In 5 or more sentences, answer the following 1. What is the main difference in the statement of financial position of a partnership compared to that of a sole proprietorship form of business?

Q: On December 31, 2019, an equipment with a carrying amount of P6,500,000 (cost of P10,000,000 less…

A: Concept of Impairment of assets

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A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Exercise 15-20 (Algorithmic) (LO. 3, 4) Jason and Paula are married. They file a joint return for…

A: A tax deduction called qualified business income deduction is the one which is given to the small…

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A: GIVEN   On January 1, 2022, AA Company sold an equipment costing P5,000,000 and accumulated…

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A: Direct costing which is also called as Variable Costing , is  a…

Q: ercise I Early Horizons Day Care Center nas fixed costs of $300 10 per child per day. If it charges…

A: The Break-even point is that level of production where the business makes no profit no loss. In…

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A: Current Liabilities are the liabilities which are due within 1 year. Non Current Liabilities are the…

Q: Cash Dividends on Common Stock

A: Shares purchased as Treasury stock is not outstanding.  So , no Dividend is declared on shares…

Q: Wayne Company is considering a long-term investment project cll useful life of 4 years and no…

A: Solution: Initial investment = $112,860 Net annual cash inflows = Increase in annual cash inflows -…

Q: Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four…

A: Event General Journal Debit Credit   1 Equipment( $ 34,000 x 98%) $ 33,320…

Q: Mr. A, a minimum wage earner sales agent, received the following from his employer for the year…

A: As per the provisions of BIR as well as amendment by TRAINs Law ,  13th…

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A: Calculation of Cash Balance as per books    Particular  Amount ($) Cash Balance as per Bank…

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A: Introduction: Depreciation: Depreciation is an expense to be shown in income statement. Decreasing…

Q: The condensed income statement for Monroe Corp. for the past year is as follows: Product В C Sales…

A: If product B is discontinued  then Total Fixed costs will be allocated to product "C" Because Fixed…

Q: The Carters c tribut d $8.0 00 to the

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A: Cash budget means the statement which shows the expected cash available for distribution including…

Q: Which of the following is not a tax benefit of an urban reserve? a) Status Indian employees of…

A: Tax Tax refers to the compulsory payment made by the people or corporations to a government agency.…

Q: Given the book values of the inventory items of Piggy Farm as of 31 December 2021: ITEM Accounts…

A: PIGGY FARM BALANCE SHEET as on 31/12/2021  ASSETS     Current Assets     Cash           1,500…

Q: ercise this option. Lorries have a useful economic 1 ars. Fase payments are $10,000 per year for the…

A: Lease Accounting

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A: Introduction: Sales returns: Returning of the goods to retailer called as sales returns. And the…

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A: P100,000 should be added to the Cost of Sales in PP Company.

Q: A corporation issues 6,000 shares of $1 par value stock for a parcel of land valued at $12,000.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: Problem 4: First-In First-Out vs Average Costing The following information relates to JKL Company's…

A: Cost of Ending Inventory=Units in Ending Inventory×Average Cost

Q: Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall…

A: Ratio analysis helps the stakeholders of the business organization to know about the performance of…

Q: Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall…

A: A series of high-level reports that describe an organization's financial performance, financial…

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A: A petty cash fund is prepared to payout minor miscellaneous expenses such as office supplies, sundry…

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A: Solution The adjusted cash balance of Gunnar Company on September 30 is shown below

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A: The answer is stated below:

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Q: When you reward the talents of society values, does it govern social and economic inequalities

A: there is no concept exist like talent because every individual have the unique quality and they have…

Q: partnership

A: Partnership is a relationship between the two or more persons who are agreed to share profit of the…

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A: goal setting means setting a benchmark where accompany or an individual want to achieve. this goal…

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A: The capital structure of a corporation is the exact combination of debt and equity used to support…

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

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A: Each financial transaction has respective effect on the asset equation. The asset equation is…

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A: Responsibility of Cost Centre Manager The main responsibility of the cost center managers to…

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A: Total Income refers to Sum of all Income incurred during the year.

Q: Use the information below to answer this question and the next question, Raven Corporation received…

A: Differential cost is the difference between the cost of two alternative decisions, or of a change in…

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A: The nominal interest rate refers to the periodic interest rate multiplied by the number of periods…

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A: The retained earnings are decreased with declaration of dividend as dividend is paid to shareholders…

Q: Which of the following statement is true about a noninterest-bearing note? Group of answer choices…

A: Solution: Non interest bearing note is the note that were issued at discount to face value and that…

Q: 22. The short-run supply curve of a purely competitive producer is based primarily on its: A. AVC…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A:

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A: At the time of considering special order, if the special order is covered under the relevant range…

Q: Statement 1: All property, plant and equipment shall be initially measured at cost and presented in…

A: The property, plant and equipment includes the amount for plant, machinery, land, equipment of the…