Profitability
Q: Required: (a) How many rights are required to purchase one new share? (b) What is the price of one…
A: Number of shares = Desired funds /Subscription price= 22,500,000/ 75= 300,000 shares
Q: ario had AGI of $90,000 and will iter e hurricane was a federally declare • The plane had a value of…
A: Casualty Loss is deductible in the year in which it occured losses i.e generally in the year loss…
Q: Natural Foods Inc. is planning to invest in new manufacturing equipment to make a new garden tool.…
A: Net cash flow is the amount that a company generates from a project. Net cash flow = Total cash…
Q: Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired…
A: Equivalent units signifies the units fully and partially completed by the end of a period.
Q: Annual depreciation on equipment at Charmed, Inc.is $2,100. The adjusting entry to record one…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: Which of the following terms describes expenditures made to repurpose an asset?
A: The asset is the future benefit of the company that would have to be sacrificed to pay off the…
Q: Balance of Insurance Expense The trial balance for Ariel Certified Cleaners appears as follows:…
A: Adjustment Entries Adjustment entries which are provided to the financial statement at the end of…
Q: An inventory of cleaning supplies showed P12,440 on hand. Asset Method - Amount: The trial balance…
A: The revenue and expenses are recorded on the basis of amount recognised or not for the period.
Q: Mary Smith, Crane & James Fabricators' accounts receivable manager, has just received the company's…
A: Cash Receipts Budget January February March Total Cash receipts Uncollectible…
Q: Self-Study Problem 9.7 Jeannie is employed by a business that operates a qualified profit-sharing…
A: Compensation: Compensation is the amount provided to the employee in respect of the duties and…
Q: Firm X sold 1,000 units of their product last month at a price of $600. If it costs them $300 to…
A: Gross margin=sales- direct expense Direct expense include cost of production
Q: erious ethical violations by corporations such as Enron led to the passage o
A: The Enron scandal shook corporate America and regulators as well. The scandal involved making use of…
Q: a. Compute the depreciation on each machine (machine 1 and 2) to the date of disposal b. Calculate…
A: Double declining depreciation method is the method which a company used to depreciate its fixed…
Q: 12. Leyland Realty Company received a check for $18,000 on July 1, which represents a6-Ma advance…
A: Lets understand the basics. Adjustment entry is required to prepare to record correct amount of…
Q: ABC Corporation reports the following information: Correction of overstatement of depreciation…
A: GIVEN Correction of overstatement of depreciation expense in prior years, net of tax $ 430,000…
Q: l grid, they lost their vacation home to fire. The ome last year, and received insurance proceeds…
A: Given as, The 2021 tax year as,
Q: Nichols Enterprises has an investment in 27,000 bonds of Elliott Electronics that Nichols accounts…
A: A bond is a type of long-term debt that is used by the companies to raise the amount. A bond is…
Q: The charter for Zenith, Inc., authorizes the company to issue 250,000 shares of $9, no-par preferred…
A: Stockholders equity section represents all the remaining value of assets after settling all the…
Q: The cost formulas for Emory Company's manufacturing overhead costs are given below. These cost…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: The market price of a stock is $35.00. An investor has purchased a call option for 100 shares of…
A: Here,Intrinsic value means value of option taken. For call option,interinsic value=maximum of…
Q: Using Excel Prepare a classified Balance Sheet and Income Statement 3/01- sole propreitor…
A: A classified Balance Sheet is a balance sheet that is divided or classified under various heads of…
Q: Natural Desserts has 2,500 gallons of paint in WIP inventory, with all materials already added. The…
A: Introduction:- Equivalent units are the units in production multiplied by the percentage of units…
Q: Wet Weekend Swim Park sells individual and family tickets, which include a meal, three beverages and…
A: Contribution margin per ticket = Sale price per ticket - Variable cost per ticket Weighted average…
Q: June 2 Commenced business with a capital of 1,000,000 June 4 Purchased 2,000 vape at a cost of Php…
A: A trial balance is a statement that shows the Balance or total amounts of debit and credit items of…
Q: For 2021, the Guess Trust retains all of its income items, which include only $100,000 of net…
A: Net investment income tax applies at the rate of 3.8% on certain investment.
Q: What are analytical procedures, and why are they a useful audit tool?
A: Analytical procedures are those procedures that are used as a substantive test to obtain evidence…
Q: 1- Prepare a Manufacturing account for the year ended 31 December 2017 2- Prepare a Trading account…
A: Manufacturing account shows total costs which are incurred directly for production and manufacturing…
Q: Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021 Information for…
A: In this question we have to use the LIFO retail method LIFO means last in first out.
Q: At year-end 2021, Wallace Landscaping's total assets, all of which are used in operations, were…
A: Total Assets: Total Assets are the amounts reported in company's balance sheet in the secondary head…
Q: What kind of activities are mentioned on the cash flow statement? Is the sequence in which these…
A: A cash flow statement is a basic financial report that depicts a company's cash inflows (cash…
Q: What are estate taxes?
