Define the terms assets and liabilities and give examples of each

Q: On Jan, 1, 20X1 ABC Corp sold equipment with a cost of P20,000,000 and accumulated depreciation of…

A: Gain (loss) on sale of the equipment = Cash received + Present value of the Note - Net book value of…

Q: ven below is a list of balances of Raul Raul, a public company, as at 31 December x6. Debit Credi…

A: Financial statement is the statement which is prepared through the company at the end of period and…

Q: Math Corp's checkbook balance on Dec 31 was P27,200. In addition ABC held the following items in its…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: You were assigned to audit the liability accounts of your audit firm’s client Shin Hye Inc. as of…

A: Adjusted balance refers to the closing balance arrived after necessary adjustments are made. The…

Q: The purpose of providing for depreciation in the statement of comprehensive income is to: O a.…

A: Depreciation refers to a decrease in value of asset over its useful life due to factors such as…

Q: Kristopher Corp. reported the following cash transactions in 2021   Land purchased   $500,000…

A: Investing activities includes all investment activities on which either the cash was spent or cash…

Q: The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as…

A: A cash flow statement indicates cash inflow and cash outflow information of a particular time…

Q: explain how to get total cash available

A: Cash available means total cash in the hand of business in order to make payments and keep ending…

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: Melissa, an individual, owns a business and has the following assets in service at the end of 2021.…

A: Total Cost Recovery Cost recovery ratio. Because it is the ratio of fare income to total operating…

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: 17 I: The primary purpose in preparing pro-forma financial statements is for cash planning.  II:…

A: Statement I is False Pro forma, a Latin term that means “for the sake of form” or “as a matter of…

Q: Make a journal entries for the parent company

A: If the consideration paid is lower than the net assets value, then the difference will be treated as…

Q: Susan, a store supervisor, is responsible for creating a summary of the store’s transactions at the…

A: Cash embezzlement is a type of misappropriation to steal the whole or part of cash with the…

Q: An inexperienced accountant for Crane Corporation showed the following in the income statement: net…

A: preparation of comprehensive income statement are as follows

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: nominal interest

A: Compound interest: this is used in case of lump-sum money accumulates in the future if interest is…

Q: true or false: 21) The indivisible reserve of savings and credit cooperatives is NOT covered by…

A: Cosec is an insurance for credit insurance and offers one of the credit control solutions for…

Q: it is not correct!! please make sure you follow all of the steps and answer it correctly. Thank you!

A: The revenue and spending variance is calculated as difference between actual data and flexible…

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: Seconds Fried Chicken bought equipment on January 2, 2018, for $39,000. The equipment was expected…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: On January 1, 2023, the city government provided  Swerte Company a zero interest, P6,000,000 loan…

A: Grants- Grants are financial assistance to institutions that promote some specially designated…

Q: how did you get these numbers ?   Year 2022: Weighted-Average accumulated expenditure Date Amount…

A: Solution: Weighted average accumulated expenditure is determined by = Amount of expenditure * Period…

Q: oOn January 1, 2020, Kingbird Corporation had $2,020,000 of $10 par value common stock outstanding…

A: A log book is used to record a business transaction in an organization's accounting records. A…

Q: Which of the following 1s not an example of an exempt organization?

A: An entity can avail benefit of  tax exempt if : 1.Organization is established for the purpose of…

Q: How did you calculate the all items excluding interest?

A: Cash budget represents the outflow and inflow of cash and takes into consideration the beginning…

Q: Part V. Unearned Revenue On November 1, Luna Repair Shop receives P80,000 from a customer as payment…

A: Adjusting entries are those journal entries which are passed at the end of accounting period for the…

Q: Name three different methods of tracking and costing out inventory.

A: The term inventory refers to both the raw materials utilized in production and the finished…

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: VINCENZO Inc. was formed towards the end of 2020. At the time of formation, the company spent…

A: An intangible asset is an asset that have without physical substance. Examples are patents,…

Q: bBramble Corporation builds in-home theater systems. Bramble’s business is growing quickly.…

A: A journal entry is being used to record a business transaction in an organization's accounting…

Q: Determine the following: 1. Record the adjusting entry for the year December 31, 2020 under the…

A: Adjusting entries are those journal entries which are passed at the end of the period for the…

Q: The cash dividends declaration on December 15 includes a debit to retained earnings of

A: As per our protocol we provide solution to the one question only and you have asked four multiple…

Q: Why "A debit posting of 800 for prepaid insurance was posted to Insurance expense" will have a trial…

A: The Trial Balance is one of the way to find out if any mistakes are made in any of the previous…

Q: An employer maintains pension trust for its employees. The following information are made:…

A: Only current year service costs are deductible.

Q: 4. Using the activity-based product costs as the standard, comment on the ability of departmental…

A: 1. Calculation of overhead cost per unit for each product using a plantwide rate based on direct…

Q: Make a calculation comparing the consideration given against the book value of the consideration…

A: Net Consideration = Net assets acquired - liabilities

Q: Gulay ni Marites Vegetables Shop Income Statement For the year ended Dec 31, 2022 Net Sales…

A: Vertical analysis: It is a method of analyzing the financial statement in which each item is shown…

Q: Batik Company presents the following summarized balances of its projected 2021 balance sneet:…

A: calculation of external fund batik company needs are as follows

Q: E. All of the above

A: Lobby in accounting refers to the decision by the interested parties to influence the rule-making…

Q: How did you get to the 65,000? What number do you add or subtract?

A: Selling price for special order = $50 - 16% = $42 Fixed manufacturing overhead & Fixed selling…

Q: Chapter 5: Process Costing Megan's Classic Cream Soda makes delicious old-fashioned cream soda which…

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

Q: Inc. has additional cash available for investment and considers replacing the old factory equipment…

A: Present problem is required to be solved by using the net present value method Net present value…

Q: Frank Corporation manufactures a single product that has a selling price of S30.00 per unit. Fixed…

A: Formula used: Units to be sold to earn a target profit = ( Fixed cost + target profit ) / Unit…

Q: What does an Income statement tell about a business?

A: The income statement is a summary of a company's financial performance over a certain time period.…

Q: Chase Corporation has $7,500,000 of 5 percent, 10-year bonds dated January 1, with interest payment…

A: A bond payable's sustaining value is another word for the book value of a bond payable. Bond payable…

Q: What are the four major evidence decisions that must be made for every audit?

A: In general term, audit is type of process to check reliability. It is done to check whether the…

Q: Assume the bonds are issued for $6,940,000 on January 1 to yield an effective interest rate of 6…

A: Interest Payments  Interest payments on government debt, such as long-term bonds, long-term loans,…

Q: Determining whether an amount is of a capital or a revenue nature forms part of the subjective test.…

A: The capital nature amount means the amount by which the company receives the amount. The capital…

Q: Question 4 Mr Johnson has just retired at 65 with a defined contribution pension pot £125,000. He is…

A: Annual Pension of Mr. Johnson will be as follows :  At the age of 65 years,  If the pension pot of £…

Liquidity Risk Exposure

Answer: c