The worksheet eliminations prepared subsequent to acquisition remove the allocated excess/purchase differential amortizations from the consolidated financial statements.

Q: What is the cost of goods sold? SHIN Industries uses the average cost approach to- account for its i...

A: The cost of goods sold is calculated as cost of goods available for sale minus cost of ending invent...

Q: O c. callable bom O d. debenture E

A:

Q: You are assigned to prepare the financial statements of LIVA Company for the year 2021. The followin...

A: Average Cost Approach: This approach allocates a cost to inventory items based on the overall cost o...

Q: How much were the discounts lost?

A: Solution Concept Discount term 3/10 net 30 means that if the payment is made within 10 days of invoi...

Q: 9. ABC paid finder's fees of P80,000, legal fees of P26,000, audit fees related to stock issuance of...

A: Formula: Total expenses = Finder's fees + Legal fees + Audit fees + Stock issuance + Stock registrat...

Q: On July 1 of the current calendar year, Olive Co. paid $7,700 cash for management services to be per...

A: The accounts may not be visible if you use accounting software or outsource your accounting, but the...

Q: Jones Corporation borrowed P80,000 from Brown Corporation on Jan 1,1993 and P12,000 on Jan 1, 1995. ...

A: The answer is stated below:

Q: From page 5-6 of the VLN, when does a company write off an account? Group of answer choices A. At th...

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

Q: ow much were the discounts lost? epson Company is specializing on sale of printers and related gadge...

A: Solution Concept Discount term 3/10 net 30 means that if the payment is made within 10 days of invoi...

Q: b) Refer to the following data:   Direct material used                                             ...

A: Period costs are those costs that are not included in the cost of the product and are expensed in th...

Q: ages for cost of inve gal business mbling activities

A: Gross Income - It is the total income from all sources i.e. business or services, returns, discounts...

Q: Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August 10...

A: solution concept credit term 5/10 , 4/15 ,n/ 60                 It means that if the payment is made...

Q: 1.Accumulated Depreciation appears on the:          a. Statement of Financial Statement        b. St...

A: 1) Accumulated depreciation is the total depreciation expense of an asset which was charged in the s...

Q: The following information is available for Splish Brothers Inc. for the year ended December 31, 2017...

A: Gross profit = Sales revenue - Cost of goods sold Net Income = Income from continuing operations - L...

Q: Return on assets

A: Return on assets is computed as net income upon total assets of the company.

Q: Kula Company Ltd manufactures two products, Flora and Fauna. Estimates for the company's products fo...

A: Calculation of activity rates : Order Processing = Order processing costNumber of order processed =...

Q: How much shall be reported as interest income for 2022? 90,000       96,836       120,000       129...

A: Interest Income - It is the amount of money paid by the borrower to the lenders on the amount of mon...

Q: A sports complex is to be constructed. Two plans are under consideration. Plan A is to construct a t...

A:

Q: Ayo Company started 2022 with P94,000 of merchandise inventory on hand. During 2022, P400,000 in mer...

A: Note: 1/15, n/45: Here, 1 represents the discount rate if payment is made within 15 days. And if pay...

Q: tract from the trial balance of GoodFellas at 31. December 2019 (EUR) Debit Credit Costs of services...

A: Revenue refers to the money or profit earned by an entity or a company through its business activiti...

Q: On July 1, 2022, an auditing firm obtained a three-year 10% note receivable for auditing services re...

A: Issue price of the note = Present value of principal + Present value of interest payments where,    ...

Q: What is the fair value of the biological assets on December 31, 2021?

A: Biological assets refer to those assets of an organization which are living. It is generally the ass...

Q: Triton Consulting is a consulting firm owned and operated by Jayson Neese. The folloving end-of-peri...

A: Net Income = Total Revenue - Total expense Retained earnings , ending balance = Retained earnings , ...

Q: A young mechanical engineer is considering establishing his own small company. An investment of Php ...

A: Return on capital is the percentage of net income earned on the investment. This is usually calculat...

Q: 21, Quezon, Inc. placed P1M in the 5-year time deposit of Bank of Laguna. The placement earns 10% an...

