US GAAP
Q: Cheese Partners has decided to close the store. At the date of closing, Cheese Partners had the foll...
A: Here in this question, we are required to pass journal entry for liquidation. Liquidation may happen...
Q: Selected information regarding a company's most recent quarter follows (all data in thousands). Ope...
A: The cost of goods sold can be calculated by the following formulas. Cost of goods sold = Beginning i...
Q: 19. Chanika Company provided the following information for the current year: Fair value of plan a...
A: Actual return on plan assets = Ending fair value - Beginning fair value - Contribution + Benefits pa...
Q: a. Meredith owns a flower shop in Ontario (Assume GST of 5%). Over a 3 month period her revenues fro...
A: GST Collected = Revenue x GST Rate GST Payment = Purchases x GST Rate GST Remittance = GST Collecte...
Q: 3) Excel If Kerry Dahl invests $3.152 now, she will receive $10,000 at the end of 15 years. What ann...
A: Present value is the value in the present of a sum of money, in contrast to some future value it wil...
Q: Exercise #1. During the current year, SIA Noname purchased new equipment for 20,000 EUR and no equip...
A: Net income during the year = Ending retained earnings - Beginning retained earnings = 60,000...
Q: PAg-ibig Witholding taxes 10,000 100,000 The employer share of mandatory deductions are as follows: ...
A: Payroll costs are the costs related to the salaries and other benefits costs that are being paid to ...
Q: The Income Statement of the ABC Corporation in Puerto Rico, prepared on a tax basis, presents the fo...
A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the gov...
Q: New Corporation amends its pension plan on 1/1/20. The following information is available: 1/1/20 be...
A: Past service cost as a result of this amendment = (Projected benefit obligation after amendment - Pr...
Q: What is the total current liabilities to be presented in the statement of financial position as of D...
A:
Q: Victoria Hospital uses a job cost system for all patients who have surgery. In March, the pre-operat...
A: THREE industries suited to using service costing in cost ascertainment *Hospital *Transport companie...
Q: Classify each transaction whether it is a non-cash, operating, investing or financing activity.
A: Operating Activity-It refers to those activities directly related to the normal course of business o...
Q: audit considerations
A: Audit considerations are the factors to be considered by the auditor while conducting audit so as to...
Q: On April 30, CHIA-SEED Company issued 7,000 of 15% ₱1,000 bonds at
A: Calculate the yield or ytm of bond, which is, for a semiannual bond Y/2 = (I + (F - NI)/n)/((F +...
Q: Omega Company has sales of $336,000 and cost of goods sold of $218,000. The cost of goods sold is a ...
A: Contribution margin is the sales revenue over and above total variable costs. Gross margin in the bu...
Q: e information, in its current state, be included in the current financial statements
A: The items are disclosed in the financial statements to increase the awareness of the users.
Q: ANOMALOUS IRREGULAR Co. grants its employees twelve days paid vacation leave each year. Per ANOMALOU...
A: Vacation leave Normally most of the companies are provide additional benefits to its employees in th...
Q: 3-50. Extensions of the CVP Model-Multiple Products Sell Block prepares three types of simple tax re...
A: Calculation of anticipated level of profits for expected sales volume Individuals Partnership...
Q: Haku Comprehensive Inc had the following variances for the most recent month: Materials Price Varian...
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: You are working as an accountant in Hotel Four Seasons. You are asked to make a meaningful compariso...
A: The aim of comparison is to know the position, strength as compared with the other ones. Comparisons...
Q: possible reason (or reasons) for the variance in the driver's wage
A: Option a is a possible reason for favorable variance in wages. There is a chance that the new driver...
Q: 10. What would have been the company's variable costing net operating income (loss) if it had produc...
A: Total Variable cost per unit = No. of units sold*Variable cost per unit
Q: Less: Employee meals 2,000 0 Cost of goods sold 132,000 25,000 Gross Profit 268,000 220,000 ...
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Inventory tu...
Q: Carla Vista Enterprises reported the following information for 2014: Beginning inventory $ 37,760...
A: The question is based on the concept of Accounting Ratios.
Q: Gabriella and Steve have adjusted gross income of $96,600 and $82,300 respectively. Calculate their ...
A: Tax is the amount that is charged by the tax authority from the individual and companies on their in...
Q: Carr Auto Wholesalers had sales of $1,040,000 in 20XX, and the cost of goods sold represented 74 per...
A: An income statement is the one prepared by the company in a structured manner to determine the net i...
Q: The following operating data are available from the records of Sally Company for the month of Januar...
A: Total variable cost incurred for 3,280 units: Direct materials 59,200 Direct labor 48,000 ...
Q: Income Statement for a Manufacturing Company Two items are omitted from each of the following three...
A:
Q: Here are selected basic data for Boston Bracing Company: Estimated manufacturing overhead $253,500 ...
A: Manufacturing overhead rate = Estimated manufacturing overhead / Estimated direct labor cost = $253,...
Q: Information on Chang Company's defined benefit plan is shown below: Present value of benefit obligat...
A: Defined benefit plans are those plans which are made by the employer for the purpose of providing be...
Q: lira Golf, Inc., follow. MOLIRA GOLF, INc. is of December 31, 20 19 Llabi Current llabilitle 857 Acc...
A: Profit Margin = Net Income / Sales x 100. Net Income = $36065 Sales = $189170 Net Margin = 36065/189...
Q: WALNUT Department Store sells gift certificates, redeemable for store merchandise that expires one y...
