Determine if this shall result in recognition of liabilities 13. violation of the terms of a contract; it is more likely than not that there will be outflow of resources, amount of such outflow cannot be reasonably estimated a. yes b. no
Q: Jin Mai is in her second year at col housemates each pay one third of the utility bill, cable…
A: Total expenses refer to the sum of all gross cash expenditures plus any pending subsidiary items,…
Q: What's the breakeven point in sales units? What's the breakeven point in sales dollars?…
A: Break-even point = Fixed costs /Contribution margin per unit where, Contribution margin per unit =…
Q: You are the division president of Stable Division of Gigabit Inc. Your best friend is the division…
A: 1. Determination of cost allocation method for personal department. It would be appropriate to…
Q: Prepare general journal entries to record the four transactions and to adjust the Allowance for…
A:
Q: Compute Apex Company’s free cash flow for the current year. (Negative amount should be indicated by…
A: Free cash flow is calculated using the following formula: Free cash flow = Cash from operations -…
Q: Shown below are comparative statements of financial position for Blue Spruce Corporation. BLUE…
A: Cash flow statement- A cash flow statement is an important aspect of a company's financial…
Q: Allowance method entries The following transactions were completed by Wild Trout Gallery during the…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Empl Hrs OT Rate Gross FIT FICA Health Dental Net 0010 40 $15 $645 $57.00 $43.61 $15 $5 0011 40 8…
A: FIT represent the federal income tax which is withhold by the employer and deducted from the gross…
Q: The following information pertains to Sandhill Corporation. 1. Balance per bank, July 31, $8,802.…
A: BRS stands for Bank reconciliation. BRS is a statement that is prepared to reconcile the balance as…
Q: La Barte Company manufactures commuter bicycles from recycled materials. The following data for July…
A:
Q: A plant asset acquired on October 1, 2022 at a cost of $1,008,000 has an estimated useful life of 10…
A: Solution: Cost of plant asset = $1,008,000 Salvage value = $63,000 Useful life = 10 years Annual…
Q: Question 12 Marketable securities refers to medium-term money market instruments and non- trading…
A: Marketable securities refers to the securities which can be easily converted in to cash and are held…
Q: for team cessing Payaman company, a service company. The chart of account includes: following mplete…
A: A T Account is nothing but the general ledgers of the financial statements. They are called T…
Q: Consider a generating function that represents the number of ways to select laptops. That is the…
A: Given that there are 6 laptops and they are sold in pairs only. Therefore, Number of ways to select…
Q: On December 31, 2021, the Allowance for Doubtful Accounts has an unadjusted debit balance of $1,020.…
A: Estimated uncollectible accounts = Accounts receivable x uncollectible % Bad debts expense =…
Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell…
A: Under LIFO Method, Using perpetual inventory system, Cost of goods sold and value of ending…
Q: On January 2, 2021, Power Company acquired 90% of the outstanding shares of Solar Inc. at book…
A:
Q: During June, Tarras Corporation plans to serve 46,000 customers. The company uses the following…
A: Planning budget is preparation of the budget based on the estimated cost. The purpose of preparation…
Q: Blackmon Corporation’s December 31, 2018, balance sheet disclosed the following information relating…
A: A journal entry is being used to record any business transaction in a company's accounting records.…
Q: When fixed costs are $18,000 and the contribution margin per unit is $4, the breakeven point is
A: Breakeven point is the point at which total revenue is equal to total costs. It is calculated as:…
Q: The following summarized manufacturing data relate to Lucas Corporation's April operations, during…
A: Variance analysis involves determining the deviations by comparing the actual and the standard…
Q: 212 salaries payable Expenses 511 salaries expense 512 advertising expense 513 rent expense 514…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: chased 1,200 of the 100,000 outstanding shares of M 0 commission. total earnings for the period are…
A: Baston Co purchased 1,200 shares of Micheal Corp that has 100,000 outstanding shares . Baston Co…
Q: Familiarization of investment types. Identify keywords if it is; Deposit Fund Bond Stock Property 1.…
A: 1. Collateral - deposits 2. Shareholder - fund 3. Creditor - bond 4. Debtholder - bond 5. Equity -…
Q: You are to enter the following items in the books of K-Mart Limited. July 1 Balance brought forward…
A: In the context of the given question, we need to enter those items in the books of K-Mart Ltd. So,…
Q: What is the sales revenue to be reported by the entity for the year ended December 31, 2020?
