Which of the following information should be disclosed in the summary of significant accounting policies?

Q: The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented her...

A: Statement of cash flow can be known as a statement which helps stakeholders like investors, customer...

Q: According to its original plan, Finch Consulting Services Company plans to charge its customers for ...

A: Revenue is  Flexible budget hours × budget hours × service charge - $128 per hour Variable costs is ...

Q: On January 1, 20x5, Paz acquired 80% of Shey outstanding ordinary shares for P950,000. Paz uses the ...

A: While preparing the consolidated balance sheet, the total assets of the acquired and acquirer compan...

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for...

A: Total cost = Cost per unit * Number of units The question requires purchase cost of goods purchased ...

Q: axed at 25%. Amount Pre-tax Cost Bonds P 3,000,000 1,000,000 4,000,000 8% Preferred Shares 10% Drdin...

A: Weighted average cost of capital is cost of capital considering the weights of different sources of ...

Q: On January 1, 20x1, ABC Co. sold machinery costing P3,000,000 with accumulated depreciation of P1,10...

A: Lets understand the basics. When asset is sold in exchange of non interest bearing notes then amount...

Q: 3. The current assets of Mayon Enterprise consists of cash, accounts receivable, and inventory. The ...

A: Cost of goods sold is the amount of cost for the goods which are sold. It shows the cost for making ...

Q: Bright Limited is considering whether or not to accept a special contract to supply 2,000 identical ...

A: Solution The relevant cost are those which cost which increases / decreases the total cost of carryi...

Q: On January 1, 2017, Song delivers merchandise to Prabu for 250,000,000 Indonesian rupiah when the sp...

A: Foreign currency Translation In foreign currency translation we are using the method of spot rate an...

Q: Micro Tek Inc. is considering an investment in new equipment that will be used to manufacture a smar...

A: Average rate of return = Average annual income / Average investment Where  Average investment = (cos...

Q: A draw bench for precision forming and strengthening of carbon steel tubing has a cost of $950,000. ...

A: Depreciation under straight line method : under this method depreciation is equally charged on over ...

Q: 12.  Novelli's Nursery has developed the following data in order to calculate the lower of cost or ...

A: Given that,  Cost to sell = 10% of the selling price.  So the NRV = sales - cost to sell  

Q: Income statement preparation Adam and Arin Adams have collected their personal income and expense in...

A: Income and expenses statement in personal finance refers to the statement which comprises of all rel...

Q: On Jan. 1, 2021, Gel Co. settled a P 1,000,000 loan by issuing to the lender 10,000 shares with par ...

A: Bonds means an instrument issued by company acknowledging the debt due from company to bond holder. ...

Q: Rooney Company incurred $280,000 of research and development cost in its laboratory to develop a pat...

A: As per Standards on accounting,  Research and development expenditures must be recognized as expense...

Q: q4

A: In this question, we have to find out the most profitable and least profitable direct material. Dir...

Q: Exerclse 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $126.800 and has accumu...

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

Q: Requlred Informatlon Use the following information for the Exercises below. [The following informati...

A: Under unit of production method of depreciation, depreciation allows on the basis of production each...

Q: Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE ...

A: Prepairation of cash flow statement and balancesheet are as follows

Q: E6.8 (LO 2), AP Lisa Company had 100 units in beginning inventory at a total cost of $10,000. The co...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

Q: Which of the following is not an operating activity?

A: ANSWER Option B is correct = payment of cash dividend   Explanation Payment of cash dividend is an f...

Q: Last year, which is used as the base year, a firm had cash of P46, accounts receivable of P132, inve...

A: Common base year: It is the expression in which items of financial statements in a given year is sho...

Q: At the end of the year, two similar companies were in the process of calculating bad debt expense fo...

A: Company A  Uncollectible account expense = Account written off + Estimated ending Balance of Uncolle...

Q: 9. PENNSYLVANIA makes engine additives. Standard costs for a gallon of its major procuct follow, alo...

A: Answer -  I. Material Price Variance -    Particular Amount Actual Cost of Purchases (5.90* 320...

Q: Given the following information in standard costing: Standard 18,200 hours at $6.20 Actual ...

A: Direct labor rate variance is a difference between the actual labor hours at budgeted cost and the a...

Q: Current statements for Millie Company reveal the following: beginning and ending inventory balance ...