A: Unearned revenues are those revenues which are received in advance by the business but that will be ...
Q: Space Flakes manufactures and sells boxed coconut cookies. The biggest market for these cookies is a...
A: 1. As 500 boxes are produced and 400 boxes are sold. Profit statement will be for 400 units. 2.Sel...
Q: If interest-bearing obligations are issued between interest payment dates, the accrued interest sold
A: This mentioned scenario relates to the situation when bonds are sold on dates between the interest p...
Q: Mathews Co. acquired all the common stock of Stewart Co. on January 1, 2020. As of that date, Stewar...
A: Common Shares- It refers to the shares that are allotted by the organization to the public in order ...
Q: ANGWOO CO. manufactures variety of products. In the past, SANGWOO Co. has been using traditional cos...
A: Under activity based costing, the overheads are applied on the basis of different overhead rates for...
Q: 9. If the sales volumes in the East and West regions had been reversed, what would be the company's ...
A: Contribution margin is calculated by deducting the variable cost from the sales revenues.
Q: Harper Inc. has fixed costs of $600,000 when it produces 300,000 units. Its total variable costs are...
A: Variable costs per unit = total variable costs / No. of units produced = $150,000 / 300,000 units = ...
Q: Critically explain why online purchase is not safe for the customer. What step do you take to check ...
A: The era in which we live today is highly into online shopping. It may be for the fact that it is mor...
Q: 10. Which of the following does the planning function involve? a. Analyzing financial statements b. ...
A: Planning means the process of setting and mission , vision of the company and setting the goals and ...
Q: The following information is available for ABC Co.: Budgeted Amount 300,000 Activity Pool Setups Qua...
A: Activity-based costing is used by those organization where overhead are based on different activitie...
Q: A firm has fixed costs of P200,000 and variable costs per unit of P6. It plans on selling 40,000 uni...
A: Target profit before tax = P24,000/(100%-40%) Target profit before tax = P24,000/60% Target profit b...
Q: 2. Determine the share of profit for each partner in 2021 and 2022 under each of the a. The partners...
A: Here in this question, we are required to determine profit share in three situation. Partnership is ...
Q: You gathered the following information related to Ashley Company's the defined benefit plan for the ...
A: step 1: calculation of beginning funded status =beginning plan assets – beginning PBO ...
Q: Jeff Irvin Company provided the following information for the current year: Current service cost 500...
A: Total defined cost = Current service cost + Interest on PBO + Loss on settlement + past service cos...
Q: A Company provided the following information for the current year: Fair value of plan assets – Janu...
A: Actual Return on Plan Assets: An investor's de facto gain or loss on an investment or portfolio is r...
Q: The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as...
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle, whiche...
Q: The following information relates to the defined benefit pension plan for the Nicola Company for the...
A: Increase in Defined benefit obligation = Defined benefit obligation, Dec. 31 - Defined benefit oblig...
Q: Assume that both the Parent and Subsidiary adopt 31 December as their financial year-end. Further as...
A: SUBSIDIARY BOOKS- DATE PARTICULARS DEBIT $ CREDIT $ 20-DEC-1. Cash ...
Q: You obtain the following information regarding fixed production costs from a manufacturing firm for ...
A: 1. Fixed cost deduction under variable costing = P100,000 to P100,000 2. Fixed cost deduction under ...
A foreign-based company must use US GAAP if it wants to have its stock traded on a US stock exchange.
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- U.S. firms and households wishing to invest in stocks in a German company are ___ in the foreign exchange market Group of answer choices suppliers of U.S. dollars demanders of U.S. dollars suppliers of Euros suppliers of Euros by the Fed for useExplain why firms may issue stock in foreign markets. Why might U.S. firms issue more stock in Europe since the conversion to the euro in 1999?Differentiate between PMEX and Pakistan Stock Exchange.
- Discuss what factors motivated Novo Industries to seek U.S. listing of its stock. What lessons can be derived from Novo’s experiences?What is the so-called Norwalk Agreement?a. An agreement between the FASB and SEC to allow foreign companies to use IFRS in their filing of financial statements with the SEC.b. An agreement between the U.S. FASB and the U.K. Accounting Standards Board to converge their respective accounting standards as soon as practicable.c. An agreement between the SEC chairman and the EU Internal Market commissioner to allow EU companies to list securities in the United States without providing a U.S. GAAP reconciliation.d. An agreement between the FASB and the IASB to make their existing standards compatible as soon as practicable and to work together to ensure compatibility in the future.Which exchange is known for offering interchangeable contracts? Tokyo Stock Exchange (TSE) New York Stock Exchange (NYSE) Singapore Exchange (SGX) London Stock Exchange (LSE)
- Assuming that a foreign entity is deemed to be operating in an environment dominated by the local currency, the entity's capital stock is translated using a. the current rate. b. a simple average rate. c. a weighted average rate. d. a historical rate.Does the Philippine Stock Exchange trade only equity instruments?Examine whether equity should be domestically listed in a single exchange, or cross-listed in multiple exchanges around the world. What are some advantages and disadvantages of each?
- According to the IFRS Foundation, approximately how many countries either require or permit the use of IFRS by publicly traded companies?a. 40 countries.b. 80 countries.c. 115 countries.d. 195 countries.A U.S. company has the following choices of financial markets in which to raise capital. Which one will it most often prefer? a.foreign bond b.domestic banks c.foreign bank d.a new issue of common stockWhat it a foreign trade zone, and what advantages does it offer U.S. companies?
