Obtaining an understanding of an entity's internal control is more likely to be performed more extensively in the audit of specialized industries than in other industries. a. True b. false

Q: Which of the following expenses is usually listed last on the income statement?  a. Advertising expe...

A: The income statement is one of the financial statements of the business. It tells about the profitab...

Q: first column to the last column in the lowest total cost. The number in each column represents the c...

A: The program is given as,

Q: X Co. purchased P28,800. Give the adjusting entries as of December 31, 200A assuming the a two-year ...

A: Under Asset method, the entire amount spent will be recorded as a current asset initially and at the...

Q: An analysis of the cash book and other records of Bye Corporation shows the following data: Accounts...

A: The income statement is one of the financial statements of the business which represents the profita...

Q: Company acquired inventories on October 18, 2020, from its 90% owned subsidiary, B Company. The inve...

A: Solution Given G Parent company B Subsidiary company % of holding 90% Inventor...

Q: . Resto supplies incorporated takes 32,000 loss on a number of older ovens in its inventory; it paid...

A: Conservatism Constraint: According to conservatism constraint we need to provide all possible losses...

Q: Edward Enterprises is considering relaxing its credit standards to increase its currently sagging sa...

A:                               Working Note :-                                   Increase in gross ma...

Q: Sunland Books uses the retail inventory method to estimate its monthly ending inventories. The follo...

A: The cost to retail ratio helps to determine the cost of inventory from the retail value of inventory...

Q: November 2 Purchase 100 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, ...

A: LIFO approach is used in to answer this question because sales made on November 16 only includes uni...

Q: Prepare Bridgeport’s 2020 journal entries.

A: Lease liability refers to obligation of the company requires to pay periodic lease payment on the le...

Q: XYZ Corporation has a lower and an upper limit for its savings account at P40,000 and P70,000 respec...

A: Solution Concept Miller-Orr Model                 As per this model                 -when cash balan...

Q: During the course of your December 31, 2021 audit of BeCareful Company’s liabilities, you have noted...

A:

Q: On December 30, Year 1, ABC Corporation sold a machine to DEF Corporation in exchange for a non-inte...

A: Non-interest bearing note is a debt instrument, for which there is no mandatory requirement or oblig...

Q: Which of the following is recorded as a cost when purchasing an existing building? O A. cost to reno...

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

Q: A building was purchased for $400,000 and depreciated for 10 years on a straight-line basis under th...

A: Depreciation formula as per straight-line basis: Annual depreciation=Cost-Salvage valueUseful Life

Q: ABC Corporation invested in one of DEF's ordinary shares that has a par value of P500 and a market v...

A: It is given that dividend just paid is 120 and has no growth in future it means next year dividend i...

Q: ratio: 2.61x quick ratio: 2.56 cash ratio: 0.85 2. Accounts receivable turnover: 4.08 Ave collectio...

A:  working capital Management is important for company to operate smoothly and efficiently. A good amo...

Q: are income and expenses included in the equity?

A: Lets understand the basics. Equity is a amount invested by the owner of the entity. In company, we c...

Q: TAARE ZAMEENPAR Company reported the following changes in the account balances fo vear December 31 2...

A: Answer: net income for the period =change in retained earnings + dividend paid   Dividend paid    =1...

Q: Bentilador Mo Co. gathered the following information In reconciling the cash balance on December 31,...

A: A reconciliation statement must account for all fees assessed by a bank on an account.  The balance ...

Q: Sold food products for 1,000 cash, the cost of producing were 700. 2. Purchased ingredients from a s...

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.  Th...

Q: Sage Hill, Inc. leases a piece of equipment to Bucks Company on January 1, 2020. The contract stipul...

A: Lease: When one party lets out its assets to another party for some time or specific time mentioned ...

Q: 30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from c...

A: Net Sales = 20,00,000 Purchases = 12,00,000 Opening Inventory = 2,00,000 Closing Inventory = 3,00,00...

Q: 35. The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company a...

A: A lease refers to the transaction or rather an agreement between lessor and lessee which includes tr...

Q: On December 30, Year 1, ABC Corporation sold a machine to DEF Corporation in exchange for a non-inte...

A: Present value of note receivable on December 31, year 1= Annual amount of payment x Present value fa...

Q: the audit of loans payable, which of the following audit procedure would be most likely performed to...

A: Assertion  is representation made by the management . it ensure that the financial  records are accu...