A: Lets understand the basics. Days sales in inventory ratio indicates the average time in days that co...

Q: The shares of Exxon are currently trading at $88. A “put buyer" recently paid a premium of $5 for th...

A: Put Seller's Profit is limited to the premium received as the seller of an option doesn't have the o...

Q: The HEYBM CORPORATION presented the following in order to aid the accountant in preparing the CFS: (...

A: 1. Statement of Cash Flow - Cash Flow is the statement prepared by the organization for the purpose ...

Q: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the...

A: Formulas: Double declining depreciation rate = (100 / Expected Life of the assets) x 2 Depreciation ...

Q: At the end of the current year, fees of $4,430 have been earned but have not been billed to clients....

A: ANSWER THE ADJUSTING ENTRY FOR THE END OF THE CURRENT YEAR IS ACCOUNT RECEIVABLE Dr    $4430       T...

Q: A tractor for over-the-road hauling is purchased for $105,000.00. It is expected to be of use to the...

A: Depreciation Expense - Assets is depreciated due to usage, wear and tear and effluxion of time or ob...

Q: If the interest rate is 10% and compounding is semiannual, what series of equal annual transactions ...

A: For this Problem, following step will be performed: Step 1 - First, Present Value of the Cash Flows ...

Q: Sunland Company purchased supplies costing S7030 and debited Supplies for the full amount. At the en...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: On January 1, 2020, Gold Company entered into a 5-year lease of a floor of a building with the follo...

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

Q: Rooney Company incurred $280,000 of research and development cost in its laboratory to develop a pat...

A: A patent is the granting of a proprietary interest to an inventor by a sovereign authority. In retur...

Q: Directions: Complete the table below. The first item has been done 101 List of Accounts Decreased by...

A: Here we are given with different types of accounts. We need to determine what type of account is thi...

Q: 3. What were the company's predetermined overhead rates in the Molding Department and the Fabricatio...

A: Department Plantwide Overhead Rate The department predetermined overhead rate is set at the beginnin...

Q: Layla uses the weighted average method. Which of the following is Layla's cost of October's ending w...

A: Solution:- Given, Work in process, October 1 (45% complete) = 7,200 Units completed and transferred ...

Q: Tableau DA 16-1: Quick Study, Computing equivalent units LO P1 Monsta Cola hires us to help assign a...

A: The answer is stated below:

Q: The total bond interest expense that should be reported by the company for the year 2020.

A: Toledo Inc. has issued bonds of P 80,00,000 on 01.01.2016. The bonds are for a tenure of 25 years wi...

Q: The "Budget" column of a flexible budget report reflects: budgeted costs at the budgeted level of ac...

A: Flexible budget shows the difference between Budgeted cost and Actual Cost The Budget column of flex...

Q: 3. A machine costs PhP 400,000 with a salvage value of PhP 20,000. Life of it is six years. In the f...

A:

Q: Syracuse Metal Works produces two types of metal lampa. Syracuse manulactures 26.000 basic lamps and...

A: Indirect cost allocation:     Basic lamps Designer lamps a Direct manufacturing labor per lamp ...

Q: How can sales clerks employed at Ramona's Clothing use the store's return policy to steal money from...

A: as the both question are different as per the guidelines we can provide answer for 1 question ( firs...

Q: Company XY Sales are 6 800 000 € and fixed costs are 2 400 000 €. Variable costs are 4 284 000 €. Ca...

A: Contribution margin  = Sales - Variabl costs Contribution margin  % = Contribution margin  / Sales

Q: Cite a specific example of non-value added activity that can be eliminated in a particular industry....

A: NVA activities are tasks that do not add to the shape or function of the market. Filing, copying, re...

Q: Held for Trading problem  Barkin Ltd. is a company with a December 31 year end. On January 1, 2007,...

A: journal entry means all record is used record financial  transaction.

Q: 3. What amount should be recognized as gain on reclassification of the equipment in 2023? * Problem ...

A: The correct calculation of the answer is given in the following steps for your reference 

Q: Requirements: Discuss final income tax using the names and amounts given.

A: Final income tax is the amount of tax which is charged on the income such as interest income which t...

Q: QUESTION 7 In computing depreciation, salvage value is a. the fair value of a plant asset on the dat...

A: Salvage Value of an asset is the estimated realizable value from the disposal of the asset at the en...