n July 1, 2022, an auditing firm obtained a three-year 10% note receivable for auditing services rendered. At that time, the market rate of interest was 12%. The face amount of the note is due on the maturity date while the interest is due every June 30 starting June 30, 2023.The formula to compute for the amount of interest income on December 31, 2022 is 2 points       Face amount x 5%       Face amount x 6%

Q: You are assigned to prepare the financial statements of LIVA Company for the year 2021. The followin...

A: Average Cost Method: The average cost technique gives a cost to inventory items based on the overall...

Q: On January 1, 2022, Bon Hok, Dyon Ok and Meow Meng agreed to form a partnership with the following c...

A: Partnership Formation: The creation of a partnership necessitates the development of a voluntary "as...

Q: The net income reported on the income statement for the current year was $120,900. Depreciation reco...

A: Cash flows from operating activities is one of the important section of cash flows statement which s...

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A: Formula: The Total number of units to be assigned cost = Beginning units + Units completed and start...

Q: Which of the following costs are variable, fixed, or mixed costs? Units of Output Direct materials 3...

A: Variable cost per unit = Total costs / No. of units Fixed cost means costs that remain the same at a...

Q: Christine receives 1 000 shares of stock in ABC

A:                             Working note:-                               Christine  received 1000 sh...

Q: How do you view goodwill on the balance sheet - specifically, if certain levels of it would cause co...

A: 1.) I see the goodwill on the balance sheet as synergies , which was estimated at the time of the aq...

Q: Homeyer Corporation has provided the following data for its two most recent years of operation:   ...

A: All indirect expenses involved during the manufacturing process are referred to as manufacturing ove...

Q: Use the following information for questions 6 and On December 31, 2018, Garnel Co. is in financial d...

A: Net book value of the Equipment = Original cost - Accumulated depreciation Gain (loss) on the dispos...

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A: The ending inventory is calculated as cost of goods available for sale minus cost of goods sold.  Co...

Q: Sheffield Limited uses the average cost formula in a perpetual inventory system. Fill in the missing...

A: Perpetual inventory system is the one whereby the inventory records are maintained on regular basis.

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A: Gross profit means the difference between the sale revenue and cost of production. Cost of goods sol...

Q: Selected data concerning the past year’s operations of the Beachwear Manufacturing Company are as fo...

A: Cost of Raw Material Purchased: In the fundamental production and manufacture of items, raw material...

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A: FIFO means first in first out which means that first opening stock will be sold and then goods are s...

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A: The income statement and the retained earnings as,  

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A: Direct Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked Dir...

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A: Discount rate = 10% Year Cash flow 1 2000 2 800 3 1000

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A: Solution Given Minimum cash balance required 150000 Spread as per control limit model 12...

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Q: On January 1, 2022, State Co. sold an equipment to Nation Co. The latter issued a five-year P500,000...

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Q: .Which of the following inventory items is/are included in the year end inventory of an entity's sta...

A: Concept Freight paid on goods sold are freight outward and treated as selling expense Goods in the  ...

Q: Charmaine's employment was terminated by her employer on April 13 of the current year. Charmaine had...

A: Answer: Block 11 of employment is the record where the last day of the employee should be recorded.

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Q: Part B Required 6. Prepare journal entries to record each of the following November transactions. 7....

A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...

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A: The ending inventory is the cost of inventory left in the business at end of period. 

Q: If there is inflation how does this affect LIFO reserves? Does it increase or decrease it?

A: LIFO Last-in-first out is a method used to issue material. It is a method of pricing the issues of  ...

Q: The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Ba...

A: Ratio analysis means where different ratio of various years of years companies has been compared and...

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A: Formula Used for calculating Income statement: Net income = Total Revenues - Total Expenses

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A: A partnership is an agreement between two or more partners where partners are agreed to work togethe...

Q: 38. The Cherry Company’s physical inventory on December 31, 2021 showed that merchandise with a cost...

A:

Q: 5. Alexander owns an art gallery. He accepts paintings and sculpture on consignment and then receive...

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Q: 16 Hurawalhi Company uses machine-hours (MHs) to allocate their manufacturing overhead (MOH) cost wi...

A: Solution Formula used Plant wide overhead rate   is denoted by (POHR) POHR using traditional method ...

Q: Ir Dolieov received the followin tion and benefits during the entire

A:                                     In Phillipines certain allowances called de minimus benefits are...

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A: Under the weighted average method of inventory valuation, the weighted average cost per unit of the ...

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A: Net Operating Income: Net operating income (NOI) decides an element's or alternately property's inco...

Q: 22.Which inventory costing method has a stabilizing effect on profit, such that during a period of r...

A: There are four Methods of issue of material  1.First-in, first-out method 2.  Last-in, first-out ...

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A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share...

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A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into debi...

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A: FIFO means the first in first out which means that goods purchased first will be sold first.  Weight...

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Q: One advantage of switching from a partnership to the corporate form of organization is the following...

A: It makes it easier for the firm to raise additional capital