Mort is the owner of an apartment building containing ten identical apartments. Mort resides in one apartment and rents out the remaining units. For 2021, the following information is available: Gross rents $110,600 Utilities for total building 25,000 Maintenance and repairs (rental apartments only) 10,500 Advertising for vacant apartments 3,000 Depreciation of building (all ten units) 40,000 What amount should Mort report as net rental income for 2021? a.$35,000 b.$38,600 c.$39,950 d.$32,100 e.None of these choices are correct.

Q: Why is an entity permitted by financial reporting standards to change an accounting policy? O The ch...

A: Solution Concept The change in accounting policy is allowed under two situation                 -the...

Q: Which of the following is not a characteristic of non-counterbalancing error? a. If not detected, t...

A: The errors which are not automatically corrected in the following accounting period is known as Non-...

Q: Learning Task 1: Identify or classify the different account titles as to whether they belong to Asse...

A: Assets are divided into two Current assets and Noncurrent assets. Current assets are all the assets ...

Q: A business combination may be legally structured as a merger, a consolidation, or an acquisition. Wh...

A: The correct answer is given in the following steps for your reference.

Q: Pine Hardware Store had net credit sales of $6,500,000 and cost of goods sold of $5,000,000 for the ...

A: Solution..   Net credit sales = $6,500,000  Beginning accounts receivable = $600,000  Ending account...

Q: Last month when Holiday Creations, Incorporated, sold 41,000 units, total sales were $164,000, total...

A: Formula: Contribution margin ratio = ( Contribution margin / Sales ) x 100

Q: Question 18 of 75. for the Qualed Which of the following statements is TRUE regarding Form 582 and t...

A: the correct option with proper explanation are as follows

Q: EXERCISE 2.1 Make the TABLE to show the division of net income/net loss and give the CLOSING ENTRIES...

A: A partnership firm refers to where the partners do business and share the profit and losses that are...

Q: Milan Company reported pretax income of P 6,500,000 on December 31, 2021. During your audit, the fol...

A: Solution Pretax income  is a company's income after all operating expenses have bee deducted from to...

Q: as follows: Cash           198,000      Accounts payable          149,000  Inventory     80,000    ...

A:  Inventory            80,000  Plant Assets         2,30,000  Non Cash Assets         3,10,000 ...

Q: I buy house on credit. The operation will Select one: O a. not change my total assets O b. decrease ...

A: The assets are the accounts which are owned by the business. The assets have debit balance.  The lia...

Q: 1: An employer in Cleveland, Ohio, employs two individuals, whose taxable earnings to date (prior to...

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...

Q: In year 2022, collection of interest income is credited to Interest Expense. What is the effect of t...

A: Solution Concept When the income is not recorded the effect is understatement of the revenue and it ...

Q: Under non-integrated accounting system, the account made to complete double entry is: General ledger...

A: Non-integrated accounting system is the system of accounting in which seprate set of accounts are ma...

Q: Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry...

A: Solution Concept Accrued income means the income that is earned but not received yet The accrued inc...

Q: In the consolidated statement of financial position of the parent and its subsidiaries, what total a...

A: IAS defines investment property  as a land or a building or both which are held to earn rentals or f...

Q: If a company's selling prices are $5, variable costs are $3 and fixed costs are $100,000. The number...

A: Formula: Break even point in units = Fixed cost / Unit contribution margin

Q: What is the effect of the error in the net income of the current period and in subsequent period?

A: Payment made to supplier is debited for decrease in balance as accounts payable which is liability w...

Q: These errors were discovered in the account of Golden Arches Company: Salaries payable amounting to...

A: Following is the error correction.

Q: Fred is considering three job offers in advertising. A full-time position as a coordinator that pay...

A: Monthly net income is calculated as gross income minus all the tax deductions.  

Q: Find out from the following a scientific and accurate method of factory overhead absorption: Percent...

A: The factory overhead is applied to the production on the basis of predetermined overhead rate. 

Q: of omission of accrued expenses in assets at the end of t

A: Accrued expenses are expenses which have been  incurred but remain unpaid at the end of the year. Wh...

Q: \gazzi Repair Shop had the following transactions during the first month of business as a proprietor...

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

Q: DEF Company was authorized to issue 12%, 10-year bond with face amount of P20,000,000 on January 1, ...

A:

Q: The payment of supplier's account is debited to accounts receivable. What is the effect of the error...

