My question is on auditing where I want to know whether the audit evidence is sufficient and appropriate such as oral representation by management, year end suppliers statement and physical inspection of a non current asset

Q: How do the activities of a company benefit society?

A: Even though a company have a profit motive, a cost can benefit society in many ways.

Q: Gerald Company had the following account balances for 2021.   December 31 January 1 Accounts pay...

A: SOLUTION NET INCOME REFERS TO THE AMOUNT AN INDIVIDUALS AND BUSINESS MAKES AFTER DEDUCTING COSTS , A...

Q: CENTER for the calendar year 200A: P 1,200 8,000 P 85,000 Notes Receivable 12,000 Notes Payable 16,6...

A: The Financial Statements are prepared to check the financial health of the organization. These are t...

Q: ABC Corporation wishes to raise money by selling a 90-day promissory note in the short-term money ma...

A: Solution Given Maturity period of note 90 days Amount payable at maturity 17000000 Y...

Q: Prepare a schedule starting with pretax financial income and compute taxable income.

A: Pretax financial income is the income which the company has earned during the year before the income...

Q: Required: 1. Prepare journal entries in connection with the warranty using the “expense as incurred”...

A: Warranty is a form of assurance that is being provided by seller to the buyer that in case product w...

Q: Units Beginning inventory Started during the month Total units to account for Completed and transfer...

A: The equivalent units are calculated on the basis of percentage of the work completed during the peri...

Q: KARISE REPAIRS Adjusted Trial Balance December 31 lumber 101 124 128 167 168 201 210 307 318 Account...

A: The financial statements of the business including income statement, statement of retained earnings ...

Q: Explain why most companies use the straight-line method, despite the benefits of accelerated depreci...

A: Accelerated depreciation is a type of method of depreciation in which an asset's book value deprecia...

Q: ABC Company experienced a decline in the value of its inventory in 2020 which resulted in a write-do...

A: Inventory write-down refers to the accounting process to record decrease in value of the inventory w...

Q: Exercise 3-4 (Division of Profit under Various Assumptions) Blessing and Linda formed a partnership ...

A: The partnership comes into existence when two or more persons agree to do the business and share pro...

Q: Marvin’s Kitchen Supply delivers restaurant supplies throughout the city. The firm adds 10 percent t...

A: As per the given question delivery charges are equal to 10% of cost of supplies     i.e. 10% of orde...

Q: Calculate the diluted carnings per share (EPS) on the continuing operations of ABC for the year ende...

A: Diluted earnings per share are the earnings per share which a company has earned per share if the co...

Q: he new office space. The supplies cost $975 and were paid for in cash. May 4 – Hazel purchased an a...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: Petra Supply Ltd. At December 31, 2009, Petra Supply Ltd. had the following account balances: Accoun...

A: When journal entry recod for uncollectible receivable debit bad debt expenses and credit allowance f...

Q: To connect with critical customers and suppliers, many large firms employ electronic data interchang...

A: Answer: Electronic Data Interchange (EDI) is the implementation of the software that enables the ele...

Q: During 2020, Mami Corp. received P8,000,000 from tenants. The balance sheet contained the following ...

A: The rent receivable from previous year was the income for that year only which is received in cash d...

Q: What is the primary objective of horizontal analysis and its concept

A: Horizontal analysis is a financial statement analysis.  Horizontal analysis used to compare historic...

Q: LT and AM have capital account balances at the beginning of the year of P40,000 and  P45,000, respec...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: Assume that you are responsible for planning a banquet for your school’s accounting club. The banque...

A: Fixed Costs: Fixed costs, otherwise called overhead expenses or indirect expenses, are costs of doin...

Q: 1. Determine the estimated warranty liability on December 31, 2022. 2. Analyze the estimated warrant...

A: Answer: We are given  First year warranty = 4%  Second year warranty = 10%  

Q: Sato Consulting Services paid $1,500 to Office Supplies Mart, Inc, as payment on account for Invoice...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: The Manning Company has financial statements as shown next, which are representative of the company’...

A: Income Statement The purpose of preparing the income statement is to know the net income which are d...

Q: Colors Company purchased a piece of machinery for $4,000. The company paid $1,500 at the time of the...

A: Journal entries recording is one of the initial step of accounting process, under which atleast one ...

Q: In the Statement of Changes in Equity, the result from the Statement of Profit or Loss is always add...

A: The income statement is prepared to find the profit or net loss incurred during the period. 

