What can be defined as sufficiently important to influence decisions made by reasonable users of financial statements?

Q: Mr. Fara, a representative of a domestic firm, disclosed the following information for 2019: The…

A: Taxable income: taxable income is a part of company or individual's income, on which tax calculated…

Q: Increase (Decrease) (Decrease) Cash $79,000 Accounts Payable $(51,000) Accounts Receivable (net)…

A: Changes in stockholders equity can be found out by subtracting the change in assets with change in…

Q: Based on the advantages and disadvantages of each of the following forms of businesses, give an…

A: A business is formed by the persons who want to start the business and as there are various methods…

Q: An installment note is a liability requiring a series of payments to the lender. True or False True…

A: Introduction: An instalment note is a legal obligation or liability that requires the lender to…

Q: Interest paid by companies from depository banks under the enlarged foreign exchange deposit system…

A: The TRAIN act has introduced reforms on taxation of individuals, transfer taxes, indirect taxes,…

Q: Part 1: Which plan is a better choice for Lacy and explain why? (hint: it will depend on how many…

A: Monthly membership means the whole month's fees. The monthly membership covers the fees for the…

Q: Presented below is information related to Rizzo Company for its first month of operations. Credit…

A: Accounts payable refers to the sum of one's short-term obligations which are required to pay to the…

Q: If a fixed asset, such as a computer, were purchased on January 1 for $1,603 with an estimated life…

A: Correct option is (d)  Particulars  Amount (DR) Amount (CR) Depreciation expense 295.20   To…

Q: discuss in brief the different accounting branches with their major objectives

A: Introduction:- Branches of accounting classified into more than 10 types but The following three…

Q: A new merchandising business, Dazzle Corporation started its operations last January 1, 2020.…

A: Adjusted entries refers to the entries passed in order to adjust the existing journal entry.

Q: The following are deficiencies in internal controls over cash. a. When the cashier isn't available,…

A: Inadequacies in the deployment or execution of internal controls are known as internal control…

Q: Energetic and Faithful decided to form a partnership on June 1, 2021 by investing P100,000 and…

A: Partnership is one of the agreement or arrangement between two or more than two persons, in which…

Q: 1. Prepare an income statement for the month ended July 31, 20Y2. Refer to the lists of Accounts,…

A: Journals for the accounts affecting Income Statement extracted from the table are: Transaction #…

Q: Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for…

A: METAGROBOLIZE INDUSTRIES  Statement of Cash FlowsFor the year ended December 31, 2021($ in…

Q: Phox and Ranch have decided to form a partnership.  They are in the process of agreeing on how the…

A: Interest on Phox's capital = $20,000 x 10% = $2,000 Salary to Phox = $22,000 Remaining balance will…

Q: On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu…

A: Lets understand the basics. When transaction happen between parties and in consideration of that…

Q: SUBJECT: Auditing and Assurance: Specialized Industries Assessments 6: 1. State the nature and…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: What really is accountants, and how does it apply to the business world?

A: Introduction:- Accounting plays important role in every business because it helps you track income…

Q: Entries Related to Uncollectible Accounts The following transactions were completed by The Wild…

A: 2.a. Transactions under the allowance method Date Account title Debit Credit Jan 19 Accounts…

Q: Give example each of the types of costs that will be incurred under the following  Equipment and…

A: Equipment refers to the resources that are used in business for production or in providing services…

Q: A machine has a first cost of P97,198.62 and has an expected salvage value after 10 years…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: ABC Corp purchased land and building at a lump price of P6M. ABC demolished the building and…

A: Cost of building refers to the cost which includes the purchase price which involves price paid to…

Q: 2) Explain Prudence concept and provide example.

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

Q: a Income statement for the year ended April 30. b. Statement of changes in equity for the year ended…

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

Q: Assess the truth of this statement: The day-by-day transactions of a partnership are recorded in…

A: A partnership is a form of business where two or more partners are agreed to carry a business and…

Q: Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services…

A: A cash flow statement is a financial statement that shows all cash inflows, such as profits from…

Q: Kind and Lucky formed a partnership by contributing cash amounting to P240,000 and P480,000…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Exercise 13. Partial-year depreciation Sandblasting equipment acquired at a cost of P64,000 has an…

A: Introduction: A straight-line basis is a method used to estimate depreciation and amortization,…

Q: A company uses a machine to manufacture its product. The operating results of the company for a…

A: Lets understand the basics. When management have more than one alternative then management need to…

Q: Do you want to make a double entry? On November 7, 2021, a fire broke out at the store, destroying…

A: When there is a loss of goods by fire, an expense account is debited named loss by fire account and…

Q: 1) Explain Historical cost concept and provide example.

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

Q: When Lisa had  5  years left in college, she took out a student loan for  $13,342 . The loan has an…

A: Introduction: Interest does not accumulate on subsidized loans while you are enrolled at least…

Q: Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 60,000…

A: >Dividends are the payment to investors of stock or shares. >Preferred stockholders have a…

Q: Gregg company uses the allowance method for recording its expected credit losses. It estimates…

A: Bad debt expense = Credit sales × 3% = $900,000×3% =$27000

Q: Problem (2) XYZ corporation currently practices the following system for the procurement of an item:…

A: Economic Order Quantity EOQ=2×Annual Demand×Ordering Cost per orderHolding cost per unit

Q: The unearned rent account has a balance of P36,000. If P4,000 of the P36,00 period the amount of the…

A: Adjusting entry: It implies to a journal entry that is recorded at the closing of an accounting…

Q: Bare Unimart Manufacturing Beginning inventory Merchandise $ 225,000 Finished goods $ 450,000 Cost…

A: Cost of goods sold = Beginning inventory + Cost of goods manufactured - Ending inventory

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: $5 preferred stock, $100 par means, preferred share has $100 par value and each preferred share is…

Q: A construction firm needs a new small loader. It can be purchased for $20,000. The firm expects the…

A: Explanation of Concept Annual Worth method is been used for decision making where two assets is been…

Q: After a company receives a charter, what are the rules and procedures prepared by the corporate…

A: Corporate Affairs governed by the governing rules , when corporate formed first act of the board of…

Q: 1. Cash balance according to the company's records at August 31, $25,520. 2. Cash balance according…

A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the differences…

Q: You own and manage a small hotel. The annual costs are the following: • electricity, phone, internet…

A: Accounting income means total revenue less total expenses. It only consider cash inflows and out…

Q: only Answerg question Cost of Gross Goods Profit Sales Net Beg Net Ending Sales returns Sales…

A: Since you have asked for part 2 only so we have answered the same for you.   Sale is the amount of…

Q: No. 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. Account…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: Profits that have been subjected to IAET will be liable to dividend tax when they are eventually…

A: Tax is the charge which is charged on the taxable income earned by the corporation or business…

Q: What is the purpose of depreciation

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Cash received on issue of 2000 preferred stock at par = 2000 ×$100 = $200000

Q: Prior to May 1, Fortune Company has never had any treasury stock transactions. The company…

A: Treasury stock purchase price = $5,000 / 100 shares = $50 per share

Q: Define private limited liability business with appropriate examples. Briefly explain three main…

A: Corporations- A corporation is typically formed by an individual, a group of individuals, or another…

Q: Required: a. Explain the purpose of a PPE register, describe its contents and state how it should be…

A: The purpose of maintaining PPE register is to provide all useful information related to all assets…