Differentiate Private from Public Accountants?
Q: value of each of the following streams of payments? c. $35 a year for 7 years compounded annually at...
A: Here future value can be calculated as follows = P x (1+Rn-1)/R
Q: Reuben Company retires a machine from active use on January 2, 2019, for the express purpose of leas...
A: Solution Net income refer to the amount an individual and business makes after deducting costs , a...
Q: 4. Estrada V. Escritor sells on terms 3/10, net 30. Total sales for the year are P2,539,130. Forty p...
A: Accounts Receivables: Accounts receivables, shortened as AR or A/R, are legitimately enforceable cas...
Q: Win Corporation is considering to replace its old equipment with a new one. The old equipment had a ...
A: The net amount of investment is equal to original amount of investment minus cash inflow at the time...
Q: 3. Consider the following two statements concerning share issues: Statement (1): Retained profits a...
A: Retained earnings is the profit retained in the company after paying dividend to its shareholders. I...
Q: a) Calculate the contribution margin per unit. b) Calculate the number of units Beauty Supplies Comp...
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Q: for the Compute following (show your solution): 1. Total Current Assets 2. Total Non-current Assets ...
A: Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the balance ...
Q: Pricing Plan 1 - $30 per person (a special pack will be included) Pricing Plan 2 - $25 per visitor (...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Assume markup is based on cost. Find the dollar markup and selling price for the following problem. ...
A: Sale price means the price at which an item is sold out. It can be found out by adding markup or pro...
Q: Sawi Ak Co. acquires copyright from authors, paying advance royalties in some cases and in others, p...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: Safety Hospital purchased a new MRI equipment. The cost is $450,000.00. Charges to install the equi...
A: Cost = $450,000 Installment cost = $50,000 Useful life = 5 Years
Q: Win Corporation is considering replacing a machine with a book value of P400,000, a remaining useful...
A: The net investment required to replace the existing machine will be difference of value of new machi...
Q: A company is planning to undertake an investment project. The following data have been calculat two ...
A: Answer:- Static payback period: It is the duration that is required by any project to cover the init...
Q: Iniwan had P600,000 in cash basis pre-tax income for 2020. The following information pertains to Ini...
A: Cash basis is the method of accounting in which which records expenses and income only on the basis ...
Q: The primary financial statements prepared for a sole proprietorship are the income statement, statem...
A: Solution: There are 4 main financial statements: 1. Income Statement 2. Statement of changes in equi...
Q: COMPLETE THE FOLLOWING JOURNAL ENTERIES FOR SAFETY HOSPITAL FOR 2021 a. January 31 - Purch...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: ccounts for January, the amount to be accrued for wages would be: a. $500 b. $1 000 c. $1 500 d. $2 ...
A: Given that, For a 5 day work week, wages is $2500 That implies, for one day = $2500/5 = $500 The pay...
Q: 5. Regarding the Board of accountancy, provide the following information: 1. Composition 2. Nomi...
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for...
Q: Subject- Audit SUMMARIZE THE CORE ISSUES for the following topic:- • ISA 510, Subsequent Events
A: Introduction:- The auditor's responsibilities in relation to opening balances in an initial audit en...
Q: EXHIBIT 25-2 The Exemption Equivalent Year of Transfer Gift Tax Estate Tax 1986 $500,000 $500,000 19...
A: Solution Estate tax is a tax on your right to transfer property at your death.
Q: Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcomi...
A: Predetermined overhead rates are used to allocate indirect costs. Alternatively, activity-based cost...
Q: equipment this month is $300. The necessary adjusting entry will include
A: Solution: Adjusting entries are those entries which are made to match the revenues or expenses to th...
Q: A firm has a P/E ratio of 18 and a ROE of 13% and a market to book value of __________. a.0.64 b...
A: P/E ratio = 18 ROE = 13%
Q: For the following, prepare a correcting entry, showing your work. Your final answer must be ONE jour...
A: Promissory Note: A promissory note is a marked record containing a composed guarantee to pay an expr...
Q: Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: ...
A: Cash flow from operating activity indicates cash inflow and outflow of business operations. It can b...
