Identify the party below that is not external to the firm. A vendor B government agencies C) customer D) CEO
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A: Gain on sale leaseback = Cash received on sales + Right of Use asset - Cost of assets sold - Presen...
Q: Mr. and Mrs. Chaulk have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2021...
A: Dependent & Child Care Credit Requires care for a dependent child (under 13 years) or disabled...
Q: Bulldogs inc. will least likely experience which of the following if the firm shifts its credit term...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Pharoah Ltd. had the following share transactions during its first year of operations: Jan. 6 I...
A: Journal entry shows the recording of transactions during an accounting year and every transaction ha...
Q: Blonde, Inc., is considering dropping a certain product line if it does not have a margin of safety ...
A: Lets understand the meaning of margin of safety. Margin of safety is a all sales over a break even p...
Q: On January 1, 2022, P Company acquired 80% of S Company for P2,000,000. The fair value of identifiab...
A: Total cost = Cost of sales of P + Cost of sales of S. = 3200,000 + 1,600,000 = 4800000 Cost of sale...
Q: Bulldogs Inc. has forecasted that its net income will be P400,000. The company has debt ratio of 30%...
A: Answer) Under residual model, dividend is paid to common stockholders after deduction of amount to b...
Q: Dell Company is selling sounds and lights equipment. The company’s fiscal year ends on March 31. The...
A:
Q: Naughty Co. has a 12% note receivable dated June 30, 2009 in the original amount of P3,000,000. Paym...
A: Interest accrued on June 30, 2011 = Net Note receivable amount x rate of interest x no. of months in...
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A:
Q: iscount offered and pays the suppliers 5 days after the due date, what is the annual intere te cost ...
A: Solution: Let Gross price = 100 Discount for payment with in 10 days = 100×2% = 2 Net price = 100 - ...
Q: 47 I. Financial accounting info. is usually used exclusively by internal parties such as managers. ...
A: Financial accounting refers to recording, analyzing and reporting of financial data of a company so ...
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: the assets and liabilities of R were stated at their fair values when A acquired it's 80% interest a...
A: Computation of total retained earnings Opening balance of retained earnings + retained earnings of A...
Q: Bulldogs Inc. has forecasted that its net income will be P400,000. The company has debt ratio of 30%...
A: Net income = P400,000 Debt ratio = 30% Equity ratio = 100%-30% = 70% Investment = P500,000 Number of...
Q: John has been asked to determine whether the $22.50 cost of tickets for the community dinner theater...
A: Break-even analysis is the analysis which is made and prepared by the company in order to know and c...
Q: Bulldogs Inc. has sales of P3,000,000. Its credit period and average collection period are both 30 d...
A: The calculation is given below
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: After a long dispute, AA, BB, and CC decided to liquidate their partnership. Their capital balances ...
A: The correct answer for the above question is given in the following steps for your reference
Q: Bulldogs Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cas...
A: Average amount of account Receivable = Days of sales outstanding x Sales / 360 Days of Sales Outstan...
Q: How many are the ordinary shares outstanding after reflecting the foregoing transactions for the yea...
A: Ordinary shares refer to the equity shares of the company. Ordinary or common shareholders are techn...
Q: Bulldogs Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cas...
A: The account receivable are payments to be received from the customer for goods being purchased by cu...
Q: On August 1, Vermillion Ltd. accepted a $27,800 note from Borges Ltd. in settlement of an account re...
A: Interest accrued = Face value of notes x rate of interest x no. of months / 12 months
Q: If Bulldogs' current liabilities are P1,300,000, the firm's * Bulldogs Inc. has the following curren...
A: Acid test ratio and current ratios are liquidity ratios. They are used to determine a company’s abil...
Q: Bulldogs Inc. has a variable cost ratio of 20% and a 10% receivable financing cost. The firm is plan...
A:
Q: ow to record credit sale in an entrie?
A: Credit sales mean the amount which is delayed to paid but agreed to pay in future by the consumer.
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: The company’s usage of the Baumol model in cash management involves trade-off.
A: The Baumol cash management model balances opportunity cost, carrying cost, and holding cost against ...
Q: Don Adams Breweries is considering an expansion project with an investment of P1,500,000. The equipm...
A: Solution: Initial investment = P1,500,000 Annual cash inflows = P450,000 Period = 5 Years
Q: Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following infor...
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Q: s as: Inflow or Outflow. If neither, indicate Not Applicable. Particulars Amount Classificat...
A: outflow is is the decrease of cash. inflow is increase in the cash balance. when there is purchase t...
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: 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: The shareholders' equity of Garnet Corporation on December 31, 2021 showed the following items: 8% P...
A: * As per Bartleby policy, in case question have multiple subparts then answer first three only. 1. ...
