Determine the exact simple interest on P500,000 invested for the period from January 15,1996 to October 12,1996, if the rate interest is 9.8%.

Q: When the interest payment dates of a bond are May 1 and November 1, and the bond is issued on June 1...

A: The bond interest expense will recorded for date of bond issuance to date of financial year.   When ...

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A: The historical cost of the machinery include purchase cost & all expenses incurred like freight,...

Q: Which among the following reports bears correct date/period?

A: Statement of financial position is the summary of assets and liabilities as at a particular date. Th...

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A: Income statement refers to a statement which shows the revenue and expense of the company of a parti...

Q: ABC Company was engaged in leasing machinery. The following were obtained from the incomplete record...

A: Accrual system of accounting means where the cash received or paid is not important but the income a...

Q: A, B and C are partners sharing profits and losses in the ratio of 3:2:1 after the bonus (20% of net...

A: Lets understand the basics. Partnership is an agreement between two or more person who works togethe...

Q: Lala Company reported the following information in 2021: ·       Sales revenue- P500,000 ·       C...

A: Answer) Total Comprehensive income before tax includes all Operating and non-operating incomes net o...

Q: Lilo started operating a service proprietorship on April 1, 2021 with an initial cash investment of ...

A: Introduction:- Cash basis accounting:- Under this method. revenues recognized when cash is received,...

Q: o a.) The decision as to whether to sell the Western House should be made by comparing the investor'...

A: Calculation of discounting factor : Year 1 = 1( 1+ 0.08  )1 = 0.926  Year 2 = 1( 1+ 0.08  )2 = 0.85...

Q: A manufacturer gives warranties at the time of sale to purchasers of its product. Under the terms of...

A: The answer is stated below:

Q: hat are the basic concepts and techniques of financial management and their relevance in measuring t...

A: Solution Concept Financial management                 Financial management deals with the management...

Q: Average Cost per Unit Direct materials Direct labor Variable manufacturing overhead Fixed manufactur...

A: Introduction: Variable cost: Variable cost is not fixed in nature. It varies according to the change...

Q: Prepare adjusting entry for October 31. Show computation. A bank loan amounting to P100,000 was obta...

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is pr...

Q: On July 1, 2002, TJR issued 2,000 of its 8 percent, $1,000 bonds for $1,752,000. The bonds were issu...

A: Solution Given Face value 2000000 Coupon rate 8% Issue price 1752000 Yield 1...

Q: Green Craft Inc. uses a process costing system (weighted average method) and has two processing depa...

A:

Q: total tax expense?

A: Tax rate 30 % for 2020 year And 25 % for 2021 year Total tax expense as follows

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A: Journal entries is a tool for recording business transactions into accounting records. A bank reconc...

Q: . In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021 i...

A: Solution: Property taxes are paid for whole year in Jan'21, however its benefits will be available f...

Q: INCOME STATEMENT JUST STUFF, INC. FOR THE YEARS ENDED DEC. 31 2019 & 2020 2020 P2200.000 2019 Sales ...

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...

Q: mart of Accounts X Instructions Garcia Associates Co. On February 14, Garcia Associates Co. paid $2,...

A: Transactions are recorded on day to day basis is known as journal entry.

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A: Cash flow statement (CFS) is a financial statement which shows the flows of cash and cash equivalent...

Q: THRALL SUAVE Company made the following erron Denumber 31 Pox1 inventory was understated by P100,000...

A:

Q: Average Cost per Unit $6.55 Direct materials Direct labor Variable manufacturing overhead Fixed manu...

A: Variable cost: Variable cost means cost which vary with the every units. It increases/decreases with...

Q: Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For the year...

A: Professional Fees earned on accrual basis = Beginning Balance of Unearned Professional fees + Cash P...

Q: find his balance as of April 30.

A: Balance at bank at any point means at particular date is determined after taking various things into...

Q: . ABC Company was engaged in leasing machinery. The following were obtained from the incomplete reco...