A: Taxes: Taxes are the taxpayer's obligation to pay a certain amount to the tax authority on yearly…
Q: How does taxation for the corporate form and taxation for the partnership form diffe
A: A business can be run as various different legal forms. Some of the popular legal form that a…
Q: The market price of a stock is $35.00. An investor has purchased a call option for 100 shares of…
A: Intrinsic Value:- It measures the true value of assets or stock means it is the maximum value of a…
Q: F. CengageNOWv2 | Online teaching and learning resource from Cengage t 2 The balances for the…
A: Balance sheet Items: The phrase "balance sheet items" refers to all of the records that are captured…
Q: Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of…
A: Question is of Last -in, First - out method. So, when units are sold on September 5, there were…
Q: Marigold Corp. wants to sell a sufficient quantity of products to earn a profit of $100000. If the…
A: Contribution margin per unit = Selling price - Variable cost per unit = $13 - $8 = $5
Q: he payroll register of Chen Heritage Co indicates $2,472 of social security withheld and $618.00 f…
A: Given information, Social security withheld = $2,472 Total salaries = $41,200 Medicare tax…
Q: In terms of economic size, the country, which is a large country, is in the state of food (F) export…
A: Answer:- Import meaning:- A import can be defined as a product or service purchased in one nation…
Q: Required information (The following information applies to the questions displayed below.) At the…
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…
Q: The ledger of Blossom Company has the following work in process inventory account. Work in…
A: 1. Total cost transferred out: $10,229.71 2. Ending WIP cost: $2,582.29
Q: At December 31, 2022, before any year-end adjustments, Dallis Company's Prepaid Insurance account…
A: Lets understand the basics. Adjustment entry is required to pass to record revenue and expenses in…
Q: 10. David Debit has performed 5700 of accounting services for a client but has not yet billed the…
A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…
Q: On Sept. 1, the entity signed a contract, effective immediately, with Lei Hospital to dry clean, for…
A: Unearned revenues are those revenues which are received in advance by the business but not yet…
Q: Dr. Barrett wants to purchase a new piece of equipment for his practice. The equipment can be…
A: Pay back period refers to method of valuation a capital budget where it is calculated that under in…
Q: When would the terms of a union agreement take precedence over employment standards: O The union…
A: The union agreement must be followed when collectively taking a decision and following on all the…
Q: Compute the chargeable gains arising on Karen's two disposals
A: Chargeable gains are those gains which have been gained by the taxpayer on which the taxpayer have…
Q: The market price of a stock is $35.00. An investor has purchased a call option for 100 shares of…
A: Intrinsic value means value of call option Total Intrinsic value=(current market price-exercise…
Q: The following information pertains to Seda Co's pension plan: Actuarial estimate of projected beneft…
A: A projected benefit obligation (PBO) is indeed an actuarial assessment of how much money a company…
Q: June 2 Commenced business with a capital of 1,000,000 June 4 Purchased 2,000 vape at a cost of Php…
A: Answer:- T account meaning:- A T-account is a colloquial word for a collection of financial records…
Q: a . La 91% i 6:39 PM A review of insurance policies showed that P6,800 is unexpired at the year-end.…
A: Unexpired Insurance is also known as prepaid insurance. It is an current asset that has been been…
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- Discuss weaknesses in the public sector accounting and finance in the usage of resources that might hinder the social and public service deliveryA forprofit business has a focus on profit and loss and follows GAAP regulations A government entity follows GASB regulations A government entity will have focus on what is being done with the funds received and recommendations for improvement are usually not given Whereas a forprofit entity will be reviewed for how revenue is being recognized and if they follow GAPP regulations and recommendations are given on how to improve compliance with GAAPA governmental agency can best be described by which of the following statements? A. has a primary purpose of making a profit B. has a primary purpose of using taxpayer funds to provide services C. produces goods for sale to the public D. has regular shareholder meetings
- A characteristic common to governments and not-for-profit organizations is that they do not exist to provide goods or services at a profit or profit equivalent. True or FalseIf a reporting entity has a choice of either expensing or capitalizing an item of expenditure, and if the entity is subject to a high degree of political scrutiny, then what choice would be predicted by the political cost hypothesis of Positive Accounting Theory? Explain your answerGovernment policies that focus on the aggregate safety and soundness of the financial system are known as: A. Macroprudential supervision B. Aggregate supervision C. Excessive supervision D. Microprudential supervision
- A governmental agency can best be described by which of the following statements? has a primary purpose of making a profit has a primary purpose of using taxpayer funds to provide services produces goods for sale to the public has regular shareholder meetingsGreater role assumed by government in bailing out financial intermediaries – too big to fail concepts and its effect on adverse section and moral hazard.debt can bo soon as a remedy for agency costs and -problems, and therefore create value in companies. However, in certain circumstances debt can also be responsible for aggravating agency problems, and load to value destruction in companies. Please explain and discuss this statement.
- Economic consequences of accounting standard-setting means: a. standard-setters must give first priority to ensuring that companies do not suffer any adverse effect as a result of a new standard. b. standard-setters must ensure that no new costs are incurred when a new standard is issued. c. the objective of financial reporting should be politically motivated to ensure acceptance by the general public. d. accounting standards can have detrimental impacts on the wealth levels of the providers of financial information.Governments may be distinguished from not-for-profit organizations by: Absence of profit motive The power to enact and enforce a tax levy Resource providers do not expect benefits proportional to the resources provided Absence of a defined ownership interest that can be sold, transferred, or redeemedInadequacies can be linked to the public and private sectors' incapacity to govern effectively. TRUE FALSE.
