The entry to record transaction costs for financial assets measured at fair value through surplus or deficit would include a debit to _________
Q: your given the following information about a home loan: loan amount 300000 number of years 25 years ...
A: The internal rate of return in banking industry is the rate of return at which the present values of...
Q: The National Inc. will produce 5,000 boxes of chocolates next year. Variable costs is 60% of sales, ...
A: The question is related to Marginal Costing. The details are given as under Fixed Cost = P160000 Man...
Q: You and Jackie are arguing whether tax laws can be retroactive in its application. Jackie noted that...
A: In the context of taxation, retrospective taxation refers to the implementation of a current law ame...
Q: PR 18-5B Statement of cost of goods manufactured and income statement for a OBJ. 2, 3 manufacturing ...
A: Cost of Goods Manufactured: It is possible to compute a company's overall manufacturing expenses for...
Q: he entry to recognize the distribution of welfare goods to intended recipients would include a debit...
A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and p...
Q: The Bankruptcy Code exempts (limited to a certain dollar amount) which type of property? jewelry fam...
A: Bankruptcy is a type of insolvency in which people who are unable to pay their debts seek relief fr...
Q: onsolidated financial statements are I. The financial statements of a group presented as those of a ...
A: Solution: Consolidated Financial Statements are: 1. The financial statements of a group presented as...
Q: On January 1, 2022, Lucas Company acquired 85% of outstanding shares of Luna Corp. The consideration...
A: Solution Non controlling interest is an ownership position wherein a shareholder owns less than 50% ...
Q: PROBLEM A- On June 1, 2019, Ballerina Dance School borowed P400.000 on a 15-year mortgage to purchas...
A:
Q: Question 7 A company's annual cost in year one is $26,000, with costs increasing by $2000 per year i...
A: We know that Present value can be calculated by discounting the cash flow at appropriated discount r...
Q: P Corporation purchased 60% of the shares of S Corporation on January 01, 2019 for P2,200,000. On th...
A: Introduction Consolidated retained earnings are same as retained earning it is shown under a shareho...
Q: Consolidated financial statements are: I. The financial statements of a group presented as those of...
A: Consolidated financial statement:- It is the financial statement in which the income & expenses,...
Q: Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the sec...
A: Solution 2b: Merchandise Purchase Budget Particulars April May June Budgeted Cost of goods so...
Q: 9. The accrued obligation at the beginning of the year was $456,000 and the current service cost for...
A: As posted multiple independent questions we are answering only first question kindly repost the unan...
Q: What procedures must the auditor perform when gathering evidence related to contingencies? (Several ...
A: Auditor should perform following procedures while gathering evidence related to contigencies:- Revi...
Q: The amount to be recorded as the cost of an asset under a finance lease is equal to the present va...
A: Solution: As per accounting standard of lease "At the inception of a finance lease, the lessee shoul...
Q: When using the indirect method to prepare the operating section of a statement of cash flows, which ...
A: Solution: Under indirect method of statement of cash flows, operating activities section is starts f...
Q: The Bulldogs Inc.’s stock price is believe to decline from its current level of P125 anytime during ...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: On December 31, 2019, the liability section of Antonio Company's statement of financial position inc...
A: Solution Working note - Calculation of interest Accrued = P4000000*12%*3/12. =P120000.
Q: Nienge Bank has the following balance sheet (in millions) with the risk weights in parentheses.
A:
Q: Jackie Inc. made the following capital transactions on a domestic share not listed in the exchange J...
A: The answer is stated below:
Q: Tyler Company uses a weighted average process costing system and started 30,000 units this month. Ty...
A: Total units = Beginning units + Units started = 30,000 + 12,000 = 42,000
Q: Jackie sold to Zhakie a parcel of land classified as a capital asset located in the province of Tarl...
A: Here, Selling Price: P6,000,000 Semi-Annual Installments: P1,000,000 Number of Installments: Every 6...
