Question 8: Collectively, Social Security tax and Medicare tax are referred to as FICA taxes. Answer: A. O True В. O False

Q: 3. What is availability? Give an example showing a violation of availability.

A: Following is a meaning of availability and its examples 

Q: nd which of the following statements about the business variance are correct?) - The budgeted sellin...

A: Budgeted cost refers to the future expenses which are forecasted by the company and these costs are ...

Q: An insurance premium of $6,300 was paid on March 1, 2020, and was charged to Prepaid Insurance. The ...

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

Q: Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which asse...

A: Credit card expense = $4,900 x 5% = $245 Credit card expense is borne by the seller and the seller r...

Q: The pretax financial income of Flounder Company differs from its taxable income throughout each of 4...

A: Introduction:- A journal entry is an act of recording or keeping track of any financial or non-finan...

Q: Alexander Company purchased a piece of equipment for $14,000 and depreciated it for three years over...

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

Q: Problem #2 (Adapted) In a high school reunion, Tres met former classmate Uno and Dos. He learned tha...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

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: How much is the amount limit for representation and entertainment expense in Philippine peso? And wh...

A: Given Representation and Entertainment expense per ITR = 132,067 Net revenue as per ITR = 9683516 In...

Q: Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In ...

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

Q: Raise three issues related to the annual report and the broader area of financial reporting, and exp...

A: Annual report refers to a corporate document or financial summary which is released by the company, ...

Q: . Compute for the issue price of the bonds on January 1, 2019. 2. Compute for the bonds outstanding...

A: 1. There was no need of interest calculation. So, it's ignored.  2. Bonds are retired before maturit...

Q: Bourne Guitars, a corporation, reported a $157,000 net §1231 gain for year 6.   b. Assuming Bourne...

A: Ordinary income will be the net §1231 gain for the year of taxation. The gain will be called ordinar...

Q: ABC Company and XYZ Company reported the following condensed Statements of Financial Position on Jan...

A: It is one of the important tools, to prepare the consolidated financial statements of patent and sub...

Q: Placid Oil Corporation purchased an offshore lease c total acres. Proved reserves are found on a 1,0...

A: workings :  Proved property = proved reserves/ Total Acres x offshore Lease                         ...

Q: Franco Enterprise uses the installment method of accounting and it has the following data at the yea...

A: Under installment sales method, only that part of sales that has been realized in cash recognized as...

Q: Jerome's Fashion Dezigns sells a variety of items of clothing including footwear for men and uses a ...

A: FIFO Means First in First out. It is one of the method of valuation of stock. Under FIFO method the ...

Q: Emily, who is single, sustains an NOL of $10,080 in 2021. The loss is carried forward to 2022. For 2...

A: calculation of  adjusted gross income and taxable income and other requirement are as follows

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

A: NCI AS ON DATE OF ACQUISITION ( USING FAIR VALUE METHOD) = 500000/ 80% * 20% = P125,000   ALTERNATE ...

Q: QUESTION 2 Which of the following statements is false O A positive net working capital is desirable ...

A: Income statement is prepared by the business organizations so as to know how much amount of Gross pr...

Q: Lola Inc. must compute EPS for its 2020 reports. The following information is available to the contr...

A: Dilutive EPS refers to if all the securities are exercised, then the quality of earning per share is...

Q: Edith Motors sells automobiles on installment. Information presented below relates to Edith's operat...

A: Calculation of realize gross profit in 2021 are as follows

Q: available at July 31, 2021: Rent of $510,000 was paid on April 1, 2021, for six (6) -months to Sept...

A: The answers has been mentioned below.

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: How is depreciation treated in the indirect method of estimating project cash flows? O Include the c...

A: Under the indirect method of estimating project cash flows, adjustment of calculating cash flows sta...

Q: assuming the beginning of the year (20X3) balance |in the Investment in A account is $716,000 comple...

A: Consolidated worksheet is a statement which is prepared as a financial help for creating other finan...

