the auditor confirms the receivable of the entity to the entity's customers: a. existence b. completeness c. cutoff d. valutation

Q: Magic Realm, Incorporated, has developed a new fantasy board game. The company sold 26,400 games las...

A:                                Magic Realm Incorporated            Question - 1) (a)          Contri...

Q: 0. Presented below is a list of items that may or may not be reported as inventory in a company’s De...

A: Solution Concept Goods on consignment is included in the inventory of the consignor Goods sold on in...

Q: The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows: At ...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: X Your answer is incorrect. Compute the weighted-average number of common shares used in computing e...

A: Calculation of weighted average number of share are as follows

Q: Escalera Company reported an impairment loss of P5,200,000 in its income statement for the year 2016...

A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...

Q: Javon Company set standards of 2 hours of direct labor per unit at a rate of $15.50 per hour. During...

A: 1. October: Actual Cost           Standard Cost AH x AR   AH x SR   SH x SR 11500 x 15.7   11...

Q: Melody Lane Music Company was started by John Ross early in 2021.  Initial capital was acquired by i...

A: Assets = Liabilities + Stockholders equity Assets includes current assets and net property plant and...

Q: Entity G acquired a 40% interest in Pokus Corp. for P1,700,000 on January 1,2021. The shareholders' ...

A: Equity Method: The equity method of bookkeeping is the most common way of treating interests in part...

Q: n January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker’s commiss...

A: Solution Given Face value 500000 Coupon rate 8% Issue price 475126 Life of bon...

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A: A decrease in stockholders' equity happens when a company distributes its earnings by way of dividen...

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A: Activity based costing is the method which uses activity rates for assigning overheads like commissi...

Q: P company bought 60% of common stock of S company on January 1, 20x4. On January 1 20x5, there was a...

A: Calcualtion of NCI share in net income of S in year 20x6: Net income of S in year 20X6              ...

Q: Required information Use the following information for the Exercises below. [The following informati...

A: Introduction: A check that has been written but not cashed, deposited, or otherwise cleared the bank...

Q: The perpetual inventory records of Penny Co. indicate that $415,000 of merchandise should be on hand...

A: Inventory as per books = $415,000 Physical actual inventory  $370,000 Shrinkage amount = 415000-3700...

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A: Journal Entries in the books of Frontier Ince( Lessor)  Date Particulars     Dr Cr Jan-1,2020  ...

Q: Control Accounts provide J-Quan Ltd with useful information on sales and purchases. At the end of J...

A:                                                                Sales ledger control account Detal...

Q: The gain on early retire

A: Early retirement of bonds payable is where the bond holders are repaid before the maturity date. Com...

Q: Required information Comprehensive Problem 09-81 (LO 09-1, LO 09-2, LO 09-3, LO 09-4, LO 09-5, LO 09...

A: Working: 

Q: purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping c...

A: Under FOB shipping terms of the shipment, Freight is to be borne by the buyer of goods. Therefore it...

Q: The Bottling Department of Lake Michigan Water Company had 3,000 liters in beginning work in process...

A: Process costing is used in that organization where a similar kind of product is produced and goods p...

Q: BolaBola uses different kinds of machines in its manufacturing process. The following information re...

A: There are two type of expenses which are being incurred by the business. One type of expenses needs ...

Q: A piece of equipment is acquired by an entity by issuing 10,000 shares of 10 par ordinary shares. Th...

A: Cost of the equipment =List price - Trade discount - Cash discount where, Cash discount = (List pric...

Q: Multiple Choice Job cost sheets contain entries for actual direct material, actual direct labor, and...

A: As per the bartleby guidelines, in case of different question answer first only   1) False. As the j...

Q: Identify, from the above scenario, the risks and control objectives relating to cash.               ...

A: In the present case it's evident that there are a lot of cash sales is happening and cash is been de...

Q: On January 1, 2020, Prospero Games Inc. granted stock options to managers and key employees under wh...

A: Employees stock option Plan Employees stock option plan which is considered to be the best option pl...

Q: Required information Problem 1-24A (Algo) Service versus manufacturing companies LO 1-4 [The followi...

