Hello Corp. acquired 80% of outstanding shares of Piknik Inc. the stock acquisition resulted to a goodwill of P700,000.

Q: Required: 1. Calculate the fixed overhead spending variance using the formula approach. 4,500 v Unfa...

A: Fixed overhead spending variance (FOSV) refers to the variance which shows the difference between th...

Q: Find the lump sum deposited today that will yield the same total amount as payments of $15,000 at th...

A: Answer -   Formula for Lump Sum deposited Today -  P = R ( 1 - (1+i)-n/ i)   

Q: Construct the statement of cash flow: Hyrule Motors, a motorcycle repairs and maintenance services ...

A: Statement of cash flows is one of the financial statement which shows all cash inflows and cash outf...

Q: Calculate earnings per share for 2020 as it should be reported to shareholders. (Round answer to 2 d...

A: Earnings per shares refers to the profit earned by each shareholder after paying all the expenses of...

Q: An income statement is one of the three (along with balance sheet and statement of cash flows) major...

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

Q: ecording of next year's sales as sales of the current year will a. not affect retained earnings at ...

A: Answer) The correct Option is (A) not affect retained earnings at the end of next year Justification...

Q: Splish Company sponsors a defined benefit pension plan. The following information related to the pen...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: & Co. Sends cheque for the balance due. Show the journal entries and Nathan & Co. Godown Rent. Natha...

A: Solution A journal is a company's official book in which all business transactions are recorded in c...

Q: Net income at year end will be overstated if a. Prepaid expense is not recognized b. Accrued incom...

A: a. Prepaid expense is not recognized No effect on net income   b. Accrued income is not recognized N...

Q: The actual return on plan assets __is equal to interest expenses accrued each year on the projecte...

A: Plan assets refer to long term assets held for the benefit of employees. It includes long term inves...

Q: What is the effect of the error in the net income of the current period and in subsequent period?

A: Payment made to supplier is debited for decrease in balance as accounts payable which is liability w...

Q: On October 1, 2019, a company acquired land by issuing a two-year note, 12%, P4,000,000 note payable...

A: Interest expense = Face value of notes x rate of interest x no. of months in the calendar year / 12 ...

Q: Jan. 17 Sales   9,800.00       ↓ 2   Bad Debt Expense     9,800.00     ↑ 3 17 Bad Debt Expense   9,8...

A: Posting journal entries into books of accounts is an important and crucial process of accounting cyc...

Q: Mangiamele Corporation's Maintenance Department provides services to the company's two operating div...

A: Maintenance Department Cost to be charged to paints division  Formula (Budgeted fixed cost * percent...

Q: of omission of accrued expenses in assets at the end of t

A: Accrued expenses are expenses which have been  incurred but remain unpaid at the end of the year. Wh...

Q: Total Manufacturing costs are also known as product costs. Which of the following best describes tho...

A: Direct material - It is the cost of raw material from which final product is made .  Direct labour -...

Q: Construct the statement in changes of equity:

A: Hyrule Motors is a motorcycle repairs and maintenance services provider. Some transactions for the m...

Q: On May 31, RDC Company had a cash balance per books of $13,022. The bank statement from City Bank on...

A: Bank reconciliation statement is represented in a tabular format, that shows the differences between...

Q: On January 1, 2025, Ariana Corporation issued its 8%, 5-year convertible debt instrument with a face...

A: The correct answer is for the above question is given in the following steps for your reference.

Q: The preliminary assessment of control risk includes all the following procedures except: Consider th...

A: Ans. Control risk is mainly about loopholes in designing or failure of controls that are not able to...

Q: \gazzi Repair Shop had the following transactions during the first month of business as a proprietor...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: iv) vwnat is the manufacturer's true loss?

A:         Amount Input Material   $  18,000.00 Material Added  $    4,000.00 Labour  $  14,...

Q: Exercise 7-18 (Algo) Notes receivable [LO7-7] On June 30, 2021, the Esquire Company sold some mercha...

A: Notes receivable is considered a negotiable instrument. it is classified under current assets if the...

Q: What is the carrying amount of the loan receivable on December 31, 2021?

A: Carrying amount of the loan receivable is the amount of loan which is due and the present value of t...

Q: Purchases of P 200,000 in 2021 were recorded as purchases of 2022. What would be the adjusting entry...

A: Lets understand the basics. Adjusting journal entry is required to make to correcting the previous i...

Q: Use the following to answer questions 31 – 32 Last year T, Inc., had the following expenditures rela...

A: 31.  General advertising costs $224, 000 Advertising specifically focused on trademark 45,600  32....

