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Q: Business Law

A: Business law refers to the body of law that governs the working of business, trade, or commerce.…

Q: Dec 31 Purchased new equipment for P750,000, paying P150,000 cash and signing a 3-year, 7% note for…

A: Warranty expense refers to the expenses which is to be incurred by a business entity in case their…

Q: On December 31, 2022, Joshua Company had an equipment with cost of P9,000,000 and accumulated…

A: Lets understand the basics. As per IAS 36 "Impairment loss", impairment loss arise when recoverable…

Q: During 2022, Romart Company constructed a new building at a cost of P30,000,000. The expenditures…

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

Q: semiannual interest payment was made day before (December 31). The entry to retire the bonds does…

A: Solution:- Preparation of journal entry as follows under:- Note:- Journal at the time of retire of…

Q: During its first year of operations, Snobegon, Inc. (located in Lake Snobegon, Minnesota), produced…

A: The underapplied overhead cost is added to cost of goods sold. The cost per unit is calculated as…

Q: The following is the Trial Balance of ABC Services for the MONTH OF DECEMBER, 2022. Debit Credit…

A: Adjusting entries are made to provide a more accurate view of business performance at the end of the…

Q: Based on the following adjusted trial balance of Lyndon Company on December 31, 200C, the end of the…

A: Opening  inventory will not form part of assets as on December 31. Closing inventory will form part…

Q: 3. Via Corp is to be liquidated. All creditors, both secured and unsecured, are owed P1,500,000.…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: P Co. issued 6,000 shares of its common stock, valued at $300,000, to the former shareholders of S…

A: Business Combination means acquisition of shares of one company by another company. The Business…

Q: Pattison Products, Inc., began operations in October and manufactured 48,000 units during the month…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Ermon Company determined that its electronics division is a cash generating unit. The entity…

A: Impairment loss is the loss in the value of asset Impairment loss = Book Value - Fair market Value…

Q: Absorption and Variable Costing with Over- and Underapplied Overhead Flaherty, Inc., has just…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Statement of financial position as at 30 June 2021 Provision for depreciation Costs (RM) Net Book…

A: Realisation A/c   Dr.     Cr.     Particulars   Amount   Particulars   Amount   Freehold Land…

Q: Myrnam Co. has the following investments held for trading on December 31, 2021: Security Co. M…

A: a.  Journal entry Unrealized loss 65000        To M common shares  25000        To P common shares…

Q: Lina Company purchased equipment on January 1, 2022 for P5,000,000. The equipment had a useful life…

A: Given information, Cost of the equipment=P5,000,000 Residual value =P600,000     Computation of…

Q: odels are Isa riable to

A: Macroeconomics is a broad field. However, there are two specific disciplines of research that…

Q: ur and AJ formed a partnership with Aljur investing his th a market value of P80,000 which…

A: Aljur and AJ have formed a partnership , where Aljur has invested land and has 40% share in equity .…

Q: and Redding has the following account balances:

A: A partnership is a form of business where two or more people with some common objective of starting…

Q: X owns a business in Manila. BIR imposed income tax on X’s net income while the City of Manila thru…

A: Double taxation Double taxation refers to the income taxes paid twice for the same source of income.…

Q: On June 1, 2021, Conundrum Company purchased at 101 a $300,000 face value bond paying 6%, with…

A: The debt is the type of securities issued by the corporation to raise funds. The company pays a…

Q: The Atlantic Medical Clinic can purchase a new computer system that will save $6,000 annually in…

A: The question is related to the Capital Budgeting. The details are given regarding the same.

