ome limitations of internal controls?

Q: . From the following balances taken from the books of jakson and watson Ltd. for the year ending…

A: The profit a corporation generates after subtracting the costs of making, selling, and providing…

Q: Paula, chis Dave, unrelated individuals own 30 shares, 30 shares, and 40 shares respectively in Blue…

A: Introduction: Shares are usually classified into two types: equity and preference shares. Holders of…

Q: Ben Merchandise presented the following balances for 2017 and 2016: 2017 2016 P853,500 (net sales)…

A: Formula: Gross profit = Sales - Cost of goods sold Gross profit ratio = Gross profit Sales  Percent…

Q: 4 5 6

A: Given as, In 9 years, PV factor @10%= 5.768.

Q: A company had 100,000 shares of common stock outstanding in January 2003. The company distributed a…

A: Common stock outstand as of December 31 2003 will be common stock outstanding in January 2003 plus…

Q: plant to provide the company’s present needs can be constructed for P2,800,000 with annual operating…

A: Plant life is  Indeterminately long life it means from 6th year we need to calculate present value…

Q: Use the given statement of comprehensive income below in answering the question. DEF Company, Income…

A: Change in cost of goods sold = Cost of goods sold, 2021 - Cost of goods sold, 2020 = ₱3,000 - ₱2,600…

Q: Why the prospect theory is important

A: Introduction:- Prospect theory is very important because it elaborates how we understand and value…

Q: Which of the following statements is TRUE in Long-term financial plan? A The specific steps or…

A: Financial plans are plans that are made for planning about the business finances. These can be short…

Q: Ending inventory using FIFO?

A: FIFO is first in first out inventory valuation method which says that inventory which is purchased…

Q: the beginning of current year, CFAS Company issued 50,000 shares of P10 par value for P113 per…

A: under the constructive retirement it is used when there is a function that share will not be…

Q: CARE Industry expects to have 3.5% increase in sales every year. Last 2019, the expected sales were…

A: calculation of expected sales in 2021 are as follows

Q: Net income, currents assets and current liabilities for 2020 are expected to vary with sales. The…

A: As the current assets vary with sales then the expected current assets are based on the change in…

Q: The following data relates to the XYZ Corporation and its X Division.…

A: Economic Value Added (EVA) The Calculation of Economic Value Added which can be formulized by Net…

Q: A company retired 50,000 shares of P5 par value common stock it held in treasury at an average cost…

A: No. of shares outstanding means shares issued by the company and currently are with the…

Q: A company retired 50,000 shares of P5 par value common stock it held in treasury at an average cost…

A: No. of shares outstanding means shares issued by the company and currently are with the…

Q: ABC Corp had a cash balance of P500,000 in its books at Dec 31. The following are additional…

A: Adjusting entry related to cash is generally made to arrive at the correct cash balance. In the…

Q: al, reports adjusted D00. How much may

A: To explain the correct option as,

Q: When a petty cash fund is used, which of the following is true? A. Entries that include a credit to…

A: The petty cash fund is established to maintain the cash balance for the minor cash transactions of…

Q: In preparation for the quarterly cash budget, the following revenue and cost information have been…

A: Cash receipts means the amount of cash that is to be received by the entity from sale, services or…

Q: Which of the following statements in relation to accounting for petty cash fund is false? Group of…

A: The petty cash fund maintains the cash balance for transactions such as stationery, or other minor…

Q: On the part of the debtor, debt restructuring generally will result in Group of answer choices a.…

A: debt restructuring the process that can reduce the interest on the loan for extend the due date for…

Q: Problem No. 4 On December 31, 2014, YEN Inc. issued a 3-year P4,500,000 serial bonds payable with…

A: The bonds payable are issued at premium as market rate is lower than the coupon rate of bonds…

Q: At the beginning of current year, CFAS Company was organized and authorized to issue 100,000 shares…

A: After preparing shareholders' equity section of balance sheet, above answers can be answered:…

Q: School fees at a certain school are due at the beginning of the year. The fees are set at R12000 for…

A:

Q: I: Vertical analysis all accounts are presented as percentage of total assets in Balance sheet II:…

A: Vertical analysis means the analysis which is done with the figures of one financial year. For…

Q: deducting credit balances of custc , 500 verdraft of P22,650

A: Given as,

Q: 27. Which of the following statements are not true about partnerships? Group of answer choices A.…

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

Q: How much is the ordinary shares issued?