Q: Lando, a family man decided to open up his own Laundry Shop. He named it: Lando Laundry The followin...

A: Adjusting Journal Entries It is a entry in company’s general ledger that occurs at the end of the ac...

Q: AAA Company is preparing its annual profit plan. As part of its analysis of the profitability of ind...

A: Activity based costing means where the product is valued on the basis of actual direct material , di...

Q: Rhino Company, a real estate entity, had a building with a The building was used as offices of the e...

A: Given information, Carrying amount of building =P20,000,000 Fair value of building =P35,000,000   Ca...

Q: ar worth P2

A: Here, father of Leody donated a car to him and registered the same in his name. He also paid the cor...

Q: 3. An investor (owner) has an option to purchase a tract of land that will be worth Php6000000 in te...

A: Value after 10 years (FV) = Php 6000,000 Interest rate (r) = 6% Period (t) = 10 Years

Q: 8. The tax system Understanding taxes From a corporation's point of view, does the tax treatment of ...

A: Solution Debt financing occurs when a company raises money by selling debt instrument to investors.

Q: On May 1, 2021, Duck Corporation issued $2,000,000 of 8% nonconvertible bonds at 104, which are due ...

A: Isssue Price of Bonds ($2000000 * 104%) $20,80,000     Fair market value of bonds ($2000000 * 95...

Q: ABC Company had the following information relating to its accounts receivable at December 31, 2024 a...

A: Net realizable value of accounts receivable = Ending balance of accounts receivable - Ending balance...

Q: Which of the following is a permanent account? Dividend Declared Allowance for Doubtful ACcount Sale...

A: Permanent accounts, which are also called real accounts, are company accounts whose balances are car...

Q: What is the effect of omission of accrued expenses in assets at the end of the year of error? O No e...

A: Accrued expenses are expenses that are recognised in the books of accounts before they have been pai...

Q: Inventory at December 31, 2021 was overstated by P 20,000. What would be the adjusting entry if the ...

A: Inventory is overstated which means the costs of goods sold recorded would be understated and thus n...

Q: From the following information, find the branch profit or loss of the branch: PARTICULARSs AMOUNT Op...

A: Cost of goods sold = Sales/(1 + 0.20)             = 120,000/1.20             = 100,000    

Q: On January 1, 2021, SMC decided to dispose of an item of plant that is carried in its records at a c...

A: Impairment loss is the difference between the carrying value of asset and the recoverable amount of ...

Q: Mrs A (aged 66), a South African tax resident, earns the following income for the year ending 28 Feb...

A: Given, 1. Salary per month -R125 000 2. Dividends from a foreign listed company -R30 000 3. Interest...

Q: What is the effect of omission of accrued income in retained earnings at the end of year 2? a. Unde...

A: A basic Accounting equation is given as under;   Assets = Equity + Liabilities    Meaning,  Total As...

Q: Which of the following is not a characteristic of non-counterbalancing error? Group of answer choic...

A: Non counter balancing errors are those errors which will not be automatically corrected in the next ...

Q: In which of the following methods, issues of materials are priced at pre-determined rate? None of th...

A: Solution Standard price is the predetermined price and both the receipts and issues will be valued a...

Q: Console Company reported capital at P1,700,000 on January 1, 2016 and P2,400,000 on December 31,2016...

A: For computing Net income we should use merchandise withdrawn having carrying value of P100, 000 and ...

Q: Cheyenne Corp. purchased equipment $2640. If financial statements are to be prepared on December 31,...

A: Solution: Adjusting entries are made at year end to ensure accrual basis of accounting to be followe...

Q: Calculate the amount of rebate u/s 87A in the case of a resident individual having a total income of...

A: >Rebate u/s 87A is provided to the taxpayers that are having their taxable income below the amoun...

Q: During your audit of the books of Colorado Corporation for the year er December 31, 2021, you discov...

A: Accrued income refers to income earned but not yet received. Example - Rent receivable Accrued expen...

Q: Net income at the end of the year is P100,000. Partners, A, B, C and D, share profits and losses in ...

A: Journal entries      Debit credit  P&L appropriation a/c 10000    To Interest on A’s capi...

Q: Rover Inc. purchased land for $118,000,000 in 2011. At December 31, 2020, an appraisal determined th...

A: "Since you have asked multiple questions, we will solve first question for you. if you want any spec...

Q: As per the accrual concept of accounting, any financial or business transaction should be recorded: ...

A: The correct answer for the above question is given in the following steps for your reference.  

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.