entries

Q: Inc. and Life Co. have an exchange with no commercial substance. The asset given up by Love Inc. has...

A: Solution: Asset received in exchange will be recorded at book value of asset given up plus any cash ...

Q: Samgyup Company reported an impairment loss of P5,200,000 in its income statement for the year 2016....

A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...

Q: Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produc...

A: Inventory  refers to all the goods  and material  sold by the market to earn a profit.

Q: Andrea is depositing P4, 000 each month in an ordinary annuity that pays 2% interest compounded mont...

A: Monthly deposit amount (D) = P4000 Interest rate = 2% Monthly interest rate (r) = 2%/12 = 0.16666666...

Q: Rifle Co. is a distributing company selling toy guns to retailers at 10/15, 5/20, n/30 and it provid...

A: Answer) Under ageing of receivables method, the allowance for uncollectible accounts is calculated b...

Q: compute for the total amount of items that meet the definition of financial asse

A: Financial assets refer to those liquid assets of the company on which company have ownership right a...

Q: 3. A proposal to reduce oil spill on MX5 has a B-C ratio of 1.4. The conventional annual worth of be...

A: B-C ratio = 1.4 Annual net benefits (B) = P560,000 Interest rate (i)  = 6% Period (n) = 20 Years

Q: Net inc

A: Share in net income will be  For company S

Q: The property, plant and equipment account of Cuddle PH was revisited by its property officers. They ...

A: Loss from Derecognition = Cost of the assets - Accumulated Depreciation

Q: plz solve it within 30-40 mins I'll give you multiple upvote

A: Net Interest Margin: Net interest margin is a relative term that computes the gross interest income ...

Q: Meatballs Company purchased forest assets for a lump sum amount of P45,000,000 which is equal to the...

A: Biological assets are the living assets owned by the company. Such assets are valued at fair value o...

Q: On January 1, 2017, Jungkook Company purchased an equipment for P1,970,000. On this date, the equipm...

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

Q: In consolidated financial statements, it is expected that: A. Retained earnings equals to the sum o...

A: The answer for the multiple choice question and relevant explanation are presented hereunder : Conso...

Q: Sandhill Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,490...

A: A comparative income statement is an income statement that deals with and compares multiple periods ...

Q: Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehou...

A: Here, a. Additional Funds Needed =   Ao ×   ΔS/ So  -- Lo ×   ΔS/ So -- S1 × PM × b

Q: On July 1, 2020, Zelensky Company, a calendar-year company, purchased a machine for a cash price of ...

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

Q: Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format Income s...

A: Sales ratio   = 116,000 :58,000  = 2:1 when preparing contribution income statement the original var...

Q: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...

Q: Morgan Financial Services, Inc. was incorporated on January 1, 2021, with 300,000 no par value commo...

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

Q: Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate ...

A: Lets understand the basics. For calculating bond's current price, we will need to discount the cash ...

Q: Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding ...

A: Doubtful Debts- Doubtful debts are those debts which a company or entity is improbable to be able to...

Q: Required 1 Required 2 Compute the overhead volume variance. Indicate variance as favorable or unfavo...

A: Volume variance = (actual units produced - budgeted production units) x budgeted overhead rate per u...

Q: BolaBola uses different kinds of machines in its manufacturing process. The following information re...

A: There are two type of expenses which are being incurred by the business. One type of expenses needs ...

Q: A proposal to reduce oil spill on MX5 has a B-C ratio of 1.4. The conventional annual worth of benef...

A: Benefit to cost ratio = 1.4 Annual benefits (P) = P 560,000 Interest rate (r) = 6% Period (n) = 20

Q: Since 1989 Eastern European countries have moved from operating planned economies toward economies, ...

A:   Economy moving from a planned economy to a market economy is known as transition economy or transi...

Q: The following information has been gathered onthe costs and effectiveness of the two treatments, Aan...

A: Introduction:- A cost-effectiveness research looks at the costs of one or more medicines as well as ...

