RRSP
Q: Liquidity Premium Hypothesis One-year Treasury bills currently earn 4.65 percent. You expect that on...
A: Forward exchange rate refers to the exchange of currencies between bound parties at a specific in ag...
Q: DE LA CRUZ Company received a 10%,180 day note from its customer on April 1, 2021. The note has a fa...
A: Solution : Given Face value =P500,000 interest rate =10% discount rate = 12 % date...
Q: The following information relates to partner for the year ended 29 February 2020: R Current account ...
A: Solution:- Calculation of the current account of the partner on 01 march 2019 as follows under:-
Q: An asset shall be classified as current when it satisfies any of the following criteria (choose the ...
A: Current assets - Current assets are the assets of the company which are expected to be used up or so...
Q: Jamison gross tax liabiity is $9550. Jamison had $2800 of available credits and he had $6250 of taxe...
A: Tax liability Tax liability is the amount of money which is owed by an individual, firm , company, ...
Q: The investment property should be initially recognized at?
A: Cost of a fixed asset(PP&E) the cost of a fixed asset Property, Plant and Equipment is calculate...
Q: Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera...
A: Working: 1. Purchases = 90 bulbs * $6,850 each Bulb = $616,500 2. Freight-In = $800 each Bulb * 90...
Q: Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appr...
A: Ending Balance of Accounts Receivable 23,700 Cash collections from customers ...
Q: 14. J Company produces a single product. Last year, the company had 25,000 units in its ending inven...
A: Solution: Fixed manufacturing overhead deferred in ending inventory = Ending inventory * Fixed manuf...
Q: In auditing the client’s receivables, the auditor decided to select entries in the sales journal and...
A: Assertion of Existence: Assets or liabilities of the company exist at a given date, and recorded tra...
Q: RECORDING TRANSACTION PROCESS • On March 2, AB company received 400,000$ in cash and Issued shares •...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets ...
A: Inventory turnover can be defined as the efficiency ratio ratio that determine how many times a comp...
Q: Black Bulls Company reported a Retained Earnings balance of P150,000 on December 31, 2014. The follo...
A: Given that, Net income = P85000 Dividends declared and paid = P60000 Opening retained earnings = P15...
Q: amount of current liabilities should be reported
A: Current liabilities are short-term debts to be repaid within one accounting year.
Q: What is proper time or time period over which to match the cost of an intangible asset with revenues...
A: An intangible asset is an asset which cannot be identified physically, but its value to the organisa...
Q: FORM 1. 1 divided by DOL 2. Fixed Costs + Desired Profit 3. 1 divided by MOS% Margin of safety in un...
A: S.No. Answer 1 % change in Sales/ % change in operating income 2 Contribution 3 Current Sales ...
Q: The Petty Cash Fund of Joy Manufacturing at the end of the fiscal year ended December 31, 2016 is co...
A: Correct balance of petty cash = Currencies + Coins
Q: Which of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivab...
A: Solution: Accounts receivables, Unearned service revenue and sales tax payable are permanent account...
Q: In 2018, Dubious company began selling new line of products that carry a two-year warranty against d...
A: A warranty liability is liability account that reports the estimated amount that a company will have...
Q: The beginning balances of the accounts receivable and allowance for bad debts accounts of Goodness C...
A: Bad debt expenses are charged to the books as per matching principle in the year of sale. It is to b...
Q: The Grand Inn is a restaurant in Flagstaff, Arizona. It specializes in southwestern style meals in a...
A: Breakeven sales revenue is that level of sales revenue at which business is recovering its total cos...
Q: 71,000 81,000 Work in Process 80,000 ...
A: a. Cost of raw material purchased: Ending raw material = $ 81,000 Add: Raw material...
Q: Year 1 Year 2 Units (spice racks) produced. Units (spice racks) sold Absorption costing net operatin...
A: Fixed overhead deferred with inventory in year 1 = Net operating income under absorption costing - N...
Q: why must a company use a predetermined overhead rates when using job order costing?
A: Predetermined overhead rate is the rate determined using the estimated manufacturing overhead and th...
Q: The production department of ABC Company has submitted the following forecasts of units to be produc...
A: Direct Labor Budget is prepared on the basis of the total budget of the company as well as the time ...
Q: 25,000
A: 1. Facts - Machine A Depreciation under Straight line method = (Cost-Residual value)/Useful life ...
Q: Aljon Company reported the following as of December 31, 2021: Accounts receivables P100,000 Notes re...
A: Trade receivable is the amount owed by the customers to the business on sale of goods on credit.
Q: base on the image provided answer the following a. What is the overall performance of the company...
A: The forecasted Income Statement of a company shows how the company may perform in the upcoming years...
Q: (LIFO,
A: Last-in-first-out inventory cost method is a method of inventory valuation used in business to accou...
Q: The partial income statements of five different companies are as follows: 1 2 3 4 5 Net Sales A D 25...
A: Gross profit = sales - COGS Goods available for sale = Beginning inventory + Purchase COGS = goods...
Q: On January 1, 2021, Easy Company reported accounts receivable P2,070,000 and allowance for doubtful ...
