Explain Doctrine Separate Legal Entity

Q: Rooney Electronics is considering investing in manufacturing equipment expected to cost $330,000.…

A: The question is based on the concept of Financial Management. As per the Bartleby guidelines we are…

Q: What are the similarities in calculating the cost of materials used in production, the cost of goods…

A: Cost of the materials used in production: This is the additional amount of material put in the…

Q: In providing accounting services to small businesses, you encounter the following situations.…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: Teddy Co plans to buy a new machine to meet expected demand for a new product, Product T. This…

A: Answer-  Part 1 -  Calculation of NPV - Nominal discount rate using Fisher effect: 1.057 x 1.05 =…

Q: HET purchased 80% of the 10,000 outstanding shares LNET had on Jan. 1, 2019 for $300,000 cash. On…

A: In this question, We will find total acquisition differential on January .1, 2019.

Q: ABC Company started its business operations on November 2, 2021. The following were the transactions…

A: Owner Capital means the amount that belong to the owner of the business. Any profit will increase…

Q: Accounting being an information system follows basic accounting concepts or principles also known as…

A: Solution 1: False, Accounting being an information system follows basic accounting concepts or…

Q: Which of the following statements is correcT? Multple Cholce An endorsement is a written…

A: Endorsement means transfer of check to another person . The person who is transfer the check will…

Q: itor needs to obtain an understanding of the overall internal control of a company, the auditor…

A: Auditor refers to the individual or an entity whose job is to check and collect all the data and…

Q: Identify two parties other than Ramos who can be harmed by this theft. In what ways can they be…

A: Steve Ramos owns apartment buildings in Baguio City, and Tagaytay City. Each property has a manager…

Q: ABC Company, a computer repair shop provided the following information at the end of its first month…

A: The income statement shows the net income or net loss that is calculated by deducting the expenses…

Q: On December 31, 2020, Sack Port Ventures Inc. borrowed $103,000 by signing a four-year, 8.0%…

A: Formula: Amount of principal in each payment = Total borrowed amount / Number of years of the note

Q: Galaxy Sports Inc. manufactures and sells two styles of All Terrain Vehicles (ATVS), the Conquis-…

A: The contribution margin can be stated on a gross or per-unit basis. It shows the additional money…

Q: In June 2021, A.B. Malinaw established a photography business. Transactions that transpired during…

A: Transaction No.  Assets      =   Liabilities      +   Equity   Cash   Accounts Receivable   Photo…

Q: A company records its various business transactions in the book of original entries using various…

A: Various transactions are evidenced by various documents.  Like, sales are evidenced by sales…

Q: Dominador's Pizza Inc. enters into a franchise agreement on December 31, 20x7 giving Doming Corp.…

A: Franchise Revenue To recognize the franchise revenue is one of the important task of the franchise…

Q: Dilraba Co. sold equipment in exchange for a P750,000, non-interest bearing note receivable in 5…

A: Unearned revenue is the revenue that has not been earned by the company but the payment for the same…

Q: Luebke Incorporated has provided the following data for the month of November. The balance in the…

A: When manufacturing overheads are applied to the products at predetermined rates then overapplied or…

Q: At the end of May 2016 there was in stock 1,200 units of Product PZ25 at Jamaica Co Ltd, valued at…

A:

Q: Profit margin, investment turnover, and return on investment The condensed income statement for the…

A: The total amount paid by your organization as a cost directly related to the sale of products is…

Q: Which of the following statements is FALSE? A. Prepaid expense is an asset. B. Increase in…

A: As per the guidelines, only one question is allowed to be solved so I am answering the first…

Q: On January 01, 2020, Malachi and Haggai agreed to form a partnership. The following are their assets…

A: Solution Partnership is an agreement between the two or more persons who are agreed to share the…

Q: Q. what is the Average Selling Price?

