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Q: Problem #1. Your uncle has a taxable income of $85,142 last year. If he files as a head of…
A: A tax liability seems to be a tax that is owed to a taxing body or that has accrued for payment at a…
Q: Pre pare a statement of cash flow using the indirect method
A: Net increase (decrease) in cash 55700 Beginning cash balance 48600 Ending cash balance…
Q: Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500…
A: Budgets are prepared to estimate the expected revenue and expenses. The direct labor budget can be…
Q: Which statement is INCORRECT about subsequent measurement of intangible assets? Q7 Select…
A: Intangible assets are identifiable non-monetary asset without any physical substance. An asset…
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A: A cash budget is a statement showing the expected cash receipts and cash payments during a given…
Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…
A: Lets understand the basics. Journal entry is required to make to record an event or transaction that…
Q: Burger Chef acquired a delivery truck on March 1, 2021, for $31,600. The company estimates a…
A: Formula: Depreciation per mile = ( Asset cost - Salvage value ) / Estimated miles
Q: Which of the following statements is prepared by all not-for-profit organizations? O Satement of…
A: For non for profit organization the company shall prepare the fund flow statement showing the…
Q: Below are the financial statements for Aspirations Pty Ltd. Statement of Financial Position at 30…
A: Formula to calculate the ratios 1. Net Income margin ratio = (Net income / Revenue) x 100 2.…
Q: FINANCIAL POSITION: RATIO 2021 2020 2019 Current ratio CR= CR= CR = (CR)= 723,796/12,281,092…
A: A fall in the current ratio typically indicates inventory management issues, inadequate or weak…
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A: Overhauling an engine in a large truck- Ordinary Maintenance and Repairs Exterior and interior…
Q: Under accrual basis, rental income of Hamilton company for the current year is P300,000. Additional…
A: Lets understand the basics. Unearned income is a income for which cash has already been received but…
Q: On January 1, 2019, Weaver Company purchased as held-to-maturity debt securities $500,000 face value…
A: The term "debt securities" can refer to a range of financial products that contain a commitment from…
Q: Beginning the year 2022, the Polk Company began marketing a new beer called “Serbesa”. Each bottle…
A: Since, for every 20 specially marked bottles of serbesa, beer mug will be given to customers…
Q: HE Ltd is a company incorporated in SG and prepares its financial accounts based on the Singapore…
A: Original Carrying amount that would have been there as at 1st Jan 20X4 if no revaluation has been…
Q: Shelby Corporation was organized in January to operate an air-conditioning sales and service…
A: The stockholders' equity represents the total equity that belongs to the shareholders of the…
Q: Flynn acquires 100 percent of the outstanding voting shares of Macek Company on January 1, 2021. To…
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Q: Operating profit 43-7 Sales revenue 910-4 Share capital and reserves 182-3 Long-term borrowing 77-9…
A: Lets understand the basics. Current ratio compares current asset with current liabilities. It…
Q: You purchase 115 shares of stock for $53 a share. The stock pays a $7 per share dividend at year-…
A: Rate of return on stocks = (End of year stock price - purchase price + Stock dividend)/purchase…
Q: Required: Use the step method to allocate the service costs, using the following: a. The order of…
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Q: Which of the following statements regarding dividends in arrears is false? Question options: a…
A: Dividend in arrears means the amount of dividend which was not paid due to insufficient funds in…
Q: On January 1, 2017, SJT Corp. made an initial investment of $1,000,000 and construction began on a…
A: Borrowing Costs: It is the cost incurred in connection with borrowing of funds for construction…
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Q: Sanders Company purchased the following on January 1, 2019: • Office equipment at a cost of…
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…
Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Alled signs…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
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Q: An entity acquired an operating license from the local council to operate a night club for ten years…
A: Yearly amortization of license = R150 00010 years = R15,000
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Q: A company is planning to acquire a machine costing K500,000. Effective life of the machine is 5…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Kansas Enterprises purchased equipment for $74,500 on January 1, 2021. The equipment is expected to…
A: Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear,…
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A:
Q: QUESTION 1 Big Three Co issue its $68000 bonds at a price of 96.1 the company will debit cash for $
A: Bonds issued for =$ 68,000 Bonds price = 96.10 No. of bonds issued = 68,000 /100 = 680 bonds
Q: Problem Set 1 Sugar Sweet (SS) Company produces and sells 7,000 specialty Treats per year at a…