Q: Required: 4. Using the high-low method, calculate Camp Rainbow's total fixed operating costs and var...
A: 4. Variable Operating cost per child = (Highest activity cost – Lowest activity cost)/(Highest activ...
Q: Where are only a proportion of a subsidiary's shares owned by a parent entity? What proportion of th...
A: Intragroup transactions are those financial as well as commercial transactions which includes two co...
Q: Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrint...
A: The question is based on the concept of Financial Accounting.
Q: On January 1, 2019, Kyle company established a share appreciation rights plan to key employees whe...
A:
Q: The stockholders’ equity of Summit Corporation at January 1 follows: 7 Percent preferred stock, $10...
A: answers Journal entries, ledger accounts an stockholders equity account is as prepared below: ...
Q: 2. Mala-Inse Company needs P5,000,000 short-term credit for 90 days. To produce the amount, the comp...
A: Financing cost: It refers to the cost of raising funds for the business including flotation costs, l...
Q: Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions list...
A: Daily Allocation and Specific Identification methods are used to calculate income allocation among t...
Q: Herbert and Ireneo are partners sharing profits and losses in the ratio of 60 % and 40% , respective...
A: When a new partner is admitted into a partnership firm then the profit sharing ratio of the existing...
Q: The stockholders’ equity section of Day Corporation’s balance sheet at January 1 follows: Common st...
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued i...
Q: Assume Jack and Jill, 25 and 75 percent shareholders, respectively, in UpAHill Corporation, have tax...
A: Tax is the amount that is charged by the government from the organization and individuals on the inc...
Q: An account had a balance of P7,000 and paid P3,500 on the November 7 due date. A purchase of P2,000 ...
A: A finance charge is any fee levied on a loan. The finance charge is the total amount of interest bil...
Q: effective interest rate
A: Formula: effective interest rate= [1+ interest rate/period)^ period]-1 *100
Q: 24. Pinaasa Company had total assets of P4,000,000 and shareholder’s equity of P2,080,000 at the beg...
A: Shareholder's Equity refers to Sum of Share capital like preferred stock, Common stock and Retained ...
Q: Prepare the stockholders' equity section of the Fremantle Corporation's balance sheet. 8 Percent pr...
A: The stockholders equity section consist the detail of the shares, excess over par value and retained...
Q: The operations vice president of Security Home Bank has been intelested IN has been particularly con...
A: Solution: First stage allocation under activity based costing is distribution of cost to different a...
Q: .Mala-Prohibita Company has annual credit purchase of ₱720,000 with a usual term of 3/10, net 35. Th...
A: Credit terms of 3/10,net 35 means that the customer is eligible for discount of 3%,if payment is m...
Q: Maintenance cost at 7,200 machine hours = Variable cost + Fixed cost = (7, 200 x $3) + $30,000 = $51...
A: The question is based on the concept of Cost Accounting.
Q: Determine the cost of goods sold under LIFO:
A: Answer Cost flow statement using LIFO Cost of Goods Available for Sale Cost of Goods Sold...
Q: Problem #7: Operating Budgets Marker Products, Inc. sells all of its products on credit. The compa...
A: The budget is prepared to record the cash collection made during the period.
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...
A: Solution Formula Predetermined overhead rate is an allocation rate that is used to apply the estima...
Q: The following balances were reported by Nagpapangap Company on December 31, 2020 and 2019: 2020: Acc...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: Macy's was selling Calvin Klein jean shirts that were originally priced at $41.00 a. What was the am...
A: Amount of markdown is the difference between original selling price and actual selling price. Markdo...
Q: (a) Determine the present value of minimum lease rental payment
A: Lease liability refers to obligation of the company requires to pay periodic lease payment on the le...
Q: heese). Each unit produced will require 0.50 direct labor hours at a cost of $10.00 per hour. Variab...
A: Standard costs are estimates of the cost of goods sold, or the cost of producing your items. They ar...
Q: 7. In 2020, Lihim na Pagtingin Designs Corp. sold a layout design to Masaya Inc. and will receive ro...
A: Revenue - Revenue is the income earned during the financial year. It is not on the receipt basis it ...
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