TRUE OR FALSE? Advertising and bonuses are reported in the interim period when incurred.
Q: 4. When her granddaughter was born, Melay invested P 20 000 at 12% compounded quarterly. How much…
A: In the given question, P 20,000 is invested today at 12% compounded quarterly for 18 years. Since…
Q: Cullumber Corporation is about to issue $1.120,000 of 9-year bonds that pay a 5% annual interest…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Net income after tax is: The difference of financial income and total deferred income tax expense.…
A: Net income is the amount of money earned by an entity after deducting its outlays from the revenues.…
Q: 17. Most lease agreements between landlords and tenants are classified as an estate for years. True…
A: Leasehold estate is an ownership of a temporary right to hold land or property in which a lesser or…
Q: Calculate the Direct expenses and factory cost from the following information: Direct Labor RO…
A: Solution Concept While preparing cost sheet statement prime cost and factory cost shall be shown…
Q: The general ledger of JEONGCHEOL INDUSTRIES showed the following balances: Dr Cr Cash ? Accounts…
A: Basic accounting equation is Total assets = Total liabilities + Owners Capital
Q: Company bought the ordinary shares of Mad Company designated as equity securities at fair value…
A: Holdings in the equity shares of other companies that are held for sale are valued at their fair…
Q: a) Prepare Machi
A: Depreciation of assets has to be calculated and it will reduce the cost of the asset. Assets will be…
Q: The following information on a de fined benefit plan is provided: FVPA, beg 2,800,000 PVOBO, beg…
A: Employees of the entity are given with a defined benefit plan after they have retired from service.…
Q: an economic life of 5 years. Sales for 2021 amounted to P3 its economic life are expected to be…
A: Solution Calculation of software carrying value on 31st Dec, 2021 Software value on 1st Jan, 2021…
Q: The adiusted trial balance data given below is from Cameron White Company's worksheet for the year…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: S1: The salaries of the Chief Justice and associate justices of the Supreme court are tax-exempt.…
A: Individuals and corporations pay income tax, which is a sort of direct tax levied by the central…
Q: aeRo Yi is an employee of Danbam Corp. with a taxable income of P220,000. At the same time, he has a…
A: Preferential taxation is an optional taxation scheme in Philippines to tax the total of gross sales…
Q: A temporary difference that would not result in a deferred tax asset but not a permanent difference?…
A: Solution: A temporary difference that would not result in a deferred tax asset but not a permanent…
Q: 2. A bank offers a 272 - day discounted loan at a simple discount rate of 12%. (a) How much money…
A: Solution Concept Simple interest rate is the rate that does not have the effect of compounding To…
Q: A liability in 2021 is reported for financial reporting purposes but not for tax purposes. When this…
A: Deferred tax is the amount of future tax payable due to difference in the taxable income of current…
Q: nuary 1, 2021, Gringo Company had capitalized cost of P5,000,0 ct with an economic life of 5 years.…
A: Solution:- Calculation of carrying value of software on 31st Dec, 2021 Software value as on 1st…
Q: Under its executive stock option plan, N Corporation granted options on January 1, 2021, that permit…
A: A stock option is a right but not an obligation provided by the company either to the employees of…
Q: 2,150,000 1,750,000
A: Journaling is the process of recording business transactions in accounting records. This activity…
Q: 12. A bank offers a 272- day discounted loan at a simple discount rate of 12%. (a) How much money…
A: Solution Concept Simple interest rate is the rate that does not have the effect of compounding To…
Q: egistering and iss
A: It is given that the balance sheet information of January 2, 2021 PAMIGAY CORP.
Q: LE CHOICE - THEORY PROBLEM 2: 1. For external reporting, the individual financial statements of the…
A: Home office is the main or principal office where business is conducted. It is also written as head…
Q: aughter, Tabitha. Tabitha sub alue of $200,000. How much
A: Fair market value refers to the monetary value of an asset at which the asset will be sold in the…
Q: Chadwick Enterprises, Inc., operates several restaurants throughout the Midwest. Three of its…
A: Assets are the future benefit of the company that would have to be sacrificed in order to pay off…
Q: On January 1, 2021, Raffy Company took out a loan of P24,000,000 in order to finance specifically…
A: Borrowing costs are capitalized on the assets when its directly attributable to the acquisition,…
Q: SDIA wants to sell a T-shirt for fundraising and market it to its current 100 members in the group.…
A: A budget for the fundraising event is prepared by planning the future incomes and expenses in…
Q: 20.Courts do not prohibit people from using elsewhere the general knowledge and skills they…
A: An employee develops a range of skill sets and obtains necessary knowledge during his employment.
