following is not a requisite of ‘object’?
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: 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: 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: Catalina Corporation begins the year with a $195 balance in Retained Earnings and a $320 alance in C...
A: Stockholder equity includes number of outstanding shares ,retained earning and additional common sto...
Q: On July 1, 2016, Rotan Corporation paid $72,000 cash for a three year insurance premium. What adjust...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Pueblo Company sells a product for $88. Variable cost is $32. Pueblo could accept a special order fo...
A: Solution:- Given, Pueblo company sells product for = $88 Variable cost = $32 Pueblo could accept a s...
Q: Most home insurance policies cover jewellery and silverware for a limited amount unless items are co...
A: Amount not covered=Stolen Worth-Total Claim
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: Chuck, a single taxpayer, earns $76,600 in taxable income and $11,700 in interest from an investment...
A: Marginal tax rate is the rate charged on taxable income for every additional dollar earned. In this ...
Q: Exercise 7-11 (Algo) Unearned revenues—customer deposits LO 3 Skip to question [The following inf...
A: Journal Entry The basic process of accounting work is to journalize the required transaction into de...
Q: ABC Corporation declared 25% bonus issue to its ordinary shareholders on December 31,2021. As of thi...
A: Number of bonus shares = Existing shares outstanding× Bonus percent = (P 5000,000/P50) ×25% = 25000 ...
Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume t...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: You are given the following data. Calculate the VAC (Variance at Completion) for two scenarios as li...
A: Variance at completion (VAC) is the difference between the Estimate at completion [EAC] and the budg...
Q: In the event of payroll fraud, discuss the suggestion that the human elements of control systems are...
A: Employee payroll fraud is a complex problem for small company owners in the United States. The proce...
Q: XYZ manufactures a computer stand. It has fixed costs of $600,000 and each stand sells for $90, with...
A: Formula: Contribution margin = Sales price - variable cost
Q: Michelle Hamilton and Bill Rossi decide to form a partnership. Hamilton invests $36,300 cash and acc...
A: Solution:- Preparation of the necessary journal entries to record the formation of the partnership a...
Q: Jason is a 50% partner in Shadow Lake Partnership. Jason's tax basis in Shadow Lake on January 1 was...
A: A partnership firm seems to be a type of business wherein two or even more partners agreed to split ...
Q: A fre wiped out Paine Paper Company's Inventory The insurance company will accept an estenate using ...
A: calculation of cost of ending inventory using retail method Particulars Cost Retail Beginning ...
Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume t...
A: Income statement: The income statement shows the company's revenues and expenses earned during the p...
Q: Gosens Company began operations on December 1, 2020. Presented below is selected information related...
A: Solution.. Service Revenue = $135,000 Rent expenses = $22,000 Utilities expenses = $23,000 Main...
Q: The non-controlling interest in net assets of a partially owned subsidiary is: a. Increased by the ...
A: Non controlling interest refers to having least interest or minority interest. They are the type of ...
Q: Amount Percent Amount Per $ 148,000 100.00 S 148,000 10 88,800 60.00 44,400 34
A: MOS is the dollar amount in which actual sales volume exceeds the break-even sales volume. The margi...
Q: Which of the following is not a way in which banks lend short-term unsecured loans? a. Through credi...
A: Option D
Q: Bulldogs Inc. deals with various clients throughout the city and is attempting to collect its accoun...
A: Total receipts=Daily receipts×Average amount=300×P5,000=P1,500,000
Q: Subsidiary Company had common stock of P350,000 and retained earnings of P490,000. Parent Inc. had c...
A: Following the acquisition method for business combination , consolidated net assets of an entity is ...
Q: On January 1, 2022, P Company acquired 80% of S Company for P2,000,000. The fair value of identifiab...
A: Working: Unsold merchandise shipped from P at cost = P50,000/125% = P40,000 Unrealized profit on abo...
Q: The shareholders' equity section of PRAY Corp. on December 31, 20x1 appeared as follows: Preference ...
A: Unappropriated Retained Earnings Unappropriated Retained earning which is described as the amount wh...
