Differentiate Private from Public Accountants?
Q: value of each of the following streams of payments? c. $35 a year for 7 years compounded annually at...
A: Here future value can be calculated as follows = P x (1+Rn-1)/R
Q: Reuben Company retires a machine from active use on January 2, 2019, for the express purpose of leas...
A: Solution Net income refer to the amount an individual and business makes after deducting costs , a...
Q: 4. Estrada V. Escritor sells on terms 3/10, net 30. Total sales for the year are P2,539,130. Forty p...
A: Accounts Receivables: Accounts receivables, shortened as AR or A/R, are legitimately enforceable cas...
Q: Win Corporation is considering to replace its old equipment with a new one. The old equipment had a ...
A: The net amount of investment is equal to original amount of investment minus cash inflow at the time...
Q: 3. Consider the following two statements concerning share issues: Statement (1): Retained profits a...
A: Retained earnings is the profit retained in the company after paying dividend to its shareholders. I...
Q: a) Calculate the contribution margin per unit. b) Calculate the number of units Beauty Supplies Comp...
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Q: for the Compute following (show your solution): 1. Total Current Assets 2. Total Non-current Assets ...
A: Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the balance ...
Q: Pricing Plan 1 - $30 per person (a special pack will be included) Pricing Plan 2 - $25 per visitor (...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Assume markup is based on cost. Find the dollar markup and selling price for the following problem. ...
A: Sale price means the price at which an item is sold out. It can be found out by adding markup or pro...
Q: Sawi Ak Co. acquires copyright from authors, paying advance royalties in some cases and in others, p...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: Safety Hospital purchased a new MRI equipment. The cost is $450,000.00. Charges to install the equi...
A: Cost = $450,000 Installment cost = $50,000 Useful life = 5 Years
Q: Win Corporation is considering replacing a machine with a book value of P400,000, a remaining useful...
A: The net investment required to replace the existing machine will be difference of value of new machi...
Q: A company is planning to undertake an investment project. The following data have been calculat two ...
A: Answer:- Static payback period: It is the duration that is required by any project to cover the init...
Q: Iniwan had P600,000 in cash basis pre-tax income for 2020. The following information pertains to Ini...
A: Cash basis is the method of accounting in which which records expenses and income only on the basis ...
Q: The primary financial statements prepared for a sole proprietorship are the income statement, statem...
A: Solution: There are 4 main financial statements: 1. Income Statement 2. Statement of changes in equi...
Q: COMPLETE THE FOLLOWING JOURNAL ENTERIES FOR SAFETY HOSPITAL FOR 2021 a. January 31 - Purch...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: ccounts for January, the amount to be accrued for wages would be: a. $500 b. $1 000 c. $1 500 d. $2 ...
A: Given that, For a 5 day work week, wages is $2500 That implies, for one day = $2500/5 = $500 The pay...
Q: 5. Regarding the Board of accountancy, provide the following information: 1. Composition 2. Nomi...
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for...
Q: Subject- Audit SUMMARIZE THE CORE ISSUES for the following topic:- • ISA 510, Subsequent Events
A: Introduction:- The auditor's responsibilities in relation to opening balances in an initial audit en...
Q: EXHIBIT 25-2 The Exemption Equivalent Year of Transfer Gift Tax Estate Tax 1986 $500,000 $500,000 19...
A: Solution Estate tax is a tax on your right to transfer property at your death.
Q: Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcomi...
A: Predetermined overhead rates are used to allocate indirect costs. Alternatively, activity-based cost...
Q: equipment this month is $300. The necessary adjusting entry will include
A: Solution: Adjusting entries are those entries which are made to match the revenues or expenses to th...
Q: A firm has a P/E ratio of 18 and a ROE of 13% and a market to book value of __________. a.0.64 b...
A: P/E ratio = 18 ROE = 13%
Q: For the following, prepare a correcting entry, showing your work. Your final answer must be ONE jour...
A: Promissory Note: A promissory note is a marked record containing a composed guarantee to pay an expr...
Q: Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: ...
A: Cash flow from operating activity indicates cash inflow and outflow of business operations. It can b...
Q: Required: 4. Using the high-low method, calculate Camp Rainbow's total fixed operating costs and var...