Q: On January 4, 2022, Party Corporation purchase 80% of Summer Company's ordinary share for P810,000 w...
A: Consolidated shareholder's equity refers to the equity of the parent and the part of the equity of t...
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: FIU Inc granted 25,000 stock options to its top management team on January 1, 2022. The options vest...
A: An employee stock option that grants specified employees of a company the right to buy a certain amo...
Q: On January 3, 2022, P Company acquired 70% interest in S Company for P4,200,000. Consideration inclu...
A: Solution Net income refers to amount of individual or business makes after deducting cost , allowanc...
Q: Panel Corp. owns 75% of the voting ordinary shares of Saturated Corp. acquired at book value during ...
A: Cost of Sales: The cost of goods sold as displayed on the consolidated financial statements of the B...
Q: Golf Corporation estimates that its production for the coming year will be 25,000 units, which is 90...
A: GIVEN Golf Corporation estimates that its production for the coming year will be 25,000 units, which...
Q: $55 000 and saves $17 000 per year? After-tax interest is 10 percent. Assume the device will be sold...
A: 1. Computation of depreciation and its tax saving ( value in $) Asset balance after 6 years = 55000...
Q: Kim Locke and Mary Leigh Coker have capital accounts of $430,000 and $484,000, respectively. Jeff Do...
A: Note: Consideration paid to Locke and Coker for purchasing the share in partnership is not relevant ...
Q: Bulldogs Inc. had credit sales last year amounted to P18,600,000. The firm also had an average accou...
A: Solution.. Credit sales = P18,600,000 Average accounts receivable = P1,380,000 Average collection ...
Q: The Felton and Burchell Partnership has partner capital account balances as follows: Felton, Capit...
A: Admission of New Partner While making the admission of a new partner it can received in the form of ...
Q: Under IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside th...
A: IAS 19 deals with the employee benefits. It includes the pension, benefit plans and gratuity etc.
Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per ...
A: Sales price variance = ( Actual price - standard Price ) x Units Sold Sales Price - Cost = Gross Pro...
Q: 51 Sugar, Inc. reported the following on its most recent income statement: Earnings before Inco...
A: Time Interest Earned is a ratio which is used to Determine the ability of a company to meet its debt...
Q: Bulldogs Inc. maintains a cash buffer for unexpected cash outlays for the year amountir 3,000. Bank ...
A: Company maintain cash with them so that there is sufficient liquidity and if any opportunity arise m...
Q: 2. Assuming that the conditions for treatment as a sale are met, prepare Samson's journal entry to r...
A: Journal entries refer to the recording of all the monetary events occurring in a particular organiza...
Q: AA and BB entered into partnership on March 1, 2022 by investing the following assets: AA BB C...
A: In the given question AA and BB will share profits and losses in the partnership firm in the ratio o...
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- Q21 The Conceptual Framework_________. Select one: a. does not define standards for any particular measurement or disclosure issue b. overrides all other IFRS requirements c. is an IFRS d. is in the hierarchy that management must in the absence of a specific IFRS requirement apply in developing an accounting policy that results in information that is relevant_____ management exists to provide advice and assistance to those responsible for attaining the objectives of the organization. A. Staff B. Risk C. Functional D. Line17. Which of the following is an example of information intermediary? Select one: a. Internal managers b. Tax authority c. Auditors. d. Commercial banks
- 31 ____________ can ensure that those benefits and costs to third parties are considered in determining what service is to be produced and at what quality? It also seeks to ensure that accounting services are of the right quality. a. Auditors b. Accountant c. All the options d. RegulationsAs the user company's external auditor, which SOC report will you require your client to obtain? Multiple Choice SOC1 Type 2 report. SOC 2 Type 1 report. SOC 3 Type 2 report. SOC 2 Type 2 report.Identify the following users as either External users or Internal users. a. Distribution managers b. Marketing managers C. Suppliers d. Labor unions e. Internal auditors f. Budget officers g. Shareholders h. Chief executive officer (CEO) i. Chief financial officer (CFO) i. Government officials k. Customers L. Nonprofit donor
- 41 Select the one, that is considered as various forms of regulation in a business organization: a.Regulation of consumer relations b.All of the options c.Regulation of monopoly d.Regulation of employee relations1- In your own words, explain the SEC's relationship to the FASB. 2 -Contrast the role of the AICPA's FRF for SM Es with the role of the FASB's Private Company Council.Using an imaginary company draft a conflict of interest policy for the entire organization
- Identify the following users as either external users (E) or internal users (I): _______ Business Press. _________ Managers. _________ District Attroney.Identify the following users as either external users (E) or internal users (I). Directorsning Objective 1 S8-1 Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the busi- ness to survive? Give your reason.
