HOW IS THE ACCOUNTANCY PROFESSION BEING REGULATED? EXPLAIN

Q: *A KSU graduate plans to start a consulting firm now by borrowing $75,000 at a compound interest rat...

A: Solution Given Loan amount $75000 Interest rate 5% Number of year 10 years We ...

Q: Rainy Afternoon Co. owns 80% interest in Sunny Morning Co. During 20x1, Rainy sold inventories costi...

A: A consolidated financial statement represents the combined assets, liabilities, and stockholders' eq...

Q: Compute the following: a. The amount of FICA taxes that was withheld from his earnings during 20-- b...

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any c...

Q: Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August 10...

A: solution concept credit term 5/10 , 4/15 ,n/ 60                 It means that if the payment is made...

Q: Select all that are prepared by management and included in the company's Form 10-K tiled with the

A: Form 10-k is the report which is prepared by management of public company and filed with SEC. It inc...

Q: What amount should be reported as total shareholder's equity on december 31, 2020?

A: The shareholders' equity section represents the total equity that belongs to the shareholders of the...

Q: Reasons ot Motives of holding cash

A: Holding Cash: When a person or organisation holds cash, it refers to money that is kept immediately ...

Q: HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. ...

A: Total assets includes current and non current assets. Current assets: Current assets are all those a...

Q: error in the general yournal where a S6,050 increase in ACCounts Receivable was recorded as an incre...

A: In a trial balance , the debit side must always equal the credit side. If the debit side does not eq...

Q: Which of the following is included in a complete set of financial statements?  a. A statement by the...

A: THE STANDARD IAS 1 REQUIRES A COMPLETE SET OF FINANCIAL STATEMENTS THAT COMPRISES A STATEMENT OF FIN...

Q: recast Sales Volume and Sales Budget For 20Y8, Raphael Frame Company prepared the sales budget that...

A: Solution 1           Unit Sales,Year Ended 20Y8   Increase (Decrease)Actual Over Budget     Budg...

Q: The Lux Co. has an inventory conversion period of 60 days, a receivable conversion period of 35 days...

A: The answer is stated below:

Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...

A: Calculation of balance of Unappropriated Retained earnings at the end of year    Amount (In P)...

Q: Determine the net income of a company for which the following information is available for the month...

A: Here in this question we are required to calculate the net income. Net income is a revenue less expe...

Q: Consider the following independent events. Assume that each event is material. For each of the indi...

A: The answer for the question on material misstatements in the audit report is discussed hereunder : I...

Q: w to determine what depreciation should be used

A: Solution Concept Depreciation                 Depreciation refers to the expense that is recorded fo...

Q: tealesxille Sanctuary is a family-owned and operated wildlife park located in Melbourne. Healesville...

A: Answer:- The answers to each individual situation is as follows; i) Here the omission of manual invo...

Q: 10. HealthSouth fraudulent journal entries suggests that Benford-based sampling would be effective w...

A: HealthSouth was a leading healthcare service provider in the United States of America which was accu...

Q: How much is net income?

A: Financial statements are the set of records of the financial transactions and position of a business...

Q: 1. Edguy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares o...

A: Shareholder's Equity Shareholders equity is considered to be the important part in the preparation o...

Q: Music, Inc. had the following beginning and ending values in its three inventory accounts:     Ja...

A:

Q: On 1 May, Alain was made redundant from his job as a marketing executive. Alain decided to purchase ...

A: Federal Income Tax: The federal income tax is an expense on yearly income for people, organizations,...

Q: On 1 July 2020, Kent Ltd acquired all the share capital (Ex-dividend) of Sub Ltd for $500,000. The f...

A: Working note: Computation of fair value of the identifiable net assets acquired:

Q: Format: 111,111 National Co. has the following balance sheet as of December 31, 2022. P 100,000 100,...

A: Forecast in Additional Fund Needed (AFN) Forecast of Additional Fund Needed in the financial stateme...

Q: On Separate 1, Erika Company Purchased land $47,500 cash. Prepare the journal entry for this transac...

A: Increase in assets should be debited. Decrease in assets should be credited. Given, land purchased f...

