What are the circumstances in which one may buy a bond certificate at a price that is higher or lower than par?

Q: total tax expense?

A: Tax rate 30 % for 2020 year And 25 % for 2021 year Total tax expense as follows

Q: Lala Company reported the following information in 2021: ·       Sales revenue- P500,000 ·       C...

A: The net income will equal to all revenues minus all expenses

Q: t of its Annual Income Tax Return, is the company allowed to make any amendment

A: In the above case a corporation filed its return of income on april 15th covering al the income of p...

Q: What is the total tax expense?

A: Income Before tax is Given. Tax rate will be applied to the Income before tax

Q: Wellco returned 43 barrels to its supplier.  The supplier paid $34.50 in cash for each barrel.

A: The answer is stated below:

Q: The Accountant for the a Company forgot to make an adjusting entry to record depreciation for the cu...

A: What is Depreciation? In business, the fixed asset is used over a long period. Due to this, there is...

Q: Lalit has decided to open up his own juice bar and incorporated his new business, JuiceHeads Inc. (J...

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...

Q: Norte Company has three manufacturing divisions, each of which has been Determined to be reportable ...

A: Division 1 sales = 6000000 Traceable cost , Division 1 = 3800000 Norte company interest expense = 60...

Q: On July 1, 2021, an interest payment date, $150,000 of converted into 3,000 shares of Mack Co. commo...

A: Introduction:- The following basic information as follows under- On July 1, 2021, an interest payme...

Q: The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, a...

A: Common Stock , Ending balance = Common stock , beginning balance + Issued common stock Retained earn...

Q: Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700 Sales discounts 5,000 17,500 600 4,800 Sales returns an...

A: Formula: Gross profit = Net sales - Cost of goods sold

Q: A corporation is closing its business on December 31, 2021 due to financial incapacity after being h...

A: Ending inventory balance refers to the amount of inventory which the company has in stock at the end...

Q: 23. In the absence of other revenue and gains and other expenses and losses, a merchandising company...

A: Net profit = Gross profit + non operating incomes - operating expenses - non operating expenses - ta...

Q: 2. If a company sells goods that cost P70,000 for P82,000, the firm will: a. reduce Finished-Goods I...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: Ethical Considerations. Budget projections alwaysinvolve a degree of judgment, because managers can ...

A: A budget is an estimated statement prepared to estimate the amount of revenue to be incurred and exp...

Q: The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, a...

A: Net Income = Total revenue - Total expenses Retained earnings , ending balance = Retained earnings b...

Q: Kabooga publishes quarterly interim financial reports.  Kabooga’s annual depreciation for items of P...

A: Solution: Depreciation expense to be recognized quarterly on proportionate basis. Reduction in value...

Q: 12. Throughout the accounting period, the credit side of the Manufaduring Overhead account is used t...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: In 2021, Allen company reported cash basis income of P 7,800,000. Tracing back its records, accounts...

A: The net income realized in these case is P17,225,000. We will add the income we had plus the account...

Q: For a liability to exist, a. a past transaction or event must have occurred. b. the exact amount mus...

A: Since you have posted multiple questions , we will do the first one for you . Please re-post the oth...

Q: For each of the following, indicate by how much the assets, liabilities, and stockholders' equity in...

A: The transaction which are incurred in the business entity which can be affected in assets liabilitie...

Q: An electronic balance costs BD9,000 and has an estimated salvage value of BD800 at the end of its 10...

A: Double Declining Balance Method Rate=Straight line Method Rate×2

Q: Answer

A: Annual Percentage Rate is the full cost of borrowing from a bank or financial institution over the c...

Q: Jimin Corp. is preparing the interim financial statements for the quarter ended March 31, 2022. Sale...

A: Variable expenses = Sales x 20% Advertisement expense = Total advertisement expense for one year x 3...

Q: Job no. C12 was completed in November at a cost of P18,500, subdivided as follows: direct material, ...

A: Answer) The correct answer in the given question is: Account Titles and Explanation  Debit ...

