Statement I: In the absence of any agreement, the profit or loss must be divided among the partners equally. Statement Il: Permanent withdrawals are made by the partners in anticipation of future share in the profit. O Only Statement II is correct O Both statements are correct O Only Statement I is correct O Both statements are incorrect
Q: tatemernt 1 : In the case of corporate liquidation, stockholders must be paid first followed by the ...
A: In case of a corporate liquidation a company follows liquidation preference which is essentially a c...
Q: The Product: The Company’s only product is soft cookies, of which it makes over 50 varieties. Larg...
A: The company's goal is to provide a pristine, no-preservation product while employing all cost-effect...
Q: how do auditor gather audit evidence during the period of covid 19 ? 700 wor
A: Public health initiatives to combat the coronavirus (COVID-19) epidemic have thrown business functio...
Q: BTS, Inc. has adopted a new accounting system for measuring the value of its inventory from weighted...
A: Lets understand the basics. There are two types of changes happens in the accounting which are, (1) ...
Q: The Directors of Caln Ltd has asked you how the following wi be treated in the financial statements ...
A: We know that As per IND AS 10 i.e. Event Occuring after the balance sheet date are those event which...
Q: Problem a: Using the list of transactions below, provide all necessary journal entries for the Fund...
A: Fund accounting is an accounting that requires limited use of funds. The limitation on the use is im...
Q: Cash 11 6,530 Accounts Receivable 12 2,100 Prepaid Expenses 13 700 Equipment 18 13,700 Accumulated D...
A: Owners' equity is a part of financial statements. It indicates the investment balance of the owner.
Q: LEQUIRED: ) Determine the amount assigned to equity on January 1,2020. ) Compute the amount charged ...
A:
Q: Knight Ltd makes four products, A1, B2, C3 and D4, and has produced the following: C3 1,800 A1 82 D4...
A: A) If the company produces units demanded A1 B2 C3 D4 Total Labour hours required ...
Q: 36 Statement I: In cases wherein the net free assets are greater than the unsecured claims, the dif...
A: Liquidation means where the company affair has been closed and payment is made to the outside liabil...
Q: either the word "debit" or the word "credit." A. The Bank account normally has a B. A revenue accoun...
A: Debits and credits seem to be the opposite aspects of an accounting journal entry. Whenever accrual ...
Q: Marlin Motors sells a single product with a selling price of $350 with variable costs per unit of $1...
A: Contribution margin per unit has been calculated as follows: Contribution margin per unit=Selling pr...
Q: Theisens Farm & Auto had accounts receivable of $20,900 at the end of the first year of operations. ...
A: The adjustment entry are as follows.
Q: a. Given the debtor's collection period, stock days on hand and creditors payment period for 2020 ar...
A: We know the basic formula to calculate the average collection period = Number of Days in One years /...
Q: During March 2022 Nape Co. used P300,000.00 of direct materials. At March 31, 2022 Nape's direct mat...
A: Direct materials seem to be those substances and consumables which are directly associated with outp...
Q: Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. ...
A: A partnership seems to be a type of firm wherein two or more people co-own a firm and decide to spli...
Q: a. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, a...
A: Depreciation is the amount of expense which is recorded on the income statement of the company which...
Q: he following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ i...
A: Krafty Foods Balance Sheet December'31, 2021 Assets Current Assets: (Millions) (Millions) ...
Q: 8.You are working for a small specialty catalog retailer. You sell high-end outdoor equipment, speci...
A: Customer acquisition seems to be the process of attracting new consumers or persuading individuals t...
Q: Other data: 1. Supplies on hand revealed at 31, December $300. 2. Prepaid insurance was paid on 1 Ju...
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The to...
A: In construction project revenue shall be recognized on the basis of precentage of work compelete.
Q: Statement 1: Government owned and controlled corporations are taxable on their income as such. State...
A: Here consider the fact of tax liability which are incurred with the Philippines government owned and...
Q: es to private 1,680,000 90,00 tities
A: VAT is Value Added Tax charged in the Phillipines @ 12% rate on ...
Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment 4. ...
A: 1. Asset - These are the resources which are owned by the company from which it derives future econo...
Q: Magenta Company received an invoice of $20,950 for catering services at their annual company picnic....
A: The term n/30 refers to a payment period which means magneta company has a 30-day length of time to ...
Q: Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $187,000 and appropri...
A: Accounting for investment Investment accounting generally takes place when money is paid for an inve...
Q: Cycling Corporation identified the following budgeted data for this year. The company produces two t...
A: Predetermined overhead rate: Predetermined overhead rate is calculated before the period begins. Thi...
Q: On July 1, 2022, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both ...
A: In the books of sandbill company
Q: 28. On February 14, AA and BB formed a partnership and contributed the following assets at histo...
A: Partnership is one of the form of business organisation under which two or more than two persons inv...
Q: The Accounts Receivable account has a beginning balance of $48900 and an ending balance of $69600. I...
A: Accounts receivable is the money due for the credit sales and the amount not yet received.
Q: ariel owes P30,000 in 5 months with interest at 7% and another P14000 is due in 11 months with inter...
A: Solution Given Amount due in 5 months (7% interest) 30000 Amount due in 11 months (9% inte...
Q: Required: 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" ...
A: Vertical analysis is done to determine the change in line items with respect to the other line item....
Q: n January 1, 2022, Cai Ltd. issued a 10% convertible bond at par, with a face value of ¥100,000, mat...
A: Journal entry is the primary reporting of the transactions relating to business in the books of acco...
Q: Q 2 (12 marks) Gideon Corp. is a reinsurance and financial services company. Gideon strongly believe...
A: As you asked a multi part questions, as per our policies we will answer the first 3 part, if you req...