A: The other name of the ordinary shares is common. The holders of the ordinary shares the right to…

Q: Last day to appeal to the CTA is

A: Tax refund is the refund of the income tax which has been paid by the taxpayer during the year more…

Q: 9) Omani Company reported equity of RO 130,000 on March 1. During the month, The Company generated…

A: Formula: Ending equity = Beginning equity + additional investments + Net income - Dividends

Q: 28. TRUE or FALSE: Partners are liable for ordinary negligence. Group of answer choices True False

A: As per Partneship Act, Partnership is the relation between persons who have agreed to share the…

Q: The total fixed cost and Operating Income are incorrect.       Total fixed costs 27450…

A: Solution: Total fixed costs = Fixed manufacturing costs + Fixed selling and administrative expenses

Q: a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total…

A: Solution:- a)Estimation of the balance of the Allowance for Doubtful Accounts assuming the company…

Q: Exercise 14A-1 (Algo) Basic Present Value Concepts [LO14-7] Annual cash inflows that will arise from…

A: Present Value: Given a certain rate of return, the present value (PV) of a future amount of money or…

Q: 25. Corp. A purchases and pays 100% of the premium cost for life insurance on all of its employees.…

A: Since Corp A, the employer provides the insurance for all its employees, it can be assumed to be a…

Q: BRANCH COMPANY Bank Reconciliation July 31 Bank statement balance Book balance Add: Add: Deduct:…

A: Calculation                                                Branch Company…

Q: Flamengo Co is a sporting goods manufacturing company. Last year, report the following information:…

A: Profit margin refers to how much profit earn by a company from its total sales made during the year.

Q: Perfect Stampers makes and sells aftermarket hubcaps. The variable cost for each hubcap is $4.75,…

A: Contribution margin per unit  = Selling price per unit  - Variable Cost per unit

Q: TRUE or FALSE: Partnership by estoppel applies in situations where participants are not, in fact,…

A: The answer for the True or false question and relevant explanation are presented hereunder : Based…

Q: 4. Compute the break-even sales (units) under the proposed program for the following year. X units…

A: Lets understand the basics. Break even point is a point at which no profit no loss condition arise.…

Q: a. Determine a present value factor for an annuity of $1 which can be used in determining the…

A: Solution:- a)Determine a present value factor for an annuity of $1 which can be used in determining…

Q: A company retired 50,000 shares of P5 par value common stock it held in treasury at an average cost…

A: No. of shares outstanding means shares issued by the company and currently are with the…

Q: A positive value for EFN means that the company needs to? A) Sale items B) close the company c)…

A: Value of EFN means how much external funds are needed for business operations, because internally…

Q: Sisa Corporation has the following data: Selling price per unit Variable cost per unit.…

A: Current credit standard: A Selling price per unit 70 B Variable cost per unit 45 C Variable…

Q: QUESTION 23 During the year of 2021, Bradford Corporation, an S Corporation has a recognized…

A: The answer for the multiple choice question and relevant working are presented hereunder : What is…

Q: 9. *Faith Company expects to have 5% increase in sales every year. In 2019, the projected sales of…

A: Introduction:- Projected sales is the estimate of revenue your business will generate in the…

Q: A. Instructions: Create the T-accounts of the following set of transactions. 1. Mrs. Bautista…

A: T accounts are the general ledger accounts which are used for posting of recording journal entries.…

Q: Use the given statement of comprehensive income below in answering the question. DEF Company, Income…

A: Formula: Operating Expenses as a percentage of sales = Operating Expenses of the year/ Sales of the…

Q: The total fixed costs and  Operating Income were incorrect,

A: Solution: Total fixed costs = Fixed manufacturing costs + Fixed selling and administrative expenses