Q: Sandhill Company reported the following amounts in the stockholders' equity section of its December ...
A: The statement of owners' equity comprises of the capital and retained earnings of the business.
Q: The capital, withdrawal and income summary accounts for Anna Delvey Travel Agency are shown in T-acc...
A: The statement of changes in equity is prepared to record the changes to capital incurred during peri...
Q: On 31 May 2022, Mars's closing inventory count was valued at a cost of $750,000. This included some ...
A: We know that general provision of valuation of inventory is "Inventory is valued at Cost of Net real...
Q: A home office ships merchandise to the branch at 30% above cost. The allowance for overvaluation at...
A: Head office means from where the company mainly operate and all branches are controlled from that po...
Q: The National Inc. will produce 5,000 boxes of chocolates next year. Variable costs is 60% of sales,...
A: The correct calculation of the above question is given in the following steps for your reference.
Q: The company uses a perpetual inventory system and has a highly labour-intensive production process, ...
A: Journal entries- Journal entries refers to the official book of a company which is used to record th...
Q: determine the net income
A: To determine the Net income of the business. We have to prepare Income Statements to determine the n...
Q: Bulldogs Inc. has sales of P4,500,000, variable costs equal 75% of sales, and a fixed interest costs...
A: Answer) Formula: Degree of Combined Leverage = Contribution Margin/ Net Income Calculation of Degr...
Q: 6... Cheyenne Company manufactures a check-in kiosk with an estimated economic life of 12 years and...
A: Lesser is the person who permits the lessee to use the asset up to certain time period and receive r...
Q: Describe the primary characteristics for governmental and not-for-profit entities. How does this dif...
A: Government or Not for Profit Entity: A non-profit organisation (NPO) is one that is not motivated by...
Q: On January 1, 20x1, SUMMER HEAT Co. grants 1,000 share options to each of its 100 key employees cond...
A: Solution A journal is the company's official book in which all business transaction are recorded in ...
Q: 4 Use the following to calculate pretax income (IBT): $ 5,000 Sales revenue Interest revenue 300,000...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: Bulldogs Inc. currently has earnings before interest and taxes of P3,000,000, a degree of combined l...
A: Expected earnings before interest and taxes = Current Earnings before interest and taxes - (Current ...
Q: How much in Php will be in Ligaya's BDO account after the end of the last 6 years?
A: Future Value (Continuous Compounding) = Principal x e^(i x t) Here, i = Interest Rate t = Time in Ye...
Q: Please describe the reporting of preferred stock consistent with the U.S. GAAP
A: Preferred stock is generally recorded at fair value and should be recognised on its settlement date ...
Q: (1) Give appropriate information in X1, X2 (2) Make accounting entries for those transactions above ...
A: As per our protocol we provide solution to the one question only but as you have asked multiple ques...
Q: The following production data were taken from the records of the Finishing Department for June: Inv...
A: Number of conversion equivalent units of production in the June 30 (FIFO method) = (Beginning Invent...
Q: 1. Shoppers are everywhere in a mall on a 3 - days sales. The following items where taken by the sho...
A: Discount is provided to customers in order to boost the sales as people tend to buy more quantity of...
Q: 2. The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company an...
A: Lease is the facility available to the lessee to use the asset of the lesser and pay certain rentals...
Q: On January 1, 2020, William Corp. (qualifies as SME) paid cash of P600,000 for all the outstanding s...
A: Consolidated net income is the amount of net income earned by the parent company and its subsidiary ...
Q: *................... You have been assigned to audit the financial statements of TRUE CORPORATION, a...
A: Rental Income: It is is an income account that is earned from leasing to third parties and is pre...
Q: For the coming year, Cleves Company anticipates a unit selling price of $80, a unit variabie cost of...
A: Formula: Break even sales units = Fixed cost / Unit contribution margin
Q: On March 1, 2002, ABC Co. issued P700,000 of 10% bonds to yield 8%. Interest is payable semiannually...
