What does liabilities mean for the balance sheet of any bank? Explain briefly.

Q: PROBLEM NO 1 Watusi Inc. began operations in January 2021 and reported the following results for…

A: Ordinary shares are shares in a company with individual owners who can vote at company events and…

Q: The amortization of prior service costs will affect the pension expense for the period along with…

A: explanation of above statement are as follows

Q: been asked to provide a training sessiondraft to new Audit Juniors on Accountants responsibilities…

A: Illustrations of Money Laundering -  – Using the money received from doing criminal activities such…

Q: Correcting the Trial Balance: Near the end of the year, Alpha received $2,000 cash in advance from a…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: Bed & Bath, a retailing company, has two departments-Hardware and Linens. The company's most recent…

A: Unavoidable fixed cost are not relevant for decision making, because they remain constant Even…

Q: true or false? Costs that clearly benefit the entire year should be allocated over the interim…

A: Cost: It implies to the expense incurred by a business in generating sales revenue. It includes both…

Q: It is the initial cost of acquiring an asset, plus sales tax, transportation and normal costs of…

A: Cost of the asset is the cost which has been paid by the company in order to buy the asset and on…

Q: Pension benefits contributed by the employer affects both the projected benefit obligation and…

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

Q: The Hi Life Co (HL Co) makes sofas. It has recently received a request from a customer to provide a…

A: Direct Materials: Since the fabric is regularly used by HL Co. and is currently sufficiently…

Q: Whales Inc. just invested in revolutionary electrical shock technology that is guaranteed to…

A: In this question, we need to calculate the present value of Revenue net of cost for 4 years

Q: The trial balance of MINGYU SERVICES shows an accounts receivable balance of P275,500 and P7,850,000…

A: Given information: Accounts Receivable balance  = P275,500 Amount collected = P50,000 Service…

Q: EM Co.'s budgeted sales and budgeted cost of sales for the coming year are P212,000,000 and…

A: Solution Concept Inventory turnover ratio means the frequency company replaces its inventory…

Q: C Co. reported a retained earnings balance of $200,000 at December 31, 2020. In September 2021, the…

A: Prepaid Insurance is an advance payment made towards Insurance of goods and assets used in the…

Q: Required: i. Identify book of prime entries. Prepare the specialized journal Prepare the…

A: i)Journal is called a book of prime entry because all the business transactions are recorded first…

Q: Which of the following is not one of the approaches for reporting accounting changes? The change…

A: accounting change is a change that takes place in the accounting principles, accounting estimate or…

Q: In a sale-leaseback transaction, the lease liability is equals to: A. PV of lease payments accruing…

A: Sale and leaseback transaction refers to the transaction where the asset is first sold by the seller…

Q: 20.Courts do not prohibit people from using elsewhere the general knowledge and skills they…

A: An employee develops a range of skill sets and obtains necessary knowledge during his employment.

Q: On January 1, 2021, Raffy Company took out a loan of P24,000,000 in order to finance specifically…

A: Borrowing costs are capitalized on the assets when its directly attributable to the acquisition,…

Q: Determine the adjusted BANK balance using the following data provided by Ilustre Company: Balance…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: In 2009, Bratz, Inc.’s net profit before tax was P35 million while its operating expenses was P31…

A: Profits after subtracting the GP's operational expenses are referred to as net profits. To compute…

Q: X Corporation opted to deduct OSD.  The following are the results of its operation: Net sales…

A: An OSD or Optional Standard Deduction  is a standard deduction at the rate of 40% which taxpayers…

Q: Rock Creek Bottling Company pays its production manager a salary of $6,000 per month. Salespersons…

A: Cost can be classified into two main categories i.e fixed and variable costs. The fixed cost remains…

Q: 4,000,000. The difference is due to rental received in advance. Rental income is taxable when…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: The depreciation for 2022 and 2021 was P550,000 and P500,000, respectively. What amount was debited…

A: Depreciation refers to the reduction in the value of asset due to its normal use and tear and wear.…

Q: The following errors were made in preparing a trial balance of DK VENTURES: The P7,000 debit balance…

A: Trial balance is prepared after the ledger accounts which shows the debit and credit balance of all…

Q: 15.  The following are examples of corporate expenses deductible from gross income, which of the…

A: To claim a deduction of expense it must qualify the following conditions  1. Expense that is…

Q: True or false? Statement 1. An agency maintains its own separate books of accounts similar to a…

A: Home office and branch office are working on the principle of same business and one owner. All goods…

Q: Accounting BONUS MARK: A small manufacturing firm, 'G&N Ltd' makes whistles. During November 2,600…

A: The net income is calculated as difference between sales and total expenses.

