On January 1, 2019, a company acquired transportation equipment by paying cash of P400,000 and issuing a noninterest-bearing note payable of P4,000,000 due in 4 equal annual installments starting December 31, 2019. The prevailing rate of interest of this type of note is 12%. How much is the noncurrent portion of the note on December 31, 2019?

Q: The Chronicle Fabrication Plant had a fire at the beginning of 2019 and most of the records for the ...

A: Variance in Accounting: In budgeting, a variance is the contrast between a planned, arranged, or sta...

Q: On January 1, 20x1, Puno Inc. acquired 80% interest in Dong Company. During 20x2, Puno and Dong repo...

A: Business combination refers to the agreement or contract between two companies, acquirer and acquire...

Q: Bing Company sells its product for $106 per unit. Variable manufacturing costs per unit are $47, and...

A: Fixed manufacturing costs per unit = fixed manufacturing costs / Units produced Total Fixed manufact...

Q: Following data were taken from the books of Cyclops Corporation from 2021: 2020 2021 Installment sal...

A: Introduction: An income statement or profit and loss account (also known as a profit and loss statem...

Q: 3. Identify each of the following as either an asset, a liability, or equity: (a) Prepaid Rent, (b) ...

A: The Accounting cycle made to record the transactions of any firm. Firstly, the transactions of finan...

Q: QUESTION 1 On March 1, ABC Corporation invests $75,000 in a 9-month Certificate of Deposit (CD) that...

A: Adjusting entries are often made at the end of an accounting period. However, depending on the accou...

Q: The table below relates to a company's factory that is split into two departments; each department c...

A: Rent per squre meter = Total rent for the year / Total area Allocation of rent =  Rent per squre met...

Q: Bonita Corporation has 86,000 shares of common stock outstanding. It declares a S2 per share cash di...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: Bankers usually insist that prospective borrowerssubmit audited financial statements along with a lo...

A: CPA or the Certified Public Accountant is the individual that has authority to investigate and audit...

Q: KCC Corporation has the following transactions for the year. Prepare all the necessary entries for e...

A: Bond Valuation The valuation of bond can be either par value or discount or premium as well.  There ...

Q: Selected information from the separate and consolidated income statements of Poster Corporation and ...

A: Intercompany sales are the sales made by the head office to their subsidiaries at a lower or equal t...

Q: Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000 ...

A: The calculation is given below 

Q: PLEASE DESCRIBE A FIXED TOTAL COST CONTRACT

A: There are many types of contracts such as Fixed total cost contract, cost plus contract, Item rate c...

Q: 16. On January 1, 20x5, Paz acquired 80% of Shey outstanding ordinary shares for P950,000. Paz uses ...

A: Non-Controlling Interest refers to the share of portion in the company less than 50 percent, also re...

Q: Which of the following statements is incorrect concerning the adjusted trial balance? A. THE A...

A: Adjusted Trial Balance: An adjusted trial balance is used after all of the modifications have been m...

Q: Depletion Prepare the following entries using a general journal: 1. A coal mine was acquired at a co...

A: journal entry for deletion expenses are as follows

Q: QUESTION 7 Match the statement on the left with the category on the right. v "Everyone is going to c...

A: An audit is when an auditor examines or inspects numerous accounting records, accompanied by a physi...

Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...

A: Market Value         700,000  Less: Book Value        620,000  Purchase Differential           8...

Q: Franco Enterprise uses the installment method of accounting and it has the following data at the yea...

A: Under installment sales method, only that part of sales that has been realized in cash recognized as...

Q: Emily, who is single, sustains an NOL of $10,080 in 2021. The loss is carried forward to 2022. For 2...

A: calculation of  adjusted gross income and taxable income and other requirement are as follows

Q: 2. Answer the following questions, considering each situation independently. You might not be able t...

A: Marginal Costing - Under Marginal Costing system it is the combination of Fixed and Variable Cost. V...

Q: In times of inflation (normal), the LIFO inventory method has ……………….. compared to FIFO:     a)  H...

A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods: ...

Q: For each action for X co. below you should draw up a balance sheet and income statement that reflect...

A: Solution Concept The income statement is prepared to present the income earned during a period of ti...

Q: The Variable Cost of Goods Sold in the Marin Company totals P325,000. Fixed selling and administrati...

A: In this question we are asked to find out the  sales and  this is of revenue nature question. Sales ...

Q: CHINA Corporation, on January 1, 2021, issued 30,000, 10%, P100 bonds for P2,900,305. Principal paym...

