RUE OR FALSE? The cumulative effect of change in accounting policy is shown in the income statemen

Q: On January 1, 2018, Alan Company purchased an equipment for P8,000,000. The equipment is depreciated…

A: Gain is the amount of money earned on the sale of assets.

Q: On January 1, 2017, the llocos Norte Corporation purchased the business of its competitor in a…

A: The amount of money spent on developing and selling goods and services, as well as acquiring assets,…

Q: On January 5, 2022, Mart company places an order for a machine from a company in Japan. The machine…

A: As per IFRS 16  on PPE any   property, plant and equipment should be measured at cost at…

Q: the amount that should be reported by Lucas Corporation as the lease liability on its December 31,…

A: Computation of Lease Liability at the commencement of the lease:         Year ending Lease…

Q: Documentation expenses related to the copy acquisition, 1.5M • Operational loss (studio time lost…

A: Copyright is a such type of asset which falls under the category of the assets under the intangible…

Q: 9 Explain how the effectiveness of general control affects the auditor's test of automated…

A:

Q: Investments in equity securities are adjusted to fair value at the end of the period. This…

A: As per the guidelines, only one question is allowed to be solved. Please resubmit the question…

Q: A company has the following data at the end of the current year: 200,000 207,000 $15,000 Number of…

A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…

Q: Coke Company had 2 million shares of common stock outstanding all through 2020. On April 1, 2021, an…

A: Formula: Earnings per share = (Net income - Preferred dividend) / Weighted average outstanding…

Q: The reained earminp account has a begnning balance of $326,475 and an ending balance of $357,213.…

A: Cash flows statement is one of the financial statement which shows all cash inflows and cash…

Q: The president of the retailer Prime Products has just approached the company's bank with a request…

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…

Q: The statement of financial position for the partnership of AA, BB and CC who share profits in the…

A: Partnership is a formal arrangement by two or more parties to manage and operate a business and…

Q: . On December 31, 2021, JV Company purchased for P4,000,000 cash all of the outstanding ordinary…

A: The value of goodwill is calculated by reducing the carrying value of liabilities from the fair…

Q: Which of the following types of messages might the Active Auditor display? Question 9 options:

A: Solution Concept Active auditor is a feature that is built in the Quick books online There are two…

Q: On January 1, 2018, Alan Company purchased an equipment for P8,000,000. The equipment is depreciated…

A: Depreciation means a fall in the value of tangible assets due to wear and tear. Depreciation is…

Q: On January 1, 2023, Legis Company issued 10-year, P200,000 face value, 6% bonds at par (payable…

A: The Entry was Passed on  Date Particular Debit Credit January 1 2023 Cash and Bank A/c…

Q: cash flow to the firm in 2022 using EBIT

A: Cash Flow Statements states that cash flows should exclude the movements between items which forms…

Q: Determine the unadjusted BOOK balance using the following data provided by Ilustre Company: Balance…

A: q = Balance per bank statement + Deposit in transit - Amount erroneously credited by bank -…

Q: estors to make d

A: Management accounting - management accounting helps in making decisions of the business and helps in…

Q: February 1, 2019 for P5,486,000 to be held as financial assets on February 1, 2023. The bonds are…

A: Bond amortization table: Date  Cash received/Int. receivable @12%   Interest income @ 15%…

Q: On January 1, 2021, Robin Cormpany received a grant of P1,500,000 from the government to subsidize…

A: Government Grant: Instead than acting as an incentive to carry out specified expenditures, a…

Q: How much is the loss on excess freight to be recognized in 2023? How much is the inventory to be…

A: On December 31, 2022, the home office of ABC Company sent a shipment of merchandise to its Manila…

Q: If bond interest expense is $800,000, bond interest payable increased by $8,000 and bond discount…

A: Solution: Cash paid for bond interest = Bond interest expense - Increase in bond payable - Decrease…

Q: Rock Creek Bottling Company pays its production manager a salary of $6,000 per month. Salespersons…

A: Cost can be classified into two main categories i.e fixed and variable costs. The fixed cost remains…

Q: Question 8 of 50 -/1 E ! View Policies Current Attempt in Progress On January 1, Oriole Corporation…

A: Common stock dividend  = shares outstanding × % of stock dividend × Market value on date of…

Q: this ofIce room kWh Eur april 721.95 187.11 march 760.7 189.04 feb 652.52 175.03