Q: Roberto Company purchased a P4,000,000 tract of land as an investment property. The entity razed an…

A: Purchase of land: Purchase of land means acquiring the land or any part of land for carrying out the…

Q: Flaherty, Inc., has just completed its first year of operations. The unit costs on a normal costing…

A: Absorption costing: It is the costing system that accounts all the costs associated with the…

Q: If the unearned interest is credited in the adjusting entry, which of the following will be…

A: An Unearned interest refers to an interest income collected by a lending institution before they…

Q: Based on the following information provwded by Max Trading Company on December 31, 200C, the end of…

A: Gross profit is calculated by subtracting the Total cost of goods sold from the Net sales. Gross…

Q: system, the three endogenous variables in the IS/LM/BP model are output, interest rates and money…

A: THE Mundell Fleming model is known as IS /LM/BOP MODEL. The equation more relevant for small open…

Q: Journalize the adjusting entry needed at December 31. Customers were billed for $3600 for work…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Give 3 takeaways on the importance of the Law in Obligation and Contract

A: A contract can be defined as the promise that one person is required to fulfill and these promises…

Q: Everything else held constant, would it be better to depreciate a project with DDB depreciation or…

A: Working capital, also known as net cash flow (NWC), is the difference between a company's current…

Q: Based on the following adjusted trial balance of Lyndon Company on December 31, 200C, the end of the…

A: Liability is the present obligation which arises as a result of past event and required to be paid…

Q: file his annual ITR on February 2019. On May 2020, he received a notice of assessment from BIR for…

A: X files annual return on Feb 19. On receiving notice from BIR for underpayment, X can file amended…

Q: Buyer/Seller Entries #1 Jan. 2 Stephon Company sells $5,000 of merchandise to Blast Company with the…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Genel Company provided the following schedule of machinery: Total Cost Residual Value Useful Life…

A: Composite Life of the assets indicating the average life expectancy of a group of assets based on…

Q: Salve Co is engaged in raising dairy livestock. The entity provided the following information during…

A: As per IAs 41  Agriculture, A biological asset is to be measured at  fair value  less cost to sell…

Q: Blue Corporation holds 70 percent of Black Company's voting common stock. On January 1, 2003, Black…

A: In case of Consolidation, when there is a transfer of asset between the parent and the subsidiary…

Q: Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 81,700…

A: Solution:- 1)Calculation of unit cost and the cost of finished goods inventory under absorption…

Q: Selected ratios for the current year for three companies in the office furniture industry follow:…

A: GIVEN Based on the above ratios which company do investors favour for future growth and investment…

Q: Assume a firm has a cash cycle of 73 days and an operating cycle of 127 days. What is its payables…

A: Answer) Calculation of Payables Turnover Payables turnover = 365 days/ Days’ payable outstanding…

Q: Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the…

A: A journal entry is used to document a business deal in an income statement. A journal entry is often…

Q: 5. Teresita receives a 6% commission on her sales. She supervises 12 sales representatives and…

A: Commission on sales is the income received by the agents for sales made on behalf of their…

Q: Determine if this shall result in recognition of liabilities 13. violation of the terms of a…

A: A liability is a obligation of entity which requires outflow of resources of entity for its…

Q: Case study 2 BankCo, a subsidiary from HoldCo (tax resident in EU Member State A) Is Member State B…

A: GIVEN   Bankco, a subsidiary from HoldCo (tax resident in EU Member State A) is tax resident in EU…

Q: The auditor provides no assuran

A: Audit evidence is the collection of documents, proofs, information, data, and facts and figures. It…

Q: The accounting staff of STUVWXYZ Company made the following entries in recognizing transactions of…

A: Prior Period Adjustments are the adjustments made in the current financial statements because of…

Q: PROBLEM 3: ACCOUNTING FOR OVERTIME PREMIUM Pablo Sy, an employee of the Pool Company is paid P200…

A: DISCLAIMER:SINCE YOU HAVE ASKED US ONLY TO SOLVE PROBLEM 3 WE HAVE SOLVED, BUT IT FOLLOWS ACCOUNTING…

Q: Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 90,500…

A: The variable costing system does not include the fixed manufacturing cost while calculating the…

Q: You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job…

A: Gross Annual Income Includes all the sum of money earned during a particular time period. This…

Q: shock in a flexible exchan

A: A movement along the aggregate demand curve, such as a change in monetary policy under flexible…

Q: Question 38 Which of the following adjusting entries need to be reversed in the following year?…

A: Reversal entries are representing the journal entries which prepared for current year based on the…