A: Solution: Total collection of rent = Accrued rent income Dec 31, 2020 + Rent income recognized - Acc...

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A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: The senior partner of an accounting firm islooking for ways to increase the firm’s business. Whatoth...

A: Traditional accounting (also known as "accrual basis" accounting) calculates profits based on when i...

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A: Under absorption costing, fixed manufacturing overhead is treated as product cost. Under variable co...

Q: Below are DCI & Co.’s transactions for the third quarter: ·       Payment of quick response insuran...

A: Solution: Insurance premium is for whole year, therefore it should be recognized equally in each qua...

Q: According to the RUPA, a new partner is admitted to a partnership if a majority of the partners cons...

A:  According to partner ship act 1932,A partner can admitted only with the consent of all partners unl...

Q: PROBLEM 10 The controller of Palma Company is examining the following budgeted and actual income sta...

A: Lets understand the basics. Sales price variance is a variance between the budgeted rate at which it...

Q: The assets and liabilities of Rocky's Day Spa at December 31 and expenses for the year are listed be...

A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization ...

Q: On April 1, Year 1, Greenway Corporation issues $20 million of 10%, 20-year bonds payable at par. In...

A: Bonds means an instrument issued by company acknowledging the debt due from company to bond holder. ...

Q: The following information has been obtained for Sheridan Corporation. 1. Prior to 2020, taxable inco...

A: Introduction:- Individuals or enterprises (taxpayers) pay an income tax depending on their earnings ...

Q: Davis Corporation uses the weighted-average method in its process costing system. This month, the be...

A: Introduction:- The sum of material costs for the initial work in progress inventory plus the cost of...

Q: services com rnal auditors presented the

A: Control environment component. Monitoring activities component. Control environment component. Exist...

Q: The Southern Corporation manufactures a single product and has the following cost structure:      ...

A: Absorption costing, also known as "full costing," is a management accounting method that accounts fo...

Q: Presented below is selected information pertaining to the Cone Company: §  Cash balance, January 1,...

A: Net income means the income left after deducting all expenses and including all income whether opera...

Q: The journal entry to record a particular business transaction includes a debit to a liability accoun...

A: A journal entry is used to document a business transaction in the accounting records of a company. A...

Q: 5. Amanufacturer has been shipping his product (moderately heavy machines), mounted only on skids wi...

A: The main motive of every business organization is to deliver their product from that mode of transpo...

Q: Cash received from long-term notes payable Purchase of investments $ 44,000 11,100 Cash dividends pa...

A: Cash flow from financing activity includes transactions concerned with the funds available in the en...

Q: summary of cash flows for Linda's Design Services for the year ended December 31 is shown below. Cas...

A:

Q: During 20X1, Blue Corporation sold products for $2,500,000 (gross amount) with the sales returns and...

A: Multiple-Step Statement of Comprehensive Income: Profit and loss statements that are divided into tw...

Q: Bella Sandino paid 9% interest or loạn. Based on 1 year: a. What was the amount of inter Interest pa...

A: The question is based on the concept of Financial Management.

Q: 10. Mabanglo charges manufacturing overhead to products by using a predetermined appiication rate, c...

A: Predetermined overhead rate = Budgeted overhead cost/Total budgeted machine hours  It is pertinent t...

Q: lassify information (1-5) according to its source (that is evidence obtained directly by the auditor...

A: solution concept source and reliability of audit evidence                 The reliability of the aud...

Q: Define and explain the importance of ‘Too Big to Fail’ and ‘Venture Capital Fund’

A: Too Big to Fail: It is said that a corporation or business sector is "too large to fail" when it is ...

Q: Gangnam Corp is engaged in a small export business. The company maintain limited records. Most of th...

A: Net Purchases = Cash purchases + Cash payment to trade creditors - Decrease in Accounts payable - De...

Q: hy do fine dining establishments must have very high markups over the cost of their foods? Is it pos...

A: Solution Concept Markup : mark up is the amount of profit which means the addition to cost , it is c...

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.