each of the following, give two examples of physical control that the client can use to protect the asset or the record: 1. Small Tools Inventory 2. Blank Checks or checkbooks 3. Previous years transaction, accounting records and documents

Q: What amount of liability would the company report on its statement of financial position at the end…

A: $6,500,000 + (50,000 X $200) - $7,500,000 =$9,000,000

Q: What impact may the change of accounting standards have on the accounting profession and annual…

A: Accounting standards are those standards that are followed by all the companies to prepare…

Q: In December 2021, Belarmino Company began including one coupon in each package of candy that is…

A: The bad debt expense is estimated on the basis of past experiences and number of units sold during…

Q: 4.) Compute for the Settlement Amount Yield: 5% Coupon Rate: 4% Term: 3 Yrs Frequency: Semi-Annual…

A: Bond Valuation Bond can be valued either par value or in discount value or in premium as well.…

Q: Melissa reviewed her six-month plan for Orchard Creek's Children's Accessory Department, including…

A: A purchased budget prepared by a retailer for the inventory orders in the future for a specific…

Q: The University of Cincinnati Center for Business Analytics is an outreach center that collaborates…

A: Fees for the Symposium = $70 per person Rental cost for auditorium = $150 Registration processing…

Q: Kevin owns a small business and uses his vehicle for personal and business use. He drove his car a…

A: Business percentage use=Business milesTotal miles×100

Q: To arrive at the accumulated taxable income, which of the following items does not represent a…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Manny Company uses many kinds of machines in its operations. The following information relates to a…

A: Any cost that will have economic life in future and last for more than a year should be capitalized.…

Q: Zigwell Manufacturing spent an average of $18 per order to issue 30,000 purchase orders last year.…

A: Formula for total purchasing cost Average cost per order × Number of orders

Q: Interperiod Measurement of Productivity, Profit-Linked Measurement Helena Company needs to increase…

A: The profit-linked productivity measure can be defined as the measure of change or effect on the…

Q: During 2012, Honey company purchased marketable equity securities  for P3,700,000 to be held as…

A: The unrealized loss is a loss that is recorded by the company when the market value of the…

Q: Obj. 5 Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial…

A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…

Q: 3) Mann Company reported on June 20, 2015 a 10% note payable in the amount of Php 3,600,000. The…

A: Calculation of balance of note payable as on 30 June 2016: Amount of note as on 01 Oct 2014 =…

Q: On December 31, 2017, ABC Company had P1,000,000 of short term notes payable due February 7, 2018.…

A:

Q: Greiner Company makes and sells high-quality glare filters for microcomputer monitors. John Craven,…

A: The budgets are prepared to estimate the sales revenue, production units, materials purchases or…

Q: Leni Company incurred the following costs during the current year: 10,000 10,000 Option fee for land…

A:

Q: Haystalk Company issues 4,000 shares of restricted stock to its CFO, Corn Needle, on January 1,…

A: Total par value of 4000 shares  = 4000 shares ×$5 =$20000

Q: On December 31, 2016, Agro Company agreed to the following modification of its existing liability:…

A: Debt restructuring is a technique under which the terms of the loan are changed by the consent of…

Q: The day count convention used in PH Bond Market 30/365 Actual/365 30/360

A: 30/360 is the correct answer. The Day count convention is called Day Count Fraction and in laymen's…

Q: FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high…

A: The direct materials budgets are prepared to record the estimate the requirements of the materials…

Q: Selected comparative statement data for Oriole Company are presented below. All balance sheet data…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: Dohini Manufacturing Company had the following 12 months of data on purchasing cost andnumber of…

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

Q: Aguas Company produces tables. The following data apply for the month of March: Raw materials…

A: A journal entry is being used to record a business arrangement in a corporation's accounting…

Q: A building (a Section 1231 asset that is also a Section 1250 asset) was purchased on March 10, Year…

A: Depreciation is an accounting method for dispersing a tangible or physical asset's cost over its…

Q: Montana co has determined its year end inventory on a fifo basis tp be 635000. info pertaining to…

A: As per IAS 2 , Inventories  Inventory is to be valued at lower of cost and Net realizable value.

