SUBJECT: Auditing and Assurance: Specialized Industries Assessments 6: 1. State the nature and background of the specialized industry. 2. What are the relevant statistics, and updates of the specialized industry in the Philippine setting? 3. Iden

Q: Given the following:     Number purchased Cost per unit Total January 1 inventory 41 $ 5   $ 205…

A: Number of units sold = Units purchased - Ending inventory units = 209 - 62 = 147

Q: Different FIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month…

A: Introduction: Under FIFO inventory method, goods which have come first will be available for sell…

Q: There is no significant relationship between audit fees and non audit fees paid by the client…

A: Auditing is the verification of the accounting statement and for which auditor provides the opinion…

Q: Anna, Ben, and Carl are partners sharing profits and losses in a 2:2:1 ratio. Carl decided to…

A: If any one partner decided to withdraw from a partnership then the remaining partner takeover their…

Q: What is an annual report?

A: The accounting is a process to record the transactions of the business, and prepare the financial…

Q: n the MJ Partnership, May's capital is P140,000 and Jun's capital is P40,000. They share income in a…

A: Current Capital Balance of May is P 140,000 and Jun is P 40,000. On the admission of Julie to the…

Q: Rizzo Goal Inc. produces and sells hockey equipment, often custom made for online orders. The…

A: Customer retention rate is the actual percentage of existing customers who remain customers after a…

Q: Which is not a characteristic of corporate income tax? Progressive tax   General tax Direct tax…

A: Taxes are the major source of revenue for the government. There can be various type of taxes which…

Q: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays…

A: Note: 3/10, n/40: Here, 3 represents the discount rate if payment is made within ten days. And if…

Q: If Kim buys a car for $30,000 with an estimated life of 5 years, with a residual value of $5,000,…

A: Formula: Straight line method depreciation = ( Asset cost - Salvage value ) / Useful life years

Q: For the raw materials used to make its stoves, Kleslia, SRL has a standard price of $10.92 per gram…

A: Materials price variance = (Standard price x Materials purchased) - Actual cost

Q: Could the accountant be sure that all dividends due on the client's marketable securities have been…

A: Dividends: This is the amount of cash distributed to stockholders by a company from its earnings in…

Q: The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue…

A: Closing entries are usually passed to close revenue and expense accounts , withdrawal/dividend…

Q: Case G: Dept. B Dept C 3,000 u. ………………………………….. 20% In process, beg........ Stage of completion…

A:

Q: Prepare a General Journal entry for the following transaction: On December 17, On Your Mark paid…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: E: Abnormal loss of 2,000 units occurs at the end of the process. In process, beg.. *** Received…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: in 5 minutes ABC Company has an equipment acquired on January 1, 2018 at a cost of P2,200,000 with…

A: All fixed assets will have reduction in value over the period of time. Depreciation is being charged…

Q: the year? — $980,000 Question: If the total liabilities decreased by $25,000 during a period and…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…

Q: The following is select account information for August Sundries. Sales: $850,360, Sales Returns and

A: Formula used: Gross margin = ( Gross profit / Net sales ) x 100

Q: In a partnership, distinguish between the goodwill and bonus methods

A: Partnership: It is a form of business where two or more persons are joined together to conduct the…

Q: ent which cost $250,000. Freight and installation charges cost him P31,000. If the life of the…

A: The answer has been mentioned below.

Q: Investment required in equipment. Annual cash inflows... Salvage value Life of the investment.…

A: A simple rate of return is calculated by deducting the depreciation from the annual cash flow and…

Q: Explain why accurate accounting information and audited financial statements are important.

