Clearly
Q: On July 1, 2020, Berry Company issued 5,000 P1,000 bonds with share warrants at its fair value of 11...
A: bonds issued with share warrant here at the time of issue of the bonds by the company it will also ...
Q: Problem 9 What are changes in accounting principle and how do they affect financial statements? What...
A:
Q: Hi there, this question uses the T-char and asks to calculate: - cost of supplies during this perio...
A: Note: 1. While Calculating the cost paid to purchase new insurance this period, Prepaid insurance i...
Q: Prepare a schedule of cost of goods manufactured for the year ended December 31, 2008 ii) ...
A: 1 Synder Corp. Schedule of cost of goods manufactured For the Year Ended December 31, 20...
Q: P8 Prepare the adjusting entry for each of the following situations. The last day of the accounting ...
A: The journal entries keep the record for daily business transactions. The adjustment entries are prep...
Q: On December 31, 20x1, an entity classified a building with an original cost of P20,000,000, carrying...
A: SOLUTION NOTE = IF THE COMPANY ADOPTS THE COST MODEL OF MEASURING PROPERTY,PLANT & EQUIPMENT ,TH...
Q: The assets and liabilities of the Springs Swimming club as at 1st June 2020 were: Balance at bank ...
A: Not-for-profit organizations are formed to render services to society. The purposes of these organiz...
Q: The debit recorded in the journal to reimburse the petty cash fund is to Select one: A. Cash B. Pet...
A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of exp...
Q: On January 01, 2018, Parent Company acquired 80% of the outstanding stock of Subsidiary Company for ...
A: Non-controlling interest (NCI) = Identifiable net assets x % share of NCI % share of NCI = 20% Net I...
Q: or the amount of time it takes to complete each of these activities: wing: 53 minutes. 58 minutes. m...
A: Given following estimates for the amount of time it takes to complete each of these activities: I...
Q: The type of account and normal balance of Petty Cash is a(n) Select one: A. asset, debit B. revenue...
A: Current option is A i.e. asset, debit
Q: Determine the branch current account in the Home Office books on January 1, 2022.
A: Branch current account shown in the home office books represents the money to be received from branc...
Q: QUESTION 3 The following account balances of East Bhd as at 31 December 2020, unless stated otherwis...
A:
Q: Crest Corporation established its Poblacion branch in 2019. Merchandise costing P120,000 is shipped ...
A: Particulars Amount Sale of Merchandise 100,800 Cash Collected (50% of abo...
Q: Preparing the Financial Statements The following accounts relate to Warlito Blanche Graphic Arts: P ...
A: Income statement is one of the financial statement which shows all incomes, expenses of the business...
Q: The following information pertains to the Leonor's School Chairs: Transportation In 172,000 Merchand...
A: Cost of goods sold means actual cost of goods that is being sold to the customers. It includes begin...
Q: Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021 ...
A:
Q: s kept in the back of his shop. He brings this watch out from the storeroom and shows it to Ken. Th...
A: According to contract law, The essence of every agreement is that both parties should have free conc...
Q: Applications were invited by the directors of Grow-big Ltd for 150,000 of its £1 ordinary shares at ...
A: Category Applied share Alloted share Amount received on application Excess money Refund money Adjust...
Q: The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2...
A:
Q: Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021 # ...
A: There are several methods that are used for the purpose of inventory costing and management in the b...
Q: The home office ships merchandise to the branch at 25 percent above cost. At what amount should the ...
A: Home office ships at 25% above cost... Amount of merchandise inventory cost::P1,20,000... Amount to ...
Q: Use the following information for items 9-11: Main Corporation has operated a branch in Cavite for o...
A:
Q: The manager of Pharoah is given a bonus based on net income before taxes. The net income after taxes...
A: Net income before taxes as per LIFO method = Net income /(100%- tax rate)
Q: ABC Corporation established its Poblacion branch in 2018. Merchandise costing P120,000 is shipped to...
A: Particulars Amount Sale of Merchandise 100,800 Cash Collected (50% of abo...
Q: A company purchased merchandise to be resold at increasing costs during the year 2020. The purchases...
A: Last in First Out (LIFO) - Under LIFO Method, Inventory purchased last is sold first. Under this met...
Q: Aye Company owns an equipment with carrying amount of P2,000,000 and fair value of P2,500,000on the ...
A: The equipment acquired in exchange is recorded at fair value of that particular asset.
Q: how to compute in simplest form the non controlling interest using fair value method and proportiona...
A: Non-Controlling Interest Non-controlling interest or minority interest situation occurs when an orga...
Q: 1. Depreciation is referring to the allocation of the depreciable amount over its estimated useful l...
A: 1. Depreciation is referring to the allocation of the depreciable amount over its estimated useful l...
Q: What is the FASB’s Conceptual Framework? What are the objectives of financial reporting? What qualit...
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: isaac co.sells merchandise on credit to sonar co. in the amount of9,600 the invoice is dated on apri...
A: Formula: Sales discount amount = Invoice amount x Discount rate
Q: A company pays off a $200 liability taken out to purchase equipment using a business line of credit....
A: Concept: Journals: Each and every business transactions are to be shown in books of accounts. Journa...
Q: 1st Statement Courts can review or inquire into the wisdom or advisability of a tax law under the Po...
