Compute for the following (show solution): a. How much total profit should Technocraft recognize for the year ended December 31, 2020? b. How much interest expense shall Marina Sands recognize for the year ended December 31, 2020? c. What amount shall Marina Sands report for the equipment at December 31, 2021? d. What amount of interest revenue should Technocraft report for the year ended December 31, 2020? e. What amount of financial asset shall Technocraft report at December 31, 2020?

Q: From the following details prepare statement of proprieta funds with as many details as possible.

A: Proprietary funds are the funds which are related to the owners of the business which is actually…

Q: GDP will clearly increase if

A: Introduction: Gross domestic product (GDP) is the total value or market value of all final and…

Q: In the beginning of 2021, Ciento Company purchased equipment worth P250,000. It is estimated to be…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: True false

A: The price-earnings ratio is a ratio that tells investors what is the worth of the company they have…

Q: On January 1 2020, Philippine Airlines purchased 20% of Cebu Pacific's total outstanding ordinary…

A: Introduction: If an investor acquires between 20 to 50% stake in the investee company then it is…

Q: On Nov 24, 20X1, ABC Company borrowed P750,000, 45-day loan from a bank and pledged its receivables…

A: Note Payable: Notes payable are a kind of long-term liability that show the money that a firm owes…

Q: What is the fair value of the plan asset as of December 31, 2014

A: Fair value of the plan asset at the end is value of the plan assets which has been computed by the…

Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…

A: >Overheads are to be applied to the work in process or Jobs based on an overhead application…

Q: QS 3-20 (Algo) Preparing closing entries LO P6 The ledger of Mai Company includes the following…

A: Ans. All the incomes and expenses are first transferred to income summary account and then income…

Q: break-even point

A: A Break-even point is a point where the company is in a position of no profit and no loss. This…

Q: 5. During the end of the year, YGX Company presented the following information: Equipment…

A: The impairment loss is the permanent reduction in the value of the asset. The impairment loss arises…

Q: Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for…

A: Cost of Goods Sold: The entire amount that your company spent for costs that are directly connected…

Q: What is a Capital Gain Tax (CGT) Asset? Give at least one example for each of the three types of…

A: Capital gain tax asset is an asset which when sold, the gain will attract capital gain tax.  As per…

Q: Provide 3 unique problems with own solution on performance ratio below. Also provide textual…

A: The question is related to Ratio Analysis. Dividend Per Share is calculated by dividing amount…

Q: The warehouse had a fire on November 7, 2021, which resulted in the destruction of merchandise worth…

A: Loss by fire is one of the loss that is being incurred by the business on inventory lost by fire.…

Q: In Classification Of Cost (Marginal costs) What Is A Business Situational Example of the ff:…

A: Cost is the amount which is spend to sold the goods or to provide the service. It is comprises of…

Q: ABC Co received from a customer a 3-year non-interest bearing note of P120,000 on Jan 1, 20X1.…

A: When sales are made in exchnage of non-interest bearing note, the sales are recorded at present…

Q: Is if nation in which the nonresident foreign corporation is domiciled permits a credit for taxes…

A: As per section 28(B)(5)(b) of the tax code 1997, The dividend paid by domestic corporations to…

Q: 1.) Quinte Company has become insolvent and a Statement of Affairs is being prepared. The following…

A: At the time of liquidation, the assets are utilized by the liquidator towards the payment of…

Q: Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department…

A: Under weighted average method  the cost used is the average and then it is to be applied evenly both…

Q: The following data relates to ABC Corp's petty cash fund at Dec 31, 20X1: Bills and coins P 1,456…

A: Petty cash:  Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: On January 1, 2022, William Corp. (qualifies as SME) paid cash of P600,000 for all the outstanding…

A: Purchase consideration: Purchase consideration is the amount  reimbursed for the shares owned by the…

Q: The following are not considered items of "Cash and Cash equivalents", except Select the correct…

A: Cash and cash equivalents means the assets which are available in the form of cash or can be readily…

Q: On January 1, the first day of the fiscal year, a company issues a $700,000, 5%, 10-year bond that…

A: Bonds are the highly secured securities for which the bondholders receive interest as per the…

Q: Charlie and his wife lived in the house for the last 15 years. In 2013 due to some unknown reasons,…