Q: P company bought 60% of common stock of S company on January 1, 20x4. On January 1 20x5, there was a...

A: A non-controlling interest, also known as a minority interest, is an ownership position wherein a sh...

Q: 0. Presented below is a list of items that may or may not be reported as inventory in a company’s De...

A: Solution Concept Goods on consignment is included in the inventory of the consignor Goods sold on in...

Q: QUESTION 6 Dew Drop Inn, Inc., has direct labor costs of $11 per hour, direct materials are $1 per r...

A: The whole cost is the total amount of money invested to achieve some type of outcome. Accounting-wis...

Q: Which of the following is correct? A. The noncontrolling shareholders' claim on the subsidiary's ne...

A: The question is related to Consolidation. 

Q: You are the cost accountant for Fashions, Inc. On July 31, 2002, a fire destroyed part of your compa...

A: The balances of WIP inventory, finished goods inventory and raw material inventory as on 30th June (...

Q: 24. On April 1, 2015, X Ltd. purchased a machinery for Rs.12.00,000. On Oct 1, 2017, a part of the m...

A: Depreciation shows the decrease in the value of assets. it gradually decreases the original cost of ...

Q: The master budget at Western Company last period called for sales of 226,000 units at $10.00 each. T...

A: The question is based on the concept of Cost Accounting.

Q: Explain how useful the price mechanism is in tackling the basic economic problem?

A: the main role of price mechanism in basic economic problem is allocate scare resources in market eco...

Q: Required information Problem 11-47 (LO 11-2) (Algo) [The following information applies to the questi...

A: S Corp are those corporations which get elected to pass the requirement of corporate income/ losses,...

Q: 231.89 264.3540 498 527.88 989 1038.45

A: The purchasing power parity (PPP) holds when the power of purchase of one unit of currency is exactl...

Q: Blaze Corporation allocates overhead on the basis of DLH and the standard amount per allocation base...

A: Standards are set in advance, from the standard set the actual performance are required to be measur...

Q: In 2020, Ted Baker had total assets of $510.31 million, of which $219.92 million were total noncurre...

A: Current Assets are those assets which provides economic benefits to the owner Upto a period of 12 mo...

Q: Sephora offers its customers a traveller's gift set as a premium in exchange for $ 40 if the custome...

A: Journal entry is the first step in the process of accounting, which is recording of financial data i...

Q: Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents. Their...

A: Adjusted Gross Income: Adjusted Gross Income (AGI) is characterized as gross pay short acclimations ...

Q: ze or false: A company is having economic problems and substantial doubt exists as to whether the co...

A: Solution Concept When there is a substantial doubt as to whether the company can continue as going c...

Q: Hawk Homes, Inc., makes one type of birdhouse that it sells for $30.00 each. Its variable cost is $1...

A: Disclaimer: Since you have put a multi-part question, we are providing you with the solutions to the...

Q: Preincorporation. Cummings, Okawa, and Taft arerecent college graduates who want to form a corporati...

A: Since a promoter cannot serve as an agent for an unidentified principle, he or she is individually a...

Q: Name three budget preparation approaches

A: Budget refers to a financial plan for a defined period prepared by an organisation consisting of est...

Q: Lucia Company has set the following standard cost per unit for direct materials and direct labor. Di...

A: For Ease , the below formula are written as per the terms given in the question  Material Price Vari...

Q: A. Luther was admitted to the Evergreen Partnership as a 25% partner. He contributed land with a fai...

A: A) Luther Tax Basis Partner tax basis is = Net value of the partner's contribution + share of liabil...

Q: Identify each of the following statements as elther true or false. a. It is good internal control fo...

A: the correct answer with proper explanation of above statement are as follows.

Q: 1. Compute the company's CM ratio and Its break-even polnt in unit sales and dollar sales. 2. The pr...

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

Q: ick the icon to view the information.) he requirements rement 1. Compute the actual and budge manufa...

A: In the given question overhead rate is calculated on the basis of direct Labor cost. Therefore overh...

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.