What is the difference between an exchange and a nonexchange transaction?

Q: incorporators in the form of the company’s equipment and machinery that had a carrying amount on…

A: Carrying amount of company PPE = P5000000 Fair value less cost to sell on June 30 2020 =…

Q: y Operates in the nt as at 31 Decem

A: Depreciation Expenses There are different method which are opted for the assets of the business.  To…

Q: On July 1, 2021, the board of directors of ABC Co. declares a 10% share dividend. The market price…

A: Share dividend declared should be treated as dividend payable under the current liability section of…

Q: The undermentioned errors were discovered in the books of Marco after the Profit and Loss Account…

A: In the context of the given question, we are required to prepare journal entries to rectify their…

Q: Blue Spruce Hardware Store Inc. completed the following merchandising transactions in the month of…

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

Q: 9. Examine the time line for the annuity shown. 250 (1.015) 250 (1.015) 250 (1.015) 250 (1.015)23…

A: a) Duration of annuity = 6 years         In this question annuity for 24 periods of 3 months,…

Q: The term deficit is used to refer to a debit balance in which of the following accounts of a…

A: Deficit in accounting refers to occur when the expenses incurred during the year are more than the…

Q: types of corporat

A: The concept "Corporate Veil" refers to the idea of a company's members being protected from…

Q: On February 1, 2009, Alpha Company issued 5,000 of its P1,000 face value bonds at 110 plus accrued…

A: Formula: Net amount received from the issuance of the bonds = Issue value of the bonds + Accrued…

Q: Prepare Pronghorn's 2020 journal entry to record the change in accounting principle. (Credit account…

A: Pre Tax income Under % Completion Method.     = $123,000 Pre Tax income Under Completion Contract…

Q: Whispering Winds Corp. started the month of June 2022 with total assets of $215000 and total…

A: Requirement: In the given question it is asked to calculate net income of the whispering Wind Corp.…

Q: Statement I. If the pattern of the repairs cannot be established and the obligation for warranty…

A:

Q: Current Attempt in Progress Joseph Geary, the controller of Carla Vista Company, has reviewed the…

A: All assets value goes down due to time being and that decrease in value is depreciation of building…

Q: Prepare Journal entries? A. July 1, issued common stock for cash, $15,000 B. July 15, purchased…

A: The journal entries are prepared to record day to day transactions of the business on regular basis.

Q: A 2,833 units $200 80 Number of units Sale price per unit Variable costs per unit Calculate:…

A: The contribution margin refers to the sale price over the variable cost of a product. Variable cost…

Q: 16) The account "Cash" began with a zero balance and then had the following changes: increase of…

A: Introduction: Cash: Cash is the most liquid asset. Cash is a current asset item to be reported in…

Q: Account Age 0-30 days 31-60 days Over 60 days Blank 1 days Amount Outstanding Average Days P55,000…

A: The average number of days the company takes to collect money from their consumers after a sale is…

Q: A payment of $700 is due in 3 years, and $5,000 is due in 5 years. What single payment made today…

A: PV=FV11+rn=$70011+4.54×1004×3+$500011+4.54×1004×5=$612.062293+$3997.59977=$4609.66206=$4609.66

Q: Imagine you have taken a once-prized and valuable possession to a consignment store. You tell the…

A: A retail store that specialized in a particular product or service in the retail consumer market…

Q: 33. Monker Dining Room Furniture manufactures two models of dining table sets: Traditional brand…

A: Introduction: A budget forecasts destiny's financial savings and expenditures, in addition to sales…

Q: What is the total cost of borrowing over the life of the bond? (Round answer to 0 decimal places,…

A: To figure out the total interest paid, you take the face value of the bond, multiply it by the…

Q: Use the trade discount system shown in the table to calculate the cost of 500 lbs of product if the…

A: Trade Discount = Retail Price × Discount Rate  Cost Of Purchase = Retail Price — Trade Discount

Q: This year, the Huang Trust is a complex trust. This year, it distributed all of its accounting…

A: Answer:-  Definition of complex trust:- A complex trust is basically the opposite of a complex…

Q: A computer, printer, and copier were purchased for a total price of Php 250,000 on August 1, 2013.…

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

Q: (Ignore income taxes in this problem.) The management of Rose Corporation is investigating the…

A: Additional cash flow per year will be calculated by dividing the net present value of the investment…

Q: ei Company purchases land for $4,000,000 from which it expects to extract 2,000,000 tons of coal.…

A: The depletion rate is calculated as depletiable cost divided by expected Units of extraction.

