Why is it necessary to evaluate the attributes of audit evidence? Explain

Q: A promise to buy "all the oil I need to heat my shop this winter" recites valid consideration.  True…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Top management is trying to determine which would be the best choice of the following   investment…

A: Lets understand the basics. Return on investment indicates how much operating income is generated by…

Q: When the account property, plant and equipment are presented in a statement as 20% of the total…

A: Balance sheet is the statement of financial position of the business, which shows all assets,…

Q: Supreme Hardware Store completed the following merchandising transactions in the month of May. At…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Under the installment method of liquidation, the partner with least cash priority is

A: Liquidation is the process through which the company or the partnership business liquidates the…

Q: an IS O a capital or a venue nature forms part of the subjective test. elect one: True False

A: Accounting concepts/ conventions and principles are the guidelines for taking various accounting…

Q: Toni asked Adler, a real estate broker, exclusive agency to sell her farm house, and promised to pay…

A: Alder is not entitled to receive any commision because toni had found the buyer and made the…

Q: During 2021, ABC Co. purchased intangible assets and debited them all to "Intangible assets".…

A: (a)

Q: A Pirate's Life for Me, Inc. has been doing business for years in New York State providing boat…

A: Here to discuss about the details of the tax implication and which are come from the single sales…

Q: The bill of exchange written by W states that BPI Family Savings Bank will get the reimbursement of…

A: A written order or promise by the maker of the document to pay a specified sum of money to some…

Q: TION 7. Following bala E BEE Ltd. : 4,50,00 3 49.16 s at cost

A: Statement of Profit and Loss: This is one of the financial statements which represents the current…

Q: Flexible Budget will show   a. Budgeted Sales Volumes at the original Budgeted Unit Costs   b.…

A: The flexible budget is used to find the revenue and spending variance as the difference between…

Q: B00,000.00 5,000,000,00 900,000.0 300,000.00 1,500,000.00 350,000.OC

A: Taxable income is the income which is calculated by adding income from all sources and exempted…

Q: 4. On January 1, 2022, Generous, Inc. leased two automobiles for executive use. The lease requires…

A: The amount of the lease liability is recognized on January 1, 2022. Journal entry

Q: Top management is trying to determine which would be the best choice of the following   investment…

A: Residual income can be calculated by deducting return on investment from operating income.

Q: um rate of return o

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

Q: Prepare the following: Post-closing Trial Balance

A: The question is related to Trial Balance. Trial Balance is the third stage of Accounting. After…

Q: On 7/1/20 the client sends you a copy of check #111 for payment to Sally's Lawn Care for $500.00.…

A: It is a cloud-based accounting software that offers on-premises accounting support along with cloud…

Q: A term that refers to a situation where the revenue function is equal to the cost function.

A: Revenue function and cost function are two important terms used in cost volume profit analysis.

Q: ACC 110 PROBLEM 6 -5B Multiple-Step Income Statement and balance sheet The following selected…

A: The income statement has numerous subtotals in the multi-step income statement. This arrangement…

Q: In a Master Budget, where the overhead allocation rate is based on direct labor hours, the…

A: Manufacturing overhead means all type of indirect costs being incurred on the production and…

Q: .  Which of the following statements is incorrect? Group of answer choices the responsibility for…

A: The question is based on the internal control system of an entity to safeguard its assets from…

Q: A department store paid $51.23 for a wine set. Overhead expense is 24% of the regular seling prce…

A: The Operating Profit is the excess of Sales Revenue over Operating Expenses and Operating loss if…

Q: Assume that on December 31, 2019, Kimberly-Clark Corp. sgns a 10-year, non cancelatie lease…

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

Q: Lab Company's targeted ending inventory is ₱250,000. Its forecasted sales is ₱980,000 and has a…

A: Budgeted purchase equal to cost of goods sold plus ending inventory minus beginning inventory…

Q: ABC Corp accounts receivable, beginning and ending balances were P80,000 and P100,000, respectively.…

