If ABC Co. sold everything it owned and paid off all the company owed, the amount left over would represent ABC's ______. Question 42 options: A) revenue B) owners' equity C) liabilities D) goodwill E) assets
Q: Josh Company, a calendar-year corporation has the following income before income tax provison and…
A: Income Tax- Income tax is best defined as the amount of tax levied by the government on the earnings…
Q: Fleming, Fleming, and Johnson, a local CPA firm, provided the following data for individual returns…
A: 1) Physical flow schedule Units in Beg. WIP 0 Units Completed and…
Q: Anthoney Inc's trial balance contains the following balances: Cash $535 Accounts Receivable $278…
A: Introduction: Trial Balance: All the final ledger accounts balances are posted in Trial balance to…
Q: Question 21
A: since we are acquiring the land which having current market value of $84000 it should be recorded at…
Q: At December 31, 2008, before any year-end adjustments. Mark Company's Insurance. Expense account had…
A: Prepaid expenses are in the nature of current assets which will bring economic benefits to the…
Q: 21.Retained earnings
A: 21.Retained earnings Answer - All of the above
Q: Finance - Debt & Equity Relevant costs and limits that should be considered when managing the firm's…
A: The return required by the funders or the shareholders is equal to the minimum amount that is…
Q: Shefford Cutlery extends a lifetime replacement warranty on all units sold. Using past experience,…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The Intramural Sports Club reports sales revenue of $602,000. Inventory at both the beginning and…
A: Gross profit is the excess amount of revenue over the cost of goods sold. It can be calculated by…
Q: You are given the following • Total sales 40 • Total fixed cost 2 • Net profit 28 What is the TOTAL…
A: In order to determine the contribution margin per unit, the variable cost per unit is required to be…
Q: The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales…
A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…
Q: On Jan 1 Glamazon issues 10,000 common shares for $75 and 3,000 preferred shares for $85 with…
A: Contribution surplus refers to the amount of capital that is above the par value of shares,…
Q: actuarial and premium rating, and two operations departments - marketing and sales. The distribution…
A:
Q: 3. February, a retail shop purchased golf clubs for $497 per set. The original markup was 35% based…
A: Comment We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Which of the following is not a close member of the family of a person in accordance to PAS 24?…
A: PAS 24 Deals with : Related Party Disclosures This requires necessary disclosures relevant to any…
Q: Miracle Body Corporation reports net income of P70,000 at the end of its first year of operations.…
A: The journal entries are prepared to record the day to day transactions of the business on regular…
Q: Question 2. Duluth Ranch, Incorporated, purchased a machine on January 1, 2021. The cost of the…
A: ANSWER STRAIGHT LINE DEPRECIATION METHOD UNDER STRAIGHT LINE DEPRECIATION METHOD ,THE SAME AMOUNT OF…
Q: Aracel Engineering completed the following transactions in the month of June. Jenna Aracel,…
A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…
Q: [The following information applies to the questions displayed below.] Chuck Wagon Grills,…
A: Under absorption costing all the production cost are product cost whether fixed or variable. It…
Q: A company developed the following per-unit standards for its product: 2 pounds of direct materials…
A: Actual rate = $6,3001,500 pounds = $4.2 per pound
Q: Considering the variance analysis, which of the following statements is true?
A: Variance analysis is the analysis which is the analysis only possible when the company has a…
Q: 22. Which of the following is not included on the statement of changes in stockholders’ equity? a.…
A: Statement of changes in stockholders' equity is a part of financial statements to show the changes…
Q: A corporation has a taxable income of $6,120,000. At this income level, the federal income ta would…
A: Taxable income refers to the sum total of income gained by an entity on which the tax rate is…
Q: Which of the following transactions is an example of accrual? a. Unrecorded income is recognized. b.…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: State valid points about features of computerized accounting system with the context of modern…
A: Computerized accounting system: Computerized accounting system is use of accounting software to…
Q: What was the value of net sales? And the value of MBA’s account receivable?
