Company showed equipment with an original cost pf P379,000 and P344,000 with accumulated depreciation of P153,000 and P128,000, respectively. During 2021, the company purchased equipment costing P50,000 and sold equipment with a book value of P9,000

Q: Mo Burrow owns a 25% interest in Bengal LLC. On December 31, 2021, Mo Burrow's basis in the LLC is $...

A: a) Mo Burrow's basis in the LLC is $40,000  LLC distributes $25,000 in cash parcel of land $30000 LL...

Q: Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores. Th...

A: Activity based costing means where the product is valued on the basis of actual direct material , di...

Q: The following information is provided for the current year: Revenue - 1,200,000; Income from continu...

A: In order to determine the net income, all the expenses are required to be deducted from the sales re...

Q: On January 1, 2021 Asset of ABC Company was P2,500,000 and its liabilities was P800,000. By December...

A: Solution Concept The increase / decrease in assets and liabilities can not give the implication abou...

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inven...

A:

Q: Question 11 James Electronics is interested in purchasing Dyner Corp. Prior to the purchase James hi...

A: Ans. An auditor while discharging his professional duties is expected to exercise highest standards ...

Q: Adjustment for: 1- depreciation and amortization: added in net income 2- increase in deferred task l...

A: Cash flows statement is one of the financial statement which shows all cash inflows and cash outflow...

Q: Question 3 Which of the following is an analytical procedure that an auditor most likely would perfo...

A: Audit: It implies to the detailed examination and investigation of company's financial records so as...

Q: Determinethestatusofthematerialandlabourfortheconcreteworkof the first floor.

A: Material and labour are two important resources that are used for production and manufacturing of go...

Q: on which company that gire lower risk to your company. The recommendation must be ustified by the fo...

A: Financial Ratios It is important to calculate the financial Ratio which can be helpful to assess the...

Q: August 31, 2024 Balance Account Title Debit Credit Cash 8,420 Accounts Receivable 5,000 Office Suppl...

A: The trial balance tells about the final balance of each account of the business. The trial balance i...

Q: Y Corporation has daily collections of P180,000 from a selected foreign customer group. The bank off...

A: Solution Given Amount 130000 Current clearing time 8 days Reduced clearing time 3 ...

Q: refer to the orginal data. Compute the company's margin of safety in both dollar and percentage term...

A: Answer 4) Calculation of Margin of Safety in Dollars Margin of Safety in Dollars = Current Sales – B...

Q: Assignment Details Using the data provided, perform the steps below to complete the final project...

A: Closing Entries - Closing entries are required to close the temporary accounts after making financi...

Q: In preparing a statement of cash flows, which of the following transactions would be considered an i...

A: solution concept cash flow statement consists of                 -cash flow from operating activitie...

Q: Incorrect answer icon Your answer is incorrect. Martinez Corporation entered into a finance lease to...

A: GIVEN     calculation of value of right- of use asset  value of lease liability = $72,735 Commission...

Q: Which of the following activities in not an element of a CPA firm's quality control system to be con...

A: The effectiveness of a company's quality control system is primarily reliant on its employees' abili...

Q: How do proceeds from the sale of PPE impact Declan's Designs' 2022 Statement of Cash Flows? Ques...

A: Investing Activities - All the Purchase sales of assets are included under this section.

Q: 3 Your business makes cash sales of $100 000 worth of goods (plus GST of 10%) and collected cash up ...

A: GST collected from customers are in nature of current liabilities which should be settled generally ...

Q: Assume your organization has the following inventory changes during the year: Beginning inventory-1...

A: Introduction:- The term inventory refers to both the raw materials utilised in manufacturing and the...

Q: 3. Commission. A Manager Salim from Roads and Bridges authority demanded a 25% commission/gift as ...

A: Introduction: The amount paid to employees or workers such as agents or third-party in addition to t...

Q: SHOW WORKING PLEASE .SOUND CORE WIRELESS sells a variety of mobile telephone accessories including s...

A: A perpetual inventory system is a program that continuously estimates your inventory based on your e...

Q: Remy Morris is an accountant has a full time job at Transcend Haberdashery. He also works every Wedn...

A: Services: Services are the non-physical, elusive pieces of our economy, instead of products, which w...

Q: XYZ Corporation has annual cash demand of 3,000,000 for a fund set aside for operating expenses. The...

A: Optimum cash balance: It is the balance wherein the cost of depositing the fund is minimum if we com...

