What is the effect of omission of accrued expenses in expenses during year 2 after the year of error? O No effect O Overstated O Cannot be determined from the given information O Understated

Q: DIRECTION: COMPLETE THE FOLLOWING TABLE SELLING PRICE , COST, MARKUP, MARK-UP BASED ON SELLING PRIC...

A: Mark up refers to the difference between the selling price and cost price of the goods and services ...

Q: 've got a quick question for you: I was contacted by a recruiter to take a Director position at a co...

A: Taxes are forced contributions imposed by a agency on individuals or corporations, whether municipal...

Q: During the current year holiday season, Bob, a barber, gave business gifts to 34 customers. The valu...

A: The correct answer is option (a)$700

Q: Sb 5-4 Calculate SUTA Tax r each of the following independent circumstances calculate the SUTA tax o...

A: Under the provisions of SUTA The maximum earnings subject to tax is $8500 Computation of taxable ear...

Q: As per the accrual concept of accounting, any financial or business transaction should be recorded: ...

A: The correct answer for the above question is given in the following steps for your reference.  

Q: Case 3: DREXLER CORPORATION Information concerning Drexler Corporation's intangible assets is as fol...

A: as per the guidelines we can provide the answer for 3 parts of question ( as question have more than...

Q: Its omission at year end will result to understated net income Group of answer choices A. Accrued e...

A: Lets understand the meaning of all the options. Accrued expense means a expense which is incurred an...

Q: ABC Company issued 50,000 shares for P100 per share. Par value of the shares is P10. During the year...

A: Treasury stock: Shares that are bought back by the company from the open market but not retired from...

Q: Inventory at December 31, 2021 was overstated by P 20,000. What would be the adjusting entry if the ...

A: Inventory is overstated which means the costs of goods sold recorded would be understated and thus n...

Q: Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the ...

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

Q: Beginning Inventory $11,500 Dairy Alternative Purchases (+) $1,000 Produce Purchases (+) $500 Protei...

A: The standard rate maintained for food cost is between 28%-32%. As long as there is profit covering a...

Q: The production cost for a waterproof phone case is $9 per unit and fixed costs are $28,000 per month...

A: Standard variable cost per unit = $9 Standard fixed cost = $28,000 Units = 5800 Total standard cost ...

Q: Which statement is correct regarding the source of business income? Which statement is correct regar...

A: Regarding the source of business income,  Following is the correct answer.

Q: On July 1, 2022, Sonia Company purchased five-year bonds with face amount of P8,000,000 and stated i...

A: Purchase price of bonds = present value of future interest payments discounted @YTM 4% for each peri...

Q: Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry...

A: Solution Concept Accrued income means the income that is earned but not received yet The accrued inc...

Q: 2: Martin Hughes earns net self-employment income of $157,100. He works a second job from which he r...

A: Taxes are forced contributions imposed by a agency on individuals or corporations, whether municipal...

Q: Required 1. Enter the balances as of 11/30/2021 in the general ledger. 2. Prepare journal entries to...

A: Journal Entry The purpose of preparing the Journal entry to enter the required information into segr...

Q: DEF Company was authorized to issue 12%, 10-year bond with face amount of P20,000,000 on January 1, ...

A:

Q: Josie is a resident citizen who earned the following during the current taxable year: (1) Royalty i...

A: Regular income tax or Ordinary income tax refers to the tax levied on: Income from wages or salary...

Q: On December 1, 2022, J and P formed a partnership. J invested land with a cost of P250,000. P invest...

A: Partnership Capital: A partnership capital account is a separate account that reflects the equity in...

Q: Donative Items (LO. 2) Herman inherits stock with a fair market value of $100,000 from his grandfath...

A: The market value of stock  which he got inherited from  his father  is $100000   

Q: Activity 1. Prepare an CFI/SCF Instruction: Show you solution in a sheet of paper with a complete re...

A: 1. Statement of Cash Flow - Statement of Cash flow is the statement that shows the actual cash posit...

Q: NW Flour Company buys 1 input of standard flour and refines it using a special siting process to 3 c...

A: In constant Gross Margin % the joint cost are allocated after subtracting the gross margin and separ...

Q: Net income at the end of the year is P100,000. Partners, A, B, C and D, share profits and losses in ...

A: Journal entries      Debit credit  P&L appropriation a/c 10000    To Interest on A’s capi...

Q: TMI Systems, a company that customizes software for construction cost  estimates, repaid a loan obta...

A: Amount Paid = Principal Amount + Simple Interest Simple Interest = (P * R * T)Where P = Principal ...

Q: as follows: Cash           198,000      Accounts payable          149,000  Inventory     80,000    ...

