The general ledger of Grumpy Corporation as of December 31, 2021, includes the following accounts: Copyrights Deposits with advertising agency (will be used to promote goodwill) 27,000 Discount on bonds payable Excess of cost over fair value of identifiable net assets of P30,000 70,000 acquired subsidiary Trademarks In the preparation of Grumpy's balance sheet as of December 31, 2021, what should be reported as total intangible assets? 90,000 90,000
Q: Rose's Pty Ltd has the following data from its accounting records for the month ended 31 March 2021:…
A: The cash flow from operating activities includes the cash flow from regular activities of the…
Q: The classification and therefore subsequent measurement of financial assets depends on.? Select one:…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Scenario 1: The year is 2026. Aldous Remington and Chyou Tan are running for Governor of Colorado.…
A: The tax liability is the amount of tax to be paid on the taxable income. The liability for the tax…
Q: Task 2: Journalizing using Periodic Inventory System Direction: 1. Prepare journal entries to…
A:
Q: hello may i ask how much is the net adjustment to the cash account? including debit or credit thank…
A: Assets have debit balance and Liabilities have credit balance. Cash account is current asset with a…
Q: 4. The following investment portfolio of equity securities (all acquired during 2019) accounted for…
A:
Q: On December 31, 2021, Sleepy Corporation purchased for P40,000,000 cash all of the outstanding…
A: Goodwill is the amount of the difference between the consideration paid for an acquisition and net…
Q: i. Explain why the process costing approach is appropriate for this barbershop. ii. Calculate the…
A: A Local barbershop providing hair cutting services belongs to the service sector which is more of…
Q: 4. Fly Away Air Lines (a resident international carrier) has the following data for the current…
A: International – Carrier. — An international carrier doing business in the Philippines shall pay a…
Q: P10-1C: MULTIPLE CHOICE - PROBLEMS 1. During the year ELLE Company purchased P400,000 of inventory.…
A: Inventory Turnover Ratio is calculated by dividing Cost of Goods Sold by Average Inventory It is…
Q: Calculate the increase (decrease) in net position displayed in the go activities for governmental…
A:
Q: Suppose a firm's cash inflows and outflows are variable but completely predictable. How are the…
A: 1) Assume that a company's income and expenses are both variable yet predictable. How do the…
Q: Background Consider the following information for the company Freddie's Furniture Supplies, who…
A: Cost of goods manufactured = Cost of goods sold + Ending finished goods - Beginning finished goods…
Q: Suppose you are a beneficiary designated to immediately receive ₱9201 each year for 7 years, earning…
A: in the given question the first payment will be received today. therefore, future value can be…
Q: Company A, makes and sells two types of shoes, Plin and Facy. Data concerning these products are as…
A: The break even sales are the sales where business earns no profit no loss during the period. The…
Q: BBS Corporation is a Resident Foreign Corporation, compute the Taxable Income and the Income Tax…
A: Income tax due is the amount which is due to the taxpayer which have to be paid to the government…
Q: On January 1, 2019, company acquired 2,000,000 face amound bonds dated January 1, 2022. The bonds…
A: Introduction' Bond is a investment securities that is issued by company where investors lends money…
Q: ls solve this ques quickly needed
A: An equal sum of money is invested in the bank on a recurring basis which would be the future…
Q: Using the following information about Sophie's business, answer the following question Credit Month…
A: Cash payment refers to the amount paid through the recipient of the goods and the services to the…
Q: Company purchases the 50,000 starters that it installs in its standard line of farm tractors per…
A: Financial Advantage Associates is a full-service financial counseling organization with the goal of…
Q: b. A reply from a receivable confirmation letter received from the customer through the client is…
A: Confirmation letters are part of audit procedure and are sent to outside parties to confirm certain…
Q: Realization Test Principle/Theory.