A:
Q: Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is…
A:
Q: Dec 1 Purchased P1,250,000 inventory on account. Dec 3 Received P200,000 from a lessee as an advance…
A: Basic Accounting Journal Entries Current Liabilities Extract from Balance sheet as required
Q: Selected balance sheet accounts for Tibbetts Company on September 30, 2019, are as follows: $ 48,000…
A: Working capital means difference between total current assets and total current liabilities. It is…
Q: Leverage is the extent to which a company is using the funds provided by its shareholders to…
A: 1. Leverage specifies the use of various financial instruments or borrowed capital which aims to…
Q: completed the following transactions in the month of June. Using the following transaction
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: During 2020, BLACKPINK INC. incurred costs to develop and produce a routine, low-risk computer…
A: For computation of inventory to be reported in December 31, 2020 balance Completion of detailed…
Q: Direct labor 17 per unit 11 per unit 24 Direct materials Overhead Total variable overhead Total…
A: Formula: Product cost under absorption costing = Direct materials + Direct labor + Variable overhead…
Q: The following data relate to the direct materials cost for the production of 1,800 automobile tires:…
A: Material price variance = (Actual price per lb - Standard price per lb)*Actual quantity purchased…
Q: You have taken a loan of $88,000.00 for 30 years at 4.1% compounded quarterly. Fill in the table…
A: Solution:- Given, Loan = $88,000 Life time = 30 years Compounded quarterly at 4.1%
Q: 1: What problems do you see when an auditor relies extensively on management’s representations on…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: B. PROJECTED INCOME STATEMENT Tamacti Designs, Inc., expects sales during 2022 to rise from the 2021…
A: Lets understand the basics. Income statement is prepared by the management to understand the true…
Q: On June 1, 2021, Conundrum Company purchased at 101 a $300,000 face value bond paying 6%, with…
A: The debt is the type of securities issued by the corporation to raise funds. The company pays a…
Q: . Describe three reasons that a Bank Reconciliation Statement should be done
A: Bank Reconciliation Statement: Bank reconciliation statements describe banking and business…
Q: i. Describe three (3) techniques of constructing accounts from incomplete records i1. The following…
A: From incomplete records we can construct or prepare accounts using the following techniques…
Q: If a customer buys good or services amounting to R3 000 from a business that uses only traditional…
A: Since 'R' is a currency denomination here, it is a South African indirect tax (VAT) based question.…
Q: The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following…
A:
Q: A zero coupon bond will be worth $15,000 when it matures and redeemed after 10 years. How much would…
A: This question requires us to calculate Present Value of a zero coupon bond which will be worth $…
Q: Sana Rosa Furniture Company manufactures designer home furniture. Sana Rosa uses a standard cost…
A: Standard cost per dining room table = $ 218.50 Part b) A standard cost system provides Rosa…
Q: Tomatsui Company provided the following annual data: Sales P3,500,000 Cost of Sales P2,275,000…
A: Incase of calculation of minimum cash balance there is a simple way to calculate exactly how much…
Q: The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of…
A: b. As Taurin distributes only cash, accounts receivable, and inventory, and the adjusted bases of…
Q: 3. Nicanor sold his residential lot located in Iloilo City. The Deed of Absolute Sale is dated…
A: Due date of Payment of Capital Gain Tax Due date of Payment of Stamp Tax
Q: Please give solution to this #1 Total cost of the work in process at the end using Average Method…
A: As per the weighted average method Weighted average method takes cost of both prior period and…
Q: bbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from…
A: The variance is the difference between standard data and actual production of the business.
