Which of the following should financial information not be? Group of answer choices Unsubstantiated Reliable Timely Accurate

Q: Catalina Corporation begins the year with a $195 balance in Retained Earnings and a $320 balance in ...

A: Stockholder's equity: It implies to the net assets (assets - liabilities) that have shareholder's cl...

Q: The retained earnings immediately after the combination is!

A: Retained Earnings immediately after the combination includes: a)Parent Company Pre combination Retai...

Q: b. Suppose that Jack also reported income of $8,800 from a half share of profits from a partnership....

A: AGI is an acronym and stands for the adjusted gross income of the taxpayer which is computed when ce...

Q: Catalina Corporation begins the year with a $195 balance in Retained Earnings and a $320 balance in ...

A: Stockholder's equity comprises of common stock and retained earnings balance.

Q: True or False Questions Statements 1. Unlike merchandising companies, income statements of service c...

A: Solution:- 1)Unlike merchandising companies, income statements of service companies include cost of ...

Q: In order to boost the sales of ABC & Co., the board of directors approved a share appreciation plan ...

A: Since the actual sales in the year 2020 are 120 million which fall into the category of 100 million ...

Q: What is the total amount that Bryant Inc. should expense during the year (versus the company capital...

A: 1. Purchased the cost of a patent from another company for $165,500- Patent is an intangible asset h...

Q: Amortization schedule. Principal Repayment [4=2-3] 88,768.32 95,869.79 103,539.37 Beginning Book End...

A: In this question answer is already given but student want to know that how beginning book value is c...

Q: pros and cons of Sarbanes Oxley (SOX)?

A: I am answering the first question out of multiple submitted questions as per bartleby guidelines. Pl...

Q: Dell Company is selling sounds and lights equipment. The company’s fiscal year ends on March 31. The...

A: Bond is a financial instrument which is issued to raise for by the large organizations. Bond offers ...

Q: Oriole Inc is considering one of three options: (1) paying a S0.43 cash dividend, (2) distributing a...

A: Total Asset- Total assets refer to the whole amount of possessions owned by an individual or entity....

Q: On December 31, 2020, Fame Company sold a 12% serial bond issue with face amount of P7,000,000 for P...

A: Bond Payable The main sources of generation liquidity into the business entity to raise the issue of...

Q: On February 28, 2022, P Corp. purchased 80% of S Co's P10 par ordinary shares for P986,000. On this ...

A: Introduction Non controlling interest means stakeholders who have less than 50 % equity and have no ...

Q: Novi purchased ABC bonds on 1/1/22 Data regarding these available-for-sale securities follow Cost MV...

A: The Fair Value Adjustment account represents the difference between cost and market value of availab...

Q: Rahim and Karim undertook jointly to build a house for a company at an agreed price of Tk. 60,000, p...

A: Answer:-  Joint venture definition:- Joint venture is one of the unique type of commercial partnersh...

Q: A partnership began its first year of operations with the following capital balances: Young, Capita...

A: Profit and Loss Appropriation Account is a nominal account prepared for the purpose of distributing ...

Q: A banker is reviewing the bank's current portfolio of outstanding loans based on the following infor...

A: Times interest earned = Earnings before interest and income taxes Interest expense                 ...

Q: Parent Company acquired 15% of Subsidiary Company's common stock for P500,000 cash and carried the i...

A: Calculation of the amount of goodwill to be recognized.  

Q: Subsidiary Company had common stock of P350,000 and retained earnings of P490,000. Parent Inc. had c...

A: Consolidated Net Assets would be calculated as Net assets of Parent Inc. before acquisition plus fai...

Q: Pharoah has 21,200, $4 noncumulative preferred shares issued. It paid the preferred shareholders the...

A: Error in accounting entry can be corrected by either reversing entry which is incorrect and entering...

Q: The partner’s capital (profit and loss ratio in parentheses) of Bob, Dex, Larry, and Rey on February...

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

Q: Dell Company is selling sounds and lights equipment. The company’s fiscal year ends on March 31. The...

A: Warranty is a contract between the seller and buyer of the product. Under the warranty contract, the...

Q: Before preparing financial statements for the current year, the chief accountant for Crane Ltd. prov...