A: Financial ratios are those which provide a summary of the accounts of a company and helps an…
Q: The present value of $66,000 to be received in two years, at 12% compounded annually, is needed.…
A: We will use the concept of time value of money here. As per the concept of time value of money the…
Q: What amount of unrealized gain should Sisig Corp. report in its December 31, 2020 Statement of…
A: Unrealized gain is the gain which has been earned by the company when the investment is measured at…
Q: You have been appointed as the Financial Manager of Red Slippers Trading. Your bookkeeper prepared…
A: General Journal
Q: Aqua Corp. was incorporated on June 1, 2014 with an authorized 250,000 share of no-par ordinary…
A: Common stock means the amount raised against which the dividend is paid but after paying interest on…
Q: Problem 3 Required The following information related to the business of Snorlax Company, and the…
A: The current ratio defines the ability of the company in terms of payment for short-term debt. The…
Q: 9. En Vogue Boutique sells blouses for $26.21. If the cost per blouse is $11.21, what is the amount…
A:
Q: You have been appointed as the Financial Manager of Red Slippers Trading. Your bookkeeper prepared…
A:
Q: Interest paid on preferred stock is deductible from gross income of the paying corporation
A: Disclaimer: "Since you have asked multiple questions in a single question so we solve the first…
Q: . Price per unit: $10 Variable cost per unit: $7 . Fixed costs: $1,500 Given these data, compute the…
A: Contribution Margin: Contribution Margin is the profit determined after deducting the variable cost…
Q: T
A: Branch Reciprocal Accounts: When the transactions of business are recorded by both head office and…
Q: 7. The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales…
A: Terms 2/10 means if the Buyer made the payment within 10 days from the date of invoice then 2%…
Q: If sales revenues are P400,000, cost of goods sold is P310,000, and operating expenses are P60,000…
A: In order to determine the gross profit, the cost of goods sold are required to be deducted from the…
Q: Bad Bookkeepers Inc. originally planned to issue $100,000 of 11% par bonds on January 1, 2027 with…
A: Bonds are the highly secured debt instruments for which interest are paid to the bondholders in…
Q: Kavita purchased a machine for Rs. 80,000 on 1st April, 2015. She charges depreciation on SLM basis…
A: The straight-line method is a way of determining the depreciation. Under this method, the original…
Q: Exercise 1-24 (Algo) Linking the statement of retained earnings and balance sheet LO P2 Mahomes Co.…
A: Retained Earnings - This Statement includes profit earned over a period of time. It increases when…
Q: Choose the response that correctly states the amount of a seller's gain or loss on repossessed real…
A: Given, Real property with a fair market value of $54,000 on the date of repossession. The unpaid…
Q: Remember: Gross profit = SP-CP Activity 1.2 Complete the following table: Table 1.2: Finding the…
A: Sale price refers to the price at which the goods are sold. Cost price is the price incurred for the…
Q: Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for…
A: Contribution margin is the result of sales reduced by variable expenses whereas net operating income…
Q: Sam’s Catering purchased a delivery vehicle of R150 000 on 1 June 2021 on credit. Sam was advised…
A:
Q: Xavier has plans to construct a house 10 years from now. He is planning to save $500 every month for…
A: Compound Interest= Compound Interest is the basically known as calculating interest on interest. Or…
Q: . Price per unit: $10 Variable cost per unit: $7 . Fixed costs: $1,500 Given these data, compute the…
A: Formula used : Break even units = Fixed cost / unit contribution margin
Q: An entity included the following items in inventory at year-end: Goods out on consignment at sales…
A: An entity included the following items in inventory at year-end: Goods out on consignment at sales…
Q: A company reports the following income statement and balance sheet information for current year: Net…
A: Formula used: Return on Total Assets = ( Net income + Interest expense ) / Average Total Assets
