Statement 1: Equity investments at FVPL are assessed for impairment. Statement 2: Dividends are recognized at the date of record. A. Only statement 1 is true B. Only statement 2 is true C. Both statements are true D. Both statements are false
Q: Prepare the journal entries required in 2021, if any, to record construction costs, revenues, and bi...
A: The percentage of completion method is a method of recognizing revenues for contracts that span over...
Q: The cost of discounts missed on credit terms 2/10, n/50 is (use 360 days)
A: The given statement means that if the payment is made within 10 days, the buyer will receive a disco...
Q: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tat...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: Nguyen Company has purchased a stone quarry for $8 million. Nguyen must now estimate the fair values...
A: fair value of an asset at a particular time is calculated by subtracting the annual accumulated depr...
Q: 3. SAN JOSE is a producer of cooking oil. The company become VAT registered t the start of 2018. Pre...
A: Presumptive Input tax: Individuals or organizations who are engaged in the processing of sardines, m...
Q: On April 1, 2021, Brandy Company had a machine with a cost of P5,000,000 and accumulated depreciatio...
A: Given information, Cost =P5,000,000 Accumulated depreciation=P3,750,000 Estimated selling price =P50...
Q: Sokolov Company purchased a computer for $3,000 on January 1, Year 1. The computer is estimated to h...
A: Lets understand the basics. For recording depreciation, entity needs to pass to adjustment entry. Be...
Q: The SWIPE Company's Account Receivable Control Accounts had balance of P2,865,000, which the account...
A: Trade Receivable: Trade receivables are defined as the amount owed to a business by its customers fo...
Q: Both Bond Sam and Bond Dave have 7.1 percent coupons, make semiannual payments, and are priced at pa...
A: Bond Valuation Bond valuation is important for the business entity which can be generate more liquid...
Q: Black company owned 50,000 ordinary shares which were purchased for P120 per share. During the year,...
A: The correct answer calculation is given in the following steps.
Q: Every 15 days a company receives P10,000 worth of raw materials from its suppliers. The credit terms...
A: The calculation of number of purchase orders has been made as follows: Number of purchases in the ye...
Q: Collaborative Learning -KKI Chocolato Co is a supplier chocolate for Orangtua Corporation. It has ha...
A: Journal Entry of Chocolato co. for 2020 and 2021
Q: Problem 4-4 Audit of warranty and premium payable Taylor’s Version Co. carries a wide variety of mus...
A: Solution Warranty expense is that cost that a business expects to or has already incurred for the re...
Q: For 2020, Ross Corporation had pretax ordinary income of $500,000 and sold for $150,000 an asset pur...
A: Tax Rate for Companies in US for FY 2020 is Flat 21 % Therefore Tax on ($500,000 +$25,000 ) = $525,0...
Q: Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct la...
A:
Q: If a firm is given a trade credit terms of 2/15, net 30, then the cost to the firm failing to take t...
A: 1. 2/15, net 30 means if payment is made within 15 days , it will get 2% discount. Otherwise the co...
Q: On July 1, 2021, Whiskey Company had an equipment with cost of P5,000,000 and accumulated depreciati...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: he following CVP income statements are available for Cullumber Corp. and Ivanhoe Cullumber Ivanhoe, ...
A: COST VOLUME ANANLYSIS is used to do analysis of how changes that has took place in cost and volume a...
Q: Profit and Loss Account Amount Particulars Amount 1000000 |Closing Stock 200000 Particulars Opening ...
A: Gross profit margin the the amount of profit which is calculated by subtracting cost of goods sold f...
Q: he cost per unit of inventory is P5, and the carrying cost is 10% of the average value c ory. The an...
A: The cost of carrying the inventory is cost of storing the inventory and carrying the inventory. Is t...
Q: |Assume that Monsanto Coporation is considering the replacement of some of its older and outdated ca...
A: The marginal cost benefit analysis takes into account the incremental costs and benefits associated ...
Q: On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of...
A: Bad debts expense = Estimated uncollectible accounts - Beginning Credit balance of Allowance for dou...
Q: a. Calculate the depreciable cost of the warehouse. b. Calculate the annual depreciation expense tha...
A: a. Depreciable Cost = Cost - Salvage Value b. Annual Depreciation = Total Depreciable Cost / Useful ...
Q: 3. GMA pays 8% interest compounded semi-annually. GTV pays 8% compounded monthly.Which financing ins...
