Identify the party below that is not external to the firm. A vendor B government agencies C) customer D) CEO
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A: Dependent & Child Care Credit Requires care for a dependent child (under 13 years) or disabled...
Q: Bulldogs inc. will least likely experience which of the following if the firm shifts its credit term...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Pharoah Ltd. had the following share transactions during its first year of operations: Jan. 6 I...
A: Journal entry shows the recording of transactions during an accounting year and every transaction ha...
Q: Blonde, Inc., is considering dropping a certain product line if it does not have a margin of safety ...
A: Lets understand the meaning of margin of safety. Margin of safety is a all sales over a break even p...
Q: On January 1, 2022, P Company acquired 80% of S Company for P2,000,000. The fair value of identifiab...
A: Total cost = Cost of sales of P + Cost of sales of S. = 3200,000 + 1,600,000 = 4800000 Cost of sale...
Q: Bulldogs Inc. has forecasted that its net income will be P400,000. The company has debt ratio of 30%...
A: Answer) Under residual model, dividend is paid to common stockholders after deduction of amount to b...
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A:
Q: Naughty Co. has a 12% note receivable dated June 30, 2009 in the original amount of P3,000,000. Paym...
A: Interest accrued on June 30, 2011 = Net Note receivable amount x rate of interest x no. of months in...
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A:
Q: iscount offered and pays the suppliers 5 days after the due date, what is the annual intere te cost ...
A: Solution: Let Gross price = 100 Discount for payment with in 10 days = 100×2% = 2 Net price = 100 - ...
Q: 47 I. Financial accounting info. is usually used exclusively by internal parties such as managers. ...
A: Financial accounting refers to recording, analyzing and reporting of financial data of a company so ...
Q: True or False Questions Statements 1. Unlike merchandising companies, income statements of service c...
A: Solution:- 1)Unlike merchandising companies, income statements of service companies include cost of ...
Q: the assets and liabilities of R were stated at their fair values when A acquired it's 80% interest a...
A: Computation of total retained earnings Opening balance of retained earnings + retained earnings of A...
Q: Bulldogs Inc. has forecasted that its net income will be P400,000. The company has debt ratio of 30%...
A: Net income = P400,000 Debt ratio = 30% Equity ratio = 100%-30% = 70% Investment = P500,000 Number of...
Q: John has been asked to determine whether the $22.50 cost of tickets for the community dinner theater...
A: Break-even analysis is the analysis which is made and prepared by the company in order to know and c...
Q: Bulldogs Inc. has sales of P3,000,000. Its credit period and average collection period are both 30 d...
A: The calculation is given below
Q: On January 1, 2020, B Company acquired 80% of A Company’s common stock for Php280,000 cash. At that ...
A: Net identifiable assets: Net identifiable assets include both tangible and intangible assets at the ...
Q: After a long dispute, AA, BB, and CC decided to liquidate their partnership. Their capital balances ...
A: The correct answer for the above question is given in the following steps for your reference
Q: Bulldogs Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cas...
A: Average amount of account Receivable = Days of sales outstanding x Sales / 360 Days of Sales Outstan...
Q: How many are the ordinary shares outstanding after reflecting the foregoing transactions for the yea...
A: Ordinary shares refer to the equity shares of the company. Ordinary or common shareholders are techn...
Q: Bulldogs Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cas...
A: The account receivable are payments to be received from the customer for goods being purchased by cu...
Q: On August 1, Vermillion Ltd. accepted a $27,800 note from Borges Ltd. in settlement of an account re...
A: Interest accrued = Face value of notes x rate of interest x no. of months / 12 months
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A: Acid test ratio and current ratios are liquidity ratios. They are used to determine a company’s abil...
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A:
Q: ow to record credit sale in an entrie?
A: Credit sales mean the amount which is delayed to paid but agreed to pay in future by the consumer.
Q: Crane Electric sold $6,240,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January ...
A: Solution: When bonds are redeemed before maturity date, difference between carrying value and redemp...