A: COGS = 390000 GM = 60% GM = Sales - COGS 60%= Sales  -390000 Sales = 390000/60% Sales = $6,50,000

Q: Assume the following:   Purchases of raw materials $ 38,000 Indirect materials used in production $…

A: Direct materials are the materials or resources used in the production of a product that are…

Q: The transactions pertaining to Cash were taken from the books of ABC Company for the year 2021:…

A: Cash Flow from Operating Activities - This activity is part of the cash flow statement. It includes…

Q: P16.6 (LO.5) Groupwork (Computation of Basic and Diluted EPS) Charles Austin of the controller's…

A: Preference share- Preference shares, more frequently referred to as preferred stock, are shares of a…

Q: A firm operates a process, the details of which for the period were as follows. There was no…

A:

Q: Bridgeport SA uses a calendar year for financial reporting. The company is authorized to issue…

A: Earnings per share = Net Income/Weighted average ordinary shares.

Q: A non profit organization has two programs (A and B), each of which has its own fund. The…

A: Accounting equation is the one which denotes that for every transaction, one or two sides of…

Q: ox4, (If no entry is required for a transaction/event, select nd the cost method. et umor Inc. 5.

A: The answer has been mentioned below.

Q: What is the production budgeted for the third quarter? Company policy is to have a finished goods…

A: A budget is a statement prepared by the companies, government, and individuals by making an estimate…

Q: Suppose that on its historical Income Statements, a firm always split its total depreciation and…

A:

Q: Max Company had the following operating data for its April 2021 operations Variable costs per unit:…

A: The income statement is prepared to record the revenues and expenses of the current period and…

Q: True or False. 1. The functional presentation of expenses in the income statement is usually shown…

A: Solution : 1. True, The functional presentation of expenses in the income statement is usually shown…

Q: On December 31, 2020, Sack Port Ventures Inc. borrowed $103,000 by signing a four-year, 8.0%…

A: Installment Notes is an Financial instrument which is used to borrow money from financial…

Q: Bingo's Fishin Shack has assets of $300,000, current liabilities of $30,000, and long term…

A: Book value per share can be calculated by dividing the total common stock value by the number of…

Q: Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The…

A: Contribution margin per unit=Sales price per unit-Variable cost per unit

Q: Question 13: Match each mandatory deduction with its description. Federal income tax Provides…

A: Solution Tax liability  is the liability in which a person,business and company are paid an amount…

Q: Determine the net income (loss) of ABC Company on its first month of operation.

A: Answer:

Q: A company purchased a computer system on January 1, 2021 for S 1,600,00 and sold it one year later…

A: Formula: Straight line method Depreciation = ( Asset cost - Salvage value ) / Useful life years

Q: Question 15: Under the wage-bracket method for an employee who completed the 2021 Form W-4, what…

A: Withholding tax is the amount of money that an employer deducts from an employee's gross salary and…

Q: The following information is also available: Beginning balance of Accounts Receivable P 500,000 Net…

A: >Bad Debt Expense is recorded using two methods: #1: Direct write off method: Expense is…

Q: Here are comparative financial statement data for Bonita Company and Linda Company, two competitors.…

A: Return on Assets = Net Income / Average Total Assets Return on Common Shareholders' Equity = Net…

Q: Gross profit method - GPR based on sales - - On Nov. 29, 20x1, a meteorite struck the warehouse of…

A: Inventory means the goods in which business deals. Inventory can be calculated by preparing the…

Q: ABC Company started its business operations on November 2, 2021. The following were the transactions…

A: Ending Owner's capital balance = Investment made by the Owner + Net income where, Net income =…

Q: Mauro Products distributes a single product, a woven basket whose selling price is $24 per unit and…

A: The break even sales are the sales where business earns no profit no loss during the period.

Q: Q. How many employees if sales per employee are $6,500?

A: COGS = $3,90,000 Gross Margin = 60%   Gross Margin = Sales - COGS 60% = Sales -$3,90,000 Sales =…

Q: Accounting Harrison Company maintains a checking account at the First National City Bank. The bank…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: The 2021 comparative balance sheet and income statement of Auga Company Ltd, have just been…

A: Comparative balance sheet is a balance sheet  that is prepared for more than one period end and a…

Q: Party Supply is trying to decide whether or not to continue its costume segment. The information…

A: Variable costing is based on the distinction between fixed and variable costs.   Explanation -…