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A: Answer:- Tax definition:- Taxes are one of most important and necessary payment levied by the…
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A: Closing entries close the temporary accounts, and their balances are transferred to permanent…
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A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: The carry forward periods for losses varies with the type of loss. Briefly describe the carry…
A: Carry forward of losses is the losses of the current year that will be used to set off from the…
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Q: The following information pertains to Travis Concrete: Sales revenue $2,000,000 700,000 100,000…
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Q: Oriole Corporation has 74,000 shares of common stock outstanding It declares a $2 per share cash…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Sugar Sweet (SS) Company produces and sells 7,000 specialty Treats per year at a selling price of…
A: Comment-Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: 10) The maturity value of a five-month promissory note issued May 31, 2013, is $2134.00. What is the…
A: Future Value = P + (P * R * T)Where P = Present Value R = Rate of InterestT = Time
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- a. What is the Sarbanes –Oxley Act? (SOX) b. What are the highlights of SOX c. What are the costs and benefits of SOX d. Describe how SOX would have impacted Accounting over the past 18 years e. Provide the pros and cons of SOX f. Compare and contrast the usage of SOX in the private sector vs similar requirements in the public sector. Required: Please only answer (d) to (f)Q17 Statement I: A company is accountable to the society since it makes use of community-owned resources and other infrastructural facilities and enjoys concessions provided by state from tax-payers money.Statement II: The best way of social responsibility reporting is to prepare a value-added statement, which shows the income earned by all the stakeholders (staff, community & public) a. Both the statement are true b. Both the statements are false c. Only Statement I is true d. Only statement II is true6.Which of these organisation's primary objective generally is to maximise financial returns for it's investors? A Private unlimited company B Community Interest Company C.Charity D. Social enterprise
- Decision Making Exhibit P–2 from within the Prologue includes 12 questions related to 12 types of decisions that companies often face. In the prologue, these 12 decisions were discussed within the context of for-profit companies; however, they are also readily applicable to nonprofit organizations. To illustrate this point, assume that you are a senior leader, such as a president, provost, or dean, in a university setting. Required: For each of the 12 decisions in Exhibit P–2, provide an example of how that type of decision might be applicable to a university setting. Exhibit P–2: Examples of DecisionsWrite a three (3) paragraph justification on: a. How does the Insurance Commission assures the investing public on the safety of the Insurance products offered in the market. b. Importance of Insurance Commission to the economy and to the public.15. Which of the following is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession? a. FASB b. CMA c. CIMA d. IFAC
- “The financial sector provides six major functions that are important at the firm level and at the level of the economy as a whole.” (Todaro & Smith, 2020: 801 – 802) Which of the following represent functions that the financial sector provides? i. Providing payment services. ii. Matching savers and investors. iii. Generating and distributing information. iv. Reducing poverty by providing funds to those in need. (a) (i), (ii), (iii) and (iv) (b) (i), (ii) and (iii) (c) (ii), (iii) and (iv) (d) (i), (iii) and (iv)18. The following are examples of corporate expenses deductible from gross income, except one a. Expenses paid to an advertising firm in order to create a favorable image for the corporation b. Contribution to drum up business like contribution of softdrinks to barrio fiesta c. Premiums on life insurance covering the life of an employee if the beneficiary is his heir d. Representation expenses designed to promote business20- Which one among the following is private income? a. Government income b. Wages of employees c. Earnings of private organizations d. Salaries of managers
- Select one of the following nonprofit organizations:1.The American Accounting Association2.American Red Cross3.United Way4.American Cancer Society5.American Institute of CPAsUse the Annual Report of the organization you have selected to:a. Identify the financial statements that the entity presents and what additional disclosure it presents.b. Analyze how contributions are recognized (contributions revenues). Does the organization have net assets with restrictions imposed by donors? What is the nature of the restrictions?16- Which of the following businesses can be an LLC? a. Bank b. Insurance company c. Supermarket d. All the options are correct6- The financial systems brings the saving of a. Government to Public finance b. Individuals & household to Corporate sector c. Private Companies to government d. Government to Corporate sector