How to make balance sheet to balance
Q: On January 1, 2018, Joel Company purchased a patent for P7,140,000. The patent is being amortized…
A: As per IAS 8, Accounting policies,Changes in accounting estimates and errors A change in legal life…
Q: Daniel Manufacturing Company uses the FIFO costing method to account for their inventories. The…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: 15. The following are examples of corporate expenses deductible from gross income, which of the…
A: To claim a deduction of expense it must qualify the following conditions 1. Expense that is…
Q: . S1: Minimum corporate income tax (MCIT) is imposable on all domestic and resident foreign…
A: Mimimum corporation Income tax is chargeable @ 2% (if MCIT is greater than regular income tax) on…
Q: Statement 1: The right-of-use asset is required to be presented at net amount on the face of the…
A: Right to use is a lessee's right to use an asset over the life of a lease for a consideration to be…
Q: Juan Company purchased four convenience store buildings on January 1, 2015 for a total of…
A: Impairment loss = Carrying value of the assets - Recoverable value of the assets where, The…
Q: What is the difference between assets and expenses?
A: Assets and expenses are two different elements of the financial statements of an entity. Assets…
Q: . How much is the reportable gross income of ABC for taxation purposes? 5,000 50,000 55,000 None of…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…
Q: At the beginning of the current period, Ayayai Corp. had balances in Accounts Receivable of $300,000…
A: For credit sales we should debit Account receivable account and credit sales revenue account.
Q: The president of the retailer Prime Products has just approached the company's bank with a request…
A: Budgets are forecast that help make an estimate of various incomes and expenses. Budgets help in…
Q: Problem 2) A profitable company making earth-moving equipment is considering an investment of…
A: The accounting approach used to disperse the cost of a tangible or physical asset over its useful…
Q: Gross Sales – Php 50M Cost of goods/sales: Direct materials – Php 10M Direct labor – Php 10M…
A: As per the provisions of BIR, the corporate tax rate for domestic corporations is 25% for 2021 As…
Q: Equipment, beginning of year Equipment, end of year Accumulated depreciation, beginning of year…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: These statements are presented to you for evaluation: Statement I - A deficient but not delinquent…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: On January 1, 2018, Joel Company purchased a patent for P7,140,000. The patent is being amortized…
A: Amortization of Patent: The practice of allocating the cost of patents, which are considered forms…
Q: A firm is charged P150 per ton for hauling its raw materials by a trucking company. Forty tons per…
A: Answer - Part A - Case 1: Given, 150tons/pesos Calculation of Total Cost - Total cost =…
Q: 2. S1: The excess of allowable deductions over gross sales is net operating loss. S2: Net…
A: Net operating loss is the loss calculated as per the tax code and as per the tax code the net…
Q: The period of time during which capitalization of interest begins and when capitalization of…
A: As per IFRS, Capitalization begins when the entity first meets all of the following conditions:––…
Q: Accounting BONUS MARK: A small manufacturing firm, 'G&N Ltd' makes whistles. During November 2,600…
A: The net income is calculated as difference between sales and total expenses.
Q: Matubig Corporation is VAT registered and a holder of franchise from the government engaged in the…
A: ANSWER Here in this question Matubig corporation is a holder of franchise from government in the…
Q: /Quiz FIN 204/E2 Financial Management I. Recognize revenue when it is fully earned. II. Match…
A: The accounting is a process to classification the transactions, record the transactions and prepare…
Q: True or False: While everyone seems to accept the idea that attention must be paid to organizational…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: A taxable income always results when a. none of the choices. b. revenues exceed the cost of goods…
A: Taxable income is the value at which the tax is calculated by the company.It is calculated by…
Q: On January 1, 2021, Risa signed an agreement to operate as a franchisee of Teddy Company for an…
A: The acquisition cost of the franchise will be the sum of down payment and the present value of the…
Q: true or false? Gains and losses are allocated over the interim period in the preparation of interim…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Statement 1: When the residual value is guaranteed by the lessee, the lessor shall include the same…
A: As per IFRS 16, Leases A Gross investment in the lease is = lease payments receivable by lessor in…
Q: If bond interest expense is $800,000, bond interest payable increased by $8,000 and bond discount…
A: Solution: Cash paid for bond interest = Bond interest expense - Increase in bond payable - Decrease…
Q: This depreciation method was brought about by the Tax Reform Act of 1986 a. Straight-Line O b.…
A: Fixed assets are those assets which are held by the business for longer period of time. For example,…
Q: Pension benefits contributed by the employer affects both the projected benefit obligation and…
A: A projected benefit obligation (PBO) is an actuarial measurement of what a company will need at…
Q: Correcting the Trial Balance: Near the end of the year, Alpha received $2,000 cash in advance from a…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: erie Co. (CC) has the following for 20x5: e income gate investment income $450,000 60,000 nd income…
A: The answer has been mentioned below.
Q: A company's defined benefit pension plan had a projected benefit obligation (PBO) of $350,000 on…
A: Introduction: A projected benefit obligation (PBO) is the expected present value of an employee's…
Q: With the given data, prepare your Finance Budget, showing either a surplus or deficits. Also,…
A:
Q: An engineering study performed in 2021 indicated that on January 1, 2021, 7,500,000 tons of…
A: Depletion refers to the reducing in the value of natural resources of the earth from extraction of…
Q: Required: Present the operating activities section of the statement of cash flows for Guy's Gear…
A: Introduction:- A cash flow statement denotes total amount cash is inflows and cash outflows your…
Q: The following business transactions of Mrs.Emma Blake, a sole trader.…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: EN: Taxnaver is a proprietary education
A: Proprietary Educational Institutions: These institutions are the private school which are non-profit…
Q: What does liabilities mean for the balance sheet of any bank? Explain briefly.
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: GIVEN: • Taxpayer is a non-stock and non-profit educational institution. • It has been granted with…
A: The correct option with proper explanation are as follows
Q: 3. The freight on shipment of inventories from the home office to the branch that is paid by the…
A: Hi student Since there are multiple questions, we will answer only first question
Q: You are considering the purchase of a house. The morigage company is approving 15-year loans at…
A:
Q: Bebe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Process costing is that method of costing which is used for industries where product has to go…
Q: estors to make d
A: Management accounting - management accounting helps in making decisions of the business and helps in…
Q: mpute and record workers' compensation insurance premiums for Fairlawn Manufac The firm estimates…
A: The amount due to be paid to creditors or employee is recorded as liabilities in the balance sheet.
Q: Freeman Company's accounting records include the following information: Payments to suppliers $…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: ABC Corporation has 7,500,000 in invested capital. Its weighted Javerage cost of capital is 16%.…
A: Goodwill refers to the value of reputation of a firm. It may be calculated using the following…
Q: BBB Corporation is a resident foreign corporation with total assets in the Philippines amounting to…
A: The income tax is payable on the earned income. The tax rates in Country P are different for the…
Q: Bed & Bath, a retailing company, has two departments—Hardware and Linens. The company’s most recent…
A: Loss in contribution of Hardware department = 2,271,000×19% = 431490
Q: The following is the trial balance of J. Jamieson as on 31 October 2021. You are to draw up a…
A: Financial statements are those statements which are prepared at the end of accounting period in…
Q: Calculate the gross profit and the sales figures using the income statement approach.
A: Income statement approach refers to the approach which is used to determine the gross profit and it…
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