A: As per effective interest method, the amount of interest expense correlates with the carrying value ...

Q: kynet Unlimited is an innovator in the new industry of neural-networked computer nanufacturing. They...

A: The ratio analysis helps to analyse the financial statements of the business.  The inventory turnove...

Q: g the sale of machinery, which of the following do NOT appear in the journal entry? a. Cr Machinery...

A: When the sale of a fixed asset takes place the book value is compared to the sales value If the sale...

Q: Kyle Struck's filing status is single, and he has earned gross pay of $2,340. Each period he makes a...

A: Medicare tax refers to the tax levied by the government that helps in funding the Hospital Insurance...

Q: The real property tax of Ms. Ere would be?

A: As per our protocol we provide solution to the one question only but as you have asked two multiple ...

Q: Snipe Company has been purchasing a component, Part Q. for $19.20 a unit. Snipe is currently operati...

A: The differential costs refers to the difference between costs incurred for two different alternative...

Q: Kendall, who earned $130,800 during 2021, is paid on a monthly basis, is married, (spouse does not w...

A: Federal tax withholding is the amount of money deducted from salary of an individual by his employer...

Q: ABC Company and XYZ Company reported the following condensed Statements of Financial Position on Jan...

A: It is one of the important tools, to prepare the consolidated financial statements of patent and sub...

Q: Given below is information about beginning inventory and purchases for the current year for Peterson...

A: Introduction:- Gross income is the sum of all wages, salaries, profits, interest payments, rents, an...

Q: Prepare the depreciation schedules.

A:   Value of a Machine Purchased 250000 Useful Life 10 years Salvage Value  50000     Depre...

Q: a) Estimate the fixed cost and variable cost using the high-low method.

A: As per our protocol we provide solution to the one question only but as you have asked two different...

Q: The Variable Cost of Goods Sold in the Marin Company totals P325,000. Fixed selling and administrati...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: Mobile Video Systems sold land, investments, and issued their own common stock for $11 million, $16 ...

A: Cash flow from Financing activities: It includes transactions relating to debt, equity, and dividend...

Q: In recent years, Crane Company has purchased three machines. Because of frequent employee turnover i...

A: Depreciation Expense - Depreciation is charged by the company to incurred expense incurred by the co...

Q: A business employs three individuals, whose taxable earnings to date (prior to the current pay perio...

A: It must be noted that earnings upto $7000 are subject to FUTA Employee 1 cumulative pay till date = ...

Q: Book Value P50,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant Assets (net) Cost of Go...

A: Goodwill on acquisition shows the excess amount paid over the share of net identified assets acquire...

Q: Prepare all the necessary journal entries for the year 2020, 2021 and 2022.

A:   12% , 1000000 ,3 year Bond Issued Price 103084 Principal Payment is due on 31.12.23 Annual Interes...

Q: On December 31 Y1, the Company ARL develop a Product: Master 3D. The disbursement associate to the P...

A: IAS 38 Many business spend vast amount of funds on research and development, with the intention to d...

Q: The balances at the end of each year are as follows: December 31, 2019 December 31,2020 $ $ Inventor...

A: Debit card receivable account is a company's asset, therefore, it is to be shown on the asset side o...

Q: Below is the Trial balance of Miss Piggy & Kermit Inc. after his first year’s trading:              ...

A: An income statement is one of the important statements in a company's financial statements that repo...

Q: available at July 31, 2021: Rent of $510,000 was paid on April 1, 2021, for six (6) -months to Sept...

A: The answers has been mentioned below.

Q: Carla Vista Company purchases a patent for $147,200 cash on January 2, 2021. Its legal life is 20 ye...

A: Intangible assets such as patents, copyright etc are initially recorded at cost.

Q: Beginning inventory, purchases, and sales for Item Doodad are as follows: July 1   Inventory 90 uni...

A: Inventory is a stock that the company has held for the resale purpose or the goods that are not sold...

Q: Total 112,850 10,400 On March 31, ABC has 2,700 units in ending inventory. Using the periodic LIFO (...

A: Answer LIFO (Last-in first out) Last in, first out (LIFO) is a method used to account for inventory ...

Q: Hyatt Manufacturing Company reports the following balances at December 31, 2012: Sales Revenue Cost ...

A: Cost of goods sold = Opening stock + Purchases + Manufacturing overhead  - Closing stock Cost of goo...

Q: On June 30, a company has currency of $1,236, a checking account with $45,877 on deposit, and a CD w...

A: Cash and cash equivalents are the balance-sheet line items that indicate the value of a company's as...