A: Renting: Renting is act where the owner of house or office space allowed another party to use it for…

Q: A business purchased an asset on 1 January 20X1 at a cost of $160,000. The asset had an expected…

A: Straight-line method is one of the method to compute depreciation under which a uniform amount of…

Q: 3. RJ Coley visited Malcolm Variety Store to purchase the following items: These prices are…

A: Introduction General Consumption Tax (GCT) is tax applicable on purchase and sale of goods and…

Q: ABC Ltd executes a five-year lease agreement with Legal Ltd for a piece of machinery on July I,…

A: Accounting is the process of defining, evaluating, and reporting transactions to regulatory…

Q: Loren Company uses many kinds of machines in operations. The entity acquires some machines from…

A: As per IAS 16, Property, plant and equipment The cost of property plant and equipment consists of…

Q: How much must have been the cash surrender value of life insurance at Iris's December 31. 2020…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: The following information on a de fined benefit plan is provided: FVPA, beg 2,800,000 PVOBO, beg…

A: Employees of the entity are given with a defined benefit plan after they have retired from service.…

Q: Discuss the factors that accountants should consider when setting up company accounting policy…

A: Accounting Policy- Accounting policies are the specific principles, foundations, conventions, rules,…

Q: Answer questions number 1, 2 and 3 correctly. 1. Explain the treatment of share issuance costs. 2.…

A: Solution Concept Shareholders are the owners of the company They have the residual interest in the…

Q: Question 3 Ephrayim Oil and Gas Company abandoned a proved property late in 2020. Costs relating to…

A: Journaling is the process of recording business transactions in accounting records. This activity…

Q: Gross Sales – Php 50M   Cost of goods/sales: Direct materials – Php 10M Direct labor – Php 10M…

A: As per the provisions of BIR, the corporate tax rate for domestic corporations is 25% for 2021    As…

Q: 20.Courts do not prohibit people from using elsewhere the general knowledge and skills they…

A: An employee develops a range of skill sets and obtains necessary knowledge during his employment.

Q: The adjusted trial balance data given below is from Cameron White Company's worksheet for the year…

A: Balance sheet is the financial statement which tells about the financial health of the entity.

Q: The Conceptual Framework for Financial Reporting addresses fundamental issues including Group of…

A: Solution Concept Conceptual framework is the accounting framework that provides the basis for the…

Q: 9.5 Irish Catering Ltd. started in business on 1 January 2010, its financial year ending 31…

A: Depreciation is the reduction in the value of assets due to normal wear and tear, passage of time,…

Q: On Jan. 1, 2021, ABC Corporation entered into a P5,000,000 IRG 1-10, 9% contract with its bank.…

A: The cash to be received from a contract at any point in time is equal to the initial value of the…

Q: Mateen Oil and Gas Company provides the following data: 2019 2020 2021 Unproved property acquisition…

A: Calculation of finding cost of BOE for 2020 = =G&G+Exploratory drillingExtensions &…

Q: Ferkil Corporation manufacturers a single product that has a selling price of $100 per unit. Fixed…

A: Formula: Required sales units to earn a target profit = ( Fixed cost + target profit ) / Unit…

Q: Taking advantage of a 2/10, n/30 purchases discount is equal to a yearly savings rate of…

A: Yearly savings rate (in percent)= Discount rate ×[Number of days in a year/(Total credit period -…

Q: On January 2, 2022, BRACE company purchased a new machine on a deferred payment basis. A down…

A: When assets are purchased and a non-interest-bearing note is issued then the difference between the…

Q: 32.3A Show the journal entries needed to correct the following errors: (a) Purchases £1,410 on…

A: Rectification entry means where some error has been done in past and we need to rectify that errors.…

Q: 16. This is a joint tenancy between husband and wife where each person owns the property in its…

A: Ans. C  Tenants by the Entirety

Q: . S1: Minimum corporate income tax (MCIT) is imposable on all domestic and resident foreign…

A: Mimimum corporation Income tax is chargeable @ 2%  (if MCIT is greater than regular income tax) on…

Q: 6. Find the amount at the end of 15 years if P 55 000 is invested at an interest rate of 5%…

A: In the given question, P 55,000 is invested today at 5% compounded Semi-annually for 10 years and…

Q: The amount of gain (loss) on sale and leaseback transaction is: Group of answer choices The…

A: Sales and lease back transaction refers to the transaction where an asset is sold by the seller to a…