Which of the following is correct

Q: On January 1, 2016, Mary Co. issued its 10% bonds in the face amount of P 1,500,000 which mature on ...

A: A bond is a fixed-income investment vehicle that represents an investor's obligation to a borrower (...

Q: ptual Framewor

A: A conceptual framework is a written or visual representation of how variables should interact. Varia...

Q: Krawl Company uses a job order cost system. The following data summarizes the operations related to ...

A: preparation of schedule of unfinished job and and schedule of completed job are as follows

Q: Haribo has manufactured gummy bears, since 1920. Those bears are currently made in 16 plants around ...

A: From the production process description provided, at what point do you think most of the direct mate...

Q: . Taxpayer incurred the following for the taxable period: Supplies purchased P80,000 Supplies used 2...

A: Under Cash basis, expenses shall be Deductible only when actually paid. Amortization and unpaid  exp...

Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...

A: journal entry of above transaction are as follows

Q: Edward Foster is a building contractor. He and his customer have agreed that he will submit a bill t...

A: Solution Revenue is the total income which we generated after sale of goods and services which is re...

Q: A corporation has a taxable income of $2,282,175.  At this income level, the federal income rate is ...

A: Tax- Individuals, businesses, estates, and trusts pay federal and state income taxes on a chargeable...

Q: On January 1 of the current year, Yellow Company purchased 40% of the outstanding ordinary shares of...

A: Reported income: The investor's portion of the joint venture's earnings and losses is included in th...

Q: An equipment cost P5523,602 and has an estimated life of 18 years. Solve for the depreciation using ...

A: Under Double Declining Balance method of depreciation, the depreciation is calculated using double t...

Q: Citricacid plc budgets during its first year of operations to produce and sell 38,160 litres of prod...

A: Total Units Produced = 38400 + 960 = 39360 units Total Budgeted Variable Cost of Production = 3.54*3...

Q: Dow Deep Mining Co acquired mineral rights for $56,000,000. The mineral deposit is estimated at 70,0...

A: Depletion rate per ton = 0.8 Depletion expense = 14,560,000

Q: During 2016, Royal Corporation issued at 105, two hundred of its 8%, P 1,000 bonds in ten years. One...

A: Bonds: Bonds are one of the tradeable security in the stock market that provides fixed rate of inter...

Q: • June wants to sell her car which was purchased for RM 120,000 after using it for 4 years. The resi...

A: Depreciation is the estimated expense charged to income statement for the usage of capital asset in ...

Q: At 31 October 2006 Zaid owed his suppliers $13,856. During the year to 31 October 2007, his payments...

A: Formula: Ending Credit purchases = Ending payables + Payments during the month - Beginning payables

Q: Ada Company owns and manages apartments. On signing a lease, each tenant must pay the first month an...

A: Given, Cleaning costs of Php15,000 per apartment. About 30% of the time, the tenants are also charge...

Q: Problem 10-1 On January 1, 2019 Crampton Company acquired land on which to construct a new distribut...

A: PPE ie. Property, Plant, and equipment is the name changed for assets by IFRS 16. As per this IFRS a...

Q: Box Springs, Inc., makes two sizes of box springs: twin and double. The direct material for the twin...

A: Lets understand the basics. For calculating cost per unit, we will need to use below formula. Cost p...

Q: In computing the taxable gross income of a taxpayer engaged in business and/or profession, what is d...

A: When taxable income from business and profession is calculated, the already determined net operating...

Q: State and local governments are accountable to much more than private investors. They are accountabl...

A: Comprehensive Annual Financial Report (CAFR): Using GASB criteria, a Comprehensive Annual Financial ...

Q: On January 1st, XYZ Co. prepays $1,500 for one year of prepaid insurance. What is the amount of insu...

A: Formula: Monthly insurance expense = Total prepaid insurance / 12 Months

Q: Asters Co. uses a job order cost system. The March. Journalize the entries to record the su a. Mater...

A: A Journal entry is a primary entry that records the financial transactions initially. The transactio...

Q: Willow Clinic bases its budgets on patient-visits. During October, the clinic plans for a level of a...

