Explain the financial presentation and also classification of cash and cash equivalent. (Write a complete answer.)

Q: In the accounting book-keeping process, what is the difference between the general journal and the g...

A: General Journal The purpose of preparing the general journal entry which is the transaction which ar...

Q: Glamor Company provided the following data: Beginning inventory Cost 500,000 770,000 Selling price P...

A: Inventory valuation method include: FIFO Method LIFO Method Average cost method FIFO Method - As p...

Q: price. It costs the Book Shop $500 to place a single order. The maximum sale for the Book Shop for...

A: Ftyuui

Q: 15. Headland Corporation was formed 5 years ago through a public subscription of common stock. Dani...

A: Solution:- 1)Calculation of current ratio as follows under:- Current ratio =Current assets / Current...

Q: Current Account Value Exports of goods 107,941 Exports of services 44,133 Primary income receipts 36...

A: Financial Account: Financial accounts are components of a country's balance of payments that represe...

Q: 40.Prior service cost is amortized on a straight-line basis over the expected future years of serv...

A: Prior service cost is a cost with additional benefits that was granted for an amendment to the pensi...

Q: In their attempt to capture Despereaux, Shawn Spencer and Bruton Gaster travel to Canada. There they...

A: Partner's Current Account: When the capital of the partners is fixed, a current account is created. ...

Q: Net Carrying Amount of machineries are part of the net operating working capital     True False

A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question...

Q: Barbie, Capital January 1 Balance May P210,000 90,000 P 60,000 1 Investment October 1 Withdrawal Car...

A:

Q: ABC Corporation wishes to raise money by selling a 90-day promissory note in the short-term money ma...

A: Solution Given Maturity period of note 90 days Amount payable at maturity 17000000 Y...

Q: The trial balance will be out of balance if:

A: Trial balance: Trial balance is a summary of all ledger accounts with credit and debit balances and ...

Q: On January 1, 2021, the balance of Owner's Capital of FDN Company is P520,000. During the year the c...

A: Owners capital means net assets of the company. To calculate owners capital at the end of the year a...

Q: Below are some of the account balances of FDN Company. Purchases P 1,269,500 Purchase returns and al...

A: The cost of good available for sale means the cost of ram material and labor cost used in production...

Q: 3b.  The following information is available for the pension plan of Vaughn Company for the year 202...

A: Pension Expenses For Calculating the pension expenses it includes the details of service cost which ...

Q: Walsh & Coggins, a professional accounting firm, collects cost information about the services they p...

A: Cost Data It is important to collect required cost information which are pertained with the business...

Q: Question 26-32

A: Cash flow is the net amount of cash or money  being transferred in or out of business Cash received...

Q: A change in accounting estimate is An adjustment of the carrying amount of an asset or liability, o...

A: Answer: Change in accounting estimate is the change in the value of the carrying amount of the finan...

Q: Given the more common name and describe the purpose of   the Statement of Financial Position & the ...

A: Ans. The financial statements of companies are prepared so that it is considered by the different st...

Q: On March 1, the actual cash received from cash sales was $25,538, and the amount indicated by the ca...

A: The practice of recording financial activity for the first time in the books of accounts is known as...

Q: LT and AM have capital account balances at the beginning of the year of P40,000 and  P45,000, respec...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: A trial balance will disclose that an error has been made in Entering an amount on the wrong side o...

A: Trial balance is prepared to check the arithmatical accuracy of the ledgers accounts. A trial balanc...

Q: Below are some of the account balances of FDN Company. Advertising expense P180,000 Depreciation exp...

A: Answer Name of Expense Category Justification Advertising Expense Marketing and Sellin...

Q: 41. A pension liability is reported when the pension expense reported for the period is greater t...

A: Solution Concept Funded status Funded status of the pension is calculated as =fair value of the plan...

Q: Sunland Company has the following two temporary differences between its income tax expense and incom...

A: Income tax expense is the amount of income tax incurred during a period. It is paid to the taxation ...

Q: d in one metropolitan area. Among other things, the payment of all invoices is centralized in one of...

A: 1): In this case, the ethical considerations are that Merlin's Retail Outlet is technically paying i...