A: 1st statement is true, 2nd statement is false
Q: In 1 January 2016, PT ABC paid Rp 2 million for 30% shares of PT Willow. Accumulated loss of PT Will...
A: PT ABC company has acquired 30% shares of PT Willow. Therefore, the equity method will be used to ac...
Q: Purchases $32,000 Purchases discounts $960 Merchandise inventory September 1 5,700 Merchandise inven...
A: Net sales = Sales - Sales returns and allowances = $63,000 - $910 = $62,090 Net purchases = Purchase...
Q: the branch incurred a loss of P4,000. What is the balance of the branch account as per home office b...
A: Balance of branch account includes branch current account and adjustment of profit or loss. In home ...
Q: Juan and Pedro is entitled to 40% and 60% of their partnership’s profits, respectively. During the r...
A: Partnership is a form of agreement between two or more than two partners, in which they decide about...
Q: You are assisting a client with a transaction that produces a most favorable tax result. The client ...
A: Answer: We have situation where the client has told that the outcome is dependent on one court case ...
Q: 6*. Two firms
A:
Q: Origination fee received from the borrower Nasty Bank granted a loan to a borrower on January 1, 202...
A: Preparation of journal entries Date Accounts titles and explanation Debit in dollars Credit in do...
Q: Using the following select financial statement information from Mover Supply Depot, compute the acco...
A: Accounts receivables are those customer accounts to whom business has made credit sales on account a...
Q: assume that GDP=$12, C=$3, G=$2, M–X=$1, R=6%, INF=12%. Calculate the capital investment spending
A: Gross Domestic product is defined as the monetary value of all the goods and services which are prod...
Q: Ch12.2 Crazycorp. had the following inventory transactions in the month of September Date Type # uni...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: Unfavorable leverage means Return of equity more than return of loan cost Return of equity less than...
A: Unfavourable leverage occurs when the firm does not earn the funds cost(i.e. loan cost).
Q: The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, ...
A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain ...
Q: A group of college students decided to invest the money they earned from the fund- raising project. ...
A: Periodic Payment = P 10,000 Interest rate = 4% Time Period = 1 Years Calculation of the present...
Q: lendar year. Required: For all journal entries: If an amount box does not require an entry, leave ...
A: Given Danzer Industries Inc. issued $56,000,000 of 20-year, 11% bonds at a market (effective) intere...
Q: Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $305,000 in return ...
A: Adjusted tax basis-Land=$381,250
Q: The ledger of Herrera, Inc. on March 31, 2017, indludes the following selected accounts before adjus...
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in ...
Q: Requirement 3. Classify each of the cost items (A-I) as an inventoriable cost or a period cost. E...
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...
- Clearly explain how a
cash book can be integrated in the extraction/development of theTrial Balance . - Explain the treatment of the proprietor’s additional contribution to an already existing business. In addition, explain the underlying accounting principle you will apply in answering this question
Step by step
Solved in 2 steps with 2 images
- Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleName a source document that provides information about each of the following types of business transactions: a. Cash payment b. Cash receipt c. Sale of goods or services d. Purchase of goods or servicesUnder the cash basis of accounting, which of the following statements is true? a. Revenue is recorded when it is earned, regardless of when the cash is received. b. Expenses are recorded when they are paid. c. Expenses are recorded when they are incurred, regardless of when the cash is paid. d. The cash basis of accounting is allowed for all corporations.
- What is the accounting equation? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.List the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side. PART 1: The Accounting Cycle for a Service Business: Analyzing Business TransactionsThat a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumption
- Explain accrual basis accounting, and when to recognize revenues and expenses and how it differs from cash accounting. Provide a detailed example of a business that may use cash accounting.Distinguish between cash-basis accounting and accrual basis accounting. Why is accrual-basis accounting acceptable for most businesses and the cash-basis unacceptable in the preparation of an income statement and a balance sheet?Financial statements are prepared under the accrual basis, because The accrual basis requires the recording of transactions in terms of debit and credit The accrual basis provides more complete information about an enterprise, compared to the cash basis of accounting. The accrual basis is the only basis used for income tax purposes. The accrual basis considers the timing of the cash inflow and cash outflow in the recognition of income and expenses.
- Distinguish between cash-basis accounting and accrualbasisaccounting. Why is accrual-basis accounting acceptablefor most businesses and the cash-basis unacceptable inthe preparation of an income statement and a balance sheet?Which of the following statements about users of accounting information is correct? a. Management is an external user. b. Taxing authorities are internal users. c. Present creditors are external users. d. Regulatory authorities are internal users. 2. Performing services for cash will have the following effects on the components of the basic accounting equation: a. increase assets and decrease owner’s equity. b. increase assets and increase owner’s equity. c. increase assets and increase liabilities. d. increase liabilities and increase owner’s equity. 3. Which of the following events is recorded in the accounting records? a. Equipment is purchased on account. b. An employee is terminated. c. A proposal to diversify investment in the business. d. The manager is hired for a salary of $ 3,000 per month.The cash basis of accounting records revenues and expenses when the cash is exchanged, while the accrual basis of accounting a.records revenues when cash is received and expenses when they are incurred b.records revenues and expenses when they are incurred c.records revenues when they are earned and expenses when they are paid d.records revenues and expenses when the company needs to apply for a loan