Q: Your broker Luke works for a major bank that is working on the merger between ABC Inc. and XYZ Corp.…

A: Correct answer is (d) Unethical and illegal

Q: Sub Zero, Inc, an equipment manufacturer, leased a freezer to commercial Kitchen company on January,…

A: Journal entries represent the recording of transactions over the course of an accounting year, and…

Q: nuary 1, 2021, Gringo Company had capitalized cost of P5,000,0 ct with an economic life of 5 years.…

A: Solution:- Calculation of carrying value of software on 31st Dec, 2021   Software value as on  1st…

Q: A taxpayer engaged in manufacturing operations bought a machine with a salvage value of P50,000 and…

A: Hi student Since there are multiple questions, we will answer only one question. First question can…

Q: ESS Company's current liabilities are P50,000, its long-term liabilities are P150,000, and its…

A: Long term assets are those assets which are being held by the business for longer period of time.…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: The conversion cost per equivalent unit is calculated as total conversion cost divided by number of…

Q: Statement 1: The right-of-use asset is required to be presented at net amount on the face of the…

A: Right to use is a lessee's right to use an asset over the life of a lease for a consideration to be…

Q: Prepare an income statement for Sary's Salon using the following information for operations over…

A: preparation of income statement are as follows

Q: Prepare a Sales Budget, Purchases Budget and Forecasted Income Statement for 2022 third quarter of…

A: The production budget and sales budget are prepared to estimate the number of units to be produced…

Q: Company X is a manufacturing firm with total liabilities of Php3,000,000. During the year, it…

A: The borrowing costs can be defined as the cost of taking a loan that is interest costs. Interest…

Q: $600 per year for 10 years at 12%. $    $300 per year for 5 years at 6%. $    $600 per year for…

A: Solution Concept Ordinary annuity is the annuity which is received at the end of the period Annuity…

Q: .On January 1, 2021, Risa signed an agreement to operate as a franchisee of Teddy Company for an…

A: Acquisition cost of franchise means the purchase cost of the franchise.

Q: If bond interest expense is $800,000, bond interest payable increased by $8,000 and bond discount…

A: Solution: Cash paid for bond interest = Bond interest expense - Increase in bond payable - Decrease…

Q: Following information is given below prepare the statement of profit or loss: Capital at the end of…

A: Profit and loss (P&L) statements are financial statements that summarize the sales,…

Q: Maurice, single, has wages of $215,114 and net investment income of $40,000 in 2021. His AGI (MAGI)…

A: solution provision applicable for a person who is single and his MAGI is greater than $200,000 , net…

Q: Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses…

A: Income tax payable is an obligation for the tax payers to the government on the taxable income.…

Q: Juan Company purchased four convenience store buildings on January 1, 2015 for a total of…

A: Impairment loss is Carrying amount less recoverable amount Recoverable amount is Heigher of…

Q: OFIA had investments in equity securities costing P1,000,000 that were classifies as investment in…

A: When Investments are reclassified at fair value through profit and loss which were earlier…

Q: Tower City aims to construct a new bypass between two main routes that will reduce commuter travel…

A: You have posted a Multiple-part question, so as per our policy only the first three sub-parts are…

Q: Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company:…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: A book keeper recorded the purchase of office supplies on accounts as follows: Dr. Supplies expense…

A: Purchase of office supplies on accounts should be debited to Supplies expense and credited to the…

Q: mpute and record workers' compensation insurance premiums for Fairlawn Manufac The firm estimates…

A: The amount due to be paid to creditors or employee is recorded as liabilities in the balance sheet.