Q: The company’s usage of the Baumol model in cash management involves trade-off.
A: The Baumol cash management model balances opportunity cost, carrying cost, and holding cost against ...
Q: Don Adams Breweries is considering an expansion project with an investment of P1,500,000. The equipm...
A: Solution: Initial investment = P1,500,000 Annual cash inflows = P450,000 Period = 5 Years
Q: Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following infor...
A: The question is based on the concept of Financial Mangement
Q: s as: Inflow or Outflow. If neither, indicate Not Applicable. Particulars Amount Classificat...
A: outflow is is the decrease of cash. inflow is increase in the cash balance. when there is purchase t...
Q: The ABC Partnership shows the following profit and loss ratios and capital balances of its partners:...
A: Solution: When new partner is admitted in partnership, the partnership is reconstituted. There are t...
Q: You are given the following data. Calculate the VAC (Variance at Completion) for two scenarios as li...
A: Variance at completion (VAC) is the difference between the Estimate at completion [EAC] and the budg...
Q: The shareholders' equity of Garnet Corporation on December 31, 2021 showed the following items: 8% P...
A: * As per Bartleby policy, in case question have multiple subparts then answer first three only. 1. ...
Q: On January 4, 2022, Party Corporation purchase 80% of Summer Company's ordinary share for P810,000 w...
A: Consolidated shareholder's equity refers to the equity of the parent and the part of the equity of t...
Q: Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cash sales. ...
A: Accounts Receivable Accounts receivable is considered to be one of the main sources of revenue which...
Q: FIU Inc granted 25,000 stock options to its top management team on January 1, 2022. The options vest...
A: An employee stock option that grants specified employees of a company the right to buy a certain amo...
Q: On January 3, 2022, P Company acquired 70% interest in S Company for P4,200,000. Consideration inclu...
A: Solution Net income refers to amount of individual or business makes after deducting cost , allowanc...
Q: Panel Corp. owns 75% of the voting ordinary shares of Saturated Corp. acquired at book value during ...
A: Cost of Sales: The cost of goods sold as displayed on the consolidated financial statements of the B...
Q: Golf Corporation estimates that its production for the coming year will be 25,000 units, which is 90...
A: GIVEN Golf Corporation estimates that its production for the coming year will be 25,000 units, which...
Q: $55 000 and saves $17 000 per year? After-tax interest is 10 percent. Assume the device will be sold...
A: 1. Computation of depreciation and its tax saving ( value in $) Asset balance after 6 years = 55000...
Q: Kim Locke and Mary Leigh Coker have capital accounts of $430,000 and $484,000, respectively. Jeff Do...
A: Note: Consideration paid to Locke and Coker for purchasing the share in partnership is not relevant ...
Q: Bulldogs Inc. had credit sales last year amounted to P18,600,000. The firm also had an average accou...
A: Solution.. Credit sales = P18,600,000 Average accounts receivable = P1,380,000 Average collection ...
Q: The Felton and Burchell Partnership has partner capital account balances as follows: Felton, Capit...
A: Admission of New Partner While making the admission of a new partner it can received in the form of ...
Q: Under IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside th...
A: IAS 19 deals with the employee benefits. It includes the pension, benefit plans and gratuity etc.
Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per ...
A: Sales price variance = ( Actual price - standard Price ) x Units Sold Sales Price - Cost = Gross Pro...
Q: 51 Sugar, Inc. reported the following on its most recent income statement: Earnings before Inco...
A: Time Interest Earned is a ratio which is used to Determine the ability of a company to meet its debt...
Q: Bulldogs Inc. maintains a cash buffer for unexpected cash outlays for the year amountir 3,000. Bank ...
A: Company maintain cash with them so that there is sufficient liquidity and if any opportunity arise m...
Q: 2. Assuming that the conditions for treatment as a sale are met, prepare Samson's journal entry to r...
A: Journal entries refer to the recording of all the monetary events occurring in a particular organiza...
