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Q: Taehyung started operating a service proprietorship on April 1, 2021 with an initial cash investment...

A: Under cash basis of accounting, business transactions are recorded in books of accounts only when ca...

Q: Hayabusa is a resident citizen earning compensation and business income for 2021 as follows:

A: working note tax computation. 250,000 tax rate 0% 250,000 to 400,000 tax rate 20% 400,000 to ...

Q: 1: Sold a car for P1,200 to the uncle of Keka 's finance director. Transaction 2: Sold goods to the...

A: Related party is a party  entity that is related to the reporting entity. Related party may be due t...

Q: Who provided the financing for the company? Wasthis arrangement considered unusual, or was it routin...

A: Here discuss about the financial arrangement needs to the business as raise the additional fund as w...

Q: The process of assigning overhead costs to the jobs that are worked on is commonly called: a. servic...

A: Overhead is all indirect costs incurred during the production process.

Q: The company you cofounded last year isgrowing rapidly and has strong prospects for an IPO inthe next...

A: Financial statements that describe the operations and cash flows performance of a company. Governmen...

Q: Prepare adjusting entry for October 31. Show computation. A bank loan amounting to P100,000 was obta...

A: Lets understand the basics. Adjustment entry is need to pass to record the correct amount of revenue...

Q: For how long would P1,000,000 have to be invested at 5% simple interest for it to double its value? ...

A: Formula: Maturity value = Bond amount x Interest rate x Time period

Q: Vicland Ltd has two classes of shares: ordinary and preference. Requirement Journalise Vicland's iss...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Crispin Santos started a retail merchandise business on January 1, 2020. During the year ended Decem...

A: Since all the purchases are on credit, it can be calculated from balancing creditors account.   Calc...

Q: Mr. Thomas invested an amount of 13,900 divided in two different schemes A and B at the simple inter...

A: Let amount invested in Scheme B be “$ P"   Total amount invested = Amount invested in Scheme A + Amo...

Q: 58. On July 1, 2022, Kim Seok-jin Company purchased a machinery from a dealer paying P2,310,000 cash...

A: Historical cost of machinery is the cost incurred to purchase the machine and preparing it ready for...

Q: Jimin Corp. is preparing the interim financial statements for the quarter ended March 31, 2022. Sale...

A: Variable expenses = Sales x 20% Advertisement expense = Total advertisement expense for one year x 3...

Q: 1 Homework Chapter 3 Saved Help Save & Exit 4 Consider the following situations for Shocker 1. On No...

A: Assets = Liabilities + Stockholders Equity Deferred revenue is a liability .  Prepaid advertising is...

Q: ABC Company acquired a fire insurance on Nov. 1, 2021. The company paid P12,000 for the said annual ...

A: The prepaid expenses are the expenses paid but not due yet for payment. These are recorded as curren...

Q: An entrepreneur is considering opening a coffee shop in downtown Pasadena. The building that he is c...

A: Introduction Cost-Volume-Profit analysis (CVP analysis) is a powerful tool for planning and decision...

Q: 9. For a liability to exist, a past transaction or event must have occurred. the exact amount must b...

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

Q: An entity is the defendant in a patent infringement lawsuit. The entity’s lawyers believe there is a...

A: The lawsuit against the entity is not concluded as on December 31, 20x1. The liability to pay damage...

Q: Hawk would record the following journal entry at the time of conversion:

A: Journal entries refers to the official book of a company which is used to record the day to day tran...

Q: A library shelving system has a first cost of $24,500 and a useful life of 7 years. The annual maint...

A:   benefit-cost ratio = Present value of cash inflows / Present value of cash outflows   Present valu...

Q: A. ROE is a common ratio analysts calculate for each of a firm's segments (true or false)

A: Return on equity (ROE) refers to a ratio which shows the relationship between net income and stockho...

Q: Yeontan Company is engaged in a small export business. The company maintain limited records. Most of...

A: Net Purchases = Cash purchases + Cash payment to trade creditors - Decrease in Accounts payable - De...

Q: A manufacturing firm's costs were as follows: o Factory overhead - $122,000 o Depreciation of produc...

A: Cost of production means total costs incurred for production and manufacturing of goods in the facto...

Q: sales tax system most commonly uses whi Multiple Choice The proportional tax rate structure The prog...

A: the tax is imposed on the sale of any product is called Sale Tax. this product can be Anything produ...

Q: Sunn Company manufactures a single product that sells for $170 per unit and whose variable costs are...

A: Formulas: Break even units = Fixed costs /Contribution margin per unit  Contribution margin per unit...

Q: A new airconditioning unit costs P150,000 and will have a salvage value of P15,000 after 5 years. ...

A: The question is based on the concept of Annuity and Present value in Financial Management. Annuity r...

Q: Tre owns his own business selling drums. Tre prefers to sell the drum kits for cash, but occasionall...

A: First of all let's understand some basics for the Receivable Account Receivables increases when a co...

Q: How much was the simple interest rate?

A: Simple interest refers to the amount paid by the borrower to bank on the amount borrowed at a fixed ...

Q: The company issues a note to an entity to borrow cash for five years and will pay $500,000 to the en...

A: Face value (FV) = $500,000 Period (n) = 5 Years Interest rate (r) = 4%

Q: Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For the year...

A: Professional Fees earned on accrual basis = Beginning Balance of Unearned Professional fees + Cash P...

Q: ·       Payment of quick response insurance premium for calendar year (payment was made during the 1...

A: Solution: Total expenses for a particular quarter is based on expenses incurred in that period which...

Q: On May 17, 2021, Parnassus Core Equity Fund, an open-end mutual fund, has the following assets and p...

A: Mutual fund is pool the money of investors and invest money in securities.

Q: One of the four general criteria for a capital lease is that the present value at the beginning of t...

A: Concept Capital lease Capital lease is also known as the finance lease The four conditions are      ...

Q: A manufacturing shop has annual fixed expenses of P500,000,000 and variable costs of P1,400 per boar...

A: Break even in cost accounting refers to a point where total costs are equal to total revenue and the...

Q: A project costing P250,000 yields a yearly benefit of P80,000 for a period of 10 years with no salva...

A: Project cost = P250,000 Annual benefit (P) = P80,000 Interest rate (r) = 6% Period (n) = 10 Years

Q: 9-13

A: When auditor considers that there would be an increase in the amount of mis-statement in the poplula...

Q: Discuss the Usefulness of the Statement of Financial Position (Balance Sheet) and The Statement of C...

A: Answer:-  Usefulness of the Statement of Financial  Position ( Balance Sheet):- (i) Statement of Fin...

Q: The balance of an unearned revenue account:

A: The balance sheet shows the financial position of the company that includes the assets, liabilities,...

Q: How do you envisage the use of principle based reporting for the six types of capital that companies...

A: The following response has been produced in a step-by-step approach.

Q: Use the following information to prepare, in good form, an income statement, a statement of changes ...

A: An income statement is a statement that shows the income and expenses of a company.  It also shows w...

Q: Taehyung started operating a service proprietorship on April 1, 2021 with an initial cash investment...

A: Solution: Total cash collection against revenue for April and may = P58,500 Total cash expenses in A...

Q: (1) Why is it so important to be aware of extraordinaryitems when analyzing a company’s finances? (2...

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...

Q: Requirements of the Offer. Technical ConsumerProducts, Inc. (TCP), makes and distributes energy-eci...

A: Introduction: TP Inc. announced a bonus plan for its sales managers in which a manager would earn 20...

Q: One such issue is the Sale with Right of Return. Discuss how do you recognize revenue when the custo...

A: Revenue Recognition: Revenue recognition is a bookkeeping rule that states that income should be per...

Q: When treasury stock is sold below cost, the Paid-in Capital, Treasury Stock account is debited for t...

A: Treasury stock refers to previously issued stock that the issuing business buys back from stockholde...

Q: Artwork Inc.'s financial reporting year ends June 30 and it reports quarterly. This means that the f...

A: Tax Expenses: It is the sum of all taxes payable by a person, company, or other organisation to the ...

Q: Below are DCI & Co.’s transactions for the third quarter: ·       Payment of quick response insuran...

A: Solution: Insurance premium is for whole year, therefore it should be recognized equally in each qua...

Q: 5. Question: Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to ...

A: Accrual system of accounting means where the cash received or paid is not important but the income a...

Q: A start up business is considering two types of equipment - data are as follows: TYPE A TYPE B First...

A: Using present worth cost method:   ●Computation of value of Type A: Annual Costs(excluding depreciat...

Q: Note: This case is based on an actual situation.) tan Sewell paid $50 000 for a franchise that entit...

A: 1 The capitalization of the franchise's market worth is immoral in this case. Even though the value ...