q27 The classification and therefore subsequent measurement of financial assets depends on…? Select one: a. The amount and terms of payment for the purchase of the financial assets. b. Maturity and cash flows received on maturity of the financial assets c. The business model of the reporting entity considering management’s intention of holding the portfolio of financial assets. d. The specifications of the external auditors.

Q: Assume that you are the president of Highlight Construction Company. At the end of the first year of…

A: Balance sheet is a statement of financial position of a company, which shows the assets, liabilities…

Q: O a. 400,000 asset

A: option A) 400,000 Asset   is right Answer: The entry on December 31, 2011 is: Futures contract…

Q: 5. Zeta Company reported sales revenue of P4,600,000 in its income statement for the year ended…

A: Under cash basis accounting,  revenue should be recognized based on cash collections from…

Q: explain why the author's assessment of the appropriateness of the going concern assumptions is so…

A: Going Concern Assumption- As per the going concern assumption business will continue its…

Q: Crane, Inc., manufactures golf clubs in three models. For the year, the Big Bart line has a net loss…

A: Introduction: A company's net income commonly refers to its net profit or net earnings. Net earnings…

Q: Phoenix Company’s 2019 master budget included the following fixed budget report. It is based on an…

A: Budget: A budget is an estimate of an organization's income and spending for a certain period of…

Q: A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires…

A: Cash Budget:- A Cash budget is a detailed estimate of the cash receipt from all sources and cash…

Q: On October 1, 2018, Branded Corporation exchanged 20,000 shares of its P 200 par value of Ordinary…

A: Lets understand the basics. When asset is purchased in exchange of shares then asset should be…

Q: Which of the following methods of partnership admission will not result in a change in partnership…

A: When the partner is admitted to the partnership, total partnership and existing partner's capital…

Q: Do you believe that contingency theory has made adequate contribution to management accounting? Why?…

A: According to the contingency theory of management accounting, there is no one-size-fits-all approach…

Q: A measure of asset utilization is A. Sales divided by working capital b. Return on total assets c.…

A: Notes:- Formula:- Return on Assets =Net Income/Average Total Assets Concept:- The return on assets…

Q: Provide general discussion on predetermined variable overhead criterion and its possible dependence…

A: Variable costing income statement refers to the statement where all the variable expenses (VE) are…

Q: Sales Variable expenses Contribution margin $ 1,555,000 601,000 954,000 1,049,000 Fixed expenses Net…

A: In order to determine the contribution margin, the variable cost are required to be subtracted from…

Q: 1. Coral Company accounts for noncurrent assets using the cost model. On July 31, 2011, Coral…

A: Asset is defined as any resource or item that assists in attracting income to the owner. Each asset…

Q: Chan Company received a bill totaling $3,700 for machine parts used in maintaining factory…

A: Lets understand the basics. Journal entry is required to make to record event and transaction that…

Q: Elaborate the term: “De-recognizing” financial assets

A: Financial asset is a form of liquid asset for the business. These assets gets its value from the…

Q: A company reports the following:   Cost of goods sold $2,263,000   Average inventory 182,500…

A: Introduction: Inventory turnover is a financial ratio that shows how frequently a company's…

Q: rene is trying to decide whether to accept a salary of P120 salary of P75,000 plus a bonus of 10% of…

A: Salary: It is the compensation given by the employer to the employee against rendered his / her…

Q: Blossom Limited purchased a machine on account on April 1, 2021, at an invoice price of $365,470. On…

A: The cost of fixed ads includes the acquisition cost, freight cost, installation charges or other…

Q: Exercise 5-2 Recording journal entries for merchandise purchase transactions-perpetual Journalize…

A: Journal entries are the primary step to record the transaction in the books of account. The amount…

Q: OVE INC. has a policy of using non-current assets until they can no longer operate and are…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: Need detail explanation Provide general discussion on predetermined variable overhead criterion and…

A: Variable costing income statement refers to the statement where all the variable expenses (VE) are…

Q: 17. A is engaged in two (2) lines of businesses, one is VAT-registered and the other is Non- VAT.…

A: Under VAT system taxes collected on Sales is set off against taxes paid on purchase and only NET VAT…