Q: Suppose that Richard has recently successfully undergone a medical procedure which has cleared him o...

A: Revenue Budget or the income budget is the amount of money which a person or company has estimated t...

Q: Prepare journal entries and the ledger accounts to record the above transaction. (b)       Extract ...

A: Journal entry is the entry which is recorded at the time when a company makes a financial transactio...

Q: Answer the below statements by stating (True or False) only. a. Corporate governance is the set of r...

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new q...

Q: What amount should be reported as total current assets at December 31, 2021? a. 17,000,000 b. 17,50...

A: Solution Concept Current asset  are the assets which are expected to be realized within a period of ...

Q: Turane organized a computer service company called Aster Systems. Aster is organized as a sole propr...

A: Financial statements refers to those statements which are prepared in order to determined the financ...

Q: At the beginning of 2024, Norton Academy reported a balance in common stock of $168,000 and a balanc...

A: Common Stock : Ending balance = Beginning balance + Issuance of common stock Retained earnings : End...

Q: Lavoie Corporation acquired new equipment at a cost of $100,000 plus 7% provincial sales tax and 5% ...

A: The Financial Accounting Standards Board (FASB) produced a collection of accounting principles, stan...

Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...

A: The unappropriated retained earnings are the net retained earnings that are available for the shareh...

Q: MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution...

A: Net Income: Net income is the amount generated by a person or company after deducting all expenditur...

Q: National Co. is considering whether to pursue a restricted or relaxed current asset investment polic...

A: Return on Equity measures the profitability of  equity funds invested in the firm. This ratio reveal...

Q: JFC Corporation values its inventory by using retail method: 4. How much is the ending inventory at...

A: Retail inventory method is used by the retail operations like department stores to value the invento...

Q: On November 1, Jasper Company loaned another company $270,000 at a 8.0% interest rate. The note rece...

A: Interest revenue reported in first year = Amount of loan x rate of interest x No. of months / 12

Q: Merchant Abdul Rahman imported 1,000 baby strollers from abroad, at a value of 200,000 shekels, in a...

A: Price Price of 1000 strollers 200000 Shipping cost 10000 Custom duties (10% x 200000) +  (5 ...

Q: The following data are available for the Valentine Corporation for a recent month: Product A Product...

A: Answer) Calculation of Weighted Average Contribution Margin Ratio   Product A Product B Pr...

Q: An oil-drilling company must choose between two mutually exclusive extraction projects, and each req...

A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows) IRR is a rate at wh...

Q: The following are data from a production, calculate; The Break-even point in tenns of sales value an...

A:                               In Marginal Costing break-even analysis technique is used to ascertain...

Q: Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost o Statement [LO3-3] superior Co...

A: The cost of goods manufactured equation is calculated by adding the total manufacturing costs; inclu...

Q: MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution...

A: Unappreciated Retained Earnings: A business's retained earnings are those earnings that have not bee...

Q: Year 12 (in 000s) Income Statement Data Net Revenues from Footwear Sales Cost of Pairs Sold Warehous...

A: Formula. Operating Profit Margin =Operating Profit Margin/Net Revenue x 100   Formula: EPS = Net Pro...

Q: The following information Is available from the adjusted trial balance of the Harris Vacation Rental...

A: The closing entries are prepared to close the temporary accounts of the business. The closing entrie...

Q: On November 1, Jasper Company loaned another company $230,000 at a 12.0% interest rate. The note rec...

A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to a...

Q: Below are approximate amounts related to cash flow information reported by five companies in previou...

A: The question is related to the Cash Flow Statement. Cash Flow Statement is summary of cash receipts ...

Q: On April 1, Otisco, Inc. paid Garcia Publishing Company $2,268 for 36-month subscriptions to several...

A: Given,  Subscriptions paid in advance on April = $2,268 April to December = 9 months

Q: VAL HELSING Company provided the following information on December 31, 2021: Accounts payable (net o...

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle, whiche...

Q: On January 1, 20X1, Hermione, Inc., an SME, paid cash of P600,000 for all the outstanding shares of ...

A: Goodwill is the excess cost paid by the succeeding company at the time of acquisition. Goodwill is t...