A: 4. Variable Operating cost per child = (Highest activity cost – Lowest activity cost)/(Highest activ...
Q: Where are only a proportion of a subsidiary's shares owned by a parent entity? What proportion of th...
A: Intragroup transactions are those financial as well as commercial transactions which includes two co...
Q: Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrint...
A: The question is based on the concept of Financial Accounting.
Q: On January 1, 2019, Kyle company established a share appreciation rights plan to key employees whe...
A:
Q: The stockholders’ equity of Summit Corporation at January 1 follows: 7 Percent preferred stock, $10...
A: answers Journal entries, ledger accounts an stockholders equity account is as prepared below: ...
Q: 2. Mala-Inse Company needs P5,000,000 short-term credit for 90 days. To produce the amount, the comp...
A: Financing cost: It refers to the cost of raising funds for the business including flotation costs, l...
Q: Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions list...
A: Daily Allocation and Specific Identification methods are used to calculate income allocation among t...
Q: Herbert and Ireneo are partners sharing profits and losses in the ratio of 60 % and 40% , respective...
A: When a new partner is admitted into a partnership firm then the profit sharing ratio of the existing...
Q: The stockholders’ equity section of Day Corporation’s balance sheet at January 1 follows: Common st...
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued i...
Q: Assume Jack and Jill, 25 and 75 percent shareholders, respectively, in UpAHill Corporation, have tax...
A: Tax is the amount that is charged by the government from the organization and individuals on the inc...
Q: An account had a balance of P7,000 and paid P3,500 on the November 7 due date. A purchase of P2,000 ...
A: A finance charge is any fee levied on a loan. The finance charge is the total amount of interest bil...
Q: effective interest rate
A: Formula: effective interest rate= [1+ interest rate/period)^ period]-1 *100
Q: 24. Pinaasa Company had total assets of P4,000,000 and shareholder’s equity of P2,080,000 at the beg...
A: Shareholder's Equity refers to Sum of Share capital like preferred stock, Common stock and Retained ...
Q: Prepare the stockholders' equity section of the Fremantle Corporation's balance sheet. 8 Percent pr...
A: The stockholders equity section consist the detail of the shares, excess over par value and retained...
Q: The operations vice president of Security Home Bank has been intelested IN has been particularly con...
A: Solution: First stage allocation under activity based costing is distribution of cost to different a...
Q: .Mala-Prohibita Company has annual credit purchase of ₱720,000 with a usual term of 3/10, net 35. Th...
A: Credit terms of 3/10,net 35 means that the customer is eligible for discount of 3%,if payment is m...
Q: Maintenance cost at 7,200 machine hours = Variable cost + Fixed cost = (7, 200 x $3) + $30,000 = $51...
A: The question is based on the concept of Cost Accounting.
Q: Determine the cost of goods sold under LIFO:
A: Answer Cost flow statement using LIFO Cost of Goods Available for Sale Cost of Goods Sold...
Q: Problem #7: Operating Budgets Marker Products, Inc. sells all of its products on credit. The compa...
A: The budget is prepared to record the cash collection made during the period.
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...
A: Solution Formula Predetermined overhead rate is an allocation rate that is used to apply the estima...
Q: The following balances were reported by Nagpapangap Company on December 31, 2020 and 2019: 2020: Acc...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: Macy's was selling Calvin Klein jean shirts that were originally priced at $41.00 a. What was the am...
A: Amount of markdown is the difference between original selling price and actual selling price. Markdo...
Q: (a) Determine the present value of minimum lease rental payment
A: Lease liability refers to obligation of the company requires to pay periodic lease payment on the le...
Q: heese). Each unit produced will require 0.50 direct labor hours at a cost of $10.00 per hour. Variab...
A: Standard costs are estimates of the cost of goods sold, or the cost of producing your items. They ar...
Q: 7. In 2020, Lihim na Pagtingin Designs Corp. sold a layout design to Masaya Inc. and will receive ro...
A: Revenue - Revenue is the income earned during the financial year. It is not on the receipt basis it ...
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- Are accountants and auditors moral agents of corporations and society? Explain.Why is the public’s image of the accounting profession important and how does Ethics for Accountants affects that public image?Explain the relevance of law to accountants in their capacity as third parties acting for/on behalf of organizations. Include any ethical factors that might need to be considered.