Q: If you are an auditor and assigned to audit inventory. So as an auditor 1. How do you ensure that…

A: Answer:-1 Following are some of the procedure to ensure that the inventory listed in the financial…

Q: Recording Payroll and Payroll Taxes The following data are taken from Stockton Wholesale Company's…

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

Q: Complete this question by entering your answers in the tabs below. tequired 1 Required 2 Required 3…

A: The cost per unit is calculated as total cost divided by number of units. Using variable costing the…

Q: Susan Wang is the audit partner for the financial report audit of Macro Ltd for the year ended 30…

A: Here to provide the details of the audit procedures which are implied for the different situation…

Q: Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Which journal entry below would be properly used to record an issuance of an installment note…

A: Notes payable are the negotiable instruments used for deferring payments. In this one-party agree to…

Q: Klamath Company produces a single product. The projected income statement for the coming year is as…

A: Break-even sales revenue produces the net income of $0. Therefore at break-even sales, fixed cost is…

Q: Chillmax Company plans to sell 3,500 pairs of shoes at $60 each in the coming year. Variable cost is…

A: Break-even sales is the amount of sales where the net income is zero. Contribution margin is given…

Q: A company has days of inventory 80 days, days receivable of 30 days, and days payable of 90 days.…

A: As you have asked the follow-up question and one of the question which has not been answered and for…

Q: A certain copier machine cost P 150,000 with a trade in value or P 15,000 after making 800,000…

A: Given :- Cost of Machine is 150,000 Trade in Value after 800000 copies is 15,000

Q: NewB Company sells bags with a selling price of P10,000 per bag and a variable cost of P4,000 per…

A: a. Total cost function  C(x) =F+V(x) C(x)= Total production cost F= Fixed costs V= Variable cost per…

Q: COLTRAGE CORP. was organized on January 1, 2014. The entity had pretax accounting income of P500,000…

A:

Q: 9. On January 1, 2005, Paragon Company paid P6,000,000 to acquire a new barge. In the belief that it…

A: Residual value is defined as the amount at which a resource can be sold by the owner when it…

Q: A company reports the following amounts at the end of the year: Total sales revenue = $560,000;…

A: Introduction: Income statement: Net revenue is a income statement item. All revenues and expenses…

Q: Raner, Harris and Chan is a consulting firm that specializes in information systems for medical and…

A: Segment Income Statement: A segmented income statement offers more information by dividing down…

Q: 4. Paolo is a sales manager receiving a monthly salary of Php 240 000.00, a commission of 7% on his…

A: Paolo is a sales manager receiving a monthly salary of php 240,000 Commission is 7% Transportation…

Q: QUESTION Answer the questions below using the following information on stocks A, B, and C.…

A: The required rate of return (RRR) is the minimum return an investor will accept for owning a…

Q: The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as…

A: Multiple income statements are prepared to segregate the income and expenses into different…

Q: E7-4 Presented below are three independent situations: 1. On March 15, 44 customers used debit cards…

A: Journal entry is the primary step to record transaction in books of account. The amount of debit and…

Q: On January 1, 2008, Flax Company purchased a machine for P5,280,000 and depreciated it by the…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Global trade increases dependence on one economy, increasing the economic risk for multinational…

A: Global Trade: The import and export of products and services that take place across international…

Q: During 2019, it cost Sheridan Company $20 per unit to produce part T5. During 2020, it has increased…

A: The correct option with proper explanation are as follows

Q: Analyze the truth of this statement: Under the cost method of accounting for investments, a…

A: Cost Method of Accounting for Investments: When it comes to recognizing particular investments in a…

Q: Compute the amount to be paid for each of the four separate invoices assuming that all invoices are…

A: Introduction:- Discount term "2/10, n/60" means If the invoice is paid within 10 days of its date, a…

Q: Journ entr mr saeed started his business with cash Rs 130,000 Furniture rs 40000 and Building Rs…

A: Journal entries forms part of first step in recording transactions in the books of accounts where…

Q: Granfield Company has a piece of manufacturing equipment with a book value of $48,500 and a…

A: Working Note: Total savings in variable manufacturing costs = Annual decrease in variable…

Q: Need detail explanation Organize a template for variable costing income statements in which the…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…