A: Accounting- Accounting is the process of collecting unorganised information, analysing it, arranging…

Q: Asset value on Jan 01 is $ 500000, Salvage value after 10 years is 25000. Compute accumulated…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: depreciation would be calculated immediately. Greymare’s borrowing rate is 12%. Assume this is a…

A: Assuming depreciation is on straight line basis. Each year depreciation would be (83000/8) $10375 If…

Q: Roger takes out a $500,000 mortgage in January 23021 to purchase a primary residence with a fair…

A: Income interest is a borrowing expenditure that may be deducted from taxable income by filing a…

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…

Q: It is important that management accounting follow certain ethical principle. Please specify which of…

A: Answer:-  Management Accounting meaning:- Managers of the company use the information related to…

Q: Do the balance sheet, income statement, and statement of cash flows contain all the information you…

A: Introduction: Financial statements describe a company's operations and cash flows performance.…

Q: Meta Ltd purchased a new equipment costing £100,000. Its expected useful life is 5 years, at which…

A: Introduction: Depreciation is a cost, which means it appears as a line item on your income statement…

Q: E8.20 (LO 1) Information for Bob's Company is provided in E8.19. Instructions a. Assuming the…

A: Absorption costing also referred to as "full costing," is an accounting management technique that…

Q: GABRIANA PHARMA To our hardworking medical representatives: I am glad to inform you of our new…

A: Fixed cost refers to those which which remains same i.e. it doesn't changes with the changing level…

Q: What purpose do audits and GAAPs serve in today’s business world?

A: GAAP- GAAP (generally accepted accounting principles) is a set of procedures, standards, and…

Q: The direct material quantity variance last month in the production of nail filers by Rudman Pte Ltd.…

A: Standard price = DM quantity variance / (Standard quantity - Actual quantity) = $1,494 / (70,200 -…

Q: You are the financial controller of Pack West (Pty) Ltd. Your company is experiencing difficulties…

A: For calculation of cash balance at the end of period add receipt from debtors and cash sales in…

Q: Explain Long-term liabilities?

A: The balance sheet of the business represents the financial position of the business with assets and…

Q: Total assets of JBA Engineering and Design Firm is $1,000,000. 20% represents the claim of the…

A: Total Liability = Total Assets - Owners' Equity

Q: according to which section (s) in the Accounting Act the inventory is assessed. Explain your reasons…

A: Definition of the Inventory includes the following: 1. Goods available for sale in the normal course…

Q: Record journal entries for the following purchase transactions of Apex Industries. Nov. 6 Purchased…

A: Introduction: Journals: All the business transactions are to be recorded in journals. Journals are…

Q: Given the following information from the payroll register, calculate the net pay and prepare a…

A: Payroll entry is made to record the gross salary along with incentives being paid to the employees…

Q: no external financing is selling for 50. eps is 7.5 of which 60 percent is paid in dividends. the…

A: Share price (P) = Ksh 50 EPS = Ksh 7.50 Dividend paid (D0) = 60% of EPS = Ksh 4.50 Dividend payout…

Q: Harvest Inc. produces and sells a single product. The selling price of the product is $200.00 per…

A: Introduction: The contribution margin is a metric that shows how much a company's net sales…

Q: Age Pension Calculations - Asset Test Joseph (age 69) and Klarina (age 67) are Age Pensioners. Their…

A: Age pension- asset test is a test that an individual can conduct to judge whether he is eligible to…

Q: 1) Provide the necessary consolidation journal entries for the year ended 30 June 2000 are not…

A: Particulars DR/CR Amount($) on 30 June,2000: on the date of consolidation     V Ltd  DR 6,00,000…

Q: These items are taken from the 2020 trial balance of Suarez Inc. (Assume no taxes): Accounts payable…

A: SUAREZ INC                               Multi step…

Q: ontemplating the acquisition of a machine that costs $50,000 and promises to reduce annual cash…

A: Operating costs are the ongoing expenses incurred in a business's normal day-to-day operations.…

Q: Salary Expense Accounts Receivable Accumulated Depreciation-Equipment Supplies Equipment Fees Earned…

A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…

Q: Which of the following choices correctly denotes factors that can influence a company's pricing…

A: Pricing a product or service is an important task for every organisation. It is the basis for the…

Q: ABC Co purchased an equipment from Hongkong for P100,000. Additional cost included the following:…

A: The costs incurred on non cash assets till they are ready to use are to be capitalized by the…

Q: Which is not part of the description of PPE?

A: PPE refers to property, plant and equipment which are considered as fixed assets. These are used in…