In determining whether transactions were really exist, the direction of the audit testing should be from the A. Financial Statements B. Original Source Documents C.General Ledger Balances. D.General Journal Entries

Q: On January 1, 2021, Stoops Entertainment purchases a building for $550,000, paying $110,000 down and...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: what amount of accrued liability would Raven have reported in its December 31, 2026 statement of fin...

A: Provision of Litigation is the probability of uncertain timing or amount, in this case the Raven com...

Q: ABC Company and XYZ Company have announced terms of an exchange agreement under which ABC will issue...

A: The question is related to Equity Section of a company. Given : ABC will issue 10,000 shares of its ...

Q: Partner X and Partner Y share profits and losses equally. Partner X and Partner Y receive salary all...

A:                     Working Notes :- Particulars X   Php    Y Php Total Average capital of part...

Q: Ether trading unit given the following information for the year ended Marc 31, 2020 for one of its s...

A: The closing entries are prepared to close the temporary accounts of the business.

Q: The entity had been renting their office space for more than 10 years already. The Company President...

A:

Q: mavy Product, Inc developed standard costs for drect material and direct labor lestmated the folowin...

A: The direct material flexible budget variance is calculated as sum of direct materials price variance...

Q: 15. Historical cost and fair value statement of financial position data on January 1, 2021, are as f...

A: Ordinary Shares of Octane = P150000 Par Value per Share             = P5

Q: Attorney Maria Conroe uses a job order costing system to collect costs of client engagements. Conroe...

A: GIVEN   Attorney Maria Conroe uses a job order costing system to collect costs of client engagements...

Q: 2017: 1-4 Ms. Jaya started Jaya Business Ventures by bringing in cash of Rs.3,00,000. 2-4 Ms. Jaya p...

A: The trial balance shows the balance of ledger accounts

Q: Record the necessary adjusting journal entry at December 31, 2020 for Purple Company using the blank...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: With the information given below from ABC Ltd,prepare cash flow from financing activities. 1. Redemp...

A: Cash flow from financing activity forms part of cash flow statement prepared by an entity where all ...

Q: Larger firms should carefully consider their competence to take on an audit client in a specialized ...

A: Competence is one of the important quality required for the auditor. He can conduct the audit only i...

Q: Which of the following are characteristics of the unified tax system that are common to both testame...

A: Marital deduction means a person can transfer unlimited amount to his/her spouse. There is a limit t...

Q: Pat invites Tin to join him in his business. Tin agreed that the following adjustments are taken up ...

A: Partnership is one of the agreement between two or more than two persons, in which they invest their...

Q: The following data as of July 1, 2020 were taken from the records of Bonbon: Cash 21,000 Other asset...

A: Solution Balance sheet is a statement of business's assets , liabilities and owners equity as of any...

Q: ABC Company operates a branch. At the end of the year, the Branch account in the books of the home o...

A: Solution Reconciliation statement - Unadjusted branch current a/c  150000 Add - Accounts receiv...

Q: Multiple choice: 1. A business purchased equipment for ₱10,000 but deliberately reported it as ₱100,...

A: 1. On a company's balance sheet, most long-term assets are listed at their historical cost.One of th...

Q: CP Analysis of Multiple Products Steinberg Company produces commercial printers. One is the regular ...

A: Break even sales revenue is calculated as fixed cost divided by contribution margin ratio.

Q: After further analysis of the aged accounts receivable, it is determined that the allowance for doub...

A: Accounts receivables are those receivables which the company have as a result of the either the cred...

Q: 4. ABC Company operates a branch. Operating data for the home office and the branch for 2021 are as ...

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and p...

Q: 4. ABC Company operates a branch. Operating data for the home office and the branch for 2021 are as ...

A: Branch and Head office concept comes in to existence  where company is running from more than one en...

Q: Parent and Sub Inc had the following balance sheets on December 31, 2021 (see image below). On Janua...

A: Goodwill can be define as an asset for a company which can not be touched or see instead of this it ...

Q: On October 1, 2005, Steve admits Martin for an interest in his business. On this date, Steve's capit...

A: Partnership is one of the agreement or arrangement between two or more than two persons, in which th...

Q: ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC cha...

A: The direct costs incurred in production are debited to work in process account and indirect costs ar...

