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- Assume you are the controller of a large corporation, and the chief executive officer (CEO) has requested that you refrain from posting closing entries at 20X1 year-end, with the intention of combining the two years profits in year 20X2, in an effort to make that years profits appear stronger. Write a memo to the CEO, to offer your response to the request to skip the closing entries for year 20X1.1. Resto supplies incorporated takes 32,000 loss on a number of older ovens in its inventory; it paid the manufacturer 170,000 for them but can sell them for only 75,000. Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answers 2. A hotel corporation is preparing its end of year financial statements. Management has informed the accountant that in six weeks it will begin to close 12 of its properties. The accountant will provide information related to these future actions on the current end of year financial statements because of the _______ principle. Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption…MCQs, Just required correct answers. 1- If the prepaid expenses of the company has increased by 25% as compared to previous year. It was because the company has taken __________________ financial management decision.a. Investment Decisionb. Assets Management Decisionc. Financing Decisiond. Both (a) and (c) 2- Which of the following is NOT considered as a characteristic of preferred stock?a. Fix dividendb. Owners of the businessc. No voting rightd. Residual claim 3- Which of the following DOES NOT belong to a private limited company?a. Articles of Associationb. Memorandum of Associationc. Certificate of incorporationd. Certificate of commencement of business 4- Which of the following is NOT the characteristic of Over the Counter Markets?a. Network of dealers’b. No physical Existencec. Regulated Under SECPd. Unlisted Securities
- I need help solving 1,2,4,5,&6 of this problem. I submitted this question earlier and 1 and 2 are incorrect. They said to submit another question for 4,5, and 6, but 1 and 2 were incorrect. Thanks for the help. The financial statements are below, and the question are on the screen shots. Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 500,000 shares of common stock were outstanding. The interest rate on the bonds, which were sold at their face value, was 10%. The income tax rate was 40% and the dividend per share of common stock was $0.40 this year. The market value of the company’s common stock at the end of the year was $29. All of the company’s sales are on account. Weller CorporationComparative Balance Sheet(dollars in thousands) This Year Last Year Assets Current assets:…Solve the following problem in good accounting form. On May 1, 2010, Jollibee Inc., a franchisor, entered into a franchise agreement with Session Delights, a franchisee. The total franchise fees agreed upon is P11,900,000 of which P5,000,000 is payable upon signing and the balance payable in three annual payments. It was agreed that the down-payment is nonrefundable, not withstanding the lack of substantial performance of services by franchisor. What amount of deferred revenue should be reported in the May 1, 2010 financial statements of Jollibee Inc.?Accounting Hello. I am having trouble solving this problem. Could you provide explanations as to how to arrive at the correct answer? Please write neatly or type out the explanations. I would greatly appreciate it. LuxAir Incorporated (LA) has book income of $180,000. Included in this figure is income generated from ownership in JRC, of which LA owns 30 percent. JRC has $280,000 in earnings for the year and pays $19,800 in dividends to LA. Assuming accounting for the investment in JRC (income from JRC and the DRD) are its only book–tax differences, what is LA's tax liability for the year?
- Below are 2 questions with answers, Please give solutions and explanation to the following questions. The correct answer is already given, just provide me with solution. AS PER BARTLEBY, YOU WILL ANSWER THE FIRST THREE QUESTIONS... please, don't answer just one question, it's unfair The retained earnings balance of the Corporation as of the end of the year shows: Unappropriated retained earnings P 1,500,000 Retained earnings appropriated for treasury shares 500,000 Retained earnings appropriated for plant expansion 2,000,000 Retained earnings appropriated for bond retirement 10,000,000 Total retained earnings P14,000,000 What is the maximum amount that the corporation can distribute as dividends? Give your answer in this format x,xxx,xxx Answer: 1,500,000 The shareholders'…Interpretation of GAAP and Ethical Issues Robin Smith is considering buying shares in Mah Company. The company has reported an increase in net income this year. On careful reading of the notes to the financial statements, Robin learns that the company had a LIFO liquidation this year. Robin understands what caused the liquidation but has asked you for advice about how to interpret it. Required: 1. Prepare a short memo to Robin to answer the question. 2. Could a LIFO liquidation profit create ethical issues?CHALLENGE PROBLEM This problem challenges you to apply your cumulative accounting knowledge to move a step beyond the material in the chapter. The results of the operating activities of Kobe Company for the current year are as follows: Based on these results, Kobe is considering discontinuing department C and establishing a new department D. The estimated revenues and expenses of the new department are as follows: In addition, the proposed change will cause total indirect operating expenses to increase by 22,000. REQUIRED Determine whether Kobe should discontinue department C and establish department D.
- A certain company is offered for sale, You expressed interest in buying the firm. A document showing that the company made a profit P 20,000,000 in the previous year was handed to you. If you have the money, will you now make a decision? Explain your answer.PLEASE ANSWER ASAP Problem No. 1 AACA Corporation was incorporated on Dec. 1, 2021, and began operations one week later. Before closing the books for the fiscal year ended Nov. 30, 2022, the controller prepared the following financial statements: AACA Corporation Statement of Financial Position November 30, 2022 Assets Current assets Cash P150,000 Marketable securities, at cost 60,000 Accounts receivable 450,000 Allowance for doubtful accounts ( 59,000) Inventories 430,000 Prepaid insurance 15,000 Total current assets 1,046,000 Property, plant and equipment 426,000 Less accumulated depreciation ( 40,000) Property, plant and equipment, net 386,000 Research and development costs 120,000 Total assets P1,552,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued expenses P 592,000…The following information is taken from Marsh Marsh Supermarkets Supermarkets annual report: During the first quarter, we made several decisions resulting in a $13 million charge to earnings. A new accounting pronouncement, FAS 121, required the Company to take a $7.5 million charge. FAS 121 dictates how companies are to account for the carrying values of their assets. This rule affects all public and private companies. The magnitude of this charge created a window of opportunity to address several other issues that, in the Company’s best long term interest, needed to be resolved. We amended our defined benefit retirement plan, and took significant reorganization and other special charges. These charges, including FAS 121, totaled almost $13 million. The result was a $7.1 million loss for the quarter and a small net loss for the year. Although these were difficult decisions because of their short term impact, they will have positive implications for years to come. Marsh Supermarkets’…