Three of the following are requisites of an obligation. Which is the exception? Efficient cause Prestation Passive subject Delivery

Q: Wella Company reported a prepaid benefit cost of P 1,500,000 on January 1, 2016. The entity provided...

A: Defined benefit pension plan: A kind of pension plan where a certain amount of pension is reimbursed...

Q: Jay Banning, CEO and a major stockholder of Banning Incorporated, was unhappy with its operating res...

A: The practice of reviewing your project's financial performance is known as cost variance. The cost v...

Q: Operating Budget, Comprehensive Analysis Ponderosa, Inc., produces wiring harness assemblies ...

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

Q: Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purch...

A: Journal entries are the basic method for recording financial transactions in the books of accounts. ...

Q: You are considering opening a copy service in thestudent union. You estimate your fixed cost at $15,...

A: The break-even point is the point at which total cost & total income are equal, meaning that you...

Q: 1. Multiple-step and single step income statement. Holler, Inc. has the following data for the year ...

A: Net income is the excess of revenues over total expenses.

Q: REQUIRED TO PREPARE A. Joumal Entries B. Ledger Accounts C. Trial Balance D. Income Statement and E....

A: Journal is a book in which all business transactions are recorded first, therefore this book is call...

Q: The shareholders' equity section of the 30 June 2020 balance sheet for Charbel Constructions is as f...

A: Outstanding shares refer to the number of shares issued and subscribed by the shareholders of a corp...

Q: Houston Company manufactures and sells one product. The following information pertains to each of th...

A: Income statement is the summary which is prepared to show the costs and revenues to determine the gr...

Q: s) level before the additional investment. Req G2 to G4 >

A: Residual income refers to the income remaining at an individual after he or she has paid all of his ...

Q: 6.If return on investment is a measure used on the balanced scorecard, under which perspective  woul...

A: 6. Return on Investment measure is used under Financial Perspective. 7. Benchmarking is the process ...

Q: Firm-specific requirements 3. List the last eleven-year net incomes of your company and the competit...

A: The answer is as follows:   Fiscal year Your firm's Net income (NI) ($ millions) (Amount in $) Yo...

Q: Product X is produced in department A and transferred to the finished goods warehouse when completed...

A: Equivalent unit of production means converting the uncompleted production into its equivalent comple...

Q: PUMASA AKO Company and its subsidies own the following properties that are accounted for in accordan...

A: Investment property is land or building (including part of a building) or both held for rent or capi...

Q: 3) What are the different perspectives on how to measure income?

A: There are a number of ways through which the income can be measured but in this question, as this is...

Q: Raine Company has a machine that originally cost $170,000. Depreciation has been recorded for five y...

A: Depreciation as per straight line method = (Cost - Salvage value) /useful life = ($170, 000 - $12, 5...

Q: The Performing Arts Club at your school wants to build a music studio. The studio would be available...

A: Financing small projects require low investments. There are various ways to fund small projects i.e....

Q: Prepare the journal entries required by the lessee and the lessor on 12/31/Year 5.

A: Cost of Equipment $ 295000 Fair Value of Equipment $ 295000 Lease Term 5 years Lease Rent is b...

Q: Which of the following should not be considered when determining the production budget for an accoun...

A: Production Budget The production budget calculates the number of units of products that must be manu...

Q: n April 12, Hong Company agrees to accept a 60-day, 8%, $7,800 note from Indigo Company to extend th...

A: Notes payable is debited by $7,800 since notes payable is a liability and a decrease in liability is...

Q: Sales $755,000 $ 620,000 Cost of goods sold other operating expenses Interest expense $445,450 234,0...

A: The asset turnover ratio relates the worth of a company's sales or revenues to the value of its asse...

Q: QS 12-1 Transaction classification by activity LO C1 Classify the following cash flows as either Ope...

A: Solution:- Classification of Cash flows as either Operating, Investing, or financing activities by a...

Q: Restate the following income statement for a retailer in contribution format. Sales revenue ($100 ...

A: Solution:- Preparation of income statement in contribution format as follows:- Format as follows: ...

Q: on-VAT business reported the following: Sales P2,500,000 Cost of Sales P1,000,000 Purchases, inclus...

A: There are taxes on business there are taxes on the profit earned by business and these taxes are dif...