Q: To have an income from acquisition of P400,000, the number of shares to be issued by LL should be?

A: Acquisition cost refers to those total costs which a company paid to another company at the time of ...

Q: The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: C...

A: Cash Flow Statement The purpose of preparing the cash flow statement is to know the movement of cash...

Q: Problem 2 (Statement of Stockholders' Equity) In its most recent financial statements, Newhouse Inc....

A: Solution..     Retained earnings at the beginning = 780  Retained earnings at the end = 810  Net inc...

Q: Prime company had the following financial data for the year (in thousands BD): Owner's investment 20...

A: The ending capital is calculated after making adjustments for additional investment, Withdrawals, pr...

Q: Duncan Corporation leased 3,000 unexplored acres, paying a lease bonus of $160/acre. Delay rentals a...

A: From the point of view of the lessee, lease abandonment means that the lessee will be continuing to ...

Q: Book Value P50,000 140,000 530,000 210,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant...

A: The acquisition means that the parent company acquires the subsidiary company. 

Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...

A: A Consolited balance sheet presents the assest and liability of parent company and all its subsidari...

Q: A Machine was purchased on 1st January 2004 at a cost, of $50,000 and the cost of installation $8,00...

A: Depreciation Expenses - Depreciation Expense charged for the financial year due to use of the assets...

Q: Mobile Video Systems sold land, investments, and issued their own common stock for $11 million, $16 ...

A: Cash flow from Financing activities: It includes transactions relating to debt, equity, and dividend...

Q: 15-1. (Calculating debt ratio) (Related to Checkpoint 15.1 on page 534) Sharpgas plc £m £m Current a...

A: The balance sheet of the offered firm depicts the split of current and non-current assets, current a...

Q: Date Blankets Units Cost May 3 Purchase $15 10 Sale 17 Purchase 12 $18 20 Sale 23 Sale 30 Purchase $...

A: Formula: LIFO: LIFO stands for Last in First out. Which means last received inventory to be sold fir...

Q: Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (...

A: Income tax- An income tax is a tax obligatory on persons or entities (taxpayers) in admiration of th...

Q: Ashley Company had the following balance sheet extract at December 31, 20X8: Cash $100,000 Accounts ...

A: Merchandising company refers to the company which is dealing in retail sale, spent lot of money on a...

Q: ap please

A: These are wages to the laborer that have contributed to the production of the company. These people ...

Q: Book Value P50,000 140,000 530,000 210,000 Market Value P50,000 200,000 Cash Inventory Plant Assets ...

A: In a simple meaning goodwill can be define as the worth or value of company for which another compan...

Q: graph below shows monthly data collected on facilities maintenance department co, 000 5,000 tine of ...

A: The equation of line consist of slope and the intercept. The intercept is where that cut on Y axis a...

Q: Moran owns a building he bought during year 0 for $150,000. He sold the building in year 6. During t...

A: Gain on Sale of Asset:  When an asset is sold for more than its carrying value, a gain on the sale o...

Q: Date Wireless has the following assets: Current assets: Temporary $1,190,000 Permanent 1,380,000 Cap...

A: Earning Per Share: A company's profitability is shown by the amount of money it earns per share, oft...

Q: On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several...

A: Journal entry refers to recording the financial data of any organization in the chronological order,...

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: its and total costs were $40,000.

A: The total cost of production of a good comprises the total fixed cost of production and the total va...

Q: Kadita Sales sells cars on the installment basis. Presented below are the data for the past three ye...

A: 2019: cost of sales 1002950 less sales 1543000     collection :1518000  against1543000 . now in 1543...

Q: What is the Total expenses to be recoded by Patrick Corp on December 31, 20x1?

A: Solution:- Calculation of Consideration paid :- Particulars Amount Cash 1,500,000 Ordinary sh...

Q: Particulars Credit balance as per cash book 5,000 Cheques issued, but not yet presented for payment ...

A: Sometimes the balance of the cash book and the bank statement doesn't matches. In order to reconcile...