Corporation Code, Both, and Neither 1. Residency of incorporators are insignificant   a. Corporation Code of the Philippines b. Revised Corporation Code of the Philippines c. Applicable to Both d. Not Applicable to Either

Q: What is the journal entry Declan's Designs recorded to recognize the declaration of dividends in 202...

A: >Dividends are the payments made to the stockholders for the amount invested by them in form of c...

Q: On December 31, 20x1, ABC Co. has no intention of selling a land classified as investment property m...

A: Given that as on December 31, 20X1, the company has no intention of selling the land which is classi...

Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...

A: SOLUTION GOODWILL IS AN INTANGIBLE ASSETS THAT IS ASSOCIATED WITH THE PURCHASE OF ONE BY ANOTHER.

Q: What do we understand, when we say that Social and Economic Accounting is a "comprehensive,

A: GIVEN   when we say that Social and Economic Accounting is a "comprehensive, consistent and integrat...

Q: The official patterns of coordination and control, work flow authority and communication that channe...

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

Q: Income statement information for Einsworth Corporation follows: Sales $280,000 Cost of goods sold 86...

A: The vertical analysis is a part of the comparative analysis. This analysis helps to analyze the perf...

Q: On December 1, 2021, ABC Company acquired all the assets and liabilities of XYZ Inc. issuing 100,000...

A: On consolidation of the business goodwill or capital reserve is calculated and is adjusted in the bo...

Q: se the following information for the next five questions:On January 1, 2021, ABC Co. acquired all of...

A: solution given Number of ABC co’s share 60000 Par value per share 40 Fair value of i...

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: Question: Considering the year-ending adjusting journal entries for the periodic inventory system. I...

A: Formula: Cost of goods sold= opening inventory+purchases - closing inventory. Gross profit = sales -...

Q: 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average ...

A: The FIFO stands for First in First out and LIFO stands for Last in first out. Using average method, ...

Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...

A: The cost of acquisition is the purchase consideration paid i.e. P 14,00,000 Net assets taken over   ...

Q: On December 1, 2021, ABC Company acquired all the assets and liabilities of XYZ Inc. issuing 100,000...

A: Fair Value of net-assets acquired is equal to total assets minus total liabilities of the company. G...

Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...

A: Fair value of net identifiable assets =  P133,000 + P900,000 - P10,000  = P1,023,000

Q: SHOW WORKING PLEASE . NO HANDWRITING The  School Book Shop sells T Shirts emblazoned with the school...

A: Economic order quantity (EOQ) is the inventory units that the company must produce or sell to avoid ...

Q: High-Low Method, Cost Formulas The controller of the South Charleston plant of Ravinia, Inc., monito...

A: High low method is a method of cost estimation under which fixed costs and variable cost per unit is...

Q: How does the Loss on Sale of PPE impact Declan's Designs' 2022 Statement of Cash Flows? Questi...

A: Operating Activities - Under this activity all the company operation-related activities like sales, ...

Q: Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000...

A: Introduction:- Earned money that is subject to federal or state taxation is referred to as taxable i...

Q: a. On July 1, Lopez Company paid $2,400 for six months of insurance coverage. No adjustments have be...

A: Supplies expense = Beginning supplies + Purchases - Ending supplies             = 7,400 + 3,200 - 1,...

Q: What total amount should be included in the determination of the net income or loss for the six-mont...

A: Total amount P1,200,000 should be included in the determination of the net income or loss for the si...

Q: In a partnership ABC, engaged in the flowershop business, the liabilities of the partners are as fol...

A: Partnership- Partnership refers to a form of organization that is incorporated under a common assent...

Q: How does Accounts Payable impact Declan's Designs' 2022 Statement of Cash Flows?   Question 21 opti...

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

Q: Has social media  changed the accounting profession?

A: An accountant is a specialist who handles accounting tasks like account analysis, auditing, and fina...

Q: In 2014 Janice Martin fulfilled a life-long dream and moved her home-based cottage baking business t...

A: The contribution margin is excess of selling price over variable cost. While analyzing the decision ...

Q: Based on this information can you create an Income Statment Accounts Receivable  $1,200 Accounts Pay...

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

Q: 16. Oliver entered into a 40-year lease contract with Bernas. Per agreement, Oli will construct a bu...

A: Under outright method, improvement is recognised as income when the improvement is completed.  

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

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

Q: Bonita Company sells tablet PCs combined with Internet service, which permits the tablet to connect ...

A: SOLUTION A JOURNAL IS A COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSATION ARE RECORDED IN CHR...

Q: BC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January 1...

A: Solution Requirements how much is the Goodwill arising from this Business Combination how much is th...

Q: 2.1 Imagine you have been in business for a few months but you have not kept any proper records of y...

A: Journal entry is a process of recording and classifying business transactions into books of accounts...

Q: In 2018, SoundSmart Company started its production, specialising in manufacturing motorcycle helmets...

A:

Q: What is an income statement? Explain the components ( or equation) of the income statement.

A: The income statement is an important financial statement of the business.

Q: Preparation of Adjusting Entries Osaga Beach Resort operates a resort complex that specializes in h...

A: No. Date Account Titles & Explanation Debit ($) Credit ($) 1. Jan. 31 Unearned Service Revenue...

Q: On December 31, 2014, Zeus Company showed shareholders' equity of P4,000,000. During the current yea...

A: Retained Earnings: Retained earnings are the amount of profit that a firm has left over after paying...

Q: a) Fair value of the net assets acquired b) amount of goodwill or gain from acquisition

A: Acquisition cost refers to those total costs which a company paid to another company at the time of ...

Q: Davao Company prepares quarterly interim financial reports. The entity sells electrical goods and no...

A: Given data: Sales in the first quarter = P10,000,000 Sales in the second quarter = P15,000,000 Provi...

Q: The following information is departmental cost allocation with two service departments and two produ...

A: >Service department cost is allocated to production departments using various methods like: #...

Q: 1. The initial cost of a paint sand mill, including its installation is P 700,000.00. The BIR approv...

A: Hi student Since there are multiple questions, we will answer only first question.

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: 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: In preparing a statement of cash flows, the reconciliation of net income to cash from operating acti...

A: Cash flow statement includes: Cash flows from operating activities Cash flows from investing activi...

Q: nerine College, a private 1 P5,000,000 from alumni for construction of a new wing on the science bui...

A: Restricted Funds These are the funds that are received by a NPO for a specific purpose. So, these fu...

Q: How does Accounts Receivable impact Declan's Designs 2022 Statement of Cash Flows?   Question 19 op...

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

Q: Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the co...

A: Income statement is the statement of company's revenue and expenses. It shows the net income earned ...

Q: n 2014 Janice Martin fulfilled a life-long dream and moved her home-based cottage baking business to...

A: The contribution margin is excess of selling price over variable cost. While analyzing the decision ...

Q: You found that opening your own cake shop is a worthwhile project. After scouting around you found o...

A: The concept of Net benefit in cash flows from a project is used to either select or reject a project...

Q: 1. Use the following information for the next five questions:On January 1, 2021, ABC Co. acquired al...

A:

Q: if we produce goods over the capacity, should we consider the fixed marketing cost and variable mark...

A: Fixed marketing costs is fixed costs related with the marketing of the product and this will not be ...

Q: Account Title Debit 8,100 19,500 6,958 181,000 Cradit Cash Accounts receivable Office supplies Truck...

A: Income statement is prepared by the business organizations so as to know how much amount of Gross pr...

Q: The order in the accounts are listed in the chart of accounts is   a. assets, liabilities, revenues,...

A: The order for chart of accounts should be same as they are presented in the financial statements. It...