Question 22. A complete commercial invoice can be used for accounting for duties instead of Canada Custom invoice. True False

Q: Silawing current-year purchases and sales for its only product. Date January 1 January 10 March 14 M...

A: The LIFO and FIFO method are one of the most important method of Inventory management. The FIFO meth...

Q: While examining the December 31, 2022 financial statements of Bukidnon Company, a new client, you di...

A: Overstated Opening inventory results in lower net profit. Understated Ending inventory results in lo...

Q: n which years do each company have acceptable cash ratios? What has to be done in the other years wh...

A: The cash ratio is a liquidity indicator that demonstrates a company's capacity to meet short-term ob...

Q: Interchange Inc. had sales of $400,000, based on a unit selling price of $200. The variable cost per...

A: Break even sales refers to the sales or revenue amount in dollar form at which the company earns the...

Q: Compute the Revenue Effect- Growth Component, indicate if favorable/(unfavorable). *The activity dri...

A: Revenue refers to the amount received by the company from selling goods and services to the customer...

Q: Activity 4: Directions: For each transaction, tell what specific account title is affected and write...

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

Q: Pablo Bicarso Unadjusted Trial Balance 31-Dec-02 Account Title Debit $ Credit $ Cash  22,380   Clien...

A: NOTE: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...

Q: Assume you wrote up a proposal requesting $5000 for charity. The money would be used to buy food tha...

A: A company/ corporation cannot work in vaccum, rather it has to work within the society and thus serv...

Q: Concord Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock...

A: Journal- A journal is a detailed explanation that records all the monetary dealings of a company, to...

Q: What is the amount of pre-acquisition earnings on the acquisition date consolidated income statement...

A: Pre- acquisition profits are the profits made by the companies before the acquisition of shares of s...

Q: D Company decided on January 2, 2022, to effect the change in accounting policies in relation to bad...

A: solution Concept Debit balance in allowance for bad debt account Normal balance in allowance for bad...

Q: A variance is the difference between standards and actual performance with materials, labor, or over...

A: Variances are used for the performance evaluation of the company. It is also helpful for the managem...

Q: roblem 3: On January 1, 2012, Enrich Company purchased a machine under the following terms: a. ...

A: Cost of Machine: In this case, the cost of the machine would be a down payment and present Value of ...

Q: explain adjusted balance method, book to bank method and bank to book method

A: Bank Reconciliation The purpose of preparing the bank reconciliation statement is to find out the ad...

Q: The intangible assets and goodwill reported by Sunland Corporation at December 31, 2020, follow: Cop...

A: Intangible Assets It is important for the business entity to record the intangible assets and its am...

Q: Exercise 6-13 (Algo) Depreciation calculation methods LO 3 Millco Inc., acquired a machine that cost...

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...

Q: What is the impact on profit for the year if income overstated? a. no effect b. profit will be over...

A: Lets understand the basics. If there is error in recording the transaction then adjustment needs to ...

Q: Preparation of the Income Statement and the Statement of Changes in Equity The income and expense a...

A: Lets understand the basics. Income statement is prepared by the management to know the income/expens...

Q: Bing and Bingo decided to dissolve and liquidate the partnership on June 16, 2020. On that date, the...

A: partnership is a such form of business where more than one person come together in order to share th...

Q: n process, beg (1/3 to be completed)                                                                ...

A: Solution When there is work in process at the beginning or at the end , then the equivalent units ne...

Q: Assessing control risk begins with understanding entity-level controls.   a. True

A: Control risk is the risk that occurred due to the misstatement in the financial statement that would...

Q: Which of the following is false?

A: Mrs. Y, wife of a deceased employee, received financial benefits voluntarily voted upon by the Board...

Q: Bond Premium and Discount Markway Inc. is contemplating selling bonds. The issue is to be composed ...

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...

Q: A change from the straight-line method of depreciation to sum-of-years' digits is accounted for as ...

A: Change in accounting estimate relates with an estimates for doubtful allowance, estimate for invento...

Q: Payroll Accounting and Discussion of Labor Costs Blitzen Marketing Research paid its weekly and mon...

A: Note: As per our guidelines, we will solve the first three sub-parts for you.   1. Date Account T...

Q: Lazada Inc. adds materials at the beginning of the process in department USB.  Conversion costs were...