A: Accounting is based on some principles, and to maintain uniformity, everyone must follow accounting…
Q: From the following details, calculate interest coverage ratio: Net Profit after tax $ 60,000; IS%…
A: The interest coverage ratio determines a firm's ability to pay interest on its outstanding debt.…
Q: A part year resident for the current year is an individual who either establishes residency in…
A: The statement is true.
Q: Warren Company has two divisions with the following results: Ashland $ 442,000 $ 262,000 $ 180,000…
A: Investment turnover helps to determine the efficiency of the company by measuring the company's…
Q: Notification to the COA for any loss of government funds from unforeseen events shall be made within…
A: The COA stands for Council of Audit. It is a very important council for accounts, finance, and…
Q: Bravo company lended cash to Charlie company on February 1. It will be paid after a year. The…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: An entity issued 1 500 debentures with face value of R20 000 each. The coupon rate on the debentures…
A: Interest to the investor will be paid on face value.
Q: In the course of your audit of the financial statements of Apayao Corp. for the period ended…
A: Bank Reconciliation Statements: A bank reconciliation statement summarizes banking and business…
Q: Accounting Wildhorse Co. sells $462,000 of 10% bonds on March 1, 2020. The bonds pay interest on…
A: Given, Market rate for semi-annual interest payments=12%2=6%Term of bonds=3.5 years×2=7 terms
Q: 1) prepare a multi- step income statement. 2) prepare statement of Owners Equity
A: Introduction: Operating expenses and operating revenues are separated from non-operating expenses…
Q: If you invest £150 at 4% for 11 years how much money would you have at the end of the investment…
A: Future Value of ordinary annuity=Annuity×1+ratetime-1rate Present Value Annuity…
Q: d. ratio analysis. B. A firm has liabilities of P30,000 and owner's capital of P90,000. The…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.
Q: Required: a) Assuming that P 650,000 is available for the first distribution, show how the available…
A:
Q: 8. How much is C’s adjusted expenses in relation to Ryo’s hair styling services on December 31,…
A: The adjusted expenses are the expense that is related to the current year not for the next years.…
Q: How much should be the correct debit to retained earnings for the property dividends?
A: Retained earnings are those earnings which has been earned by the company which represents the net…
Q: that she is 67 years old, how much of the annuity will be taxable?
A: Annuity is a form of retirement plan in which the investor gets the income for a finite or infinite…
Q: Organization should use scanners and other physical counting technology for small tool inventory…
A: Managing the inventory is a big deal for may organisations because these organisations may have high…
Q: A and B were partners sharing profits and losses in the ratio of 3:2. They admit C for 1/5th share…
A:
Q: Integrative: Pro forma statements Morten Metal Limited has assembled past (2020) financial…
A: INTEGRATIVE : Pro- Forma statements are projected financial reports of financial statements with…
Q: Liabilities which are estimated and payable are; Select one: O a. Not reported on the balance sheet…
A: Liabilities represents the obligation of the entity. It is the amount which is to be paid by the…
Q: On June 30, 2020, Happy Corporation reported the following information: Equipment at cost…
A: On June 30 2020 Cost 30000000 Accumulated Depreciation 10500000 On Dec 31 2020…
Q: Problem 8-2 (IAA) Exemplar Company provided the following account balances on December 31, 2020:…
A: preparation financial position are as follows
Q: The town council of Frostbite, Ontario, is trying to decide whether to build an outdoor skating rink…
A: the correct option with proper explanation are as follows
Q: 2 of 3 Excitingpart's Closet Statement of Financial Position As of Nov. 30, 2015 Dec. 31, 2014…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual…
A: Inventory valuation refers to the methods used by the company to determine the value of its…
Q: 4.20 Dennis Goods Company prepared the following preliminary forecast concerning product G for the…
A: Introduction: Operating income is an accounting measure that measures the amount of profit made by a…
Q: Please answer number 10 only
A: Introduction:- The following are two basic categories of internal controls – preventive and…
Q: A Corporation purchased a 70% interest in B Company on January 1, 2013 for P140,000, when B’s…