A: Effective Annual Rate (EAR) = (1 + i / n) n - 1 Where, i = Stated annual interest rate n = Number...
Q: Using accrual accounting and the preceding values, show the firm's net proft for the past year in th...
A: Please See Step 2 for the Statement as required.
Q: The chemical's economic order quantity is
A: Economic order quantity is the quantity level which a company orders on a single order. The reason b...
Q: Business combination achieved in stages 2. Angry Co. acquired 20% interest in Misery Co. many years ...
A:
Q: What is the annual carrying cost per unit? * Format: 1.11 The following data refer to various annual...
A: Calculation: Amount (P) Storage per unit 0.12 Add: Insurance per unit ...
Q: Cheese Partners has decided to close the store. At the date of closing, Cheese Partners had the foll...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: Requirements: Compute the total liabilities after formation
A: 1 Provide 2% allowance for doubtful accounts P Q Accounts Receiv...
Q: Calculate the following for the Current Year based on the information above. (Round percent to one p...
A: Calculation of ROA , ROE, EFFECT OF LEVERAGE, EPS AND P/E RATIO are as follows.
Q: What is National's estimated annual usage in units? * Format: 1,111,111 National Co. has determined ...
A: Order size (Q) = 10,000 units Total order cost in year (TC) = P20,000 Cost per order (O) = P100
Q: The DEF Corp has $3,000 of accumulated E&P and $18,000 of current E&P. It distributed $5,000 on Febr...
A: A company has two Earnings & Profit accounts: Current earnings and profit (E&P) – for curren...
Q: Russia Company provided the following information on December 31, 2021: Jan. 15, 2022 - P3,000,000 o...
A: Adjusting entries refer to journal entries which are made at the end of the accounting year or perio...
Q: A bond issued by Ford on May 15, 1997 is scheduled to mature on May 15, 2097. If today is November 1...
A: The remaining time until the bond matures or expires is referred to as the time to maturity.
Q: Cashan Corporation makes and sells a product called a Miniwarp. One Miniwarp requires 1.5 kilograms ...
A: Production need for October month = Budgeted production for October x raw material required per unit...
Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful lite of 10 years a...
A: Recoverable Value of the Equipment on December 31, 2022 = Fair Value - Cost of disposal ...
Q: Required: Calculate the following (Show all your work ) 1-Materials used in production ) 2-T...
A: The required details of materials used in production, total manufacturing cost, cost of goods manufa...
Q: The following trial balance was extracted from the books of Movies To The Max Ltd at july 31, the en...
A: A balance sheet is a representation of an individual's personal or corporation's financial balances ...
Q: At the beginning of 2021, Gala company purchased equity securities to held for trading for P5,000,00...
A: It is pertinent to note that equity securities held for trading are measured at fair value through p...
Q: What is National’s estimated annual usage in units?
A:
Q: n's net profit for the past year using the accrual basis of accounting. 's net cash flow for the pas...
A: Net Profit = Sales Revenue - Cost of goods sold.
Q: a) Statement of Retained Earnings for the year ending December 31, 2020 b) Statement of Cash Flows f...
A: Statement of Cash Flow Cash flow statement which is consist of three main parts. The details are gi...
Q: Choose a company that creates a product or offers a service that you are familiar. Using the company...
A: Answer with explanation are s follows.
Q: Last month dexter company had $32010 loss on sale of 164000 fixed costs are 86130 a month. By how mu...
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...
Q: Required: Prepare the company's budgeted income statement for the year.
A: Income statement refers to a statement which shows the revenue and expense of the company of a parti...
Q: Part 1 What is a "brand"? Why is it imporțant for companies to establish a brand identity? Part 2 Ho...
A: Brand: A brand is an intangible marketing or commercial idea that allows people to recognize a firm,...
Q: Oriole Ltd. has these transactions related to intangible assets and goodwill in 2021, its first year...
A: The procedure of entering business transactions for first time in the books of accounts is known as ...
Q: Worldwide Fuels, a public limited company, is preparing its financial statements for the year ending...
A: Calculation of above requirement with proper explanation are as follows.
Q: Hemingway Corporation is considering expanding its operations to boost its income, but before making...
A: Since you have posted question with multiple sub-parts , we will do the first three sub-parts for yo...