Q: On Jan. 1, 2021, ABC Corporation entered into a P5,000,000 IRG 1-10, 9% contract with its bank.…
A: The cash to be received from a contract at any point in time is equal to the initial value of the…
Q: 2. A bank offers a 272- day discounted loan at a simple discount rate of 12%. (a) How much money…
A: Solution Concept Simple interest rate is the rate that does not have the effect of compounding To…
Q: 3. Maricel borrows P 10 000 with interest at 15% compounded monthly. How much should she pay at the…
A: Given data, Initial amount (p) = 10000 interest rate = 15% it is compounded monthly , so monthly…
Q: value aft
A: Service Output Method also known as Working Hours Method. The formula : Depreciation per hour as, =…
Q: Alternative A Alternative B Capital Investment Annual Expenses $20,000 $38,000 5,500 4,000 Market…
A: Annual worth(AW) method is mostly used to compare different alternatives available. AW is the net…
Q: A company reports the following: Cost of goods sold $216,080 Average inventory 54,020 Determine (a)…
A: Formulas: Inventory turnover = Cost of goods sold / Average Inventory Number of days' sales in…
Q: For the current year ending October 31, Papadakis Company expects fixed costs of $536,300, a unit…
A: The break-even point is a level where the company incur neither gain nor loss. It is calculated by…
Q: Loren Company uses many kinds of machines in operations. The entity acquires some machines from…
A: Note: Insurance costs incurred on the machine for the transit to the destination are only…
Q: Goodfellow Corporation reported insurance expense of $477 for the current year. The beginning and…
A: Solution: Amount of cash paid for insurance = Insurance expense for the year + Ending prepaid…
Q: Maurice, single, has wages of $215,114 and net investment income of $40,000 in 2021. His AGI (MAGI)…
A: solution provision applicable for a person who is single and his MAGI is greater than $200,000 , net…
Q: 2. A man invested P10,000 in 2 years earning an interest of P1,600. What was the interest rate…
A: Simple interest is the interest charged on the amount of investment using a flat rate.
Q: Explain and what is the calculation of the following. Tax rates (formula) HELP repayment amount…
A:
Q: Which is FALSE? S1 – A Notice of Discrepancy needs to be settled within 30 days from receipt of…
A: Notice of discrepancy refers to the written notice which is issued through BIR informing the…
Q: Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: The statement of financial position for the partnership of AA, BB and CC who share profits in the…
A: Calculation of Total Loss/Deficit on Liquidation and Amount Paid to Partners: Particulars…
Q: Is there a way you can provide an example for number 3?
A: Break-even level is computed by the company at which company has sufficient amount of revenue…
Q: Please answer as thoroughly as possible. This is a huge refresher for me and I will use your…
A: In this question, we have to calculate the different ratios which are a liability to Equity ratio,…
Q: e $3,000 due to paid
A: The Interest amount is shown as, = (face Value - amount received = 3000 - 2869.11 = $130.89
Q: retained earning
A: Retained earnings are posted under the head shareholders' equity on the balance sheet of the…
Q: 1.2.Choose TRUE or FALSE? Give short explaination? a. In marginal costing method, factory rent is…
A: In Marginal costing method, factory rent is absorbed into cost of production: FALSE Justification:…
Q: Toan Incorporated uses a job-order costing system and its total manufacturing overhead applied…
A: Job costing is one of the method of costing under which all costs and expenses are being calculated…
Q: 9.5 Irish Catering started in business on 1 January 2010, its financial year ending 31 December. The…
A: Depreciation is the amount which is to be reduced from value of assets to recognise the normal…
Q: PROBLEM: ON JANUARY 16, 2021, THE PAYROLL DEPARTMENT PROCESSED PAYROLL CHECKS FOR 300 EMPLOYEES…
A: The journal entries are prepared to record day to day transactions of the business.
TRUE OR FALSE?
Advertising and bonuses are reported in the interim period when incurred.
Step by step
Solved in 2 steps
- Which statement is incorrect regarding recognition of employee benefits? a. The enterprise should recognize the expected cost years of service. of profit-sharing and bonus payments when, and only when, it has a legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the expected cost can be made b. For short-term employee benefits, the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period should be recognized in that period. c. The cost of providing employee benefits should be recognized in the period in which the benefit is earned by the employee, rather than when it is paid or payable. d. For post-employment benefits, the cost to be recognized in the period is the contribution payable in exchange for service rendered by employees during the period.An example of an item that should be reported as a prior-period adjustment in a company’s annual financial statements is a. a settlement resulting from litigation. b. an adjustment of income taxes. c. a correction of an error that occurred in a prior period. d. an adjustment of utility revenue because of rate revisions ordered by a regulatory commission.Would a change from Completed Contract to Percentage of Completion be a change in accounting principle- or a change of estimate?How would it be applied?
- When is an estimated loss on a long-term contract recognized, both for contracts that recognize revenue over time and those that recognize revenue at the point in time the contract is completed?When referring to employee earnings, gross pay is the total amount of an employee’s pay before deductions. Select one: True FalseWhich of the following is the principle that a company must recognize revenue in the period in which it is earned; it is not considered earned until a product or service has been provided? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
- Which of the following is/are true with regard to accounting for short-term employee benefits? Unpaid short-term benefits are reported as accrued under current liabilities at an undiscounted value. If the payment exceeds the undiscounted amount of the benefits, the excess is reported as prepayment under current assets. The benefits are reported as an expense under profit or loss, unless another standard requires or permits the cost of the benefits to be capitalized. Group of answer choices Only statement 1. All statements are true. Only statement 3. Only statement 2.Under what conditions does a company recognize revenueover a period of time?Why should the beginning retained earnings be adjusted for prior period errors and effects of change in accounting policy?
- Interperiod equity refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden for services previously provided. True or False7 What will a contingency note contain? Review Later A circumstance where a company may have a liability A disclosure of future contracts to be performed A disclosure of all future commitments of the company A set of criteria required to be able to recognize revenueThese are compensated or paid absences that are carried forward and can be used in future periods and the employees are entitled to a cash payment for unused entitlement on leaving the entity. Nonaccumulating and nonvesting Nonaccumulating and vesting Accumulating and vesting Accumulating and nonvesting