Q: The equity section of Manda Corp. is shown below: 8% preferred stock, P100 par value, authorized and…
A: Shareholders' equity consists outstanding shares, additional paid-in capital in excess of par and…
If ABC Co. sold everything it owned and paid off all the company owed, the amount left over would represent ABC's ______. Question 42 options: A) revenue B) owners' equity C) liabilities D)
Step by step
Solved in 3 steps
- Indigo Corporation wants to transfer cash of $150,000 or property worth $150,000 to one of its shareholders, Linda, in a redemption transaction that will be treated as a qualifying stock redemption. If Indigo distributes property, the corporation will choose between two assets that are each worth $150,000 and are no longer needed in its business: Property A (basis of $75,000) and Property B (basis of $195,000). a. Compute Indigo’s recognized gain or loss if it distributes Property A in redemption of Linda’s shares. b. Compute Indigo’s recognized gain or loss if it distributes Property B in redemption of Linda’s shares. c. Compute Indigo’s recognized gain or loss if it sells Property B to an unrelated party and then distributes the sale proceeds in redemption of Linda’s shares.Hobbes Corporation’s purchase of stock of Tiger Company gave Hobbes voting control over Tiger. A portion of the amount Hobbes paid reflects the fact that Tiger's inventories have a market value in excess of their book value.How should this portion of the cost be accounted for by Hobbes Corporation? Select one: a. Reported as goodwill on the balance sheet of Hobbes Corporation b. Amortized against investment revenue over the remaining useful life of the investment c. Included in the carrying value of the investment until disposition of the stock d. Added to the inventory cost on Hobbes's consolidated balance sheetWhat is the loss on realization resulting to a capital deficiency to a personnally solvent partnerassume that NCA was sold at 1,700,000
- A corporation has sold some of its fixed assets for $53,500 representing a gain of $3,500. Under the indirect method, what is the value from the transaction the corporation would record in the operating activities? a. $53,500 b. $50,000 c. $3,500 d. $(3,500) e. None of the aboveHobbes Corporation’s purchase of stock of Tiger Company gave Hobbes voting control over Tiger. A portion of the amount Hobbes paid reflects the fact that Tiger's inventories have a market value in excess of their book value.How should this portion of the cost be accounted for by Hobbes Corporation? Select one: a. Included in the carrying value of the investment until disposition of the stock b. Amortized against investment revenue over the remaining useful life of the investment c. Reported as goodwill on the balance sheet of Hobbes Corporation d. Added to the inventory cost on Hobbes's consolidated balance sheetAn entity is planning to sell the business to new interests. The cumulative net earnings for the past five years amounted to P16,500,000 including expropriation loss of P1,500,000. The normal rate of return is 20%. The fair value of net assets of the entity at current year end was P10,000,000. 1. What is the purchase price if goodwill is measured by capitalizing excess earnings at 25%?2. What is the purchase price if goodwill is measured by capitalizing average annual earnings at 25%?
- On October 1, 2020, Generosity Company declared a property dividend of machinery payable on April 1, 2021. The carrying amount of the machinery is P4,000,000 on October 1, 2020.The machinery had the following fair value: Oct. 1, 2020 3,800,000 Dec. 31, 2020 3,600,000 April 1, 2020 3,500,000 What id the dividends payable and loss on distribution of property dividend?Mickey Inc. is considering purchasing the net assets of Minnie Corporation. Mickey has been given the following information on Minnie Corporation: Statement of Financial Position December 31, 2021 Fair Value December 31, 2021 Current assets $236,000 Current assets $225,500 PPE (net) 625,000 PPE 584,000 Land 175,000 Land 415,000 Current liabilities 187,000 Current liabilities 187,000 Common shares 577,000 Retained earnings 272,000 Mickey offered $1,425,000 to purchase the company. How much goodwill will Mickey record on this purchase? Question 8 options: $202,000 $13,500 $387,500 $389,000