What business record shows the results of the proprietorship’s borrowing assets from the business, usually anticipation of profits? A. Proprietor’s Withdrawals B. Proprietor’s Investment C. Proprietor’s Capital D. Proprietor’s Assets

Q: During 2018, the following were acquired/paid for by Visionaries Company Trademarks and Certificatio...

A: Intangible asset is an asset without physical appearance. These are opposite of tangible asset as th...

Q: A company sells two products, Product AA and Product BB. Three units of Product AA are sold for ever...

A: The break even sales are the sales where business earns no profit no loss during the period. 

Q: Companies recognize revenue as earned and record the revenue when __________. A. the customer's orde...

A: Hi student Since there are multiple questions, we will answer only first question.

Q: The following details are found in the incomplete bank reconciliation statement of Phillip Company f...

A: Bank reconciliation statement is prepared to reconcile cash balance as per cashbook and bank balance...

Q: A company purchased a delivery van on October 1 of the current year at a cost of $40,000.  The van i...

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...

Q: 10. What is the net income under cash basis?

A: Cash basis of accounting is that accounting system under which only cash received are treated as inc...

Q: End of year 29,520 20,073 74,620 35,817 113,1 89,3 Assets 41,000 Liabilities 13,460 Changes during t...

A: As per accounting equation, Assets = Liabilities + equity Equity = Stock issuance + income - loss - ...

Q: Concept Review 3.4- Future Value of a Tax Savings Please turn to page 152 of the text and complete ...

A: How muche is taxes saving for current year? 

Q: Compute cost of goods sold.

A: Cost of goods sold (COGS) Is indicating the difference between total sales revenue and gross profit....

Q: P19.8 (LO 1, 2, 4) (Two Differences, 2 Years, Compute Taxable Income and Pretax Financial Income) Th...

A: Income Tax It is the part of the income of an individual that is given to the government for develop...

Q: IS single, nden Tnd fiolusd

A:                     Facts of the case:-                                                 A retired in...

Q: tatement 1: Under cash basis of accounting the matching principle is ignored. Statement 2: The cash ...

A: Solution Concept Cash basis of accounting                 Under the cash basis of accounting the inc...

Q: The 2021 financial statement audit of OMG company began when the trial balance was received from man...

A: SOLUTION If during audit auditor realise that differences is exceed materiality threshold then audit...

Q: What is Goodwill? Why is it difficult to determine its true value?

A: Goodwill is an intangible property associated with the acquisition of one business by another. Goodw...

Q: 1. -per Tax Return 2022 ¥130,000,000 2023 104,000,000| 2. On January 1, 2022, equipment costing ¥600...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year,...

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...

Q: O Assets and Liabilities Income and Capital Revenue and Expenses O Assets and Liabilities and Capita...

A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first questi...

Q: A. The existence of loans. B. The completeness of loans. C. Related disclosures pertaining to asse...

A: Assertions are claims made by the management of the company which are further verified by the audito...

Q: A taxpayer filed his income tax return in October 28, 2018. The deadline for the return was April 15...

A: solution concept as per the income tax provision stated by BIR In case if a person fails to file ret...

Q: Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO ...

A: solution concept periodic inventory system                 Under periodic system of inventory , the ...

Q: Required: Preparing the cash budget for 2022 on the months of July, August and September, with comm...

A: Data for the monthly cash budget preparation is given for the month of July, August and September. T...

Q: Bisharp Corporation owns 80% of Rufflet, Inc. common stock. During 20A, Bisharp sold to Rufflet inve...

A: Income Statement It is a statement that shows all the expenses and incomes of reoccurring nature rel...

Q: With regard to segregation of duties, rule two is that asset custody and record keeping should be se...

A: Solution Revenue cycle is a recurring set of business activities and related information processing ...

Q: Primare Corporation has provided the following data concerning last month’s manufacturing operations...

A: The manufacturing costs comprises of direct materials, direct labor and manufacturing overhead appli...

Q: A building was purchased for $400,000 and depreciated for 10 years on a straight-line basis under th...

A: Depreciation formula as per straight-line basis: Annual depreciation=Cost-Salvage valueUseful Life

Q: The following financial statement information is from five separate companies. Company A Company B C...

