If 2,000 is invested at an interest rate at 8% compounded annually for 3 years, find the compound interest.

Q: S acquired 100 percent of F for P275,000. At the date of acquisition, F had the following book and m...

A: None. Since there are no revenues and expenses of F (acquiree) presented at the date of acquisition....

Q: Corporation was granted a patent on a product on January 1, 2004. To protect its patent. the corpora...

A: Patent are intangible asset.  Patent are amortized . Below is the explanation regarding amortization...

Q: The work in process inventories of Love Manufacturing, Inc. were completely destroyed by fire on Jun...

A: Introduction: The term inventory refers to both raw materials used in manufacturing and completed go...

Q: Compute the balance of Inventory to be reported in the consolidated balance sheet immediately after ...

A: RR Records Inc. acquired all of DD Studios’ voting shares on January 1, 20x1 thus RR Records Inc. is...

Q: AirQual Test Corporation provides on-site air quality testing services. The company has provided the...

A: Introduction Flexible budget performance report is a management report that compares actual results ...

Q: Current Attempt in Progress Presented here are the components in Carla Vista Co's income statement. ...

A: Answer -   Gross Profit = Sales Revenue - Cost of Goods Sold   Net Income = Gross Profit - Operating...

Q: QUESTION 4 Indicate whether each of the following costs incurred by a manufacturer would be consider...

A: Direct material cost is cost incurred in relation to material purchased for the process of productio...

Q: v the errors pl account ba

A: Since Debtor list was overcast it means we have recorded extra in Debtor list and hence to correct t...

Q: Minnie Oil Co. produces three joint products: gasoline, kerosene, and naphtha. Total joint productio...

A: Total Joint Product Cost = 59500 Total sales = Units * Selling price per unit Total Weights as per u...

Q: May 1: Prepaid rent for three months, $2,400 • May 5: Received and paid electricity bill, $70 • May ...

A: Calculation of net come in cash basis and accrual basis are as follows

Q: Love Inc. and Life Co. have an exchange with no commercial substance. The asset given up by Love Inc...

A: Book value of asset given up = P12,000 Cash paid = P4,000 Amount to be recorded by Love Inc. = Book ...

Q: 1. Purchased raw materials on account, $95,200. 2. Raw Materials of $40,000 were requisitioned to th...

A: 1.Raw Materials inventory a/c Dr. $95,200 Accounts Payable    A/c.       Cr.              $95,200 2....

Q: Preincorporation. Cummings, Okawa, and Taft arerecent college graduates who want to form a corporati...

A: Since a promoter cannot serve as an agent for an unidentified principle, he or she is individually a...

Q: Marigold, Inc. has 10500 shares of 4%, $100 par value, noncumulative preferred stock and 105000 shar...

A: A dividend is the transfer of a portion of a company's earnings to a certain group of shareholders, ...

Q: Mia Wiz sells computers. During May, it sold 400 computers at a $900 per unit price. The fixed budge...

A: Lets understand the basics. Sale price variance is a variance between the standard rate at which ite...

Q: On January 1, 2020, ABC Company purchased factory equipment for 3,000,000. Estimated useful life of ...

A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage , ...

Q: Suppose that one of Willcom's sellers sells two types of projects with pricing as follows: Projector...

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Q: Explain how useful the price mechanism is in tackling the basic economic problem?

A: the main role of price mechanism in basic economic problem is allocate scare resources in market eco...

Q: he effect of stockholders divided is to

A: A shareholder, sometimes known as a stockholder, is a person, business, or organization that owns at...

Q: 1. Copyrights should be amortized over a. their legal life. b. the life of the creator plus fifty ...

A: Copyright is an Intangible asset. Copyright are amortized . The amortization of Copyright is explain...

Q: Book Value Market Value Cash and Receivables P30,000 Inventory Plant Assets (net) Current Liabilitie...

A: Pre-acquisition earnings means such profits or retained earnings belonging to the subsidiary which a...

Q: Ex 5. Calculate the retained earnings of a retail company considering the following financial inform...

A: Retained earning means the amount of profit that has not been distributed to shareholder as divided....

Q: Meyer & Smith is a full-service technology company. They provide equipment, installation services as...

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service...