A: Equivalent units means where the some goods remain incomplete at the end of process and we need to c...

Q: Waling-waling Company had 6,400 units of work-in-process inventory in department A on October 1, 202...

A: The equivalent units are calculated on the basis of percentage of the work completed during the peri...

Q: aily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are i...

A: In process COSTING , product pass through two different process to reach the final output,. cost at ...

Q: Dove Company uses FIFO method of process costing.  The company’s cost accountant has provided you wi...

A: Computation of WIP beginning inventory:   Amount Transferred in(10,000*30) P300,000 Materials...

Q: compute for throughput time

A: Throughput time or the period is the time in days or in hours which are required by the company in o...

Q: Tolentino Statement of Financial Position April 8, 2018 Assets P 4,000 Cash Accounts Receivable P160...

A:

Q: Frankle Manufacturing produces cylinders used in internal combustion engines. During June, Frankle’s...

A: Introduction: Production is the process of merging numerous material and immaterial inputs to create...

Q: how do you find the WACC for 2006 given the following information: Operating results 2004 2005 2006...

A: WACC = (1-t) rD (D/V) + rE (E/V) T= Tax rate rD = Debt percentage rE = Equity percentage V = value o...

Q: Why is issuing a short-term note receivable an investing activity if it's short term and not long te...

A: Solution Concept Short term note receivable are the notes that have maturity period of less than 12 ...

Q: ment Builder UI Appl X WP NWP Assessment Player UI Appli X education.wiley.com/was/ui/v2/assessment-...

A: Balance Sheet - Balance Sheet is the Statement that contains Assets = Liabilities + Equity. This equ...

Q: Jokalet Inc. is running on a P2 million equity and needs Php500,000 additional funds to expand the b...

A: Ratio analysis means where different ratio of various years of years companies has been compared and...

Q: For the month of January 2022, PBB Company reported the following production data for Finishing Depa...

A: Equivalent units concept comes in to existence when some units remain incomplete at the end of proce...

Q: Income Statement Dec. 31, 2022 Company A Company B Sales P850,000 P1,350,000 Less: Cost of Goods Sol...

A: Efficiency in the management of stock is judged by inventory turnover ratio and days inventory outst...

Q: IFRS 9, the cumulative balance of equity as a result of measuring the investment at fair value throu...

A: Under IFRS 9, an investment can be measured at fair value or amortized cost. If the investment is me...

Q: PROBLEM: Financial Perspective Gloria Corporation presents the following information for year 2020 &...

A: Revenue refers to the amount received by the company from selling goods and services to the customer...

Q: !!!!!

A: Since you have posted question with multiple sub-parts , we will do the first three sub-parts for yo...

Q: Use the given financial information of BAB's Industry below. Average Accounts Receivable P90,000.00 ...

A: Net Sales = P2,000,000 Gross profit margin = 25% Gross profit = Net Sales x Gross profit margin

Q: A machine purchased for 150,000 its estimated life is 15 years, after which it will be sold for 40,0...

A: Sum of the years digits (SYD) depreciation Method takes the asset's expected life and adds together ...

Q: Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE ...

A: Cash flow statement includes: Cash flows from Operating activities Cash flows from investing activi...

Q: You are auditing Crown Corporation for the year ended 2022. Its reported net income for the year 202...

A: Net Income Net income which is considered to be one of the important source of liquidity which are d...

Q: If the beginning balance of Accounts Receivable account amounts to P250,000, and during the month ha...

A:

Q: Warranties Kim’s Athletics sells bicycles and other sports and athletic equipment. Sales and expect...

A: Given that, Expected Warranty Claims for Warranty Period for - Mountain bikes = 5 claims per 100 sol...

Q: Your broker offers to sell you some shares of Bahnsen & Co. common stock that paid a dividend of $3....

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...

Q: Frozen Inc. adds materials at the beginning of the process in department USB.  Conversion costs were...

A: Solution: Frozen Inc. Computation of Equivalent unit of Production Particulars Physical Units...

Q: B D E H K 1 Suppose we observe the following rates: M 2 3 1R1 4 E(2r1) 5 E(3r1) 6 E(4r1) 7 E(5r1) 8 ...

A: A lender charges a borrower an interest rate that is a percentage of the principal (the amount borro...

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.