Explain these qualitative characteristicsof financial report as per IFRS: Relevance Faithful Representation Comparability

Q: Require (a): Your business issued a 14%, $300,000, one-year, note payable on April 1, 20x1. Both the...

A: Formula: Interest Amount = Notes amount x Interest rate x Time period

Q: On January 1, 2022, AA Company sold an equipment costing P5,000,000 and accumulated depreciation of ...

A: INITIAL RECOGNITION AS ON 1 JANUARY,2022 (PART OF WORKING) CASH FLOWS (I) PVF @8% (II) I * II ...

Q: 12. Items that are not taxable for GST - a. are mostly basic necessities are consumed in Canada C. a...

A: * As per Bartleby policy, in case of multiple questions then answer first question only. As per Cana...

Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment 4. ...

A: 1. Asset - These are the resources which are owned by the company from which it derives future econo...

Q: Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory ...

A:

Q: roblem 3-12 On January 1, 2019, an entity granted to a senior executive 20,000 share options, condit...

A: For the Year 2019 Calculation of Compensation Expense = Number of share * Fair Value of option  * Ti...

Q: BC Co. provided the following information on selected transactions during 2021: Proceeds from issuin...

A: Financing activities: It considers the impact of any change in Capital structure of the entity and i...

Q: Cost Cutting: Your company, is analyzing a potential opportunity to cut costs. It can spend $1,750,0...

A:     Calculation of NPV   Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Cash Inflows         ...

Q: Salaries and wages expense 190 Travel expense 77 Total $8703 $8703 Net income for the year is: $688....

A: Calculation of net income are as follows

Q: Chloe Young is evaluating her debt safety ratio. Her monthly take-home pay is $3,320. Each month, sh...

A: Given data her take-home pay = $3320 total monthly payments = auto loan payment + personal line of c...

Q: Fill in the missing amounts in the following schedules. Complete this question by entering your answ...

A: Beginning Accumulated depreciation + Depreciation expense during the year = Ending Accumulated depre...

Q: Which of the following are favourable for a U.S. firm that will purchase Swiss francs in the future?...

A: The Swiss monetary unit is taken into account a safe-haven currency, given the steadiness of Swiss p...

Q: Discuss the Usefulness of the Statement of Financial Position (Balance Sheet) and The Statement of C...

A: Usefulness of the Statement of Financial Position (Balance Sheet)and The Statement of Cash Flows to ...

Q: noni and nino are partners who share profit or loss in the ration of 6:4 they have capital balance o...

A: Let's understand the basics  Partnership is the agreement between to or more people to oversee busin...

Q: Your audit senior instructed you to prepare a four column proof of cash receipts anddisbursements fo...

A: Bank Reconciliation Statement  It is an account that is made to match the balance between the amount...

Q: 2. In the table below, fill in each column. In the FICA tax column, circle who pays the tax. In the ...

A:      Type of Worker FICA Tax Tax Rate FUTA Tax A) Employer (6.2%+1.45%)=7.65% 6%   Employee (...

Q: a. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, a...

A: Depreciation is the amount of expense which is recorded on the income statement of the company which...

Q: Shown below and on the next page are account balances found in the ledger of Humility Corporation at...

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

Q: AA Corporation shows a cash balance of P1,570,000 as of December 31, 2022. The following cash transa...

A: Working:      Amount (P)   Cash balance per books on Dec 31, 2022         1,570,000  Check re...

Q: ABC, Inc. works on a P5,250,000 contract in 2022 to construct an office building. During 2022, ABC, ...

A: As per accounting standard contract revenue shall be recognized on precentage of cost incurred. 

Q: Shale Remodeling uses time and materials pricing. It is setting prices for next year using the follo...

A: T&M pricing= Labor charges+ material charges Particulars Labor Material Annual cost 596130 ...

Q: What is the qualitative characteristic of financial statements according to the Framework?

A: Answer: The qualitative characteristics of financial statements are understandability to users, and ...

Q: Pan Corporation incurs costs of $1.8 million building a custom piece of machinery for one of its cus...

A: Solution Concept The cost that affects the profit are considered to be the relevant cost and the cos...

Q: Which of the following recent tax changes is not scheduled to expire after 2025?a. Suspension of per...

A: Answer: There is various tax changes made. a. Suspension of personal exemptions This is scheduled ...

Q: ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The to...

A: Construction Contract: The term "construction contract" refers to agreements to do architectural, de...