A: B total income = P55000 A’ s share = 70% x P55000 = P38500
Q: The BEP is 5000 units, the price per unit is P60 and the variable cost per unit is P20. What is the…
A: Formulas: Break even point = Fixed costs /Contribution margin per unit where, Contribution margin…
Step by step
Solved in 2 steps with 2 images
- The following selected account balances were taken from the balance sheet of Q Corp. as of December 31, 2021, immediately before the take over of the trustee: Marketable securities P300,000; Inventories P110,000; Land P150,000; Building P400,000. Marketable securities have present market value of P320,000. These securities have been pledged to secure notes payable of P280,000. The estimated worth of inventories of P70,000. However, inventories with book value of P50,000 have been pledged to secure notes payable of P60,000. The realizable value of the inventories pledged estimated to be P40,000. The land and building are estimated to have a total realizable value of P450,000. This property was pledged to secure the mortgage payable of P250,000. What is the amount available for preferred claims and unsecured creditors out of assets pledged with fully secured creditors?The following selected account balances were taken from the balance sheet of Q Corp. as of December 31, 2021, immediately before the take over of the trustee; Marketable securities P300,000; Inventories P110,000; Land P150,000; Building P400,000; Marketable securities have present market value of P320,000. These securities have been pledged to secure notes payable of P280,000. The estimated worth of inventories of P70,000. However, inventories with book value of P50,000 have been pledged to secure notes payable of P60,000. The realizable value of the inventories pledged estimated to be P40,000. The land and building are estimated to have a total realizable value of P450,000. This property was pledged to secure the mortgage payable of P250,000. What is the amount available for preferred claims and unsecured creditors out of assets pledged with fully secured creditors? Please provide a solution. Thank you!On January 1, 2021, Parent Company acquires 80% of the equity interests of Subsidiary Company, a private entity, in exchange for cash of P1,500,000. The management of Parent initially measures the separately recognizable identifiable assets acquired and the liabilities assumed as of the acquisition date in accordance with the requirements of IFRS 3. The identifiable assets are measured at P2,500,000 and the liabilities assumed are measured at P500.000. Parent Company engages an independent consultant, who determines that the fair value of the 20% non-controlling interest in Subsidiary is P420,000. What is the amount of goodwill (gain or bargain purchase) from the business combination?
- On January 1, 2021, Entity A and Entity B incorporated AB Company. The contractual agreement provided that the decisions on relevant activities will require the unanimous consent of both Entity A and Entity B, and they will have right to the net assets of AB Company. Entity A and Entity B invested P400,000 and P600,000 respectively, equivalent to 40:60 capital interest of AB Company. The financial statements of AB Company provided the following data for its two-year operation (see image below).1. How much is the balance of Investment in Joint Venture to be reported by Entity B in its Statement of Financial Position at December 31, 2022? 2. How much is the balance of Investment in Joint Venture to be reported by Entity A in its Statement of Financial Position at December 31, 2021? _______________On January 1, 2021, an entity purchased marketable equity securities for P5,000,000. The equity securities qualify as a financial asset held for trading. The entity also paid P50,000 as commission to the broker. At year-end, the trading securities have a fair value of P6,000,000. The increase in fair value should be recorded with: a.A credit to Financial asset - FVPL, P1,000,000 b.A debit to Unrealized gain - OCI, P1,000,000 c.A debit to Financial asset - FVPL, P1,000,000 d.A debit to Unrealized gain - P/L, P1,000,000The December 31, 2019 condensed balance sheet of Ambani Services, an individual proprietorship, follows: Current assets P140,000 Equipment (net) 130,000 P270,000 Liabilities P 70,000 Mukesh Ambani, Capital 200,000 P270,000 Fair values at December 31, 2019 are as follows: Current assets P160,000 Equipment 210,000 Liabilities 70,000 On January 2, 2020, Ambani Services was incorporated with 5,000, P10 par value, ordinary shares issued. How much should be credited to share premium? a. P230,000 b. P200,000 c. P250,000 d. P320,000
