process and steps involve in internal execution

Q: Before revenue can be recognized, the revenue recognition principle requires the _____. A. Product…

A: Revenue is the amount of money earned by an entity. It is the money earned by providing the services…

Q: Pregnancy Test- 10,000 (Php 175 each) Syringe- 125 boxes (Php 250 each) HbsAg- 15,000 (Php 225 each)…

A: Pro Forma of Income Statement CATEGORY AMOUNT Service Income    xxx…

Q: If an asset is written down because of an impairment, in USA GAAP, it cannot be written back up…

A: Answer:-  Asset meaning:- An asset can be defined as something that offers a person or other entity…

Q: Statement 1 - A foreign currency transaction is initially recognized by translating the foreign…

A: Functional currency : The currency of the country in which any branch of the foreign business is…

Q: Markus plans to attend a football match The ticket costs 90 € additional travel costs and parking…

A: Opportunity cost means cost of opting out next best alternative. If one alternative is taken, then…

Q: Required information [The following information applies to the questions displayed below.] JDog…

A: Book-tax difference=JDog's share in Oscar's income-Dividend already reported in gross income

Q: The warehouse had a fire on November 7, 2021, which resulted in the destruction of merchandise worth…

A: Loss by fire is one of the loss that is being incurred by the business on inventory lost by fire.…

Q: The t/p bill for this month was 200, the company will pay it next month what is the journal entry…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: 27.The individual customer accounts of ABC Company at June 30, 20X1 revealed the following data:…

A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

Q: LO 6.1 Record journal entries for the following transactions of Furniture Warehouse. 1. July 5:…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: Champion Company purchased and installed carpet in its new general offices on March 31 for a total…

A: Depreciation- In accounting depreciation refers to allocating the cost of assets over their useful…

Q: 2) Troy Ltd purchased a new machine on 1 October 2016 at a cost of $114,000. The entity estimated…

A: Introduction: A fixed amount is depreciated for each year of the asset's useful life under the…

Q: Hayes Co is considering selling off one of its subsidiaries, Fran Ltd., and would like to value its…

A: Hayes Co is considering selling off one of its subsidiaries Fran Ltd. and wants to value inventory…

Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…

A: >Overheads are to be applied to the work in process or Jobs based on an overhead application…

Q: Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds:…

A: Bond is a form of debt used by the entity to raise money for various purposes such as operations,…

Q: pstream Intercompany Merchandise Transactions mmitz Inc. is a subsidiary of Krocker Gear. Jimmitz…

A: Consolidation- Consolidation means combining two or more business organizations or entities into a…

Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…

A: >Overheads are to be applied to the work in process or Jobs based on an overhead application…

Q: On January 1, 2020, EF company purchased P1,000,000, 12% bonds for P1,065,000, a price that yields…

A: If face value of the bonds is less than the purchase price then such debt investments are purchased…

Q: A company has 1,000 shares of $50 par value, 4.5% cumulative and nonparticipating preferred stock…

A: Paid in capital stock which was in common consist of preferred and common stock in total and it was…

Q: Case 1: Fraud examination Karen, a friend of yours, recently started her own business, The Bike and…

A: Introduction: In today's culture, fraud is an enormously costly problem. Fraud examinations are…

Q: The following data were available for ABC Trading at Dec 31, 20X1: Trade accounts receivable…

A: Trade and Other Receivables - Trade Receivable is the amount due from the customer. Customer to…

Q: Which of the following statements regarding merger deals is (are) correct? Choose all correct…

A: Merger: A merger is an arrangement that combines the operations of two different firms into a single…

Q: Prepare the net sales portion only of this company's multiple-step income statement.

A: Sales revenue: sales revenue is the revenue earned by the company through sales Gross sales: Gross…

Q: On June 1, 2019, Hansen Company purchased twenty $1,000 Francisco Company bonds at par and…

A: As per US GAAP, an asset should be impaired if there are any circumstances which leads to reduction…

Q: On January 1, 20X2, partners ABC, BCD and CDE, who share profits and losses in the ratio of 5:3:2,…

A: Liquidation of a partnership can be explained as closure or shutting of business activities due to…

Q: For accounting purposes, what type of hedge is the forward contract? a. A cash flow hedge b. A…

A: A forward contract is a contract between the two parties in which both parties agrees to exchange…

Q: PROBLEM 3 On June 30, 2018, Upton Inc. sold $3,000,000 (face value) of bonds. The bonds are dated…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

Q: D's is considering publishing a paperback textbook on spreadsheet applications for business. The…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.  Variable…

Q: Case Study 2: Data Representation Problem ABC Education Services, a private firm designed and…

A: Ethics- Ethics is referred to as a moral code of conduct that is upheld by an individual or a group…

Q: Parent Company issued 10-year, 15% bonds with a par value of $500,000 on January 1, 2020 for…

A: Introduction: At the time of consolidation, all intercompany transactions between affiliate…

Q: On March 2, Monty Corp. sold $932,000 of merchandise on account to Marigold Company, terms 4/10,…

A: Under perpetual inventory method of inventory accounting the inventory is updated simultaneously as…

Q: Problem 4: Ordinary Shares, no growth rate: The expected rate of return of the shareholders is 18%.…

A: Ans. Value of share = Dividend to be received/Expected rate of return

Q: Use the following information for the Exercises below. (Algo) Skip to question   [The following…

A: Introduction: When an organization uses accrual system of accounting then to record any accrued…

Q: Financial information is quantitative in nature however they also have qualitative characteristics.…

A: Financial information is the condensed data of financial transactions that aids investors in…

Q: Western Corporation, a calendar year, accrual basis corporation, reported $500,000 of net income…

A: Taxable income refers to the portion of the gross income which IRS subject to the taxes and it…

Q: A company provided the information below on January 1, 2022. Land Building Accumulated depreciation…

A: Revaluation Surplus :— Whenever the Value of Any Capital Assets changes then the increased amount in…

Q: Using the double entry system together with the accounting equation, determine what is debits and…

A: Accounting equation of business has three important elements. These are assets, liabilities and…

Q: Presented below is the list of inventory items of ABC Corp at Dec 31, 20X1: a. Goods sold on…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: ABC purchased a machine on Jan 1, 2025 for $75934 with an estimated useful life of 12 years and no…

A: The question is related to Impairment of Assets. Impairment loss is the excess of Carrying amount…

Q: verlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage…

A: Job costing is one of the methods under cost accounting that helps to determine the cost of each…

Q: ABC Inc. manufactures to customers' specifications. Summarized information for May 2022: Work in…

A: Work in process inventory is that inventory which is still in progress or manufacturing activity is…

Q: A bank statement received by Allied Ltd for the month of February 2022 showed a credit balance of…

A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the differences…

Q: 2. An intern suggested that the company use activity-based costing to cost its products. A team was…

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

Q: 18.On January 1, 2021, REEDY SLENDER Co. purchased fixtures at an installment price of ₱520,000.…

A: Fixed assets means the assets which is used for many years in business and depreciated over the…

Q: Compute for the following (show solution): a. How much total profit should Technocraft recognize for…

A: Profit from lease for the lessor is equal to the difference between the market lease rentals and the…

Q: When a private equity firm purchases the outstanding equity of a publicly traded firm (thereby…

A: Leveraged buy out :  For acquisition of a company by financing this transaction through debt is…

Q: s, the theoretical minimum number of workstations

A: We can solve the given question ysing network diagrams. Also, theoritical minimum number of…

Q: ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB…

A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…

Q: Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: Visayas Corporation has one temporary difference at the end of 2020 that will reverse and cause…

A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…