A: Ans. The error while passing journal entries leads to overstated or understate of profits. 

Q: The collection of customer’s account is credited to accounts payable. What is the effect of the erro...

A: Following is the effect of the error in assets and liabilities of the entity.

Q: Colorado Corporation for the year ended December 31, 2021, you discovered that certain accrued incom...

A: Accrued expenses  is expenses incurred but not paid  Accrued income is income earned but not receive...

Q: Grand Company reported the following on its income statement: Income before income taxes$ ,000 Incom...

A: Lets understand the basics. Times interest earned ratio indicates the companies ability to pay inter...

Q: Which is exempt from VAT?

A: given    VAT is

Q: Sales Less: Cost of goods so Fixed overhead cos Variable production Cost of goods sold Gross margin ...

A: The question is based on the concept of Cost Accounting.

Q: Fill in the blanks: Pasig Corp uses job order costing to produce its products. It applied a factory ...

A: The overhead is said to be overapplied when actual overhead is less than the applied overhead cost. ...

Q: Sb 5-4 Calculate SUTA Tax r each of the following independent circumstances calculate the SUTA tax o...

A: Under the provisions of SUTA The maximum earnings subject to tax is $8500 Computation of taxable ear...

Q: In which of the following methods, issues of materials are priced at pre-determined rate? None of th...

A: Solution Standard price is the predetermined price and both the receipts and issues will be valued a...

Q: Which of the following is the incorrect effect of counterbalancing errors? a. None of the statement...

A: Counterbalancing error is made when  an error is made that cancels out another error. For example th...

Q: Beginning Inventory $11,500 Dairy Alternative Purchases (+) $1,000 Produce Purchases (+) $500 Protei...

A: The standard rate maintained for food cost is between 28%-32%. As long as there is profit covering a...

Q: Fred is considering three job offers in advertising. • A full-time position as a coordinator that pa...

A:

Q: If the statement of financial position error is discovered in a subsequent accounting period, what a...

A: The error in the financial statement could be cause due to any mathematical mistakes or other reason...

Q: A business combination may be legally structured as a merger, a consolidation, or an acquisition. Wh...

A: An agreement that involves combination of two entities leading to the formation of a new entity in k...

Q: Allen Air Lines must liquidate some equipment that is being replaced. The equipment originally cost ...

A: The after-tax salvage value of the asset is calculated by deducting the tax rate on the difference i...

Q: DIRECTION: COMPLETE THE FOLLOWING TABLE SELLING PRICE , COST, MARKUP, MARK-UP BASED ON SELLING PRIC...

A: Mark up refers to the difference between the selling price and cost price of the goods and services ...

Q: You were able to gather the following during your audit: a. To acquire land and building, the compan...

A: The process by which an organization starts or incorporates it business and all the activities perfo...

Q: ABC company had the following transactions and events during the year ended 31 March 2022. The compa...

A: Cost of goods manufactured is the amount which is incurred on the production of the goods.

Q: Assuming there is 5 cost to be incurred in issuing per share, how much is the current cost of equity...

A: Cost of Equity = {D1 / (P - F)} + g D1 = D0 x (1 + g) Here, D0 = Last Year Dividend D1 = Next Year D...

Q: End of Year data suggests that noise Ltd. has 6000 items of product A and 2,000 of product B, costin...

A: Lets understand the basics. As per IAS 2 "Inventories", inventory needs to be valued at the cost of ...

Q: Which of the following is TRUE of capital gains taxes for domestic corporations?      A. They are ex...

A: Capital gains tax is the amount of tax charged by receiving the capital gains such as gain on sale o...

Q: The company sells T-shirts with identical unit costs and selling prices. Shown below are the revenue...

A: Workings 1) Computation of contribution margin income statement Particulars Amount $ Sales reve...

Q: Upon inspection of the records of Eisenhower Company in connection to its financial statement audit ...

A: The net income is calculated as difference between revenue and expenses. The income statement repres...

Q: 3: An employer in the U.S. Virgin Islands, employs two individuals, whose taxable earnings to date (...

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...

Q: During September, Aparna had sales of 148,000, which made a gross profit of 40,000. Purchases amount...

A: Solution..   Sales = Rs148,000 Gross profit = Rs40,000  Purchase = Rs100,000  Opening inventory = Rs...

Q: Fred is considering three job offers in advertising. • A full-time position as a coordinator that pa...

A: