By definition, which of the following represents the owners of a corporation? Your answer: O Customers O Creditors O Stockholders O Employees

Q: A/P R/E $253 Cash RM WIP FG МОН PP&E Beg $39 $89 $14 $19 $120 $28 a. b. с. d. е. f. g. h. i. j. k. E...

A: Calculation of actual overhead Salary and wages (70% x  50) 35 Depreciation on PP&E (90% ...

Q: What Is Forensic Accounting?

A: Forensic Accounting i an integral part of Accounting.Its basically kind of Hindsighting in a legal t...

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: National Company writes checks averaging P12,000 a day, and it takes seven days for these checks to ...

A: Net Float for a firm refers to the deviation that occurs between the book balances and actual balanc...

Q: Samra Ltd has 2 000 000 ordinary shares on issue at the beginning of the year, 1 July 2014. These sh...

A:   1. Weighted-average number of shares calculated in accordance with AASB 133   Period Shares Wei...

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

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

Q: True or False Pls indicate if the statements are True or False. 1. All allocated excess/purchase d...

A: 1.  Ans -  True As all allocated excess/Purchase differentials are Amortized and it is allocated ove...

Q: Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet a...

A: Solution Working note for retained earnings Net income        Trucking fees earned 120000 ...

Q: pald dividends of $19,60 before closing had a balance of $301,000. The Net Income for the year Is: u...

A: Net Income (Loss) is the difference between the revenue earned and expenses incurred during the acco...

Q: elect all that apply Determine which of the following statements below regarding a merchandiser are...

A: Solution Concept Merchandiser are the person who basically buys a merchandise and sells the merchand...

Q: On November 1, Jasper Company loaned another company $270,000 at a 8.0% interest rate. The note rece...

A: Interest revenue reported in first year = Amount of loan x rate of interest x No. of months / 12

Q: Project L requires an initial outlay at t = 0 of $60,000, its expected cash inflows are $9,000 per y...

A: The payback period is the time you need to recover the cost of your investment. Payback period=Initi...

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

A: Total assets includes both Current assets and Non current assets. Current assets: Current assets are...

Q: On January 1, 20X1, Hermione, Inc., an SME, paid cash of P600,000 for all the outstanding shares of ...

A: Goodwill is the excess cost paid by the succeeding company at the time of acquisition. Goodwill is t...

Q: List and discuss at least four types of fraudulent practices  or methods companies use in misstatin...

A: Financial statements that describe a company's operations and financial performance.   Financial dat...

Q: May 01 Petty cash Cash May 15 Janitorial expenses Miscellaneous expem Postage expenses

A: Journal entries refer to the process of documenting all the transactions of a company in its books.

Q: SHADOW BONE Company reported net income of P7,500,000 for the current year: The auditor raised quest...

A: Adjusted net income for the current year = Reported net income for the year + Debit adjustment of pr...

Q: Required a. Prepare the journal entry to record the payment of payroll on December 31, Year 1. b. Pr...

A: Payroll refers to the entire list of the employees of a company which includes the name of their emp...

Q: The following information is available for the Higgins Travel Agency. After closing entries are post...

A: While posting closing entries: Incomes and Expenses are transferred to Income summary account. Ther...

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: 25) Given these facts, calculate return on equity:   Sales...........................................

A: Average equity = Average total assets - Average liabilities Return on equity = Net income/Average eq...

Q: Selected data concerning the past year’s operations of the Beachwear Manufacturing Company are as fo...

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...

Q: National Co. has P5 million in inventory and P2 million in accounts receivable. Its average daily sa...

A: The inventory conversion period means, in how many days the inventory is converted into sales by the...

Q: National Co. has a total annual cash requirement of P9,030,000 which are to be paid uniformly. Natio...

A: The question is related to Baumol Cash model. The optimum cosh conversion size is calculated with th...

Q: A local Barnes and Noble paid a $80.50 net price for each hardbound atlas. The publisher offered a 1...

A: Net price is the price of the product at which the customer buys it and the List price is the maximu...

Q: On December 1, Orenthal Marketing Company received $7,500 from a customer for a 2-month marketing pl...

A: Lets understand the meaning of unearned revenue. When receipt is received in prior to service or goo...

Q: share capital of a company may consis

A: Share capital indicating simply the capital gained by the company by issuing shares. It may issued b...

Q: Accounts payable 500,000 Accounts receivable 400,000 Accumulated depreciation - Property and equipme...

A: Solution: Total assets included All current and non current assets. It includes Cash, accounts recei...

Q: ccounts payable 500,000 400,000 ccounts receivable ccumulated depreciation - Property and equipment ...

A: Solution: Total assets included All current and non current assets. It includes Cash, accounts recei...

Q: On July 1, 2022, Sunland Co. pays $20,400 to Cheyenre Insurance Co. for a 4-year insurance contract....

A: Posting the journal entries is the process of recording the journal entries in the respective ledger...

Q: 1. Information on an entity's operating segments is shown below: Operating segments % Revenue % Prof...

A: As per PFRS 8, Operating segments, Reportable segments are the operating segments that meet the belo...

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: he company purchased a portable building with $55,000 cash and moved it onto the land acquired o he ...

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

Q: Alpha Company has assets of $604,000, liabilities of $252,000, and equity of $352,000. It buys offic...

A: Accounting Equation: Total Assets = Total equity + Total Liabilities

Q: 4. What total amount was paid for expenses during the current year? * 3 points Tripeaks Company used...

A: Solution: Expenses are the cost of operations incurred to generate revenues. Mainly there are two ty...

Q: Kent Ltd owns all the share capital of Lodh Ltd. That is, Lodh Ltd is a wholly own subsidiary of Ken...

A: Business combination is an arrangement in which one entity purchases the major stocks in another ent...

Q: On 1 May, Alain was made redundant from his job as a marketing executive. Alain decided to purchase ...

A: Federal Income Tax: The federal income tax is an expense on yearly income for people, organizations,...

Q: Cash/Bank 146,654 Supplies 19,540 Discount Allowed 6,140 Auto Care - A/R 20,200...

A: 1. Income Statement 2. Balance Sheet   The first statement shows the income earned and loss incurred...

Q: Use the following information for Meeker Corp. to determine the amount of equity to report. Cash $ 5...

A: Cash = $57000 Building = $118000 Land = $199000 Liabilities = $124000

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...

Q: Establishes the tax differences between individuals and corporations in the United States.

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...

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

A: The total assets of the business comprises of current assets (cash, account receivables, inventory, ...

Q: Particulars Particulars 6,000 Sundry creditors Bills receivable 25,000 Bills payable 4,000 Stock 45,...

A: Statement of affairs which was prepared by the entity contains the total assets and liabilities incl...

Q: Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the m...

A:       Sales 1500 Less: gross profit (10%) (150) Cost of units sold during the year (Q 19) 1...

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: The following information is available for the Higgins Travel Agency. After closing entries are post...

A: Retained earning opening balance = $132000 Net income = $46500 Dividends = $13600

Q: a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $78,000 in...

A: Accounting equation is also called balance sheet equation in which assets are equal to liabilities p...

Q: Alpha Company has assets of $638,000, liabilities of $269,000, and equity of $369,000. It buys offic...

A: Total assets = Total liabilities + Stockholders' equity Given, Office equipment purchased on credit ...

Q: please classified whether they belong in deductible and nondeductible expense for each condition tha...

A: Business Expenses: Business expenses are a measure of cash spent to complete one's work and which ca...

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.