A: Total variable cost changes with the number of patient visits. Total fixed costs remains same irresp...

Q: What is the process for developing a budgeted balance sheet?

A: The budgeted balance sheet is a report that a firm uses to examine the estimation of assets, liabili...

Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of ...

A: Formula: Interest expense = Loan Amount x Interest rate x Time period

Q: ow they are reported. What are the disclosure requirements for correction of errors.  Please see FAS...

A: Accounting Errors : A non-fraudulent inconsistency in financial documents is referred to as an accou...

Q: Inspiration Company had trading and nontrading investments held throughout 2021 and 2022. The nontra...

A: Statement of changes in equity:- It is the statement that measures the changes in owner's equity thr...

Q: SBD Phone Company sells its waterproof phone case for $90 per unit. Fixed costs total $151,200, an v...

A: A break-even analysis seems to be a quantitative tool that assists a business in determining the sta...

Q: per unit, fixed manufacturing overhead costs total $185,000 per month, and fixed selling costs total...

A: The impact on income from closing the plant would be the loss in contribution margin for the 9,000 u...

Q: On January 1, 2020, Soledad Company purchased 10% bonds with face amount of P3,000,000. The bonds ma...

A: Profit or loss on reclassification  is the difference between the revised carrying value and amortiz...

Q: REQUIRED: • Statement of Comprehensive Income

A: Comprehensive Income The purpose of preparing the statement of comprehensive income to know the net ...

Q: nal leave pa 10 VL is de IS

A: Given:

Q: 30 Which of the following are some of the defining characteristics of total quality management? . O ...

A: total quality management is such management approach that places emphasis on continuous improvement ...

Q: Problem On January 1, 8021, Flexible Company acquired for P5.241,600 the entire PB,000,000 12% bond ...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: Bramble Company purchased equipment for $15600 on December 1. It is estimated that annual depreciati...

A: There are three golden rules in accounting for recording the transaction : Debit what comes in , C...

Q: Assume that a company makes only three products: Product A. Product B, and Product C. Currently, the...

A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base a...

Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of ...

A: Interest payable is the amount which is due but not yet paid. Every year end an adjustment entry is ...

Q: At the beginning of Year t, Copeland Drugstore purchased a new computer system for $170,000. It is e...

A: In accounting, depreciation seems to be an indirect and explicit expense incurred by a corporation e...

Q: Which of the following best describes a Joint-Product? a) It is the expected loss in the efficient ...

A: When two products are manufactured in such a way that they cannot be manufactured without each other...

Q: DEFINE AND INDICATE TYPES OF DUMPING.

A: Dumping: Dumping refers to the reduced price of the products at which price the exporters exports go...

Q: Carla Vista Company has the following information available for September 2020. Unit selling pric...

A: Cost Volume Profit Analysis - Cost Volume Profit is the method of computing operating profit by bifu...

Q: X derived the following income in 2020, choose A if the income is subject to regular income tax, B i...

A: Capital Gain on the Sale of stocks directly to Buyer : p 30000   Ordinary gain on sale of old of...

Q: Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing m...

A: Under FIFO Method, units which comes in first will be sold first and the inventory will be out of th...

Q: Inspiration Company had trading and nontrading investments held throughout 2021 and 2022. The nontra...

A: Calculation of unrealized gain or loss are as follows:

Q: Draw a ( Ledgers ) for all transactions please. ASSIGNMENT PRINCIPLES OF ACCOUNTING (BAAC 1102) Give...

A:                         a) CASH   Date Description Debit Credit Balance   1-Apr Hilal, Capit...

Q: Mohave Corp. is considering outsourcing production of ht eumbrella tote bag included with some of it...

A: Calculation of above requirement are as follows

Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: What direct labor costs are likely to be incurred in the production of gummy bears?

A: Direct costs refer to the costs that are directly correlated with the production process.. 

Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year roun...

A: Level of Units = (Total Fixed Cost + Total Net Income)/ Contribution margin per unit where Contribut...

Q: An analysis of the transactions of Canary Cola Inc. yields the following information: service revenu...

A: Formula: Net Income = Service Revenue – Expenses Net Income = Service Revenue – (Supplies Expense + ...