Q: year, the following events occurred: Summer Company is a wholesaler of car seatcovers. At the heginn...

A: Inventory is the raw materials used in production as well as the goods that are available for sale. ...

Q: 1 $82,971 $14,850 252,300 miles 20,200 miles dollar. 59,412 6,150 295,900 miles $13,950 32,900 miles...

A: Solution Concept When the asset is depreciated using the capacity of miles to be driven , Formula to...

Q: cribe the factors in selectir ntify the sources of short-t ermine the costs of short-t . SHORT TERM ...

A: Short-term financing refers to the type of loan taken by the borrower which is for a shorter period ...

Q: The company's net income and the year-end balance in the retained earnings account are, respectively...

A: company net income  = Revenue less expenses during the year                                     = 43...

Q: Entity A publishes quarterly interim financial reports.  Entity A’s annual depreciation for items of...

A: Solution: Total amount of expense to be recognized in Entity A’s first quarter statement of profit o...

Q: ne lease agreement, jutling machi: ave been obtained from Lessee's ght-line depreciation for its jut...

A: Lease refers to the contract by which one part rents out an asset for a desired period of time and p...

Q: Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [...

A: Over-applied / Under-applied overhead = Total Overhead cost - Actual Overhead cost applied Overhead ...

Q: Ray Company had the following liabilities on December 31, 2021: ·       Trade accounts payable, net...

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle, whiche...

Q: In January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021 in ...

A: Solution: Property taxes is for whole year, therefore same should be recognized equally in each quar...

Q: Determine the gross estate under the following property relationships: 1. Conjugal partnership of ga...

A: The term "gross estate" refers to the gross value at the time of death before any liabilities are de...

Q: Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. A...

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

Q: Problem 1 In 2020, Plumpton Company started selling new computer that carried a 2-year warranty agai...

A: The warranty expense is the expense which arises with the sales made during the period.

Q: If a corporation has an average tax rate of 30 percent, what is the approximate after cost of debt f...

A: Tax rate = 30% Bond price = P1120 Par value = P1000 Coupon rate = 12% Coupon amount = 1000*0.12 = 12...

Q: The exact simple interest of P7,000 invested from April 28, 2002 to December 25, 2002 is P700. What ...

A: Formula: Simple Interest = Principal Amount x Time period x Rate of Interest 

Q: On January 1, 2021, Marigold company acquired a computer amounting to P47,000, transportation cost o...

A: Cost of computer = Purchase price of computer + transportation cost + installation cost of desk    ...

Q: Old Country Links, Incorporated, produces sausages in three production departments—Mixing, Casing an...

A: Equivalent units of products concept came in to existence when some units are not fully completed at...

Q: n January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021 in t...

A: Solution: Property taxes is for whole year, therefore same should be recognized equally in each quar...

Q: 22. Ernst Company experienced the following changes in selected accounts for the current year: · ...

A: Accrual sales (A) = P6,000,000 Account receivable, January 1 (B) =  P1,000,000 Account receivable, D...

Q: For each of the following (1) identify the type of account as an asset, liability, equity, revenue, ...

A: All assets, expenses, and losses have a nominal debit balance. While liability, revenue and income h...

Q: How much was the simple interest rate?

A: Simple interest refers to the amount paid by the borrower to bank on the amount borrowed at a fixed ...

Q: CASE 1 Complete the table below and identify which among the situations (1-5) is the most beneficial...

A: Operating Cycle=Average Age of Inventories+Average Age of Receivables Cash Conversion Cycle=Average ...

Q: The assets and liabilities of Rocky's Day Spa at December 31 and expenses for the year are listed be...

A: The balance sheet represents the financial position of the business with assets and liabilities on a...

Q: Crispin Santos started a retail merchandise business on January 1, 2021. During the year ended Decem...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: At the beginning of the period, the Cutting Department budgeted direct labor of $73,270 and supervis...

A: Budget means the expected value of future. Budget is not affected by the actual value as it is prepa...

Q: Ray Company had the following liabilities on December 31, 2021: ·       Trade accounts payable, net...

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle, whiche...