Q: s to acquire all of XYZ's P10 par value shares ar ment of financial positic e below) Based on the

A: Ordinary Shares of Octane = P150000 Par Value per Share             = P5 Number of Share = P150000 ÷...

Q: Determine Dianne's provincial income tax deduction per pay period. Your answer:

A: Solution:- Given, Dianne works for a company located in Pierrefonds, Quebec.  Salary = $53,274 semi-...

Q: On September 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to t...

A: Computation of total depreciation deduction for the year 2020 MACRS depreciation for 2020 + MACRS de...

Q: Retained earnings, May 1 $3,750,000 Net income 720,000 Cash dividends declared 80,000 Stock dividend...

A: Retained Earnings is the accumulated earnings over the period of time. This is an important part of ...

Q: the following describe accounting describe accounting, except A. A service activity B. An informatio...

A: As per rule, allowed to answer to answer one question at a time and post the remaining in the next s...

Q: On December 31, Strike Company sold one of its batting cages for $20,000.  The equipment had an init...

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

Q: Firm A had the following selected items on its balance sheet: Cash $ 28,000,000 Common stock ($50 p...

A: Upon payment of cash dividend, Cash account and Retained earnings account will be decreased by the a...

Q: Parent and Sub Inc had the following balance sheets on December 31, 2021 (see image below). On Janua...

A: Solution Current asset means all assets of the company that are expected to be sold or used as a res...

Q: Laly contributed land, inventory and P350,000 cash to a partnership, The land has a book value of P7...

A: GIVEN   Laly contributed land, inventory and P350,000 cash to a partnership, The land has a book val...

Q: Home Office Branch Sales P 256,000 P 78,500 Purchases from outsiders 210,000 20,000 Shipments to bra...

A: a. Mark up on purchase = (40,000 - 30,000)/40,000 = 25% of Billing price Inventory at cost on Decemb...

Q: 1.) Solve the Income Statement of AAA Company using Horizontal Analysis. 2.) As a Financial Analyst ...

A: Income statement is the statement which provides the company to determine about how much net earning...

Q: Assuming that Consolidated Financial Statements were prepared on that date, the Current Assets of th...

A: In consolidated financial statements, the value of each assets of subsidiary and parent company woul...

Q: If ABC Co purchases the net assets of XYZ Co by issuing 50,000 shares of their P20 par value ordinar...

A:

Q: How do pollution taxes vary across space? Pollution Taxes in Rural and Urban Areas  

A: Pollution is the major problem that is impacting human health and the environment.

Q: Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50...

A: Cumulative Preference Shares - Cumulative preference shares are the shareholders which gets the divi...

Q: Parent and Sub Inc had the following balance sheets on December 31, 2021 (see image below). On Janua...

A: In  case one company overtake the assets and liabilities of another company , then accounting for am...

Q: Why does Swift's narrator indicate that he gains nothing proposal?

A: Solution:- The main purpose of Swift's narrator is satirical essay is to call attention to the probl...

Q: 1,000,000 shares of $2 par common stock authorized and 400,000 shares issued and outstanding. The fo...

A: Weighted average number of shares the average number of shares remains outstanding during the period...

Q: The Harriott manufacturing company uses job order costing system. The company uses mac hours to appl...

A: Job Costing It is a method of costing where all the costs like direct material, direct labour and ma...

Q: Tudors, Inc. purchases and resells a single item of product. Inventory at the beginning of September...

A: The FIFO method states that units that are purchased first are to be sold first. The cost per unit i...

Q: Multiple choice: 1. A business incurs total expenses of ₱630,000 and reports loss of ₱270,000. How m...

A: ''Since it is the multiple question, we will solve the first question. If you want to solve any spec...

Q: Flora's Flats produces comfortable and portable women's shoes designed to be worn as a second pair o...

A:

Q: Sophie Gowna, 47 years old, works for an Ontario company with a Bi-weekly pay cycle. She earns $19 p...

A: Payroll The process of payment of payroll is an important aspect of the business as well.  Payroll w...

Q: If ABC Co purchases the net assets of XYZ Co by issuing 50,000 shares of their P20 par value ordinar...

A: 50000 shares having par value of P20 are issued at P30

Q: Pocholo Company reported an impairment loss of P512,000 in its income statement for the year 2016. T...

A: Impairment: It is most usually used to denote a significant decline in the recoverable value of a fi...