Ray Company had the following liabilities on December 31, 2021: ·       Trade accounts payable, net of debit balances totaling P65,000 in suppliers’ accounts- P1,125,000 ·       Accrued expenses- P136,000 ·       Interest payable- P96,000 ·       Income tax payable- P150,000 ·       Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000 ·       Share dividends declared but not yet issued- P300,000 ·       Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000 How much is the total current liabilities of Ray Company to be shown on its December 31, 2021 statement of financial position? A. P2,207,000 B. P1,272,000 C. P1,722,000 D. P2,022,000

Q: Yilmaz A.Ş. encounters the following situations:   Identify the type of adjusting entry needed. Y...

A: Prepaid expense are expenses which are already paid ( in advance ) , the expenses are yet to be incu...

Q: hat term describes initial taxation of profits at the company level, and subsequent taxation at the ...

A: In case of Double Taxation  Income is taxed twice i.e taxed at both corporate level and personal lev...

Q: Bug-Off Exterminators provides pest control services and sells extermination products manufactured b...

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the quest...

Q: services com rnal auditors presented the

A: Control environment component. Monitoring activities component. Control environment component. Exist...

Q: Kulver's Inc. sponsored a defined benefit plan in 2020. Plan assets had a January 1, 2020, balance a...

A: A journal entry is the process of recording or maintaining track of any financial or non-financial a...

Q: 1. A television company purchased machinery for BD20,000 in 2009. It is estimated to have a useful l...

A: Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear, tech...

Q: A partnership firm doesn’t have the legal existence as a separate legal entity. Explain the statemen...

A: A partnership firm is formed when two or more people join forces to form a business and divide profi...

Q: The warehouse is funded via a mortgage loan of R1 million, which bears interest at 10% per annum. Ta...

A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...

Q: If you were given the task of creating a Corporate Code of Ethics. What are some of the items that ...

A: Corporate Ethics: In applied ethics or professional ethics, business ethics (also known as corporate...

Q: 4. M Company uses the weighted average method of process costing. Its Process #1 had no beginning in...

A: The total cost of producing a product, including raw materials and operating costs, is detailed in a...

Q: Tamarisk Inc is a company that manufactures and sells a single product. Unit sales for each of the ...

A: Profit Margin: To determine the extent to which a corporation or an economic activity produces money...

Q: Good afternoon Please help with question. Thanks in advance Full Tax Co. is incorporated and tax ...

A: Introduction:- A corporation's tax responsibility refers to a limited company's legal duty to pay ta...

Q: On July 3, Adrian Rodriguez accepted a $6,000, 9.5%, 90-day note for merchandise purchased by Teresa...

A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...

Q: Consider the following information for Presidio Inc.'s most recent year of operations. Number of uni...

A: Under Full Absorption Income Statement , Gross Profit = Sales - Cost of goods sold Net Operating Inc...

Q: The following balances were the balances of accounts appearilg Iron And steel Merchant on 31" Decemb...

A: Journal entries shows the recording of the transactions during an accounting year and every transact...

Q: Discuss two similarities and two differences between a futures contract and a forward contract. When...

A: Future Contract: A futures contract is a legally binding agreement to purchase or sell a certain com...

Q: ABC Corp has P100,000 collectibles from Mr. Naki Utang who became insolvent with P60,000 assets and ...

A: 1. Income tax liability = 20% of P 200,000 = P 40,000  2. Income Tax liability will be paid on prior...

Q: 8-27 LO 6 (h) in 8-26, assuming a population size of $8,500,000. Recall that sampling interval = pop...

A:   8-26: Solution

Q: Costs for Different Levels of Units Produced and Sold Direct labor At 2,000 units At 4,000 units $ 2...

A: 1. Variable cost - It refers to the cost which changes with the change in the same ratio as a change...

Q: At the 2019 international meeting of business leaders, Michael Owusu said that multi-jurisdictional ...

A: Corporate Governance is an important characteristic feature to be followed by all the companies for ...

Q: Assuming World Data is a resident foreign corporation, what is the income tax payable for the curren...

A: A tax is a compulsory charge paid to the government by everyone who is generating any kind of income...

Q: Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

A: Journal entries refers to the official book of a company which is used to record the day to day tran...

Q: Which of the following is not an objective of product costing systems? a. To assist in the preparat...

