What is ‘corporate liability’. Provide examples to illustrate your answer and refer to legislation or cases where relevant.

Q: Silver Star Realty Co. pays weekly salaries of $16,200 on Friday for a five-day workweek ending on…

A: The adjusting entries are very important so that Financial statements provides the true and fair…

Q: nds that it can draw on. o reduce collection time t wear to operate.

A: Lock box is a system where that can be utilized to reduce the time between customer sending a check…

Q: How much is the company's expected cash disbursement for merchandise in the month of April?

A: Cash disbursement is the amount of cash paid for purchases. The amount of cash paid would be equal…

Q: FD=P2,122.00 and N = P17,517.29, what is the value of E? Note: E Total Earnings D = Deduction N =…

A:

Q: Q2. The following data applies to a company. 1. The minimum cash balance is $8,000. 2. The variance…

A: Under the Miller-Orr model, formulas are: 1) return point = lower limit + spread *( 1/3) 2) spread =…

Q: The following information pertains to the Duggan Corporation: Beginning work-in-process inventory $…

A: A cost sheet is a method of allocating total costs into different categories. It helps to identify…

Q: The following information is available for a potential investment for Panda Company: Initial…

A: >Profitability Index (PI) is the measure of efficiency for accepting or rejecting a project.…

Q: Matthew Company issues 4,000 ordinary shares to its external lawyers for services related to  the…

A: Note:- Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: 0    46000    Net annual cash inflow 110000    146000    Estimated useful life 5 years    6 years…

A: Net Present Value is the Present value of cash inflows less initial investment . Initial Investment…

Q: CCC Partners is negotiating with its audit client, Muir Industries, for the audit fees for the…

A: According to section 142 of the Companies Act 2013, the pay of the company's auditors (other than…

Q: Bramble Company uses a flexible budget for manufacturing overhead based on direct labor hours.…

A: Flexible Budget: A budget that is based on a different volume of activities is called a Flexible…

Q: Noora Company manufactures quality hair care product. The ingredients are combined in the mixing…

A: (a) The following is the physical flow schedule:- Physical flow schedule for the mixing…

Q: A printing machine initially costs ₱141,000. It can be sold for ₱15,000 at the end of its 14-year…

A: Straight line depreciation rate = 1/14 x 100 = 7.14% double declining balance method rate 7.14% x 2…

Q: 1000, Y*=1000 um level of production is:

A: Given as, Consumption function C=100+0.8(Y-T) Investment I=400 X=0.3Y* IM=0.3Y T=1000 and G=1000,…

Q: A piece of equipment costs ₱351,000 including shipping, installation and taxes. The supplier assures…

A: Sum - of-the -Years Digit method:   The sum of the year's digit depreciation is one method for…

Q: Which are reasonable range names to give each type of expense? Apr, May, Jun, Jul, Aug, Sept, Oct,…

A: Expenses are the obligations which have to be incurred in the business to earn revenues for example,…

Q: On January 1, 2019, the JSW Corporation issued 10% bonds with a face value of $100,000. The bonds…

A: Answer - Working Note : The computation of the interest expense is shown below:   The bond interest…

Q: Mattress Comfort Corporation manufactures two types of mattresses, Dreamer and          Sleeper.…

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

Q: MD Corp. completed the following transactions relating to investment in AO Company ordinary shares,…

A: Where shares are held as investments for short-term (current assets), the shares are recorded at…

Q: One proposal for reforming the welfare system is to create a negative income tax. Under the negative…

A: Budget constraint means the maximum amount of money that will end up in the hands of the person who…

Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note,…

A: Introduction: Journals: Each and every business transactions are to be recorded in journals. All the…

Q: 1. Initial amount of the investment 2. Carrying value of the investment at the end of 2026. 3.…

A:

Q: MD Corp. completed the following transactions relating to investment in AO Company ordinary sha…

A: When shares for investment are purchased, they are recorded at the cost. At the end of every…

Q: On June 1, 2021, the company unsuccessfully attempted to defend its right to Patent C.  Legal fees…

A: Note 1: Compute the amortization to be recorded for Patent A for 2021 as follows: -   Note 2:…

Q: How much is the average daily disbursement float? How much is the average daily collection float?…

A: The net float is calculated as difference in average daily disbursement float and average daily…