Q: Bulgasal Company provided the following data:   2020 2021 Share capital (P100 par value) 5,000,000 5...

A: Solution Given   2020 2021 Share capital (P100 par value) 5,000,000 5,850,000 Sh...

Q: Additional data obtained from an examination of the accounts in a ledger for 20Y3 are as follows: ...

A: Cash Flow Statement - The Cash Flow Statement is the statement that shows the cash inflow and outflo...

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...

A: As per accrual basis income is recognised when they are earned and not when they received As per cas...

Q: Which of the following is true regarding adjusting entries? a.Adjusting entries are optional wit...

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...

Q: For each account, identify whether it is included in a post- closing trial balance. Included in post...

A: All the temporary accounts like expenses, revenus and dividends are closed and are not shown in the ...

Q: On January 1, 2019, an entity purchased 15,000 shares of another entity representing a 12% interest ...

A: Profit and loss Account In the profit and loss account which includes all type of revenues and expen...

Q: Explain briefly : 1. Chartered Certified Accountant (ACCA) designation. 2. Certified Financial Plann...

A: 1. Chartered Certified Accountant designation (ACCA) is a designation awarded by the Association of ...

Q: How does Declan's Designs' 2022 common stock issuance impact its 2022 Statement of Cash Flows?   Qu...

A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular per...

Q: Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant...

A:   Current assets are assets held for less than 12 months  Current liabilities are obligations that ...

Q: You are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel fo...

A: Weighted Average Cost of Inventory: It is the  weighted average to calculate  the amount of cost of ...

Q: 1. How is the future value related to the present value of a single sum?

A: Solution Note : As per the Q&A guideline we are required to answer the first question only . ple...

Q: On January 1, Manning Co. purchases and installs a new machine costing $324,000 with a five-year lif...

A: Depreciation is considered an expense and it is charged against the value of the asset. It can be ca...

Q: Statement of Earnings, Statement of Retained Earnings, and Statement of Financial Position McDonald...

A: An income statements statement that shows the income and expenses of a company. It also indicates th...

Q: Entity A had 200,000 ordinary shares outstanding all throughout 20x1. In 20x2, share issuances occur...

A: Solution Concept Earning per share =net income available for common shareholders / average outstandi...

Q: At the beginning of September, Helen Rojas started Rojas Wealth Management Consulting, a firm that o...

A: The income statement is prepared to record the revenues and expenses of the current period.  It tell...

Q: If the adjustment for prepaid expenses is not recorded   a.assets will be understated. b.net income ...

A: Solution: prepaid expenses are those expenses which have not been incurred but have been paid in adv...

Q: For the year ended December 31, a company has revenues of $324,000 and expenses of $199,500. The own...

A: The closing entries are prepared to close the temporary accounts of the business including revenue, ...

Q: Give 5 examples that explain different types of Transactions

A: Transactions - Transaction is as agreement to make payment in return of goods, services. Transaction...

Q: O E1-23 Groovy Limited is a recording studio used by musicians to record music. It began 2020 with $...

A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating Acti...

Q: after tax of P2,700,000 in 20x1. What is the basic earnings per share in 20x1? *

A: Earnings per shares refers to the profit earned by each shareholder after paying all the expenses of...

Q: 11.  Presented below is income statement information of the Schefter Corporation for the year ended...

A: Closing Entries are those entries that are made at the end of the year to close all temporary accoun...

Q: Rich Goma Corporation failed to file its income tax return for the fiscal year ending August 31, 202...

A: In Philippines interest for late filing of income tax return is levy at 12% per year from the date t...

Q: On January 1, 2021, Cameron Inc. bought 10% of the outstanding common stock of Lake Construction Com...

A: SOLUTION WORKING NOTE- PARTICULARS INVESTEE NET ASSETS OWNERSHIP INTEREST  NET ASSET PURCHASED  D...

Q: List the following steps of the accounting cycle in their proper order. Steps 1. Posting journal ent...

A: >Accounting cycle is the flow or steps carried out to complete the accounting process. These are ...

Q: How do proceeds from the sale of PPE impact Declan's Designs' 2022 Statement of Cash Flows?   Quest...

A: Correct option: The proceeds from the sale of PPE are added in Cash Flows from Investing Incorrect o...

Q: Required information Problem 6-6B Record transactions using a perpetual system, prepare a partial in...

A: First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is so...

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.