A: Solution  Product costing system are used to assign a cost to a manufactured product.

Q: A company that applies process costing is most frequentily characterized by Multiple Cholce Low stan...

A: Process costing is a technique of costing which helps in estimating the cost per unit of manufacture...

Q: Cash received from long-term notes payable Purchase of investments Cash dividends paid Interest paid...

A: Purchase of investments comes under cash flow from investing activities . 

Q: Ismail and Sameer are opening a paint store. There are no competing paint stores in the area. They m...

A: The meaning of partnership business is two or more persons bringing the capital to form the business...

Q: Which of the following costs would not be classifled as factory overhead? Multiple Cholce Insurance ...

A: Factory overhead :  Factory overhead is the indirect cost estimated and expensed by the manufacturin...

Q: nciples (GAAP) and are audited by CPA firms. Do investors need to worry about the validity of those ...

A: GAAP = generally accepted accounting principles When CPA firms are audited they take all types of me...

Q: A retailer obtains a 21% retail discount, a 15% wholesale discount and 5% volume discount. The retai...

A: Net Price For Calculating the Net Price after discount first to taken the Discounted Price and Divid...

Q: Show

A:

Q: M    On May 31, 2012, Deana’s Services Company had account balances as follows:     Accounts Paya...

A: Net income is the excess of revenues over expenses incurred. Net income = Revenues - Expenses

Q: Jon Stone is paid $20 an hour for an 8-hour day, with time-and-a-half for overtime and double-time f...

A: Regular rate = $20 per hour ( for 8 hours a day ) Overtime rate = $20 x 1.5times = $30 Rate for Sund...

Q: the Accumulated OCI included in the 12 O credit O debit 0 credit

A: Stockholders' equity refers remaining value of monetary remained at a company after it has sorted al...

Q: Name: Class Schedule: he following data were taken from the records of Alda Manufacturing Company: 8...

A:

Q: Cola Company is preparing the interim financial statements for the quarter ended March 31, 2020. Sal...

A: Variable expenses = Sales x 20% Advertisement expense = Total advertisement expense for one year x 3...

Q: INCOME STATEMENT JUST STUFF, INC. FOR THE YEARS ENDED DEC. 31 2019 & 2020 2020 P2200.000 2019 Sales ...

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...

Q: Wharton, Inc., pays income taxes on capital gains (Including gains on marketable securities) at a ra...

A: Realized Gain = Cash - Cost Tax amount = Realized Gain * Tax rate

Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the...

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...

Q: A manufacturer pald total factory payroll of $200,000 In cash. The journal entry for this transactio...

A: Introduction:- Journal entry means:- It is used to record business transactions. All business trans...

Q: How much cash should MCA report on April 30?

A: The question is asking about the amount MCA should show during reporting on June 30 

Q: The standards are divided into attribute, performance and implementation guidance. Classify the foll...

A: The answer for the theory question on classification of attribute and performance standards is discu...

Q: Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a plan...

A: The overhead is applied to the production on the basis of predetermined overhead rate. 

Q: The following transactions relate to the General Fund of the City of Buffalo Falls for the year ende...

A:

Q: SheridanConstruction Company issued 800 shares of no-par common stock for $12900. Which of the follo...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: ABC Company has 100,000 authorized number of common stock, which 80,000 shares were issued and outst...

A: Solution: Existing ownership of Mr. Abad = Nos of shares held / Total nos of shares issued and outst...

Q: Discuss the Usefulness of the Statement of Financial Position (Balance Sheet) and The Statement of C...

A: Balance sheet or statement of financial position refers to a statement which provides a brief summar...

Q: 22. Ernst Company experienced the following changes in selected accounts for the current year: · ...

A: Accrual sales (A) = P6,000,000 Account receivable, January 1 (B) =  P1,000,000 Account receivable, D...

Q: Bill's deductible loss from the activity in Year 1 and Year 2?

A: Partners investing in partnership business have a limitation on the losses from the partnership that...

Q: X Corporation allows its sales manager to incur expenses subject to reimbursements, as follows: Elec...

A: Fringe benefits payments are given by the employer to the employees over and above the fixed compens...

Q: Given the two machines' data Machine A Machine B First Cost P8.000.00 P14,000.00 Salvage value 2.000...

A: Equivalent uniform annual Cost=Initial CostPresent Value Annuity Factor+Annual Cost