Q: You were engaged as an independent auditor of Thomas Corporation . In the course of your examination…

A: A prior period adjustment is the correction of an accounting error that occurred in the past and was…

Q: Notre Company transfers a product from division N to division R. Variable cost of this product is…

A: A transfer price is based on market prices in charging another division, subsidiary, or holding…

Q: A printing machine initially costs ₱115,000. It can be sold for ₱15,000 at the end of its 8-year…

A: Introduction:- Straight line depreciation is a common and simplest method of calculation…

Q: he following data applies to a company. 1. The minimum cash balance is $8,000. 2. The variance of…

A: To calculate the upper cash limit and optimal cash return point as per Miller-Orr model first the…

Q: Chapter : Inventory San Corp. conducts an assessment of the inventory held at the end of 2022. The…

A: Impairment is a heavy loss to assets other than depreciation. Impairment Loss is the excess of…

Q: AA, BB, and CC are partners with average capital balances during 2021 of P360,000, P180,000, and…

A:

Q: Barkov Industries makes an electronic component in two departments, Machining and Assembly.  The…

A: The income statement shows the net income or net loss that is calculated by deducting the expenses…

Q: Required information [The following information applies to the questions displayed below.] Del Gato…

A:

Q: *see attached  Determine the (a) premium expense and (b) estimated liability as of the reporting…

A: Premium (Gift) means the product given free of cost to the customer on fulfilling the certain…

Q: DASHER Company adopted the following share compensation plan for its employees: Vesting condition o…

A: The given condition is conditional vesting. The share options would be exercised if the conditions…

Q: Pina Colada, Inc. is considering purchasing equipment costing $42000 with a 6-year useful life. The…

A: Net present value is an investment analysis technique based on the time value of money. It is…

Q: On 1 January 20X3, XYZ bought a $200,000 5% bond at nominal value. Interest is received in arrears.…

A: Bonds are amortized in the books of accounts by the difference between the interest expense and…

Q: Kenjie owns shares of stocks of Luna Corporation ,a domestic corporation. He decided to sell the…

A: Donor's Tax shall be levied at 6% on the amount of gift/donation made over and above P250,000.   For…

Q: You want to quit your job and return to school for an MBA degree 3 years from now, and you plan to…

A: Annuity due : It is an annuity in which the periodic payment is paid at the beginning of each…

Q: Draw a graph related to your previous answers in a) and b). Consider the information from the graph,…

A: a) Currently Diversity Ltd is selling at Break even point i.e. Break even number of units. The…

Q: QUESTION 13 A plant asset was purchased on January 1 for $180,000 with an estimated residual value…

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

Q: Inventory San Corp. conducts an assessment of the inventory held at the end of 2022. The person in…

A: Calculation of impairment loss:

Q: The cash budget for the first three quarters of the a company is given below (000 omitted). The…

A: Quarter Total   1 2 3   Cash Balance, beginning $9 $5 $5 $9 Add - Collections $88 $128…

Q: ADDITIONAL TRANSACTIONS, 193313 1 INTEREST AND LOANS -ABC whd Acquired aloom from MD Bank 2100, 000…

A: Accounting entries are made in journals and then posted to various ledger accounts.  The accounting…

Q: Proton Company purchased a new equipment on a deferred payment basis. A down payment of P50,000 was…

A: Capitalization cost is the total amount spent on the asset to make the asset put to use. It includes…

Q: Oakwood Company provided the following data for the year Cash balanor, beginning of year 1.300.000…

A: Given: - beginning cash balance= 1,300,000 cash flow from operating activities= 400,000 cash flow…

Q: ezos Co. reported the following capital structure at the beginning of the current year= ordinary…

A: EPS is calculated by taking into account the earnings available for equity shareholders.   WHERE,…

Q: On January 1, 20x1, ABC purchased bonds with face amount of P5,000,000. The entity paid P4,700,000…

A: Carrying amount is the balance which we show in balancesheet, it is attained after deducting…

Q: Table 1: Cost and Production Data for the Mixing Department for May [Jadual 1: Data Kos dan…

A: Cost of units transferred out = Cost per equivalent unit * Units transferred out (For each component…

Q: John Richard operating a business on his own. His Taxable income is $100,000 per annum, but is…

A: (a) I would recommend that John mention his company. Incorporation's Advantages Incorporation's…