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

Q: Which of the following is true. The firm's ultimate financial goal is to maximize its net income bec...

A: A firm's ultimate financial goal is following 

Q: On January 1, 2019 Pink Corp. sold a machine for $7,400 to slink Corp., its wholly-owned subsidiary....

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

Q: The following data refer to Solaris Power Ltd for the financial year ending 31 December 2021: Sales ...

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

Q: Crane Electric sold $6,240,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January ...

A: Solution: When bonds are redeemed before maturity date, difference between carrying value and redemp...

Q: On January 1, 2020, B Company acquired 80% of A Company’s common stock for Php280,000 cash. At that ...

A: Net identifiable assets: Net identifiable assets include both tangible and intangible assets at the ...

Q: The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Bonita Co...

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...

Q: Bulldogs Inc. wants to analyze its variances in its actual and budgeted operation. There is no diffe...

A: Sale price variance = (Actual sales price per unit - Budgeted sales price per unit) x Actual no. of ...

Q: On January 02, 2021, Parent Corporation purchased 80% of SUBSIDIARY Company's ordinary shares for P6...

A: The correct answer for the above mentioned question is given in the following steps for our referenc...

Q: Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceed...

A: Interest = Loan amount x rate of interest x no. of months in calendar year /12 months Loan Payment =...

Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant n...

A: When liability is created we credit liability account and debit the expense account 

Q: When share options granted vest base on a service condition   Share options outstanding balance at t...

A: What is share based transactions: Share based transaction includes granted shares, share appreciatio...

Q: The ABC Partnership shows the following profit and loss ratios and capital balances of its partners:...

A: Solution: When new partner is admitted in partnership, the partnership is reconstituted. There are t...

Q: Danner Inc. has projected sales to be $100,000 in June, $90,000 in July, and $70,000 in August. Dann...

A: Answer) Calculation of Total cash collections in August    Amount  Collections in August: ...

Q: Assume that the business combination is a pooling of interests. Prepare all journal entries on Pop's...

A: Pooling of interest is an approach that is used for the purpose of reporting the financial transacti...

Q: Z Ltd.has provided depreciation as per accounting records740 lakhs but as per tax records 760 lakhs....

A: Introduction:- Differed tax asset/Liability arises where The difference between taxable income and a...

Q: Parent corporation issued on March 31, 2021 500,000 shares of its P10 par ordinary shares, P40 marke...

A: >Goodwill is an intangible assets. >It is generally recorded when it is 'purchased'. &...

Q: The carrying cost curve and ordering cost curve of Bulldogs Inc.'s inventory intersect at 3,50 units...

A: the concept of economic order quantity for me is applicable where there is ideal order quantity. is ...

Q: Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cash sales. ...

A: Accounts Receivable Accounts receivable is considered to be one of the main sources of revenue which...

Q: The following is a Trial Balance for Ocean Fresh PLC as at 31 December 2018: ...

A: 1. Financial Statements - Financial Statement are the statements that included income statement, Cha...

Q: er 30, 2022, AA decides to retire from the partnership. Net income of the partnership from January 1...

A: ln case of partnership there is agreement between two or more partner to share profit and losses in ...

Q: munication moving in a specific C cilitates task accomplishments. munication

A: Casual communication with another person is known as informal communication.

Q: Prepare the necessary journals for the given transactions 1. Cash paid to Sara BD 600 2. Sold Furnit...

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

Q: her sales reports and records for the months of January through August of the current year.

A: 1. sales calculation Jan = 60000+10%=60000+60000=66000 Feb =50000+10%=50000+5000=55000 March=55000+1...

Q: ly. Thank you :)

A: In this question, we have to calculate the interest income of the third year of the contract.

Q: Mama inc. offered a one-year loan to a customer client. The instrument is a discounted note with a n...

A: Discount rate (D) = 15%

Q: IFA Corporations had Net Income of $7,800,000 and the following information for January 2021 to Dece...

A: In this question, we find (a) Calculate the weighted average shares (to the nearest whole number) at...

Q: Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fa...

A: Factory overhead also called manufacturing overhead,  cost incurred during manufacturing process, wh...