Question 6: Which of the following is not a voluntary deduction from gross earnings? Answer: A. O Union dues O Sate disability insurance В. C. O Payroll deduction IRA O Cafeteria plan D.

Q: The Ohio Company has the following historical pattern on its credit sales: 70% collected in the mont...

A: Budgets are the forecasts or estimates that are made for future period of time. Budgeted cash collec...

Q: True or false The guidance under PFRS 3 shall be used to identify the acquirer.

A: Accounting standards refers to the guidelines as well as principles which guide in recording the bus...

Q: Book Value P40,000 170,000 620,000 220,000| 60,000 (300,000) (10,000) (450,000) (350,000) Market Val...

A: On acquisition of other company all assets and liabilities shall be valued at fair market value

Q: Determine the contribution margin in dollars, per unit and as a ratio. (Round contribution margin pe...

A: Contribution Margin Ratio = 1 - Variable Costs to Sales Ratio Contribution Margin Per Unit = Selling...

Q: The bank columns in the cash book for June 20X2 and the bank statement for that month for  Halk Hoga...

A: A bank reconciliation report is a statement of banking and business transactions that reconciles a c...

Q: Prepare all the necessary journal entries for the year 2020, 2021 and 2022.

A:   12% , 1000000 ,3 year Bond Issued Price 103084 Principal Payment is due on 31.12.23 Annual Interes...

Q: Assess and identify the parent/acquirer that will direct the relevant activities of the nvestee. Dia...

A: Relevant activities are those activities which will affects the investee's returns. Aquirer or inves...

Q: on-current Liabilities

A: The non current liabilities as,

Q: On January 1, 20x1 Pinup Corp acquired 34,560 outstanding ordinary shares of Slug corp. for a cash c...

A: Calculation of amount of non-controlling interest  are as follows.

Q: . Entity A leases computer equipment to customers under direct-financing leases. The equipment has n...

A: A lease is an arrangement where a lessor agrees to allow a lessee to control the use of the asset fo...

Q: The Souvenir Company purchased, on 1 January 2015, a machine producing embossed  souvenir badges. Th...

A: When employing the decreasing balance depreciation approach, depreciation expenses decrease with eac...

Q: The Stewart Cake Factory sells chocolate cakes, birthday decorated cakes, and specialty cakes. The f...

A: Contribution is the amount left after all direct costs have been subtracted from sales price. The ne...

Q: Question 2: A sets aside funds to be used for health-care expenses. Answer: flexible spending accoun...

A: The correct answer is option (a)Flexible spending account

Q: or pay off cumulative loan. Initial cash balance in June is $6,000,000 and there is no cumulative lo...

A:  Introduction Cash Budget: In the business world, a cash budget is an estimate of a company's cash ...

Q: E4.2 (LO 2, 3) Presented below is information related to Viel Company at December 31, 2020. Sales re...

A: The income statement, together with the balance sheet and the statement of cash flows, is one of thr...

Q: A credit to a liability account indicates an increase in the amount owed to creditors. must be accom...

A: Creditors are the liabilities to the organizations. They have credit Balances. That is why if there ...

Q: ith the lowest capital balances first  c. Partners based on their capital balances

A: When a partnership is dissolved , the assets are liquidated and liabilities are paid off  

Q: Partners Valerie, Vanessa, Vera and Veronica share profits 50%, 30%, 10% and10% Partners' accounts p...

A: Distribution of Cash to Partners: Assuming that all assets are realized immediately upon the firm's ...

Q: Book Value P50,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant Assets (net) Cost of Go...

A: Goodwill on acquisition shows the excess amount paid over the share of net identified assets acquire...

Q: rrent Liab

A: The current liabilities as,

Q: JT Department Store expects to generate the following sales for the next three months August $460,00...

A: Merchandise inventory is the monetary worth of items in stock, whether they are finished products or...

Q: Question 15: The 2021 Social Security wage base is Answer: А. S100,000 В. O $113,700 S125,000 D. O 1...

A: Social security wage base is highest earned  gross income in which social security tax  will be levi...

Q: DaBaby Company issues 4,000 shares of restricted stock to its CFO, Stallion Megan, on January 1, 202...

A: Fair value on date of issue =$120,000 This value is to be considered  as unearned  compensation  and...

Q: 18. On January 2, 20x5 Felix paid P4,500,000 cash for a 80% interest in Rivera at a price of P150,00...