Q: AA and BB entered into partnership on March 1, 2022 by investing the following assets: AA BB C...
A: In the given question AA and BB will share profits and losses in the partnership firm in the ratio o...
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- 13. Which of the following point is related to institutional factors that affect the accounting quality? Select one: a. Legal environment b. Managers' accounting discretion c. CEO's performance d. Internal auditing Clear my choice5. Which of the following is not an internal user?a. Corporate officersb. Staff employeesc. Stockholdersd. Department manager 6. Which term describes management accounting reports?a. GAAP reportsb. Special purposec. General-purposed. Regulatory reports41 Select the one, that is considered as various forms of regulation in a business organization: a.Regulation of consumer relations b.All of the options c.Regulation of monopoly d.Regulation of employee relations
- 35. The following statements relate to PAS1 Presentation of Financial Statements. Choose the correct statement. a. Many entities also present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements should be accounted for using applicable PFRSs. b. Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. c. An entity whose financial statements do not comply with PFRSs shall make an explicit and unreserved statement of such noncompliance in the notes. If the entity’s financial statements do comply with PFRSs, there is no need to make an explicit and unreserved statement of such compliance in the notes. d. Financial statements shall not be described as complying with…1a) Identify the various stakeholders of an organisation and briefly describe eachstakeholder’s objective(s) b) Describe the principal – agent relationship between the owners and managers of acompany, and explain how various corporate governance mechanisms attempt tomanage the agency problems (please ensure to provide a brief explanation of theagency problem)17. Which of the following is an example of information intermediary? Select one: a. Internal managers b. Tax authority c. Auditors. d. Commercial banks
- 7. Setting accounting standards by the private sector isSelect one:a. Independent discipline approachb. Microeconomic approachc. Common law accountingd. Code law accountingQuestion 1 2020 (i) Agency theory is based on the view thatA. The purpose of corporate governance (CG) should be to satisfy (as far as possible) the objectives of all stakeholders.B. Boards of directors are considered as important mechanism for reducing transaction costs associated with environmental interdependency.C. Corporate governance will be to employ or design techniques or systems that can secure the interests and values of the management.D. The system of CG should be designed to minimise agency problems & costs. (ii) Which one of the following statements is not a relevant reason for an accountant to liaise with their predecessor when accepting a professional assignment?A. It is a matter of professional etiquetteB. To avoid the appearance of solicitationC. To determine whether the professional fees charged were adequate to avoid threats to due careD. To identify if there are professional reasons why the appointment should not be accepted. (iii) Which threat can possibly…Q7 the key feature of an agency relationship is that 1) The company will allow another firm to take on its name and act as an agent in doing the business 2) the principal will always make decisions that are in the best interest of the agent 3) one party passes the responsibility for making decisions design as a party 4 ) the decisions by the agent will always improve the position of the owner of the firm
- 1. Information from Management Reporting System are used by business owners in making strategic decisions. The reports created from this are called Group of answer choices b. Discretionary, because the company has no discretion to produce the report or not, the law requires them to generate such reports c. Non discretionary, because the company has sole discretion to produce such reports for internal users. on discretionary, because the company has no discretion to produce the report or not, the law requires them to generate such reports d. Discretionary, because the company has sole discretion to produce such reports for internal users. 2. The entry to record the granting of credit to a customer for a sales return is posted to Group of answer choices a. accounts receivable subsidiary ledger only. b. the general ledger only. c. both the accounts receivable subsidiary ledger and the general ledger. d. both the accounts payable subsidiary ledger and the general ledger.…4. Which of the following are characteristics of management accounting information? a) Unregulated formats that allow both form and content to be determined by the management of a businessb) Production and publication are required by lawc) Users include government, suppliers and customersd) Include both historic information and forward looking budgets4. Management accounting is primarily concerned with?a) Providing statutory information for external useb) Providing internal information for use by managementc) Providing tax advice for internal used) Providing financial information only for use by management
