On January 1, 2018, Apple Company sold delivery equipment costing P1,000,000 with accumulated depreciation of P150,000 in exchange for a 3-year, P1,800,000 noninterest bearing note receivable due on December 31, 2020. The prevailing market rate of interest for this type of note is 12%. How much is the carrying amount of the note on December 31, 2018?

Q: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...

Q: A summary of the time tickets for October follows: Description Amount Description Amount Job No. 319...

A:     Journal Entries to Records the Cost Incurred   Accounts Dr  Cr Job No 319 A/c   $        ...

Q: Required 1 Required 2 Compute the overhead volume variance. Indicate variance as favorable or unfavo...

A: Volume variance = (actual units produced - budgeted production units) x budgeted overhead rate per u...

Q: An analyst expects a company to have AED 20,000 in total assets at year-end and AED 12,000 in liabil...

A: Formula: Accounting Equation: Assets =Liabilities + Owners equity

Q: A partially owned subsidiary declared dividend and half remains unpaid by the end of the year, which...

A: The question is related to Consolidation. In case dividend is declared by partially owned subsidiary...

Q: On July 1, 2019, Nuuty Inc., a calendar-year company, purchased a machine for a cash price of P800,0...

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

Q: Accountancy Company acquired 75% of the outstanding shares of Finance Company for P900,000. Book val...

A: Share of parent company in net income of subsidary = 75% x 135000 =101250

Q: Chess Woods Limited produces two products: wooden chess pieces and wooden inlaid chess boards. Under...

A: Introduction:- The following basis information needs to understand as follows under:- Chess Woods L...

Q: . Compute the consolidated net income attributable to the parent. B. Determine the balance of Non-Co...

A: Accountancy Company acquired 75% of the outstanding shares of Finance Company for P900,000. When any...

Q: Klumper Corporation is a divers the following stx activity cost pools and activity rates: manufactur...

A: Overheads are the indirect expenses which are not traceable directly on the cost object.

Q: that Excel will recognize the text as a "string of text" instead of another function. From the Excel...

A: Solution: Return on investment = Net operating income / Average operating assets Residual income = N...

Q: tate department of health is considering a public awareness campaign to encourage vaccination. It de...

A: Solution Formula for benefit cost ratio =present value or the benefit / present value of cost Discou...

Q: 15. The work in process inventories of Jungkook Manufacturing, Inc. were completely destroyed by fir...

A: Works in progress refer to the partially completed or unfinished goods at the end of operating cycle...

Q: What percentage of the intercompany loss on plant asset sale should be used to adjust consolidated n...

A: In consolidated financial statements following accounting treatments shall be done.

Q: TGIF Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property...

A: Determination of revaluation surplus to be reported on Dec 31, 2022:      Amount (P)  a Origina...

Q: low to answer the following questions. хpense 210,000 Sales revenue arns 15,000 Interest income expe...

A: 1) Gross Profit is the profit earned on the sale of goods .  Gross Profit = Net Sales Revenue- Cost ...

Q: Multiple Choice Job cost sheets contain entries for actual direct material, actual direct labor, and...

A: As per the bartleby guidelines, in case of different question answer first only   1) False. As the j...

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A: Introduction:- A cost-effectiveness research looks at the costs of one or more medicines as well as ...

Q: What is the amount of consolidated equity at the end of the year? (Round off answers to 2 decimal pl...

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Q: On July 1, 2017, Entity H acquired 25% of the shares of Oki, Inc. for P1,000,000. At the date, the e...

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Q: Required information [The following information applies to the questions displayed below.] Forten Co...

A:

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A: Auditor- An auditor is a specialist who examines and verifies the accuracy of financial papers in or...

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A: Inventory:Raw materials utilized in the production of commodities, as well as the finished items tha...

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Q: Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,860,000....

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Q: the years subsequent to the year of sale of a 90% owned subsidiary who sells equipment to its parent...

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A: A non-controlling interest, also known as a minority interest, is an ownership position wherein a sh...

Q: Which statement is incorrect concerning the preparation of consolidated financial statements? A. Wh...

A: Solution Concept The financial statements of the parent and its subsidiaries shall be consolidated o...

Q: QUESTION 6 Dew Drop Inn, Inc., has direct labor costs of $11 per hour, direct materials are $1 per r...

A: The whole cost is the total amount of money invested to achieve some type of outcome. Accounting-wis...

Q: 21. Laguna Company purchased a machine with a cash price of P350,000.       Laguna gave the followin...

A: Note means an instrument issued by company acknowledging the debt due from company to bond holder. I...

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Q: ules Inc. reported an impairment loss of P5,200,000 in its income statement for the year 2015. This ...

A: Solution Given Impairment loss on 2015 5200000 Cost of building acquired 80000000 Da...

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A: Fair value of the biological assets at December 31, 2021:   Age on December 31, 2021 Fair value a...

Q: Partner, Inc. owns 80% of Senior, Inc. During 2020, Partner sold goods with a 40% gross profit to Se...

A: Answer: B. Sales and cost of goods sold should be reduced by the intercompany sales. 

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Q: Lucena Products provided the following information:                                                 ...

A: Solution: Amount of inventory should be reported in statement of financial position = Raw materials ...

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A: A consolidated financial statement is inclusive of all the subsidiary companies where the owner has ...

Q: QUESTION 5 Chain Reaction, Inc. allocates overhead using machine hours as the allocation activity. T...

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Q: hen an investor uses the cost method to account for investments in subsidiary, cash dividends receiv...

A: Solution Concept Cost method to account for investments in subsidiary           This method is used ...

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A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...

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A: the main role of price mechanism in basic economic problem is allocate scare resources in market eco...

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A: Rate of depreciation under double declining balance method is equal to twice the straight line rate ...

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A: Working: Calculation of non-current investment Particulars Amount Financial asset at fair value...

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A: In the present case it's evident that there are a lot of cash sales is happening and cash is been de...

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A: Insurance: Insurance is a policy, addressed by an arrangement, where an individual or element gets m...