A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable.
Q: n a finance lease, the lessee records interest expense only. lease expense only. amortization expe...
A: Solution: Finance lease is the giving right to use the asset along with the buy option at the end of...
Q: Trenton Company has two departments (Processing and Packaging) and uses a job-order costing system. ...
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base a...
Q: On September 1, 20x1, an entity issues bonds with face amount of P8,000,000 for P9,105,022, includin...
A: A bond is a fixed-income security that represents a borrower's loan from a lender (typically corpora...
Q: At December 31, 2021, Carla Vista Imports reported this information on its balance sheet. Accounts r...
A: The account receivables turnover ratio is calculated as net sales divided by average account receiva...
14
The entry to record transaction costs for financial assets measured at fair value through surplus or deficit would include a debit to _________
Step by step
Solved in 2 steps
- 68. Which of the following is reported as other comprehensive income in accordance with PAS 1, Presentation of Financial Statement? Group of answer choices sale of inventory at more than cost changes in revaluation surplus impairment loss of depreciable asset loss on sale of machineryIn accordance with PAS 1, the profit or loss section or the statement of profit or loss shall include line item for gains and losses from derecognition of Group of answer choices Financial assets measured at fair value through profit or loss. Financial assets measured at amortized cost. All of these. Financial assets measured at fair value through other comprehensive income.Under what cisrcumstances under PFRS 9 can an entity classify financial assets that meet the amortized cost criteria as at FVTPL? A. where the business model approach is adopted B. where the financial asset passes the contractual cash flow characteristics test C. where the instrument is held to maturity D. if doing so eliminates or reduces an accounting mismatch
- Under IFRS, receivables are to be reported on the balance sheet at: a. amortized cost. b. amortized cost adjusted for estimated loss provisions. c. historical cost. d. replacement cost.17.These are conditions required by IFRS 9 for notes and accounts receivable to be measured at amortized cost.I. The financial asset is held within the enterprise's business model whose objective is for trading purposes.II. The financial asset is held within the enterprise's business model whose objective is to hold assets in order to collect contractual cash flows.III. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest. a. I and II only b. II and III only c. I and III only d. I, II and IIILong-term operating assets can be reported on the balance sheet at fair value instead of historical cost. Does this statement apply to IFRS and U.S. GAAP? Group of answer choices It does not apply to IFRS and U.S. GAAP. It applies to U.S. GAAP only. It applies to both IFRS and U.S. GAAP. It applies to IFRS only.
- The amount of asset cost assigned as an expense to a particular period is called: a. Depreciation b. Reserves c. Loss of credit d. ProvisionsLong-term operating assets can be reported on the balance sheet at fair value instead of historical cost. Does this statement apply to IFRS and U.S. GAAP? Group of answer choices It does not apply to IFRS and U.S. GAAP. It applies to U.S. GAAP only. It applies to IFRS only. It applies to both IFRS and U.S. GAAP.TRUE OR FALSE The principle of historical cost states that acquired assets should be recorded at their actual cost and not at what management thinks they are worth as at reporting date.
- Choose the correct. How are assets to be reported when the liquidation basis of accounting is being applied?a. At cost less accumulated depreciation.b. At the estimated amount of cash to be received.c. At fair value.d. At the lower of cost or market value.13 Under what circumstances under PFRS 9 can an entity classify financial assets that meet the amortized cost criteria as at FVTPL? Group of answer choices Where the instrument is held to maturity. Where the business model approach is adopted. Where the financial asset passes the contractual cash flow characteristics test. Not sure If doing so eliminates or reduces an accounting mismatch.Use U.S. GAAP to determine how to subsequently measure the ten financial assets in requirement 1. Three choices of measurement basis are amortized cost, fair value through other comprehensive income, and fair value through profit or loss. Feel free to make an assumption and be sure to provide justification for your answer.
