts on December 31 = accounts receivable - Net relizable value of t...
Q: what are the similarities between basis period of tax that are used for the company purpose and for ...
A: A basic period is the time period fpr which a sole trader or partnership pays tax each year. Usual...
Q: NFORMATION The information provided below was extracted from the accounting reaords of Harmony Limit...
A: Cash flows statement is one of the financial statement of business, which shows all cash inflows and...
Q: Investment property under the cost model would require ? Tested for impairment only Measured at ...
A: Solution: As per IAS 40, "After initial recognition, investment property is accounted for in accorda...
Q: why there is material uncertainty in the company?
A: There are several problems which are faced by the companies for both internal sources and external s...
Q: On January 1, 2020, ABC Corporation granted share options to its employees with a fair value of P4,5...
A: Compensation expense recognized upto 2021 = Total fair value of options x (1 - % of employees will l...
Q: An entity purchased a tract of land as a factory site. An old building was demolished and constructi...
A: [1] Calculation of Cost of Land Particulars Amount Cost of Land including old Building 45,00,0...
Q: The marketing department of Jessi Corporation has submitted the following sales forecast for the upc...
A: Budgeted Sales = Bud. Unit sales x Selling Price per unit Production Budget= Budgeted unit sales...
Q: Broncos Corporation acquired the following assets associated with a manufacturing facility for a lum...
A: The question is based no the concept of Financial Accounting. As per the Bartleby guidelines we are ...
Q: What business models present a favorable situation for entrepreneur?
A: A business model present a favourable situation for entrepreneur.when the income generating from suc...
Q: Which of the following is not classified as an Investment Account Investment in Associates Investm...
A: Investment in Associates - Long term Investment Investment in Subsidiary - Long term Investment ...
Q: Peter Senen Manufacturing Company has just completed its production activities for February 2019. Th...
A: Under the FIFO method, we will calculate equivalent units for 3 things: Units completed from begin...
Q: The ABC Company has determined that its taxable income for the year 2021 is P3,000,000. The followin...
A: Solution: Computation of Required balance and recognition of Deferred tax liability and Deferred ...
Q: Golden Co., a firm that is not operating at full capacity, balance sheet as of December 31, 2021, is...
A: The question is related external funding needed if there is increase in sales by 20% from the curren...
Q: On January 1,2020, an equipment of ABC Company with a carrying value of P 1,500,000 was sold at P 2,...
A: Present value of lease payments = 150,000 × PVAF(10%,5Years) = 150,000 × 3.79078676939 = P568,618...
Q: Which passive income is subject to regular tax? Dividend income from resident corporation P10,00...
A: Answer: The passive income are those income which are not always regular and there is based on inves...
Q: contingent liability
A: Statement I is correct because contingent liability cannot be recognized, a disclosure is sufficient...
Q: Determine the following: a. Total material price variance b. Total material usage (quantity) varianc...
A: d) Calculation of standard hours: It is given that the number of units produced is 850 units and sta...
Q: ABC Corporation was organized on Feb 01, 2021. The corporation was authorized to issue 40,000 shares...
A: Legal Capital - Legal Capital is the capital which include only capital stock issued at par value. A...
Q: Balances extracted from the Statement of Financial Position as at 31 December: 2020 2019 R R Plant a...
A:
Q: Summer Enterprises produces "Breeze" and "Storm" cooling fans. Selected data related to each product...
A: Solution 3.1: Breeze Sales Price $200.00 Variable costs: Direct materials $60.00 Dir...
Barrot and Bañaga are partners with capital balances of P400,000 and P260,000 respectively. They share
losses
for a 1/5 interest based contributions after asset revaluation. If Barrot was given P418,000 capital credit upon
admission of Bartolav. What is the amount of investment made by Bartolay?
Step by step
Solved in 3 steps with 3 images