Q: How much is charged to Retained Earnings? a. 1,250,000
A: 1. Meaning of Bonus shares: Bonus shares means additional shares issued to existing shareholders wi...
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: Mike Flannery holds the following portfolio: Stock Investment Beta A P150,000 1.40 B 50...
A: Answer) Calculation of Portfolio Beta Stock Investment Weightage Beta Weighted Beta...
Q: The condensed balance sheet of C Company as of December 31, 2020 is shown below: On January 1, 2...
A: Business combination refers to the combination of transaction or event under which the investor enti...
Q: Question 4 of 4 -/2 View Policies Current Attempt in Progress Maple Leaf Foods Inc. reported the fol...
A: Solution.. Net Accounts receivable = Gross accounts receivable - allowance for Doubtful Account...
Q: Catalina Corporation begins the year with a $195 balance in Retained Earnings and a $320 balance in ...
A: Stockholders' equity represents the amount of funds remaining with the entity after payment of all t...
Q: A week before the expiration of the period, Aki told Jannie that she is no longer willing to sell th...
A: The answer for the multiple choice question and relevant explanation are presented hereunder : Aki o...
Q: Bulldogs Inc. currently fills mail orders from all over the country and receipts were received in it...
A: Introduction:- The following basic information as follows under:- Particulars Amount Average ac...
Q: 13,655 units/year and
A: Given as, Batch Size (Q) = 795 units Production rate = P = 13,655 units / year
Q: The sales and cost data for two companies in the transportation industry are as follows: X Com...
A: Formula: Break even sales value =Fixed cost / Contribution margin ratio
Q: Bulldogs Inc. has sales of P3,000,000. Its credit period and average collection period are both 30 d...
A: Note : while computing incremental profit it has exclusive investment cost on receivables such as op...
Q: It is assumed that the Cost of equity and rate of return are both constant under Walter’s Model of D...
A: Option C is incorrect because when the Cost of Equity and the Rate of Return are both equal then the...
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: ABC Corporation declared 15% bonus issue to its ordinary shareholders on December 31,2021. As of thi...
A: No. of shares outstanding = ordinary share capital account / Par value per share No. of shares issue...
Q: The following financial information is available for Sheridan Ltd. as at December 31 (in thousands, ...
A: Profit available to common stock holders= Profit- Preference dividend EPS= Profit available to commo...
Q: What is commercial risk?
A: In financial terms, risk is defined as the possibility that the real profits from an outcome or inve...
Q: NEKO Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cash sa...
A: Calculation of days of sales outstanding = 30% x 20 = 6 days Calculation of credit sales = Tot...
Q: Which of the following about gross profit variance analysis is most correct? * Gross profit variance...
A: A gross profit analysis involves comparing the gross profit for the period being reviewed to either ...
Q: Whirly Corporation's contribution format income statement for the most recent month is shown below S...
A: Solution 1: Contribution Margin income Statement (7650 units) Particulars Total Per unit Sale...
Q: What is fiat money?
A: ANSWER FIAT MONEY IS A TYPE OF MONEY WHICH IS ISSUED BY GOVERNMENT AND SUCH MONEY IS NOT BACKED BY A...
Q: When determining the liability for compensated absences, the amount should be based on 1. an average...
A: A compensated balance is an employee time off pay that means an employee get compensated for the tim...
Q: I need the answer as soon as possible
A: There are different methods for forecasting population. Some of the methods are 1. Arithmetic Incre...
Q: PHP55,000, and expected to earn a gross profit per unit of PHP10,000. At the end of the month, after...
A: Sales Price Variance = (AP − SP)× Units Sold Actual units sold = 1000 + 100 =1100 units Expected...
Step by step
Solved in 2 steps
- Why is the goodwill procedure best described as a revaluation procedure? No plagarismWhat are the two elements of being independent? A. Independence of rights and obligations B. None of these answers C. Independence of mind and of Appearance D. Independence of Valuation and validi2. When do you considered an as to related party’ transaction?