Q: The Bottling Department of Lake Michigan Water Company had 3,000 liters in beginning work in process...

A: Process costing is used in that organization where a similar kind of product is produced and goods p...

Q: rancis worked 10 hours from Monday to Friday. Overtime is based on an 8-hour workday and his daily w...

A: Solution Given Normal hour per day 8 hour Hours worked per day 10 hour Daily wage ra...

Q: Net credit sales = $400,000 Net income = $100,000 Average total assets = $80,000 Average accounts...

A: calculation of average collection period are as follows

Q: Rifle Co. is a distributing company selling toy guns to retailers at 10/15, 5/20, n/30 and it provid...

A: Answer) Under ageing of receivables method, the allowance for uncollectible accounts is calculated b...

Q: ngel Corp. uses different kinds of machines in its manufacturing process. The following information ...

A: Cost of the machine will include all those costs that goes towards purchaing the machine and then pu...

Q: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...

Q: The repayment of a mortgage is made on behalf of the business by the bank on the authority of a stan...

A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash boo...

Q: You have Just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door ope...

A: Planning hours = 24000 hours Actual work for = 22000 hours Activity Variance = Planning budget - Fle...

Q: Hotdog Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following item...

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

Q: Q. In January, a company incurred a total product cost of $465,000, Conversion costs were 70% of ove...

A: The total product cost omprises of direct materials, direct labor and overhead cost. 

Q: Wildhorse Always enters into a contract with Dakota to construct the path for $233,000. In addition,...

A: Solution a:       Consideration Bonus Amount Probability of Outcome Revenue Recognized Bonus if ...

Q: Inc. and Life Co. have an exchange with no commercial substance. The asset given up by Love Inc. has...

A: Solution: Asset received in exchange will be recorded at book value of asset given up plus any cash ...

Q: The property, plant and equipment account of Cuddle PH was revisited by its property officers. They ...

A: Loss from Derecognition = Cost of the assets - Accumulated Depreciation

Q: Allan’s employer purchased a car in March 2020 at a cost of $44,000 GST inclusive and provided the c...

A: Tax is to be paid by the employee on the fringe benefits which has been received by the employee fro...

Q: On July 1, 2020, Zelensky Company, a calendar-year company, purchased a machine for a cash price of ...

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...

Q: Pharoah Company began operating on October 1, 2022. It prepares monthly financial statements. A tabu...

A: The question is based on the concept of Financial Accounting. Income statement is one of the financi...

Q: Required: Prepare in a suitable form for publication, a. Income statement for the year ended 31st De...

A:

Q: Tiago makes three models of camera lens. Its product mix and contribution margin per unit follow:  ...

A: The Break-even point indicates that total units are to be sold by the business entity to recover its...

Q: Net credit sales $120,000 Average accounts receivable 20,000 Cash collections on credit sales 1...

A: Solution We are provided with the following information Net credit sales = $ 120,000 Average account...

Q: The Robbins Company manufactures special purpose machines to order. On January 1, there were two job...

A: Job order costing is used for personalized products or services to fulfill some particular orders or...

Q: Fight Company is a wholesaler of office supplies. The FIFO periodic inventory is used. The entity re...

A: Solution: Under FIFO method of inventory, inventory purchased first is considered as sold first. Und...

Q: Escalera Company reported an impairment loss of P5,200,000 in its income statement for the year 2016...

A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...

Q: 9) Omani Company reported equity of RO 130,000 on March 1. During the month, The Company generated r...

A: Formula: Ending equity = Beginning Equity + Additional investments + Net income - Dividends

Q: After reading the paragraphs, list the journal entries you think Rite-Aid would have used to do what...

A: The case of Rite-Aid is one of window dressing of the financial statements. Window dressing means th...

Q: Three owners join together to form ABC, INC., which properly elects to be taxed as a C corporation. ...

A: Partnership means where two or more person comes together to do some common business activity and ea...

Q: Wright Company's cash account shows a $30,100 debit balance and its bank statement shows $28,400 on ...

A: Sometimes the balance shows in the cash book and in the bank statement doesn't matches. In order to ...

Q: What are the importance of financial statement? What is the purpose of financial statement?

A: The financial statement is organized summaries of detailed information about the financial positions...

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.