A:  Inventory            80,000  Plant Assets         2,30,000  Non Cash Assets         3,10,000 ...

Q: discuss why it is important to have written procedures—and how does the internal audit function work...

A: Internal Audit Function: Enhance and safeguard organizational value by delivering risk-based assuran...

Q: Question 17: Which of these is NOT a regulation set forth within ERISA? Answer: A. Employees must be...

A: ERISA refers the Employee Retirement Income Security Act which is a federal law that sets minimum st...

Q: Determine the Degree of Financial leverage (DFL) of each alternatives assuming an Earnings before in...

A: Financial leverage means the degree by which a company uses fixed income securities or outside finan...

Q: What is the effect of the error in the net income of the current period and in subsequent period?

A: Payment made to supplier is debited for decrease in balance as accounts payable which is liability w...

Q: On january 1, 2020, scatter co. acquired inventory with a list price of p1,300,000 and a cash price ...

A:   Note means an instrument acknowledging as debt due from one party to another party. It carry defin...

Q: Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the ...

A:                                 In liquidation of partnership we prepare Realisation A/c to find out...

Q: Caine Company exchanged a car from inventory for a computer to be used as a long-term asset. The fol...

A: As per IAS 16, Property, plant and Equipment If asset is purchased for value which includes payment ...

Q: PROBLEM 1: Mr. Queen Company is authorized to issue 80,000 ordinary shares. During the current year,...

A: Ordinary shares are the one for which the shareholders become the owners of the company and have the...

Q: Zebra Company has determined the 2021 net income to be P 5,000,000. Revenue received in advance in 2...

A: Adjusted net income = Net income calculated - unearned revenue - Loss on sale of equipment Where,  U...

Q: P Company owns 70% of S Company’s common stocks acquired on January 1, 2016. S regularly sells merch...

A: In order to present the consolidated financial statements, the effects of intra group transactions s...

Q: 3. Net income for 2021 Select ) 4. Retained Earnings as of December 31, 2019 ( Select] Retained Farp...

A: Net income is transferred to retained earning account every year. Hence last year income adjustment ...

Q: Peaceful Enterprises financial statements for the year ended December 31, 2021 are authorized for is...

A: Adjustment entries after reporting period According IFRS there must some guidelines which are issued...

Q: Liabilities P120,000 Equity, end 80,000 Revenues 250,000 290,000 Expenses 1. How much were total ass...

A: The fundamental accounting equation, also called the balance sheet equation, represents the relation...

Q: Question 21: The income threshold for Additional Medicare Tax levied is based on the Answer: A. age ...

A: Additional Medicare Tax is an amount that is additionally paid by the tax payer contributions to the...

Q: Recording of next year's sales as sales of the current year will Group of answer choices a. underst...

A: Option a is incorrect because recording next year sales as current year sales will understate our ne...

Q: On January 1, 2018, Morrow Inc. purchased a spooler at a cost of $40,000. The equipment is expected ...

A: Depreciation refers to the permanent/fall/decline/decrease in the value of asset pertaining to many ...

Q: 1.Find the Weighted Average Contribution Margin Ratio

A:                In Marginal Costing we arrive at contribution margin by deducting variable costs from...

Q: During your audit of the books of Alarcon Corporation for the year ended December 31, 2021, you disc...

A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and specif...

Q: During year 3, Paul Company discovered tha financial statements were incorrect by the fo

A: The amount which is left in the company after giving all costs and dividends to shareholders known a...

Q: I. When Indirect Materials are requisitioned, the work in process account is debited II. One reason ...

A: Last option is correct that is both statements are true. 

Q: Purchases of P 200,000 in 2021 were recorded as purchases of 2022. What would be the adjusting entry...

A: Lets understand the basics. Adjusting journal entry is required to make to correcting the previous i...

Q: E ratio on the date of the last Treasury Stock Transaction? Net Income after taxes = $353,018 Last...

A: Price earning ratio (P/E) ratio refers to the concept which evaluated the present market value of a ...

Q: How much is her EBIT at the end of the first month?

A: The calculation of EBIT ( Earnings Before Interest and Tax) of Mrs Hiphop is shown hereunder : Total...

Q: Consider country G, which is a closed economy. Suppose that G’s investment is 200, disposable income...

A: In a closed economy, the national income identity is: Y= C+I+G I= Y-C-G (In a closed economy nationa...

Loanable Funds Theory

The loanable funds theory is a neoclassical theory that determines the interest rate where the demand for loanable investments and supply of loanable funds intersect. To determine the interest rate, this theory employs linear regression and a demand curve. At the equilibrium point, demand for borrowings and demand for the issuance of borrowing funds are inextricably linked. This point of equilibrium should equalize demand and the supply of money available for borrowing.