A: A balance sheet is a financial statement that illustrates the assets, liabilities, and shareholder o...

Q: Compute the NPV of the project if the discount rate is 9%.

A: As stated in the question, the cost of machine $600 is fully tax deductible. Hence the complete tax ...

Q: Find the interest on a P120 000-investment compounded semi-annually at 1.5% for 5 years.

A: Principal amount (P) = P120,000 Interest rate = 1.5% Semi annual interest rate (r) = 0.75% Period = ...

Q: What annual savings, if any, are realized by this change of pay period?

A: We have to find the present value of payments in both the cases. Following is the solution attached:

Q: On January 1, 2018, Apple Company sold delivery equipment costing P1,000,000 with accumulated deprec...

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined...

Q: Accountancy Company acquired 75% of the outstanding shares of Finance Company for P900,000. Book val...

A: NET INCOME OF PARENT  350000 + DIVIDEND  42000 +SHARE OF NET INCOME OF SUBSIDARY (REFER WORKING ...

Q: Red and Blue formed a joint venture to acquire and sell a special type of merchandise. Red is to man...

A: Joint venture means where two or more persons comes together to do some business and share profit as...

Q: ounted to P50. The seller shipped the goods on December 31, 2020. Jep Corp. received the goods on Ja...

A: Under FOB shipping terms of the shipment, Freight is to be borne by the buyer of goods. Therefore it...

Q: cash Purchase 5,000 supplies on credit Owner invests 60,000 equipment Buys land 600,000 paying cash ...

A: Solution Concept Accounting equation is given as Asset     = liabilities + equity This equation shal...

Q: On July 1, 2020, Zelensky Company, a calendar-year company, purchased a machine for a cash price of ...

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

Q: Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format Income s...

A: Sales ratio   = 116,000 :58,000  = 2:1 when preparing contribution income statement the original var...

Q: John James has assets of $ 150 000 and liabilities of $ 65 000. What is her equity If the total asse...

A: Solution 1: As per basic accounting equation: Assets = Liabilities + Equity Equity = Assets - Liabil...

Q: Identify each of the following statements as elther true or false. a. It is good internal control fo...

A: the correct answer with proper explanation of above statement are as follows.

Q: What are the components of audit risk and how do these relate to each other?

A: The possibility that financial statements are significantly incorrect, even if the audit opinion cer...

Q: Benson Woodcraft Company manufactures "antique" wooden cabinets to house modern televisions. The Com...

A: The question is based on the concept of Cost Accounting.

Q: Raw materials on hand: 85,000 Raw materials used (including indirect materials of 35,000) : 258,000...

A: Inventory:Raw materials utilized in the production of commodities, as well as the finished items tha...

Q: Complete the Inventory and Overhead T-Accounts For Job 1 and Job 2 and Job 3

A: Job costing is the method of costing applied when each job is different from the other. These method...

Q: What percentage of the intercompany loss on plant asset sale should be used to adjust consolidated n...

A: In consolidated financial statements following accounting treatments shall be done.

Q: tate department of health is considering a public awareness campaign to encourage vaccination. It de...

A: Solution Formula for benefit cost ratio =present value or the benefit / present value of cost Discou...

Q: anuary 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker’s commission...

A: Solution Given Face value 500000 Coupon rate 8% Issue price 475126 Life of bon...

Q: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...

Q: For more than a decade since its incorporation, Feb-Ibig Company had been renting its office space. ...

A: Cost capitalization is an important aspect in ascertaining the cost of an asset. It provides a best ...

Q: What is the difference of price and cost? From (a) point of view of a customer; and (b) point of vie...

A: For businesses, the term "cost" refers to the expenditure associated with producing a something or s...

Q: Dean Winchester opened Ghost Cleaners on June 1, 2021. He is the sole owner of the corporation. Duri...

A: Investment in Common stock in Ghost Cleaners, Inc. Date Particulars Amount Date Particulars Amoun...

Q: Company #3 (in millions) 2,680.9 Operating revenues Operating Expenses: Compensation & benefits Asse...

A: Company #1 is a merchandising organization as it has inventory in its current assets. Answer: B   Co...