Step by step
Solved in 2 steps
- Which of the following would trigger a subtraction in the indirect operating section? A. gain on sale of investments B. depreciation expense C. decrease in accounts receivable D. decrease in bonds payableI-Equity investments held for trading fall under FVPL II-Equity Investments at FVPL are presented as current assets in a properly classified statement of financial position a. Both statements are true b. Only statement II is true c. Both statements are false d. Only statement I is trueFor each item below, indicate to which category of elements of financial statements it belongs. (Asset, liabilities, equity, none of them) a. Retained earnings. c. Share Premium. e. Depreciation. g. Interest payable. i. Gain on sale of investment. b. Sales. d. Inventory. f. Loss on sale of equipment. h. Dividends. j. Issuance of ordinary shares.
- Which is a correct statement below? A. Equity is the residual interest in the liabilities of the entity after deducting all of its assets.B. Subscriptions receivable shall preferably be reflected as a deduction from the related subscribed share capital.C. Share premium is also known as capital stock.D. A deficit is a credit balance in retained earnings.For each item below, indicate to which category of elements of financial statements it belongs. a. Retained earnings. b. Sales. c. Additional paid-in capital. d. Inventory. e. Depreciation. f. Loss on sale of equipment. g. Interest payable. h. Dividends. i. Gain on sale of investment. j. Issuance of common stock.True or False _______ 1. Financial assets at amortized cost shall be measured at fair value through profit or loss. _______ 2. Transaction costs include fees and commission paid to agent, levies by regulating authorities, transfer taxes and duties. _______ 3. As a rule, transaction costs that are directly attributable to the acquisition of a financial asset should be capitalized as cost of the financial asset. _______ 4. Financial assets held for trading are reported at cost. _______ 5. The stockholder theoretically realized income from dividend at the data of record. _______ 6. As investee is an entity over which the investor has significant influence. _______ 7. Trading bond investment are reported at face amount. _______ 8. A gain or loss on sale of trading bond investment is the difference between sale price and fair value. _______ 9. The interest rate written on the face of the bond is known as nominal rate. _______ 10. Major spare part and standby equipment which are expected…
- Which of the following statements is TRUE regarding the equity method? A. The equity method is used for reporting gains or losses for non-strategic investments. B. The investor's share of the associate's dividends declared is reported as revenue. C. The investor's investment in the associate changes in direct relation to the changes taking place in the associate's equity accounts. D. The equity method reports unrealized gains and losses on revaluations to fair value in net income.Assume that Fielder Enterprises uses the following headings on its balance sheet. a. Current assets. b. Investments. c. Property, plant, and equipment. d. Intangible assets. e. Other assets. f. Current liabilities. g. Long-term liabilities. h. Capital stock. i. Equity attributed to noncontrolling interest. j. Paid-in capital in excess of par. k. Retained earnings. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter “N” to indicate this fact. If an item need not be reported at all on the balance sheet, use the letter “X.” 1. Prepaid insurance. 2. Stock owned in affiliated companies. 3. Unearned service revenue. 4. Advances to suppliers. 5. Unearned rent revenue. 6. Preferred stock. 7. Additional paid-in capital on preferred stock. 8. Copyrights. 9. Petty cash fund. 10. Sales taxes payable. 11. Accrued…The Statement of Stockholders' Equity includes an adjustment for: a Only Retained Earnings. b Only Dividends. c Only the Book Value of Equity. d Both Retained Earnings and Dividends.
- _______ 1. Financial assets at amortized cost shall be measured at fair value through profit or loss. _______ 2. Transaction costs include fees and commission paid to agent, levies by regulating authorities, transfer taxes and duties. _______ 3. As a rule, transaction costs that are directly attributable to the acquisition of a financial asset should be capitalized as cost of the financial asset. _______ 4. Financial assets held for trading are reported at cost. _______ 5. The stockholder theoretically realized income from dividend at the data of record. _______ 6. As investee is an entity over which the investor has significant influence. _______ 7. Trading bond investment are reported at face amount. _______ 8. A gain or loss on sale of trading bond investment is the difference between sale price and fair value. _______ 9. The interest rate written on the face of the bond is known as nominal rate. _______ 10. Major spare part and standby equipment which are expected to be used…1. Which of the following is not a component of shareholders' equity? a.Loss on sale of equipment b.Dividends payable c.Retained earnings d.Net incomeDirections: Please select the appropriate answer on the statement below;B - If the statement is trueS - When the statement is false or part of the statement is false Equity is the residual interest in the company's assets after deducting all liabilities