A: Equity is the difference of total assets and total liabilities of an entity.

Q: Blue Ridge Marketing Inc. manufactures two products, A and B. Preseitly, the compaliy uses a single ...

A: Lets understand the basics. There are two types of rates are followed for allocating fixed overhead ...

Q: INDUSTRIES reports the following patents on its December 31, 2019 statement of financial Useful Life...

A: An impairment loss is the amount by which an asset's or cash-generating unit's carrying value exceed...

Q: Roquan, a single taxpayer, is an attorney and practices as a sole proprietor. This year, Roquan had ...

A: The qualified business income deduction (QBI) seems to be a tax break that allows qualifying self-em...

Q: Which of the following expenses is usually listed last on the income statement?  a. Advertising expe...

A: The income statement is one of the financial statements of the business. It tells about the profitab...

Q: On December 30, Year 1, ABC Corporation sold a machine to DEF Corporation in exchange for a non-inte...

A: Present value of note receivable on December 31, year 1= Annual amount of payment x Present value fa...

Q: The general ledger of Zips Storage at January 1, 2021, includes the following account balances:   ...

A: GIVEN     Accounts Debits   Credits Cash $ 26,600           Accounts Receivable   17,400     ...

Q: . Small appliances used in food production by a multi millionaire restaurant are expensed when purch...

A: Materiality concept: As per Materiality concept only important transaction which has significant amo...

Q: Consider the following audit work performed by two auditors, Suzy and Gary:(a) Suzy attended the cli...

A: Audit evidence seems to be data or information used or collected by auditors as a portion of their a...

Q: For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation’s liabili...

A: 1) Amount of Contingent liabilities  Clear toothpaste liability.       P 600000 Contingency on accou...

Q: analysis of the cash book and other records of Byle Corporation shows the follow ta: Accounts payabl...

A: The total purchases is calculated as sum of credit purchases and cash purchases made during the peri...

Q: The R Company acquired an equipment on January 1, 2016 at a cost of P900,000, depreciating it over 8...

A:                    Working Note :- Particulars Amount P Amount P Cost of equipment Jan 1 , 2016...

Q: Trina received a promissory note of Php. 90,000, representing payment for his services as a legal of...

A: Gross Compensation Income=Face Value of Note-Present value of the note

Q: Jellicent Corporation is an 80% owned subsidiary of Frilish Corporation. During 2018, Jellicent sold...

A: solution given % holding in Jellicent 80% unrealized profit at December 31, 2018 on sales ...

Q: Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-a...

A: Solution:- Given, On January 1, 2019, the balance in Tabor Co.'s allowance for Bad debts account was...

Q: The review of minutes and confirmation letter obtained from the legal counsel of the company reveale...

A: The issues stated above relates to provisions and contingencies.It do not relates to accounts payabl...

Q: You are assigned to perform a review of minutes of meeting for the year end audit ending December 31...

A: Since, we only answer one question, we will answer the first question. Please resubmit the question ...

Q: In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which cos...

A: Monthly installments for 7 months P50,000 * 7 = P350,000 Sales - cost P1200,000 - P800,000 = P400,00...

Q: tatement 1: Under Double entry basis all transactions are analyzed and recorded in terms of debits a...

A: Solution Concept Double entry book keeping system             Under this system , transactions are r...

Q: Among the account balance of Jeffrey Corporation at December 31, 2009 are the following: Patent P2,4...

A: A patent is an intangible asset shown on the balance sheet. It doesn't have any physical substance w...

Q: Assume that a relatively new company you and you group members are involved wilth has presented you ...

A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...

Q: Which of the following income items may affect both Consolidated Net Income attributable to Parent a...

A: Consolidation Consolidation means the parent company taken over the shares of subsidiary company con...

Q: An operating cycle

A: Operating cycle: Operating cycle is period at which the company operates its operations. Or the time...

Q: Cadii enuanTATn ISD 18,350 Consulting revenue 4,480 19,360 Salaries expense 46,040 Telephone expense...

A: In Acounting financial statement is prepared. the financial statement include balance sheet in which...

Q: nise; expires payment on leasehold (term of lease is 2 y 2019 including incorporation fee, P3,000 a ...

A: The balance sheet is given as,