A: Every company sells the product as well as services on credit. So there is a chance of default or No...
Q: Chocolairs Food Enterprise is a cookie manufacturer in Selangor. The following information was extra...
A: Trade discount do not appears in books. Amount is recorded after deducting trade discount. May 2: ...
Q: A company issued rights to its existing shareholders to purchase ordinary shares. When the rights ar...
A: Share premium a/c would be credited if the par value was less than the purchase price/ issue price ....
Q: Assume the same data for PARE Company in Illustrative Problem 2 and the actual data for the years 20...
A: Throughput time = Wait time + Process time + Inspection time + Move time + Queue time = 4 ...
Q: Activity-Based Costing, Lean Operations, and the Costs of Quality 235 P4-43A Comprehensive ABC imple...
A: Answer- As per Guidelines First three subparts need to be solved . Part 1 Computation of ...
Q: Blue Circle Corporation's comparative balance sheet for current assets and liabilities was as follow...
A: Cash flow statement means the statement which shows the cash flow in or out of business enterprises ...
Q: Vertical Analysis Income statement information for Einsworth Corporation follows: Sales $276,000 ...
A: Solution:- Vertical analysis:- Vertical analysis statements states that each line item is listed as ...
Q: National Bank has several departments that occupy both floors of a two-story building. The departmen...
A: Solution: Allocation of total occupancy cost under the current method is as under:
Q: Data for the month of June: BANK BOOK Checks recorded Deposits recorded Collection by bank, P500,000...
A: Bank reconciliation statement shows differences between the balance as per books and balance as per ...
Q: estion # 02 On July 1, Mr. Ahsan established Ahsan's Travel Agency. The following transactions were ...
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.
Q: 24. Refer back to the original data. How would Novus' absorption costing net operating income been a...
A: Fixed manufacturing cost per unit = Total Fixed manufacturing cost / Total no. of units produced = P...
Q: On April 4, 2021, LASTNATOBEYBE, Inc. sold goods on account to a customer for P1,000,000, terms were...
A: Factoring means where the account receivables has been sold to outside agency against commission and...
Q: Scent Fragrance Company manufactures and sells several ranges of perfumes. The average revenue and c...
A: Solution:- a) Calculation of the contribution margin per unit as follows:- contribution margin per u...
Q: Q.4.2 Prepare the following notes to the financial statements for the year ended 31 July 2019: Q.4.2...
A: In the notes to financial statements related to trades and other receivables, the balance of trade r...
Q: Caroline company sells equipment service contracts that cover a two-year period. The sale price of ...
A: Service contract means where the company assured you to provide the free service in relation to some...
Q: A. Ferrero Company has an agreement to pay its sales manager a bonus of 10% of the income after bonu...
A: Let assume the income after bonus and tax = X Then the manager bonus will be = X * 0.10 = 0.1X The i...
Q: You were hired by Mr. Agosto to prepare his sari-sari store’s Statement of Financial Position. In or...
A: The balance sheet is the representation of financial position of the business with assets and liabil...
Q: The following is the trial balance of Gagah Sdn. Bhd. as at 30 April 2021: Trial balance as at 30 Ap...
A: Working note: Computation of profit for the year ended April 30, 2021:
Q: The December Trial Balance of Jane Corporation includes among others, the following: Long term notes...
A: CL stands for current liabilities which refers to the liabilities or obligations that are paid withi...
Q: internal controls
A: Financial statements may be manipulated by the employees of the organization to exploit opportunitie...
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- Which of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share your thoughts on the processes and fairness associated with federal estate taxes.1. If there is a conflict between a BIR Ruling and a Revenue Memorandum Ruling, which will prevail? 2.Which tax system impacts more on the rich people, and why does it impacts them more?
- This picture have answers but I just want to learn In this question the income tax calculated how was it found? what is the transactions? help please1. What do you think about estate taxes at the state level? How do we see this play out with retirees? 2. How does the Estate Tax affect the Business valuation/estate planning industry?1. How can tax on Pfizer's income be negative? Does it mean Pfizer saved that much money or they received that much amount from the government in Cash? 2. What is the effective rate of tax for Pfizer? Can it be negative? Why? 3. Give us brief details of what sort of tax benefits and tax expenses impacted FY 2017's Provision/(benefit) for taxes on income?
- If a government wants to obtain the maximum tax revenue it should A. use static tax analysis. B. not assess the highest possible tax rate. C. assess the highest possible tax rate. D. use an ad valorem system for collecting taxes.What are child tax credits and payroll taxes? Explain the advantages and disadvantages. which taxpayers are impacting positively, which taxpayers are impacted negatively, how, and why. Knowing that individual income tax is the largest revenue for the government, what is the overall impact?1. The following defines taxation, except: * a. It is an inherent power of the state. b. It is an executive prerogative. c. It is a process of collecting contributions. d.It is a mode of allocating government costs or burden to the people. 2. It is an economic principle that states that the amount of tax an individual pays should be dependent on the level of burden the tax will create relative to the wealth of the individual. * a. Cost allocation b. Ability to pay c. Benefit received d. Lifeblood doctrine