A: Introduction Option 3. Value of Closing Investment = P 4,820,000

Q: How much is the goodwill/gain on acquisition on the books of ABC? Using the same information but th...

A: Goodwill is the amount of money which a acquirer company pays in excess of the net fair value of ass...

Q: Required: Prepare a schedule showing depreciation for each year and the book value at the end of eac...

A: Depreciation is the reduction in the value of asset due to its normal use and tear and wear. It is c...

Q: You have been provided with the end of year, unadjusted trial balance for City Movers LTD and  a lis...

A: Journal entry - It refers to the process where the business transactions are recorded in the books o...

Q: Assess and identify the parent/acquirer that will direct the relevant activities of the investee. (i...

A: Parent company is an entity which holds more than 51% interest also known as controlling interest in...

Q: Current Attempt in Progress On January 1, 2021, Vaughn Corp. purchased $1,740,000 of 6-year, 3% bond...

A: An amortised bond is one where the debt's principal (face value) and interest expense are paid down ...

Q: Question 9: The Social Security wage base for 2021 is $142,800. Answer: A. O True В. False

A: The correct answer is option (a)True

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available ...

A: A)  

Q: 8. Tabarez Corporation's Maintenance Department provides services to the company's two operating div...

A: The maintenance department is in charge of and accountable for maintenance. It is in responsibility ...

Q: Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics....

A: The question is based on the concept of Cost Accounting.

Q: How do you Calculate the cost of labor-to-sales ratio from the numbers below Profit & loss account ...

A: Given, Purchasing costs $ 397,925,058Material costs $ 217,667,630 Variation of Raw Material$ (1,543 ...

Q: Based on the provided information, how would I be able to create the journal entries to record the c...

A: Introduction: Pension expense is the amount charged to expense by a company in relation to its respo...

Q: The Ohio Company has the following historical pattern on its credit sales: 70% collected in the mont...

A: The correct answer for the above question is given in the following steps for your reference. 

Q: For each action for X co. below you should draw up a balance sheet and income statement that reflect...

A: Solution Concept The income statement is prepared to present the income earned during a period of ti...

Q: 17. On January 1, 2015, Battle Company purchased a delivery truck for $252,000 with an estimated use...

A: Depreciation per miles (units of production method) = (Cost of the assets - salvage value) / Expecte...

Q: llocation base. This period's estimated overhead cost is $400,000, estimated direct labour co ,000 a...

A: Answer to the above is point C = $ 16/hour  Normal costing uses indirect materials and labor costs t...

Q: December 31, de real estate ta December 31.

A: As per our protocol we provide solution to the one question only but you have asked three questions ...

Q: Question 14: The original Social Security tax rate was of taxable earnings. Answer: A. 10% O 1% с. 5...

A: Retirement Planning: Retirement planning alludes to monetary techniques of saving, ventures, and, at...

Q: Sold P480,000 of ABC Corporation 7% bonds at 102, plus accrued interest of P2,790.00.

A: The current portion of the investments means the amount of investment remaining after adjusting the ...

Q: On January 1, 2025, Ariana Corporation issued its 8%, 5-year convertible debt instrument with a fac...

A:

Q: What would each receive if they chose to 'assign' their pensions?

A: Pension is the amount of money which the employee or the person who has contributed into the pension...

Q: ABC Corporation acquired 80 percent of XYZ Corporation on August 1 for P500,000. On that date, XYZ C...

A: 80% Acquisition of XYZ  Corporation by ABC  Corporation Purchase Consider = 500000   Book Value M...

Q: The Variable Cost of Goods Sold in the Marin Company totals P325,000. Fixed selling and administrati...

A: Contribution margin = Sales - Variable costs Sales = Contribution margin + Variable costs

Q: the end of each year. The company uses the straight-line method of depreciation with no mid-year con...

A: 1. The project payback is given as, = Initial investment / Annual cash inflows = $450000/$90000  = 5...

Q: Question 4: Of the cafeteria plans listed, which is NOT a voluntary nontaxable deduction? Answer: А....

A:  In this question we choose that which one is nontaxable deduction.There are four options medicare, ...

Q: Lee, Min and Ho have been in partnership for more than 10 years. They see that the business profits ...

A: On liquidation of partnership, all the non-cash assets and liabilities are transferred to realisatio...

Q: Question 8: Collectively, Social Security tax and Medicare tax are referred to as FICA taxes. Answer...

A: Federal Tax refers to the amount of compulsory payments computed as the proportion of earned income ...