Q: 1. What is the financial advantage (disadvantage) of further processing each of the three products…

A: The question is related Process Costing. Joint cost is that cost which is incurred in making of…

Q: C. Highlight ONE (1) advantage and ONE (1) disadvantage of the market-based transfer pricing method.

A: Under market based Transfer pricing, the tranfer price between one divison to another divison under…

Q: Stahmann Products paid $350,000 for a numerical controller during the last month of 2007 and had it…

A: The requirement is to find the book value under the straight-line method (SLM), Declining Balance…

Q: The direct method as used by Ultimate Manufacturers is one method that can be used to re-assign…

A: Service department costs are the indirect costs to units produced and therefore these are known as…

Q: A company with 100,000 authorized shares of $4 par common stock issued 40,000 shares at $8.…

A: The stock dividend is a method of capitalizing on retained earnings. stock dividend is issued to the…

Q: 21 2022 2023 Cost incurred during the year $ 2,100,000   $ 2,450,000   $ 2,695,000   Estimated costs…

A: Gross profit refers to a company's earnings after deducting the costs of producing and selling its…

Q: GENERAL JOURNAL ENTRIES For each of the following transactions, 1. Invested cash in the business,…

A: The journal entries are prepared to record day to day transactions on regular basis.`

Q: What is the total Share Holder's Equity

A: Shareholders' equity is the owners' equity which is the owners claim over net assets of the company.…

Q: rual profit

A: Difference between Cash and Accrual Profit The cash basis and accrual basis of accounting are two…

Q: DECEMBER 3 82,000 171,000

A: Errors are the mistakes which occur in the financial statements which render the statements not…

Q: Fiona purchased 200 shares of Oxygon stock for $11 a share on August 11, 2020. On July 28, 2021, the…

A: Answer:-  Capital gain meaning:- The profit earned on the sale of an asset for example, stock, bonds…

Q: Roots — Launch a new on-line customizable winter T-shirt to your summer customers.

A: A digital marketing agency is a business that offers a wide range of marketing services in one…

Q: For Business Plan 500,000-capital 117,705-equipment 1,577,067.40-salary *When making the product 500…

A: Here discuss about the business plan with the details of projection made for the sales and cost of…

Q: Cash $13,000; Short-term Debt $21,000; Buildings and Equipment $420,000; Inventory, $44,000; Notes…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Amirul Sdn Bhd, a pen manufacturer, identified that per pen its labour cost was RM5  and its…

A: A flexible budget is one based on different volumes of sales.it flexes the static budget for each…

Q: On October 1, 2009, Violet issued, at 101 plus accrued interest, 800 of its 10 percent, P1,000…

A: Formula: Cash received at the time of bonds issuance = Issue value of the bonds + Accrued interest…

Q: Define transfer pricing and elaborate on FOUR (4) of its purposes.

A: Transfer pricing :-  When Goods are transferred from one division to another divison  under same…

Q: Rexford Company purchased a machine on January 1, 2017, for $57,600 cash. The machine has an…

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

Q: The following relate to trade discounts: 1. Trade discounts are given to customers to induce them to…

A: The trade discounts are the discounts given by the seller to attract the customers to purchase goods…

Q: Parekoy Company acquires 150,000 of the 1,000,000 Marekoy Company’s common stock for  P500,000 cash…

A: Under the full goodwill method, the goodwill is calculated by using the fair value of…

Q: On January 1, 2021, Small company leased a machine from Huge Company. The following information…

A: The lease liability in the books of the lessee on the reporting date is reported at the present…

Q: What is the difference between accounting and auditing?

A:

Q: Product A Product B Units produced 6 000 8 000 Labour hours per unit 1 2 Machine hours per unit 4 2…

A: ABC (activity-based costing) is a method of allocating overhead and indirect costs, such as salaries…

Q: Cash Accounts Receivable Inventory Long-term Assets Accounts Payable Wages Payable Long-term…

A: Lets understand the basics. Working capital is capital required to run day to day business activity.…