A: Here discuss about the details of the case which are incurred with the US Code § 121 for the sale of…

Q: costs of personnel                                 500,000    Outside consulting fees…

A: In Accounting it is very important to understand the cost which are included under research and…

Q: Use the following information for the Exercises below. (Algo) Skip to question   [The following…

A: Introduction: When an organization uses accrual system of accounting then to record any accrued…

Q: A shoemaker desires to achieve a profit of P50,000 by selling 500 pairs of shoes. The fixed cost in…

A: Contribution Margin Ratio: A company's contribution margin ratio, also known as the CM ratio, is…

Q: Problem 4: Ordinary Shares, no growth rate: The expected rate of return of the shareholders is 18%.…

A: Ans. Value of share = Dividend to be received/Expected rate of return

Q: On January 1, the first day of the fiscal year, a company issues a $1,500,000, 11% , five-year bond…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Western Corporation, a calendar year, accrual basis corporation, reported $500,000 of net income…

A: Taxable income refers to the portion of the gross income which IRS subject to the taxes and it…

Q: Trial Balance?

A: Trail balance is the statement which is prepared by the business so that it can be assured that the…

Q: On June 1, 2019, Hansen Company purchased twenty $1,000 Francisco Company bonds at par and…

A: As per US GAAP, an asset should be impaired if there are any circumstances which leads to reduction…

Q: Pregnancy Test- 10,000 (Php 175 each) Syringe- 125 boxes (Php 250 each) HbsAg- 15,000 (Php 225 each)…

A: Format of Income Statement CATEGORY AMOUNT Service Income…

Q: 32.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB…

A: Every business needs inventory for the purpose of use them in manufacturing purpose. Inventory may…

Q: From a review of the information above identify the areas which you would concentrate on in your…

A: Every business or any organization have to analyze thoroughly the statements so that the company…

Q: Trial Balance? Cash Debit balances 10,700 Accounts receivable 23,750 Credit balances

A: Introduction: Trial Balance: All the final ledger accounts balances are posted in Trial Balance to…

Q: INSTRUCTIONS: Create a pro-forma income statement based on the given problem Supply the given items…

A: Cost of service is the cost which incurred while providing services. Nd operating expenses are other…

Q: On March 2, Monty Corp. sold $932,000 of merchandise on account to Marigold Company, terms 4/10,…

A: Under perpetual inventory method of inventory accounting the inventory is updated simultaneously as…

Q: nise is a full-time exempt employee living in St. George Utah who is $28,500 annually and is paid…

A: Federal Income Tax: When a person earn income from the various income sources, say salary, interest…

Q: At December 31, 2022, the following information (in thousands) was available for Swifty Inc: ending…

A: Introduction: Inventory turnover ratio: Division of Average inventory with Cost of goods sold…

Q: Garcia Company has two operating departments (Phone and Earbuds) and one service department…

A: Departmental contribution overheads are the difference between gross profits and other direct…

Q: Markus plans to attend a football match The ticket costs 90 € additional travel costs and parking…

A: Opportunity cost means cost of opting out next best alternative. If one alternative is taken, then…

Q: 2) Troy Ltd purchased a new machine on 1 October 2016 at a cost of $114,000. The entity estimated…

A: Introduction: A fixed amount is depreciated for each year of the asset's useful life under the…

Q: Gwen is the managerial accountant in charge of Company A, which sells water bottles. She previously…

A: In the context of the given question, we are required to compute the break-even point quantity and…

Q: ABC Corp receives a 4 year P400,000 non interest bearing note that requires 4 equal annual…

A: Non Interest bearing note is a type of note which has no stated interest.

Q: Keith is an employee of a real estate company. He has negotiated car benefits with his employer.…

A: FBT stands for Fridge Benefit tax. It is the amount of tax to be paid on the employee's fringe…

Q: A company has 1,000 shares of $50 par value, 4.5% cumulative and nonparticipating preferred stock…

A: Paid in capital stock which was in common consist of preferred and common stock in total and it was…

Q: b. d. 1. After extracting a tri- a. Rent $200 has be The wages accour c. Payment made to Payment for…

A: Comment ; Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: The Metal Products Company produces a sewing machine that sells for Rs. 300. An increase of 15% in…

A: The gross profit indicates the difference between the cot of sales and the selling price. The cost…

Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.