What accounting theory is applied in the treatment of interest of non-interest bearing notes?       Cost-benefit       Substance over form

Q: Calculation of Ga

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Q: Mr. Bon Hok A/c Cash A/c (Being cash withdraw) Jan 1 P20,000 P20,000 Cash A/c Mr. Ok A/c (Being addi...

A: Ledger refers to the worksheet which is prepared after recording the journal entries in the books of...

Q: YNA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after d...

A: Cost of goods sold = Sales / (1 +  markup) Amount of loss from theft = Estimated ending inventory - ...

Q: .Your review of ABC Company's inventory and related records for the year revealed the following info...

A: Gross profit ratio = Gross profit / Sales where, Gross profit = Sales - Cost of goods sold

Q: Explain futher what is meant by the statment below Provisions for auditing, tax collection, depositi...

A: The answer is stated below:

Q: Required information The following data is provided for a PPP project. To the People To the Governme...

A: Modified B/C ratio= PW(Annual Benefits)-PW( Annual Disbenefits)-PW of (Cost recurring in 3 years)/In...

Q: Cost to Issue Equity Securities to Effect a Business Combination Search the FASB ASC database to de...

A: Introduction:- A share of capital stock that represents a shareholder's ownership stake in a firm, p...

Q: NA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after di...

A: The difference between estimated ending inventory and actual inventory available at storage house is...

Q: CASE 2-32 Break-Even Analysis for Individual Products in a Multiproduct Company L02-5, LO2-9 Cheryl ...

A:  Product   Selling price per unit   Variable expense per unit   Contribution Margin per unit   Vel...

Q: On January 1 , FRED and GEMMO formed a partnership by contributing cash of P300,000 and P360,000 , r...

A: A partnership is an agreement between two or more partners where partners are agreed to work togethe...

Q: From the details given below prepare aTrial Balance as at March 31, 2018.   Purchases 80,000  Sala...

A: Trial Balance: Trial balance is a statement in which the closing balance of all ledger accounts are ...

Q: Is offering clients big discounts to shift future revenue into the current quarter a violation of US...

A: Revenue Recognition According the US Generally Accepted Accounting Principles (GAAP) the recognition...

Q: This is a situation where the seller actually paid the freight charges but is not legally responsibl...

A: FOB Destination, Freight Collect: If the products are sent FOB destination, the customer is responsi...

Q: E21.8 (LO.3) (Lessor Entries, Sales-Type Lease) Crosley Company, a machinery dealer, leased a machin...

A: Lease Lease is referred to as the contractual agreement whereby the right to use an asset is provide...

Q: Lanson Corporation Co's trial balance included the following account balances at December 31, 2021: ...

A: Current Liabilities are those liabilities which are to be paid within 1 year from the Balance Sheet....

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: The packaging department began the month with 500 units that were 100% complete with regard to mater...

A: Units transferred out = Beginning WIP + Units started - Ending WIP Compute the equivalent units of m...

Q: Determine the amounts that Beckman should report in its year-end consolidated financial statements f...

A:            Amount         Non-controlling interest in subsidiary income        $10,596 ...

Q: 6. What is the disposition for special order goods manufactured by an entity that are segregated but...

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Q: How do fraud symptoms help in detecting fraud?

A: Fraud symptoms are indicators used by investigators to identify the perpetrator. These fraud symptom...

Q: Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, an...

A: Solution Working- Social security tax = 1000*6.2% = 62 Medicare tax = 1000 * 1.45% = 21.025  Withhol...

Q: Is activity-based costing always beneficial to an organization? in what situations would itb benefic...

A: Activity based costing is a system of costing in which  allocated on the basis of activity done .it ...

Q: The actual cash received from cash sales was $14,953 and the amount indicated by the cash register t...

A: Theory part: Journalizing: Each and every business transactions are recorded in Journal books. Anoth...

Q: At the beginning of 2020 Max company issued 10% bonds with a face value of 900,000. These bonds matu...

A: Coupon rate = 10%/2 = 5% Market rate = 12%/2 = 6% Number of periods = 5*2 =10 Interest paid = Face v...