Q: Which of the following is a true statement about closing the books of a corporation? Revenues, expen...

A: Income Summary Account: The income summary account is a temporary account into which all income stat...

Q: Many companies use contra-revenue accounts to describe a reduction in Service Revenue (also Sales Re...

A: Solution concept The sales account includes the sales made in cash and credit both While calculating...

Q: Additional information: 75% of the current assets are non-cash assets with a net realizable value of...

A:     ABC.Company        Balance Sheet     Liabilities Amount Assets Amount   Accounts Paya...

Q: Dorothie paid the following amounts during the current year: Interest on her home mortgage (pre-12/1...

A: As specified in the question only Ans of part (c) is solved below. The interest deductions for part ...

Q: noni and nino are partners who share profit or loss in the ration of 6:4 they have capital balance o...

A: Let's understand the basics A partnership is an arrangement between two or more people to oversee bu...

Q: The best public policy solutions typically do not involve protectionism, but instead involve finding...

A: Correct answer:True

Q: Required: (a) Using the following methods calculate the cost of goods sold as at 31 January 2022. (R...

A: The FIFO method is known as First-in-First-Out. Under this method, the earliest inventory is sold fi...

Q: Kenneth McFarland's weekly gross earnings for the week ending March 9 were $2,170, and her federal i...

A: Formula: Social security tax rate amount = Gross Earnings x Social security tax rate

Q: In preparing its August 31, 2022 bank reconciliation, AA Corp. has available following information: ...

A: Bank reconciliation statement helps the identify the difference between bank account and book balanc...

Q: Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (...

A: An income statement depicts  the revenues and all the costs incurred to earn the revenue. It is prep...

Q: ABC. Inc. works on a P5,250,000 contract in 2022 to construct an office building. During 2022, ABC I...

A: In Construction project revenue shall be recognized on the basis of precentage of work completion.

Q: im Young, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Young collected P46...

A:   Calculation of Dr. Young's patient service revenue for 2021 (accrual basis) Cash Collecte...

Q: 2. From the summary cash account of X Ltd. prepare the Cash Flow Statement for the year ended 31st M...

A: Cash flow statement deals with the provision of information about the historical changes in cash and...

Q: οUESTIONΟΝΕ At beginning of July 2021, Idah & Faith (IF) Co had 25 microwave ovens in inventory cost...

A: Bartleby's Guideline: Thanks for the Question “Since you have asked multiple question, we will solve...

Q: A delivery truck has a book value of $8,000 in year 5. The purchase price of the truck is $40,000. I...

A: annuity factor = 1/(1+r)n                                   —-———                                   ...

Q: Problem 1. The following pertains to the financial records of SinoTrump Company: Sales Purchases P16...

A: Lets understand the basics. Management is require to track the cash inflow and cash outflow so that ...

Q: Cove's Cakes is a local bakery. Price and cost information follows: $ 13.71 Price per cake Variable ...

A: In order to determine the contribution margin per unit, the variable cost per unit is required to be...

Q: The following are the estimates of the expected cash flows of Al Tayebat Company during the first si...

A: Cash budget is the most important of all the functional budgets. It is a statement showing estimated...

Q: On May 1, 2021, BB received a 3-year, P1,200,000 note receivable due on April 30, 2024. The note was...

A: INITIAL RECOGNITION OF NOTE AS ON 1 MAY, 2021 = 1200000 * Present value annuity factor  7%  for 3 ye...

Q: Helen Bowers, owner of Helen's Fashion Designs, is planning torequest a line of credit from her bank...

A:

Q: Please see attached. Statement 1. The amount of bad debts expense in 2022 is P124,560 Statement 2: T...

A:                 For answering this MCQ we don't have exact amount of bad debts. But from given info ...

Q: Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accept...

A: Answer: Production costs are basically those expenses incurred by a corporation during the productio...

Q: On January 1, 2022, AA Company received cash of P1,000,000 and a 4-year, oninterest bearing note to ...

A: Solution Given Life of note 4 years Amount to be collected every year 600000 Effecti...

Q: Wildhorse Company has accounts receivable of $101,200 at March 31, 2022. Credit terms are 2/10, n/30...

A: Allowance for doubtful accounts is considered as a contra asset account. The bad debts expenses are ...

Q: ed this month 18,000 Total units completed and transferred out 14,800 Required: 1. Explain two proce...

A:       There are Two method used in process costing which as follows 1.  Weighted Average Method :-  ...