On January 1, 200A, ABC Company sells to XYZ, 5 used factory equipment, each of which was acquired at P20,000, 3 years ago. The carrying value of each equipment is P5,000. The selling price of each equipment is P4,000. Upon executing the sale, ABC received P2,000 down payment and a 12% 1 year promissory note for the balance. Compute the total amount of cash ABC received from the collection of the note on December 31.

Q: way Inc. in relation to operating segments.

A: Reportable segment is the reporting of the segment on the basis specified in the Indian Accounting S...

Q: Moulding Polishing and Paciaging Costs incurred in the Polishing Department during January are summa...

A: d. Journal entries Date Account title and explanation Debit Credit   Raw material inventory $39...

Q: For financial accounting purposes companies are a form of business ownership. Select one: True Fals...

A: Companies are considered a separate legal entity. It also has a common seal and works as an artifici...

Q: a. Determine the dividend yield for Microsoft on December 31, current year, and previous year. Round...

A: Solution:- Given, The market price for Microsoft Corporation closed = $101.57 and $85.95 The dividen...

Q: #items Şunit cost $unit retail $total cost $total MU% retail Style 1 Style 2 Style 3 10 $66 45% 15 $...

A: Retail price is the one at which the customers purchase the product from the retail market. This is ...

Q: Acrophobia Company summarized manufacturing and construction activities for 2017 as follows: Finishe...

A: Property, plant, and equipment are an entity's tangible long-term assets, normally having a life of ...

Q: The Purchasing Agent in a firm would be most likely to be held responsible for which of the followin...

A: Variances analysis involves determining of deviations if any by comparing the actual results with th...

Q: Started a petty cash fund in the amount of $1,000. b. Replenished petty cash fund using the followin...

A: The petty cash fund is established to maintain the cash balance for smaller cash transactions of the...

Q: An increase in interest rates would mostly harm the ___. 1. creditors

A: Creditors : It refers to the party which has delivered a product or service on credit .  Debtors : I...

Q: in a conditional

A: A conditional obligation would seem to be one that is contingent on the occurrence of an unknown eve...

Q: Common Stockholders' Profitability Analysis A company reports the following: Net income $150,000 P...

A: Answer a) Calculation of Return on Stockholders’ Equity Return on Stockholders’ Equity = Net Income/...

Q: Harrington Manufacturing Inc. began operation 5 years ago producing the probo, a new type of instrum...

A: A fixed asset is a long-term tangible property or equipment that a company owns and uses to create m...

Q: Question A1 The following budgeted information relates to two departments in AB Ltd for the next fin...

A: Answer a) Department A: this department involves machine intensive production activities as its mac...

Q: You have been assigned to audit the financial statements of TRUE CORPORATION, a real estate develope...

A: It is an agreement between two parties of a transaction, in which one party lends money from other p...

Q: Mohr Company purchases a machine at the beginning of the year at a cost of $36,000. The machine is d...

A: Answer)   Calculation of depreciation expense for the year 2 Depreciation for Year 2 = Book value at...

Q: Jim and Joe are partners agreeing to share profits and losses in a 2:6 ratio, respectively. Business...

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is kno...

Q: ABC Corp issued a bond with a maturity of 12 years. It has a 9 percent annual coupon, a yield to mat...

A: Answer) Calculation of Coupon Payment Coupon Payment = Face Value of Bonds X Coupon rate Coupon Paym...

Q: Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket fo...

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell ou...

Q: Following a strategy of product differentiation, Arseniq Company makes a high-end Appliance, XT15. A...

A: Revenue increases due to two reasons : 1. sale in increase in number of units by 2500  2. increase i...

Q: In relation to your audit of the financial statements of the Rocky Mountain High for the fiscal year...

A: A cutoff bank reconciliation statement is a BRS prepared by the auditor for a short duration of time...

Q: (Ignore income taxes in this problem.) Your Company’s cost of capital is 3%, It is contemplating the...

A: The net present value of purchasing the equipment will be the difference between the present value o...

Q: 1. Johnson & Johnson CPAs, is considering accepting an engagement to perform an audit for a new cl...

A: The on-site verification activity of a process or quality system, such as inspection or examination,...

Q: Zachary Company has 600,000 shares of common stock outstanding. Porétté Corporation purchases 168,00...

A: Percentage of Zachary Company’s Stock owned by Perette Corporation = Number of share of Zachary Comp...

Q: Systems for the year ended Dec. 31, 2018: lce of the Moises Dondoyano Information Moises Dondoyano I...

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. 