Q: equired: Compute the activity rate for each activity using activity-based costing. . Compute overhea...

A: Solution Concept Under traditional method overhead are allocated using a single recovery rate Under ...

Q: Using the double-declining-balance method of depreciation, complete the schedule below  showing depr...

A: Double-declining-balance method Depreciation rate = 1/Useful life * 100 * 2 Useful life, given in qu...

Q: The following details are found in the incomplete bank reconciliation statement of Phillip Company f...

A: Ideally cash balance as per cash book and bank balance as per bank statement must reconcile and if t...

Q: Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash 3...

A: The transactions in the business effects two or more accounts.  The accounting equation states that ...

Q: Jellicent Corporation is an 80% owned subsidiary of Frilish Corporation. During 2018, Jellicent sold...

A: solution given % holding in Jellicent 80% unrealized profit at December 31, 2018 on sales ...

Q: At the beginning of September, Helen Rojas started Rojas Wealth Management Consulting, a firm that o...

A: Statement of owner's equity = Capital + Net income - Withdrawals  Net Income = Revenue - expenses As...

Q: Job 123 was recently completed by BudolBudol Me Corporation. The following data have been recorded o...

A: The job cost is used to estimate the individual cost of the product. It includes both direct and ind...

Q: Required: Preparing the cash budget for 2022 on the months of July, August and September, with comm...

A: Data for the monthly cash budget preparation is given for the month of July, August and September. T...

Q: . ABC Corporation invested in one of DEF's ordinary shares that has a par value of P500 and a market...

A: solution concept in case ,the dividend does not grow  we cannot use the Gordons growth model When th...

Q: 1. Given below are adjustmentd made in December 31, 2021. Provide the original entries. a. Prepaid...

A: Income and expenses are required to be recorded on accrual basis in the books of accounts. So for al...

Q: 5. Thad Morgan, a motorcycle enthusiast, has been exploring the possibility of relaunching the Weste...

A: Given sale units = 500 Sale price = $19,000 per unit Variable cost = $15,200 per unit Contribution m...

Q: Poly received a TV set from her employer Alfa Mart Company, a business entity engaged in the distrib...

A: The taxable compensation shall be equal to her two month’s salary

Q: In anticipation of increases in El premiums (payroll taxes) due to the pandemic the Canadian Federat...

A: Employment Insurance (EI) refers to the program or scheme which aims for provision of temporary inco...

Q: As the audit associate, you were asked by the senior associate to check the completeness of confirma...

A: SOLUTION A voucher is a document recording a liability or allowing for a payment of a debt or debt h...

Q: Company showed equipment with an original cost pf P379,000 and P344,000 with accumulated depreciatio...

A: Depreciation is an expense which is charged on depreciable assets. Depreciation is the reduction in ...

Q: Assuming there have been no intercompany transactions, which of the following is an incorrect statem...

A: Consolidation is the process of combining two or more entities' assets, liabilities, and other finan...

Q: Primare Corporation has provided the following data concerning last month’s manufacturing operations...

A: The manufacturing costs comprises of direct materials, direct labor and manufacturing overhead appli...

Q: Jude, with a monthly salary of Php. 24,000.00, is an employee of Gomez Corp. He was on leave for one...

A: Taxable income is the income on which taxable liability is calculated. It includes the total income ...

Q: Larkspur, Inc. has entered an agreement to lease an old warehouse with a useful life of 5 years and ...

A: given     Rental payments of $4,954 are to be made at the start of each year of the 5-year lease...

Q: Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-a...

A: Solution:- Given, On January 1, 2019, the balance in Tabor Co.'s allowance for Bad debts account was...

Q: 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 tot...

A: Net Sales = 20,00,000 Purchases = 12,00,000 Opening Inventory = 2,00,000 Closing Inventory = 3,00,00...

Q: JJ Corporation is analyzing its option to restrict its credit terms. Current sales level is P6,000,0...

A: solution below are the given details about both situations For current Current sales level          ...

Q: How much is the balance of the note payable as of December 31, 2021 arising from the purchase of mac...

A: Down payment for machinery=100000 Notes payable 4 of 250000 each Total Notes payable of 10,00,000

Q: LOUD BASE WIRELESS sells a variety of mobile telephone accessories including several brands of Wirel...

A: Solution A Journal is an company's official book in which all business transactions are recorded in ...