Q: Which of the following is not a common difference between net business income on the books (followin...

A: * As per Bartleby policy, if question are unrelated then answer first only. As per IRS , business me...

Q: This refers to the process of taxation to determine the amount of tax based on existing tax laws.

A: Answer: b. Imposition

Q: Actual Demand 2 Monthly Moving Average Year 1. 250 280 ?? 4 ?? ?? ?? ?? 8. ??

A: Moving average is the method used to forecast the trends. This is used to forecast the demand by usi...

Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31: Co...

A:

Q: Find the semi-annual payment of a P15,000 debt to be amorlized by 5 equal payments at the end of eac...

A:  Solution:- Given, Loan amount = PV = P15,000 Number of payments = n = 5  Interest rate = i = 15%/2 ...

Q: In retail we are always adjusting our operations to ensure financial goals are met. Aside from adjus...

A: Introduction Adjustments is carried out to show the accurate picture of financial statement at the e...

Q: Kuzio Corporation produces and sells a single product. Data concerning that product appear below: Pe...

A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...

Q: Among the executive officials of the government, only the Commissioner of the Bureau of Internal Rev...

A: The chief of the bureau of internal revenue (also written as BIR) is commissioner. BIR is also writt...

Q: Cash 4 000     All assets are measured using the cost model.    At 30 June 2022, the recoverabl...

A: The answer has been mentioned below.

Q: You have been engaged to review the financial statements of Flint Corporation. In the course of your...

A: Solution:- Preparation of the necessary correcting entries, assuming that Flint uses a calendar-year...

Q: The direct cost of each hotel guest at Seaview hotel is $15 per night. The hotel manager has estimat...

A: The manager should accept the offer only if it recovers the costs incurred.

Q: Wert Company, a VAT-registered taxpayer, purchased P600,000 worth of goods and sold the same for P1,...

A:                             VAT is Value Added Tax in Phillipines charges at 12% on import & exp...

Q: Call Systems Company, a telephone service and supply company, has just completed its fourth year of ...

A: Bad debts expense results from the goods sold on credit and payment not received till the due date.

Q: On January 1, a company issued and sold a $430,000, 5%, 10-year bond payable, and received proceeds ...

A: Introduction Carrying value of bond is the value of bond after adjustment of amortization of discoun...

Q: Boe Corporation's stockholders' equity at December 31, 2008 was as follows: 6% noncumulative prefere...

A: Book Value per ordinary share = (Ordinary Share Capital + Retained Earnings)/ Number of Ordinary Sha...

Q: At the beginning of the current season on April 1, the ledger of Carla Vista Pro Shop showed Cash $3...

A: Journal entry - It refers to the process where the business transactions are recorded in the books o...

Q: If the fund earns 10%, how much will be paid to Juan on his 30th birthday?

A:   Alvin Yu born on 01.01.1988 Investment Start at 1st birthday upto 10th birthday ( till 01.01.19...

Q: What direct materials are used in the production of gummy bears?

A: Dm termed as Direct materials which refers to those materials that are used in the making or manufac...

Q: Pharoah Corporation’s comparative balance sheet is presented below. PHAROAH CORPORATION Balance Sh...

A: Cash flow statement provided information about the cash inflows and cash outflows of the company. Ca...

Q: Tina taxpayer makes $75000 a year. what are her average and marginal tax rates if  she required to p...

A: In order to determine the average tax rate, the total tax obligation is required to be divided by th...

Q: Given below are the transactions related to Abdullah Enterprises for the month of March 2019. Date M...

A: The question is related to Journal entry,  Ledgers amd Trial Balance of Abdullah Enterprises for the...

Q: 2. Business law c. B, a Frenchman, arrived in the Philippines on January 01, 2010 and continued to l...

A:                         As per the rules of BIR resident allien is charged for the incomes earned in...

Q: Why are many companies divided into departments?

A: Department: As a business unit, a department represents a category or functional area of an organiza...

Q: Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purcha...

A: The financial statements of the business includes income statement, balance sheet and the statement ...

Q: White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat ...

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...

Q: La Lisa uses FIFO for inventory costing: Beginning Inventory 300 units Units Produced 600 Units Sold...

A: The main difference between the absorption costing and variable costing is the treatment of fixed ma...

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.