A: Tax refers to the mandatory percentile charges levied by the government over the earnings gained by ...

Q: city nas the following Purchase Order Billed Amount Amount $ 550,000 Transportation Public safety 73...

A: No entry is made for issuance of purchase order.  

Q: You are assigned to prepare the financial statements of LIVA Company for the year 2021. The followin...

A: Calculation of Net Sales Net Sales = Gross Sales - Sales Discount Net Sales = 2,843,000 - 16,000 Net...

Q: Within without Business Income 400,000.00 200,000.00 Professional Fees 200,000.00 100,000.00 Rent in...

A: a person who is not a citizen of Philippines  is recognised as alien. it is regardless of whether th...

Q: Quinine Company has a 12/31 year end and buys a bottling machine to use in its manufacturing plant o...

A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage , ...

Q: Presented below is information related to Bonita Inc.’s inventory. (per unit)   Skis   Boots   P...

A: Net realizable value = Selling price - cost to sell - cost to complete.  The inventory should be val...

Q: On January 1, 2022. TGIG sold equipment with historical cost of P10,000,000 and accumulated deprecia...

A: Carrying amount of the Note = Present value of the annual instalments where, Present value of the an...

Q: AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2021, it had te...

A: Biological assets on December 31, 2021: Animals available on January 1, 2021 – animals sold during t...

Q: AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2021, it had te...

A: Biological assets held by AJUMA Farms on December 31, 2021: Animals held on December 31, 2021 = Anim...

Q: Marginal cost-benefit analysis and the goal of the firm Ken Allen, capital budgeting analyst for Bal...

A: Answer -  First three Parts Solved .   Part A-  Marginal benefits of the proposed new robotics - ...

Q: Reconciled balance in First National Bank checking account $3,725.80 Reconciled balance in City Nati...

A:

Q: The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Pi...

A: A table that shows the complete periodic loan payments, the principal loan amount, and the interest ...

Q: Redwood Company sells craft kits and supplies to retail outlets and through its catalog. Some of the...

A: Activity based Costing - In this type of costing, cost are allocated on the basis on no of cost pool...

Q: A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves...

A: Medical insurance is a kind of insurance plan/scheme which offers the insured, financial security or...

Q: LAVARN Company sells milled rice în Isabela Province. On September 15, a flood destroyed the company...

A: The ending inventory is calculated as cost of goods available for sales minus cost of goods sold. Co...

Q: Prepare the journal entries to record the above transactions for Teal Corporation for 2022. (Credit ...

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

Q: Factory Overhead Cost Budget Toot Sweet Company budgeted the following costs for anticipated produc...

A: Factory overheads are the indirect costs related with the manufacturing and production of goods. The...

Q: Mang Panday wants to determine the taxability of the foregoing. How much is the total amount of pass...

A: Passive income is the income which is earned by the taxpayer during the year. It is the form of inco...

Q: AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2021, it had te...

A: Biological assets available at the end of the year (December 31, 2021): 2-year old animals = 10 - 3 ...

Q: What is the maturity value of the loan if the proceeds is P22,000 at the rate of 10% for 10 months?

A: Maturity value of the loan = Proceeds from loan + Interest accrued on loan for 10 months Proceeds fr...

Q: During the year, Ava purchased a building for her business, Ava's Dress Shop. The cost of the buildi...

A: Capital expenditure: It implies to the purchase of capital assets or the expenditure incurred on fix...

Q: ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% pay...

A: The question requires calculation of interest on December 31 , 2022. Given that , Interest payable =...

Q: Gil Co. purchased four items of inventory at a bulk price of P9,000,000. The fair value of each item...

A: Cost to be allocated to Inventory = Bulk price X fair value of individual inventory / Total fair val...

Q: Carmelita Budoy, a dentist, established Budoy Clinic. The following transactions occurred during Jun...

A: 1. Journal entries for the month of June  2. Trial balance  

Q: On 1 April 2014, Company A recently acquired 75% of the equity shares of Company B. Company B had to...

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...

Q: Selected data concerning the past year’s operations of the Beachwear Manufacturing Company are as fo...

A: Cost of Raw Material Purchased: In the fundamental production and manufacture of items, raw material...

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.