Q: Under PFRS 3, when is a gain recognized in consolidating financial information? Group of answer cho...

A: Introduction:- As per IFRS 3 deals Business Combinations. Business combinations means acquirer obta...

Q: solve the question with explanation asap

A: Current assets are the asses that are expected to  be converted in cash within one year. Calculation...

Q: Don Johnson is the management accountant for Cari-Blocks (CB), which manufactures specialty blocks. ...

A: Variance analysis shows the difference between the actual and budgeted results during the year. 

Q: month following sal

A: Given as,   Sales April $120,000 May $100,000 June $110,000  

Q: Required: (Round all amounts to the nearest dollar.) (a) Calculate the amount of annual lease paymen...

A: Silver Limited leases an equipment from Tesco Limited.  Lease term - 4 Years Fair value of the asset...

Q: a) Prepare a statement of equivalent production to determine the equivalent units for direct materia...

A: 1)statement of equivalent production Input output Input cost Direct Material Added Conversion cos...

Q: (d) Now suppose that your discount rate is 5% per year for both projects. If projects A and B are mu...

A: NPV is Net Present Value of the Cash Flows. Payback Period the Period in which the initial investmen...

Q: Question Content Area Stock Transactions for Corporate Expansion On December 1 of the current year,...

A: To keep track of the financial transactions, journal entries are utilized. You enter transaction dat...

Q: Which of the following is unlikely to be classified as a fixed cost with respect to the number of un...

A: It is cost that does not change with the change in production volume. The fixed costs remain constan...

Q: 1. On March 10, 2021, Juan sold land (adjusted basis = $150,000) to Richard for its FMV of $130,000....

A:   Since the land was purcahsed in 2009 and sold in 2021, therefore the loss will be long term capita...

Q: For the fall season, Mrs. Rose planned to carry total merchandise worth $15,000, at retail, with a c...

A: cumulative markup 43% worth 15000 so cost is(100/143)*15000=10490

Q: The following are facts about a company's activities: Cash flows from operating activities was $33,0...

A: cash flow statement is prepared by the business to know the various cash flow that takes place in th...

Q: Prepare the reconciliations between segment information and amount shown in the entity's financial s...

A: Segment reporting is one of the important concept used in financial reporting. Under this, some segm...

Q: Your company declared $13,800 cash dividends on stock. There were $6, dividends payable at the begin...

A: A dividend is a payment made to stakeholders by a corporation. When a firm makes a profit or has a s...

Q: Flounder Corp. has the following account balances at December 31, 2021: Notes payable ($50,000 due...

A: Answer) A current liability is a liability that is expected to be paid within 12 months the Balance...

Q: Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch of ...

A: Gross Profit Earned=Sales-Adjusted Cost of Goods Sold

Q: Date Account Titles and Explanation PR Debit Credit 2019 P 200,000 Oscar. David, an architect, estab...

A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers. Le...

Q: plish Brothers publishes a monthly music magazine, DiscOver. Subscriptions to the magazine cost $20 ...

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: arts of this multi-part (simple, five-line) flexible budget are based upon the same set of data Ther...

A: In the flexible budget, budgeted costs are shown based on the actual level of output. Variable costs...

Q: Domingo Corporation uses the weighted-average method in its process costing system. This month, the ...

A: Equivalent units shows how much the number of units could be produced if the 100% work is completed....

Q: A salary allowance of $47,400 to Cooper and $35,100 to Donald. An interest allowance of 10% on capit...

A: Income Statement   Sales 489,0000 Less: Cost of goods sold 280,0000 Gross profit 209,000 Les...

Q: Upperchurch Company reports the following components of stockholders' equity on January 1. Common st...

A: Date Transaction Impact on Equity  Amount  Jan'1 Total Stockholders' Equity - January'1    $    98...

Q: On January 1, Parson Freight Company issues 8.5%, 10-year bonds with a par value of $2,300,000. The ...

A:   The correct option will be Debit Cash $ 2,143,712; Debit Discount on issue of Bonds Payable $ 156,...

Q: Sunni bought a $500 corporate bond. The bond pays 4.8% interest per year. If Sunni holds the bond fo...

A: Interest is the monetary amount charged for money borrowed, generally the rate of interest expressed...

Q: ect the control objective being tested by placing the correct letter in the blank. A. Existence B. C...

A: Solution:- Given, Auditors are auditing the cash receipts for Great Wall Corporation. For each audit...

Q: The following selected data were taken from the financial statements of Vidahill Inc. for December 3...

A: Solution:- a)calculation of return on total assets as follows under:- Return on total assets =EBIT /...