Define corporation and explain the effects of the continuous inoperation of a corporation.

Q: Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princes...

A: Where the exchange of Assets have a commercial substance (sufficient cash flow can be generated in f...

Q: Flounder Skateshop Ltd. reports the following inventory transactions for its skateboards for the mon...

A: Perpetual inventory is a method for accounting inventory that records the sale and purchases immedia...

Q: When an entity changed at the end of the reporting period longer or shorter than one year, an entity...

A: As per IFRS provisions, When an entity changed at the end of the reporting period longer or shorter ...

Q: Auditing Debt and Equity  The following is attached to the company's financial statements, pay atten...

A: Introduction:- A debt/equity swap is a refinancing deal in which a debt holder gets an equity positi...

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: Select the assumption, principle or constraint that most appropriately justifies these procedures an...

A: The accounting principle represents the rules and guidelines that are needed to be followed by the c...

Q: Distinguish between the liability of incoming partner for debts arising before his admission and tho...

A: A partnership is a legally enforceable agreement between two or more people to manage and operate a ...

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: 3

A: Bureau of Internal Revenue (BIR): The Bureau of Internal Revenue is an organization within the Depar...

Q: he beginning of current year, Cash Company reported the following shareholders' e re capital, P5 par...

A: Solution Concept When share dividend is issued the retained earnings is debited When cash dividend i...

Q: On 1-1-2011, the company REGAL purchased 30% of the outstanding voting shares of company ARON for $6...

A: Working Note:- Particulars Amount $ Amount $ Net value of assets of Aron on the date of purchas...

Q: High Step Shoes had annual revenues of $198,000, expenses of $110,200, and dividends of $23,200 duri...

A: Closing entries are used to close the temporary accounts. The differences between revenue and expend...

Q: Problem 1: A construction company has/ had the following record during a year. The company has 76 fu...

A: Introduction:- The incidence rate is the number of times a new event occurs in a given time period. ...

Q: Year 12 (in 000s) Income Statement Data Net Revenues from Footwear Sales Cost of Pairs Sold Warehous...

A: Formula. Operating Profit Margin =Operating Profit Margin/Net Revenue x 100   Formula: EPS = Net Pro...

Q: 2. Mala-Inse Company sells its products on account payable in 30 days from the date of sale. Custome...

A: The Average amount of Receivables is calculated with the help of following formula  Receivables = Cr...

Q: Operating segments Total revenue Profit Identifiable assets 1,000,000 200,000 4,000,000 500,000 120,...

A: Operating segment is the component of entity, which has its own revenue, expenses, assets, liabiliti...

Q: The following are the business transactions of Reyes Broiler farm for the month of March 2019.  Mar...

A:                                    Subsidiary books are special journals made due to voluminous tran...

Q: In Worldcom and Enron accounting scandal, they classified operating expenses as capital investments ...

A: Capital investments: It refers to the investments of funds in the capital assets that have an estima...

Q: Case scenario: You are a newly hired accountant for Sushi Beeber, Inc., a retail company specializin...

A:     (A) (B) (A x B) (C) (A x C)       Date Purchase/ Sale Units Purchase unit cost Purchase price ...

Q: ted in your firm's completion documentation:   (i)        You have heard rumours that Birham Ltd i...

A: A management representation letter is a standard letter produced by an organization's external audit...

Q: Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production cos...

A: Process costing refers to an accounting system which is used by manufacturing companies who are prod...

Q: 20. Record the entry for write-off $ By the end of the year (December 31st); total accounts written ...

A: Solution:- Given, MB inc., allowances for uncollectible accounts has a beginning balance of $6,500. ...

Q: t new customers and A company offers 0% credit for new purchases as a result increased or sales but ...

A: Companies provide the credit to customers this credit increase the sales of the company and but this...

Q: ENOLA HOLMES Company provided the following information at year end: Share premium Accounts payable ...

A: Shareholders Equity: It is important to understand that shareholders' equity (also known as corporat...

Q: "As of today, Americans live on average 20 more years after retiring, which calls for well-designed ...

A: Answer) The engineer is investing $ 10,000 each year for next 15 years Amount accumulated = Amount i...

Q: a. Define the audit evidence. b.Provide an example of proof derived from accounting records and othe...

A: Auditing is a logical process. Where an auditor is called upon to review the statements of account, ...

Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The ...

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

Q: Bramble Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock...

A: Treasury stock refers to such shares which were previously outstanding which have been bought back f...

Q: Stork Enterprises delivers care packages for special occasions. They charge $50 for a small package,...

A:                                             The sales tax is a type of indirect tax.  The seller col...

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: 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: Use the following to answer questions 26 – 27 The company invested $250,000 on October 1, 20X. 3.75%...

A: Simple interest is the interest without compounding and it is calculated based on the period and int...

Q: JFC Corporation values its inventory by using retail method:   1. How much is the ending inventory...

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

Q: Core Company reported the following increases (decreases) in the accounts for the current year: Cash...

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

Q: What amount should be reported as total assets at the end of the pe

A: Solution Concept Total asset includes current assets , property plant and equipment , intangible ass...

Q: Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Depa...

A: Solution: Cost reconciliation is statement that provides reconciliation of assignment of total cost ...

Q: EM owns 30% of MOCK's share capital. During the year to 31 December 2011, MOCK sold inventories at t...

A: As per the provision of IAS 28 Investment in associates, unrealised profit from the transaction betw...

Q: Chuzzle Company used the direct method to prepare the statement of cash flows. The e had the followi...

A: Solution: Cash balance is reported as a current asset on Balance sheet. It is computed by adding beg...

Q: Determine the net income of a company for which the following information is available for the month...

A: Salaries expenses = $198,000 Interest expenses = $28,000 Rent expenses = $38,000 Revenue = $472,000

Q: Carla Vista Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selec...

A: Journal entry: A Journal entry is the records of any transactions either economic or non-economic. A...

Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...

A: Share dividend does not include outflow of cash however it requires capitalization of retained earni...

Q: The following information is for ChiSox corporation DM 100 DL 80 Insurance - Factory 24 Insurance - ...

A: Conversion cost is the sum of all direct labor and manufacturing overheads.   In the problem above, ...

Q: Oscar Wylee Women Glass Ltd is a supplier of fashion women sunglasses. The audit report for the year...

A: For subsequent event audit, the main condition is whether the conditions existed as on the balance s...

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: An associate is an entity in which an investor has significant influence over the investee. Which th...

A: As per the provision contained in IAS 28 Investment in associates Associates define as an entity in ...

Q: An oil-drilling company must choose between two mutually exclusive extraction projects, and each req...

A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows) IRR is a rate at wh...

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: Martinez Shoe Sales has a January 31 fiscal year-end. At the start of the year, Martinez had 250 pai...

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The...

Q: A firm has daily cash receipts of P100,000. A bank has offered to reduce the collection time on the ...

A: In order to accept the bank offer, the business organizations firstly determines the net annual expe...

Q: On September 1, 2021, Evansville Lumber Company issued $80 million in 20-year, 10 percent bonds paya...

A: Discount Amortization=Amount of bonds issued×Rate of interest×Number of monthPeriod of issuance Prem...