Q: The following data pertain to a particular item sold by Pomegranate Company. 8/1 – Beg. invy: 2,000 ...

A: Weighted Average Cost Method: The weighted average cost technique divides the cost of commodities av...

Q: hing reported the following: Inventory Purchases from Corgan $170,000 190,000

A: The computation is given as,

Q: What type of "event" results in goodwill being recorded on a company's balance sheet? How is goodwil...

A: Goodwill is an non-physical asset i.e. intangible. It shows the customer base in loyalty or brand te...

Q: Kiko Company has the policy of valuing inventory at the lower of cost and net realizable value using...

A: Net realisable value is the replacement value of the inventory that can be received from selling the...

Q: Use the information below (in millions) to determine net cash inflows (outflows) from investing acti...

A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating Acti...

Q: . The Cherry Company's physical inventory on December 31, 2021 showed that merchandise with a cost o...

A: Correct inventory that should appear in Cherry Company's statement of financial position at December...

Q: he sales of Neon Co. for a year in units is amounted to 14,400. Due to some shipping and transportat...

A: solution given The sales of Neon Co. for a year in units  14400 maximum possible lead time...

Q: Banana Company uses the retail method of inventory valuation. The following information is available...

A: Using FIFO method, the goods Purchased first are to be sold first.  FIFO stands for First in First o...

Q: 9.The inventory records of Kiwi Company show the following purchases during the first quarter operat...

A: FIFO means first in first out which means that first opening stock will be sold and then goods are s...

Q: The Blueberry Company values its inventory by using the FIFO retail method.. The following informati...

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Q: Question To avoid duplication of account names and the use of improper account names, the company ha...

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into Debi...

Q: Sarah Jones earns $555 per week selling life insurance for Farmer's Insurance plus 6% of sales over ...

A: Solution: Sarah earnings = weekly salary*4 + 4% of excess sales = 555*4 + (24000-5750)*4% = 2220 + 7...

Q: The printing costs and legal fees associated with the issuance of bonds should Select one: a. be exp...

A: As per IFRS 9 and IAS 39, bonds issuance costs shall be accounted for as a reduction from the issue ...

Q: e following 's salary est earned c st paid on

A: Itemized deduction = 12700+9400=22100 Standard deduction for Married filling jointly = 24000 And thu...

Q: Feraz Dalia is due $12,523.00 legislated wages in lieu of notice that will be added to his last week...

A: Solution 1-Feraz delia is due 12523 legislated wages in lieu of notice that will be added to his las...

Q: A man buys a house and lot worth P1M if paid in cash. On the instalment basis he pays P500,000 down ...

A: Lets understand the basics. In this question, we are required to prepare installment payment schedul...

Q: 6.The costing method that is appropriate for inventories that are segregated for a specific project ...

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and p...

Q: The inventory records of Kiwi Company show the following purchases during the first quarter operatio...

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Q: Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Mo...

A: Units transferred out = Beginning WIP + Units started - Ending WIP Given, Units started = 25,080 uni...

Q: 38.A group of thirty 2-year old cattle was held at January 1, 2021.  On this same date, additional f...

A: Fair value is the actual value or amount at which goods or products can be replaced or resold to the...

Q: Net Income $2,860,000 Transactions in Common Shares Change Cumulative Jan. 1, 2021, Beginning number...

A: Solution Earning per share  is a company's Net profit divided by the number of common shares it has ...

Q: O R-P3 D00 C- D0 D - 00 How mu

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Q: Several items are omitted from the income statement and cost of goods manufactured statement data fo...

A: Direct materials used= Materials beginning + materials purchased - materials ending Total manufactur...

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

A: Net operating income is a method of determining the exact value of income-producing properties used ...

Q: 37.The Blueberry Company values its inventory by using the FIFO retail method.. The following inform...

A: The FIFO stands for First in First out. Under this method, the goods Purchased first are sold first....

Q: Activity-Based Costing, Traditional Costing 1. The controller for Mitchell Supply Company has establ...

A: Activity based costing is one of the type of costing system, which shows that all indirect costs and...