Q: Required: 1. Prepare the entries to adjust and close books of AA and BB. 2. Prepare the opening en...
A: On September 13, 2016, AA and BB decided to combine their assets and form a partnership. The partner...
Q: Jasola Company uses direct method in allocating service department costs to producing Exercise 5-11 ...
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base a...
Q: Total prime costs for the year are: Total conversion costs for the year are:
A: Total prime costs 432000 Total conversion costs 252000
Q: Newport, Inc. used Excel to run a least-squares regression analysis, which resulted in the following...
A: Regression analysis seems to be a statistical tool for analyzing and comprehending the connection be...
Q: Required information [The following information applies to the questions displayed below.] Clyde is ...
A: Gross income is the total amount of payments received to an employee in the form of salaries and wag...
Q: Statement I: In cases wherein the net free assets are greater than the unsecured claims, the differe...
A: Liquidation means where the company decide to close out the operations , sell all the assets and pai...
Q: Which of the tollowing methods can be used to estimate the amount of variable consideration? 1Expec...
A: As per Accounting standard on Revenue recognition ASC 606 for determining the amount of variable con...
Q: Define the concepts of Dept capacity and Unused debt capacity? and if unused debt capacity was negat...
A: Debt Capacity: In general terms, it is the amount of debt that a business can incur and repay it as ...
Q: The following information is available for the first year of operations of Creston Inc., a manufactu...
A: Direct material cost refers to the cost of the materials used in the production process that are in ...
Q: The following accounting records show information regarding the debtors of funky tunes; Cash receip...
A: Accounts Receivable It is important for the business entity to manage the receivables which are trea...
Q: At beginning of July 2021. Idah & Faith (IF) Co had 25 microwave ovens in inventory costing of
A: FIFO is first in first out method of inventory valuation. In this method the o...
Q: Acquisition of Cats Rule: On January 1, 2019, Buddy Dog Food Company acquired Cats Rule Food Company...
A: Consideration paid is the amount of cash or other assets exchanged in the event of one company acqui...
Q: Tyler Guitars makes acoustic and electric guitars. It is struggling to determine the profitability o...
A: The contribution margin is excess of selling price over variable cost. In case, the capacity is limi...
Q: Explain briefly how these factors can influence the adoption of IFRS by a country. Extent of econom...
A: IFRS stands for International Financial Reporting Standards are the accounting standards which are s...
Q: 45.5A Developing Ltd has an authorised capital of 50,000, 10% preference shares of £1 each following...
A: Working notes 1) Developing Ltd. Statement of changes in equity for 2013 Particulars Amount EUR A...
Q: Belle Company reports the following information for the current year. All beginning inventory amount...
A: Net income is the amount earned by an entity after deducting the expenses from the revenues.
Step by step
Solved in 2 steps
- Payoff from entering into a forward contract does the buyer have more to gain going long than the seller has to lose going short, profits if the price of the underlying at expiration exceeds the forward price and/or gains from owning the underlying versus owning the forward contract are equivalent? Explain why one or more of the options above are correct. and why, if any of the remaining options are incorrect.Which of the following statements is true?a. In an interest rate swap, the principals are exchanged between the two partiesb. The sum of a MNC's transaction exposure, operating exposure and transaction exposure is the MNC's economic exposurec. In a two-party interest rate swap agreement, we can definitely concluded that both parties will benefit from the agreementd. More than one of these statements is true. Answer and explain your choice. Typed answer please. I ll rateThe following statements relate to derivatives. Which of the following is FALSE?a. Swaps may have cashflows as its underlying assets.b. Options allow the buying party to pay a price for a chance to buy or sell the underlying asset .c. Futures are forward commitments.d. Futures and forwards may be contingent claims wherein the contract can be cancelled upon the agreement of both parties.
- Which of the following is true about forward contracts? a. The party that agrees to buy the asset is said to be in a short position. b. The party that agrees to sell the asset is said to be in a long position. c. The specified, fixed price in the contract is known as the forward rate. d. A forward contract requires an initial deposit of funds with the transacting broker.5. Changes in the fair value of the effective portion of a hedging financial instrument are recognized as a part of current earnings of the period for which of the following? Cash Flow Hedge Fair Value Hedge a. Yes Yes b. No Yes c. Yes No d. No No Multiple Choice a. b. c. d.4. Which of the following would be considered a key difference between a forward contract and a futures contract? (a) One clearinghouse is the counterparty to all forward contracts. (b) The owner of the forward contract receives cash flows from the underlying asset between contract origination and delivery. (c) Futures contract is marked to market regularly, while a forward contract is not. (d) Only forward contracts can be set up as cash settlement contracts. 4
- ? Which of the following is NOT true. An options contract is a contractual agreement between two parties. is based on the value of an underlying security. obliges the holder to exercise it at the expiration date. gives a trader the right to buy or sell the underlying security.All parties involved in a swap will benefit from the creation of a swap arrangement. a. True O b. Falsewhich one is correct please confirm? Q4: Options are contracts that give the purchasers the option to buy or sell an underlying asset the obligation to buy or sell an underlying asset. the right to hold an underlying asset. the right to switch payment streams.
- Statement 1: Liabilities are present obligations that represent both legal and constructive obligations.Statement 2: All trade payables regardless of the expected timing of settlement are always classified as current. a.True, True b.False, false c.False, True d.True, FalseCharges in the fair value of the effective portion of a hedging financial instrument are recognized as a part of current earnings of the period for which of the following? Cash Flow Hedge Far Value Hedge a b с d yes no yes no yes yes no noTrue or False: When a forward contract is settled in cash, the short side of the contract must pay money when thefuture realized price at the expiration of the contract is low.