A: Credit sales = Ending accounts receivable + Write offs + Collections - Beginning accounts receivable

Q: Hendrickson Inc. ended the current year with Revenues of $245,459 COGS of $123,492 Wage Expense of…

A: Net profit = Revenues - COGS - Wage expense = $245,459 - $123,492 - $52,770 = $69,197

Q: Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:     Skis…

A: Using lower of cost or net realizable value rule, the inventory is valued at lower value among cost…

Q: Horton Stores exchanged land and cash of $5,000 for similar land. The book value and the fair value…

A: Introduction: The book value of a firm is the amount of money that shareholders would get if assets…

Q: ccounting standards for each country differ due to the unique environments that have developed over…

A: It is true that each country has its own set of requirements (including cultural factors) which…

Q: 23. TRUE or FALSE: Partnerships are tricky and are sometimes difficult to know if one exists. Group…

A: A partnership firm is a firm wherein two or more persons come together and form a joint partnership…

Q: An asset was acquired on October 1, 2021, for $101,000 with an estimated five-year life and $21,000…

A: Lets understand the basics. In unit of production method, depreciation is calculated based on the…

Q: Howard's Supply Co. suffered a fire loss on April 20, 2021. The company's last physical inventory…

A: Inventory is considered as current assets of the company. It is considered as most valuable asset as…

Q: 48.ABC Corp sold goods with a list price of P100,000 on terms of 10%, 3/10, 1/15 n/30. Based on…

A: The highest cash discount possible is 3%.

Q: show solution and final answers ASAP Thank you. INSTRUCTION: Compute the missing amounts in the SCE…

A: Under statement of owners equity, any additional investment and net income earned will increase the…

Q: February 1, 2022 to its ten shareholders. The following fair value less cost to distribute of the…

A: A company may distribute dividend in cash, kind or in form of it's shares which affects it's…

Q: 35. Shown below is the bank reconciliation of ABC Corp for may 31, 20X1: Balance per bank, May 31…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: On Jan 1, 20X4, ABC Corp sold goods and receive a P400,000 non-interest bearing note due on Jan 1,…

A: Interest on the Note = Present value of the Note x rate of interest x no. of months / 12 where,…

Q: Elna Company provided the following information for 200B: Sales 3,000,000 Purchases 1,900,000…

A: Price index shows increases of prices from one year to another year. This helps in calculating…

Q: issue of shares for cash

A: Solution: Cash receipt journal is used to record all type of cash receipts by a buisness.

Q: The total amount to be reported as cash and cash equivalent is;

A: cash and cash equivalents include cash , time certificate deposit , cash restricted for bonds…

Q: MORGAN Merchandising is preparing its Production Budget for the 3rd Quarter of 2020. Its Sales…

A: Lets understand the basics. Management prepares master budget and various budget based on activities…

Q: Complete the columns to show the effect of the following transactions:   Transaction Asset…

A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…

Q: How did you get those numbers?

A: For question "A" Preferred stock are non cumulative.  Thus dividend  will be paid maximum to the…

Q: d. Double Declining Balance Method. BVs=P26,214.40 e. Sum of the Years Digit Method. BVs=P25,454.55…

A: Explanation of the concept In the present problem, we need to calculate the depreciation as per the…

Q: The following information are available for ABC Corp at Dec 31: Cash in BDO, P100,000 (compensating…

A: Cash and Cash Equivalent It is important for the business entity to segregate the Cash and Cash…

Q: What is a trial balance?

A: A business wants to ensure that the proper posting of account balance from journal to ledger is…

Q: ram. A towel is offered as a prer tance of P25. Distribution cost is ching the market will be redeem

A: Given Information: Remittance of P25 Distribution cost = P10 per towel Data for 2020 : Facial soaps…

Q: On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate…

A:

Q: Lab Company's targeted ending inventory is ₱250,000. Its forecasted sales is ₱980,000 and has a…

A: Cost of sales = ₱980,000 x 68% = ₱666,400