Q: Deita Corporation has paida total of P 2008. On Decomber 31, of the same yoar, thero were accrued…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Determine if this shall result in recognition of liabilities
13. violation of the terms of a contract; it is more likely than not that there will be outflow of resources, amount of such outflow cannot be reasonably estimated
a. yes
b. no
Step by step
Solved in 3 steps
- Determine if this shall result in recognition of liabilities 14.Violation of the terms of a contract; it is less than probable but more than remote that there will be outflow of economic benefits a. yes b. noDetermine if this shall result in recognition of liabilities 15.Violation of the terms of agreement and, as a result, it is not likely that there will be outflow of economic benefits a. yes b. noWhich statement is true when the outcome of construction contract cannot be estimated reliably? a. Contract costs shall be recognized as an expense in the period when incurred. b. Revenue shall be recognized only to the extent of contract costs incurred that is probable will be recoverable c. All of these statements are true. d. An expected loss on the construction contract shall be recognized as an expense immediately.
- Which statement is incorrect in the measurement of a provision? *a. The risks and uncertainties that inevitably surround many events and circumstances shall be taken into account in reaching the best estimate of a provisionb. Where the effect of the time value of money is material, the amount of a provision shall be the present value of the expenditure expected to settle the obligationc. Future events that may affect the amount required to settle the obligation shall be reflected in the amount of the provision where there is sufficient objective evidence that the future events will occurd. Gains from expected disposal of assets shall be taken into account in measuring a provisionWhich of the following does not require disclosure in the financial statements? There is a present obligation that probably requires an outflow of resources that can be measured reliably. There is a present obligation that probably requires an outflow of resources but the amount cannot be measured reliably. There is a possible obligation or a present obligation that may, but probably will not require an outflow of resources There is a possible obligation or a present obligation where the likelihood of an outflow of resource is remote.Which of the following does not require disclosure in the financial statements? choices: There is a present obligation that probably requires an outflow of resources that can be measured reliably. There is a present obligation that probably requires an outflow of resources but the amount cannot be measured reliably. There is a possible obligation or a present obligation that may, but probably will not require an outflow of resources There is a possible obligation or a present obligation where the likelihood of an outflow of resource is remote.
- True (t) or False (f) _____ Contingent liabilities should be recorded in the accounts if there is a remote possibility that the contingency will actually occur)When it is probable that total contract costs will exceed total contract revenue, how shall it be accounted for? Group of answer choices The expected loss shall be recognized as an expense immediately only when the outcome of a construction contract cannot be estimated reliably. The expected loss shall be recognized as an expense immediately regardless of the certainty or uncertainty of the outcome of a construction contract. The expected loss shall be accounted for based on company’s policy. The expected loss shall be recognized as an expense by reference to the state of completion of the contract activity at the end of the reporting period when the outcome of a construction contract cannot be estimated reliably. PreviousNextWith reference to IAS 37, identify the correct statements from the following: I. A contingent asset should be disclosed by note if an inflow of economic benefits is probable. II. Contingent assets must not be recognised in financial statements unless an inflow of economic benefits is virtually certain to arise. III. No disclosure of a contingent liability is required if the possibility of a transfer of economic benefits arising is remote. a- I, II and III b- I and II only c- II and III only d- I and III only
- Which of the following statements is false?a. A contingent liability should be disclosed in the notes to the financial statements if thereis a reasonable possibility that a loss (or expense) will occur.b. All contingent liabilities should be reported as liabilities on the financial statements,even those that are unlikely to occur.c. A contingent liability is a potential obligation that depends on the future outcome of pastevents.d. A contingent liability should be accrued if the loss is probable and the amount of theloss can be reasonably estimated.S1: One characteristic of an insurance contract is to transfer insignificant risk from the policyholder to the issuer. S2: Under the general model of PFRS 17, a group of insurance contract is initially measured at the fulfillment cash flows and the contractual service margin.A. Both statements are correctB. Only S1 is correctC. Both statements are incorrectD. Only S1 is incorrectA negotiable instrument payable to the order of Dora, the rat killer is aA.) An order instrumentB.) Non-negotiable instrumentC.) Bearer instrumentD.) Void instrument