Q: The stockholder's equity section of the balance sheet contains. .common stock .preferred stock…

A: Shareholders Equity Shareholders equity which includes both preference shares and equity shares and…

Q: 1

A: An income(sum of all total income) that can be received by a person in a full year is termed gross…

Q: 1. Presented here are the components in Sanders Company's income statement. Determine the missing…

A: As requested to answer C& D so we are answering only C& D parts.

Q: lassification of Balance Sheet Accounts Match each account (#1 to#16) with the proper balance sheet…

A: Financial statement means the statement which include the income statement and the balance sheet.…

Q: June 1 Invested P 90,000 in the dance studio 2 Paid P10,000 for three month's rent in advance 3…

A: Journal is a book in which all financial transactions of the business are recorded. Journal is a…

Q: Virtual banks are subject to the same set of supervisory requirements applicable to conventional…

A: Virtual banking is the act of gaining online access to banking organizations and their services…

Q: On Jan 1, 20X1, ABC Corp received a P450,000 3-year note from a customer. The principal and interest…

A: Note receivable is one of the current asset of the business. It means note for which amount of cash…

Q: Corporation makes a product with the following standard costs:     Standard Quantity or Hours…

A: Variable overhead efficiency variance = (Standard hours - Actual hours) x Standard rate The total…

Q: ABC Co. was incorporated in Canada in 2015, however, it never did business in Canada. It had a…

A: A Canadian-resident corporation is subject to provincial or territorial corporate income tax if it…

Q: Receipts from contracts are credited to unearned service contract revenue.

A: Fajardo Company First Year Contract       :                   200,000 ( 500,000*40% ) Second Year…

Q: A gain on the disposal of an asset indicates that the asset was sold for more than Its fair value.…

A: Lets understand the basics. When there is sale happens of asset then there is profit or loss arise.…

Q: Question 26 Metropolis National Bank Assets Liabilities Reserves $60,000 Deposits $500,000 Loans·…

A: Bank's required reserves is the minimum cash/amount the bank should hold in hands. The explanation…

Q: Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) (The…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: depreciation) totals $1 2,000 on July 31, Year 3. on and answer in the bOx For

A: It is given that the property sold for the amount $120,000.

Q: Earnings per share Financial statement data for the years 20Y5 a

A: It is abbreviated as Earnings Per Share (EPS), which is the segment of a firm's total benefit that…

Q: Explain and describe the various costing methods used in management accounting

A: There can be several types of costing methods that are used in Managment accounting that help and…

Q: Transaction + Stockholders' Equity Assets Liabilities %3D The owners invested $17,160 cash into the…

A: The accounting equation is: Assets = Liabilities + Stockholders' equity   In the given question, the…

Q: Tenner worked for Big Corp as an intern in the research and development department. The last day of…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The following information was taken from the balance sheet of Aglugub P 13 250 Accounts Payable P 25…

A: The working capital is calculated as difference between current assets and current liabilities.

Q: Cost of Goods Sold $ 164,000 Income Tax Expense Merchandise Sales (gross revenue) for Cash 238,000…

A: Formula: Gross profit = ( Gross profit / net sales ) x 100

Q: 23. Depositors can bave_accounts in a licensed bank in Hong Kong. B. savings A. current C. time…

A: Efficient market hypothesis is the hypothetical theory which helps the investors in estimating the…

Q: Direct Materials Purchases Budget FlashKick Company manufactures and sells soccer balls for teams…

A: Following calculation is required for January and February Direct materials purchases: Note: In the…

Q: Faith Company issued 5500 convertible bonds on January 1, 2019. The bonds have a three-year term and…

A: As Given in the question Faith Company provided 5,000 convertible notes due on January 1, 2019. The…

Q: Selected accounts are listed below. How much is the firm's operating income? accrued payroll $2,000…

A: Operating income is one of the measure of profitability of the business. This is calculated by…