Q: FDN Company earns revenue from rendering advertising services to various clients. FN Company receive...

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service...

Q: On January 1, 20x1, ABC Co leased equipment to XYZ, on the lease is shown below. Inc. Information Co...

A: To determine the total interest earned over the lease term, we will prepare amortization schedule. A...

Q: Operating expenses are comprised of the following: General and Administrative Expense, Cost of Good...

A: Solution Concept Cost of goods sold includes the direct material and direct labor and shall be prese...

Q: Introduction to Basics, Inc. sells products with reusable and expensive containers. The customer is ...

A: SOLUTION WORKING NOTE - DEPOSIT AS ON 1 JAN 2021 FROM DELIVERIES IN 2019 75000 DEPOSIT RETURNED...

Q: FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumula...

A: Current assets : These are the assets which are can be converted into cash within 1 year. Current As...

Q: On October 1, 2020, Sage sold one of its super deluxe combination gas/charcoal grills to a local bui...

A: Discount on notes receivable = Notes receivables  - Sales revenue  PVAF ( 10% , 3 years )  = 0.75131...

Q: Average Cost per Unit Direct materials Direct labor Variable manufacturing overhead Fixed manufactur...

A: Incremental selling and administrative cost is the additional cost occurred on selling one more unit...

Q: Cathy, the manager of Cathy’s Catering, Inc., uses activity-based costing to compute the costs of he...

A: Joint cost is the cost allocation process where the joint costs of the organization are allocated ov...

Q: A temporary difference arises when a revenue item is reported for tax purposes in a period   After...

A:   Reason:  This temporary differences occur because financial accounting and tax accounting rules ar...

Q: Type of CASH FLOW Cash involved? Operating, Investing, Financing, or (Yes or No) Transaction None Us...

A: Sno. Transaction Cash Involved Type of Cash Flow 12 Customers paid the amount they owed from servi...

Q: Headland Company adopts acceptable accounting for its defined benefit pension plan on January 1, 201...

A: GIVEN         2019   2020   2021 Annual service cost   $15,800     $19,400     $26,100   ...

Q: FDN Company received a four-month note receivable in the amount of PHP41,000,000 on September 1. The...

A: Accrued Income : Accrued Incomes are those incomes which have been earned during the accounting peri...

Q: Explain the financial presentation and also classification of cash and cash equivalent. (Write a com...

A: •Cash and cash equivalents includes cash, assets immediately convertible into cash, bank balance and...

Q: Sage Corporation has pretax financial income (or loss) from 2015 through 2021 as follows.     Inco...

A: Step 2 in solution

Q: 9. Carla Vista Co. at the end of 2020, its first year of operations, prepared a reconciliation betwe...

A: Income tax expenses is total tax amount calculated on taxable income  by effective tax rate.

Q: Below is an incomplete Statement of Financial Position for a company at the end of 2020.          ...

A:   As per batleby policy if there are more than 3 subparts then we are allowed to do only first 3 sub...

Q: what is the cost of its ending inventory at cost? *

A: Retail inventory method refers to an accounting method which is used by the companies to compute the...

Q: Appliance Company makes cooling fans. The firm’s income statement is as follows: Sales (7,000 fans a...

A: Operating Leverage: Increasing operating income by increasing revenue is a cost-accounting formula t...

Q: Oseo Company had the following results in June.                                                    ...

A: SOLUTION FORMULA - REVENUE VARIANCE = ACTUAL SALES REVENUE - BUDGETED SALES REVENUE.

Q: On January 1 , FRED and GEMMO formed a partnership by contributing cash of P405,000 and P270,000 , r...

A: Partnership is a lawful collaboration between two or more than two parties to carry-out business act...

Q: The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit $ 30,000 52,00...

A: Financial statements are prepared at the end of the accounting year. These are the essential part of...

Q: The trial balance will be out of balance if:

A: Trial balance: Trial balance is a summary of all ledger accounts with credit and debit balances and ...

Q: Which of the following types of errors will not self-correct in the next year?

A: Answer: There are different types of accounting errors in the financials. 

Q: Cost 500,000.00 1,285,000.00 20,000.00 Retail 725,000.00 Inventory, 12/31/2021 Purchases Purchase re...

A: Cost ratio is the percentage of cost price of inventory to its retail price. It shows the percentage...

Q: FDN Company shows the following amounts in its Statement of Cash Flows for the year ended December 3...

A: Net cash used in operating activities = 4,000,000. It means cash outflow is more than cash inflow in...