Q: On August 1, 20x1, German Corp. acquired all the identifiable assets and assumed the liabilities of ...

A: As per IFRS 3 Acquisition-related costs incurred by the acquiring company to effect the business com...

Q: The company recorded a net loss of P185,000 for the year just ended. Total operating expenses was P3...

A: Gross profit = net income(loss) + Total operating expenses  Net sales = Gross profit + cost of sales...

Q: You are the technology auditor for a medium size online retailer. With the growth, it has been very ...

A: A contract is defined as a binding agreement between two or more parties; in other words, a contract...

Q: GLO205 - Based on Problem 2-2A Aracel Engineering Aracel Engineering completed the following transac...

A: Revenue in the above question is in the form of Engineering Fees earned. Net Income = Total Revenue ...

Q: Which of these accounts can be found in the post-clo: O Assets and liabilities O Assets, liabilities...

A: Post-closing trial balance show the all debit and credit balance of assets and liabilities and owner...

Q: data were made available: lance, February 28, 2020 ected by the bank earned from the note above ck f...

A: Bank Reconcilation statement reconciles the bank balance of the bank with the books The adjusted cas...

Q: The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial B...

A: Net income = Total Revenue - Total expenses Retained earnings , Ending balance= Retained earnings , ...

Q: FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumula...

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result...

Q: Below is a summary of all transactions of KEV Consulting for the month of October. Cash transactions...

A: Answer) KEV Consulting Cash Flow Statement Cash Flow from Operating Activities  Amoun...

Q: in c me of th o ac in is i t o pa ent

A:

Q: Alternative methods exist for the measurement of the pension obligation (liability). Which measure r...

A: Answer: The pension obligation is liability and it is to be paid once the employees retire.

Q: Gato Inc. had the following inventory situations to consider at January 31, its year-end. a. Goods ...

A: The buyer will become the owner of the goods if the goods are purchased free on board destination po...

Q: Using the DCF approach, what is its cost of common equity? Do not round intermediate calculations. R...

A: As per our protocol we provide solution to the one question only but you have asked multiple questio...

Q: Prepare a bank reconciliation for October 31, 20XE to assist answering the questions following:

A: BRS stands for Bank Reconciliation Statement which is an important part of Accounting. BRS in simple...

Q: On October 1, 2021, FDN Company paid an insurance premium covering the period from October 1, 2021 t...

A: Prepaid insurance : In some cases, the benefit of amount already spent and also paid relates to next...

Q: Problem 13-12 (IAA) In December 2021, Unanimous Company had a significant portion of inventory stole...

A: The cost of goods sold is calculated as difference between cost of goods available for sale and endi...

Q: 4. Sunland Company has the following two temporary differences between its income tax expense and i...

A: The above mentioned question solution with calculation given in the following steps.

Q: On July 1, 2020, FDN Company purchased an equipment for P27,100,000. After 5 years of its estimated ...

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

Q: QUESTION 1 a) ABC Company Sdn. Bhd. received an invoice of RM35,000 dated 24 May 2020 with trade dis...

A: In the course of purchase and sale transactions that take place as a result of the day to day activi...

Q: On July 1, KAW Inc. purchased 75 cows which, at that time were 2.5 years old for a total cost of P1,...

A: Price at which 2.5 year old cow was purchased On July 01 = P1,350,00075 cows = P18,000 per cow Gain ...

Q: What is the primary objective of horizontal analysis and its concept

A: Horizontal analysis is a financial statement analysis.  Horizontal analysis used to compare historic...

Q: n March 1, AYE Merchandising had an inventory of P560,000 in its retail store. Purchases made in Mar...

A: solution given Inventory March 1 560000 Purchases during March 480000 Sales during m...

Q: Gerald paid $1730 to install a lift which was hydraulic in nature and an air filter which costs $88 ...

A: Transactions of an organisation will be recorded initially through journal entries in the books of a...

Q: During 2019 , Lina Co. incurred the following costs: Testing in search for process alternatives $ 40...

A: Step 2 in solution.

Q: Fleetwood Ltd commenced operations on 1 July 2020 and had 420 employees. Average salaries were $70,0...

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is kno...