- Please answer in good accounting form. Thankyou On January 1, 2019, Heirloom International entered into a joint agreement classified as a joint venture. For an investment of ₱1,000,000, Heirloom International obtained 30% interest in Rice Joint Venture, Inc. During the year, Rice Joint Ventures, Inc. reported profit of ₱2,000,000 and other comprehensive income of ₱500,000, for a total comprehensive income of ₱2,500,000. Rice Joint Venture, Inc. declared dividends of ₱1,600,000 during the year. How much is the carrying amount of the investment in joint venture on December 31, 2019?On January 1, 2020, Aguilar Corporation purchased bonds with a face value of P4,000,000 forP3,649,600 in order to collect contractual cash flows that are solely payments of principal and interest.The bonds are purchased to yield 10% interest. The nominal interest rate on the bonds is 8% payableannually every December 31.On December 31, 2021, as a result of a change in the business model for managing financial assets,the entity decided to reclassify the bonds from amortized cost to fair value. On that date, the carryingamount of the bond investment is P3,744,016 after discount amortization using the effective interestmethod. The market value of the bonds on January 1, 2015, is 10%. Requirements: 1. Preparethe necessary journal entries to record the transactions using the change is from fair value to amortized cost.On January 1, 2020, Aguilar Corporation purchased bonds with a face value of P4,000,000 forP3,649,600 in order to collect contractual cash flows that are solely payments of principal and interest.The bonds are purchased to yield 10% interest. The nominal interest rate on the bonds is 8% payableannually every December 31.On December 31, 2021, as a result of a change in the business model for managing financial assets,the entity decided to reclassify the bonds from amortized cost to fair value. On that date, the carryingamount of the bond investment is P3,744,016 after discount amortization using the effective interestmethod. The market value of the bonds on January 1, 2015, is 10%. Requirements: 1. What if, initially, the investment is classified at FVTPL, then subsequently changed it to FVTOCI, prepare the necessary journal entries to record the transactions. Assume that the bond is for 5 years on the date of acquisition.
- Ocean Ltd is the parent entity to the wholly owned subsidiaries of River Ltd, Creek Ltd, and Puddle Ltd. During the year ended 30 June 2022 the following transactions occurred within Ocean Ltd group. The perpetual inventory system has been adopted by all entities in the Ocean Ltd group and the tax rate is 30% for all accounting periods. On 01 July 2021 Ocean Ltd sold an item of equipment to Creek Ltd for $850,000 cash. The original cost of the equipment was $950,000. Ocean Ltd adopted an accounting policy whereby equipment was being depreciated on a straight line basis over its useful life of 8 years. The carrying amount of the equipment in Ocean Ltd financial statements at the date of sale was $520,000. Subsequent to the transfer, Creek Ltd depreciated the equipment on a straight line basis over its remaining useful life of 3 years. Required: Fill in the missing amount for the following accounts that will appear in the consolidated adjusting journal…On January 1, 2020, Dumaguete Company purchased bonds with face amount of P4,000,000 for P4,206,000. The business model of the entity in managing the financial asset is to collect contractual cash flows that are solely payment of principal and interest and also to sell the bonds in the open market. The entity has not elected the fair value option of measuring financial asset. The bonds mature on December 31, 2022 and pay 10% interest annually on December 31 each year with 8% effective yield. The bonds are quoted at 95 on December 31, 2020 and 90 on December 31, 2021. REQUIRED: What amount of unrealized loss should be reported as component of other comprehensive income in 2020? What amount of unrealized loss should be reported as component of other comprehensive income in 2021? What amount of cumulative unrealized loss should be reported in the statement of changes in equity on December 31, 2021?On December 01, 2021, SEVENTY-SEVEN Corporation declared equipment with carrying amount of P1,300,000 as property dividend to be distributed on January 31, 2022. The equipment had the following fair value on the following dates: December 01, 2021 1,500,000 December 31, 2021 1,600,000 January 31, 2022 1,900,000 Journal entry on December 31,2021 should include credit to: