do you think the investment in digital assets impact the CPA profession? risk factors
Q: resent obligation is not a contingent liability but shall be recognized as a provision when * a. Amo...
A: Solution: Contingent liability is the liability which depends on the results of any future event tha...
Q: PROBLEM A Distribution of Profits or Losses Based on Partners' Agreement Mandatory Problem to be sol...
A: Distribution of Net Income to Partners It is important to provide separate calculation which are nee...
Q: Which of the following is NOT a period cost? Cost of a seminar concerning tax law updates that was a...
A: Period costs are such cost which are not directly associated with the products being manufactured &a...
Q: Tomlison Corporation is a manufacturer that uses job-order costing. The company has supp following d...
A: Given, Cost of goods sold = $1,517,000 The cost of goods manufactured is transferred to Finished ...
Q: For each requirement, state how it is intended to help to address the risk of fraud in publicly trad...
A: Answer: The risk of fraud is high in those companies which are not proactive on the part of independ...
Q: Ann Corporation reported pretax book income of $1,000,000. Included in the computation were favorabl...
A: Book equivalent of taxable income = Pre Tax Book Income (+/-) Temporary Differences Total Income Tax...
Q: Average Rate of Return The average rate of return is another method that does not use present value ...
A: Solution Concept Formulas used Net income =income – expenses Average net income =total ...
Q: Alibaba Manufacturing manufactures widgets for distribution. The standard costs for the manufacture ...
A: 1 Rate at which Total factory overhead applied =Budgeted factory overhead / Estimated widget produce...
Q: The liabilities of Dexter Company equal to one-third of the total assets, and the owner's equity is ...
A: Difference between Liabilities and Equity - Difference - Liabilities are the obligation of the organ...
Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in...
A: The balance sheet is an essential part of the financial statement. It indicates total balance of ass...
Q: Peter Corp acquired the net identifiable assets of Simon Corp by issuing its own 5,000 ordinary shar...
A: In the Acqusition cost of equity the expenses like legal and brokerage fees, due diligence, audit fe...
Q: Leonard International produces weekly 20,000 units of Product N and 40,000 units of Product B for wh...
A: In the joint processing of products, products can be split off after a particular point. After that,...
Q: (a) Incomplete manufacturing costs, expenses, and selling data for two different cases are as follow...
A:
Q: 4) An asset was purchased for P100,000 and would retire at the end of 15 years with a salvage value ...
A: The following image shows the calculation of capitalized cost of asset :
Q: On January 1, 20x1, John Corp. acquired the identifiable net assets of Jose Corp. by paying cash of ...
A: Lets understand the basics. When acquirer acquires the acquiree then they pay the consideration in t...
Q: Adelaide is self-employed and must submit estimated quarterly tax payments. Her predicted total tax ...
A: Total Tax Liability = $ 36000 Current Withholdings = $ 18283
Q: PROBLEM 3Distribution of Profits or Losses on Partners' Capital Contributions Hereunder are the acti...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: APPLY THE CONCEPTS: Internal rate of return The Sutherland purchasing department has made revisions ...
A: Internal Rate of Return- Internal rate of return refers to the rate at which the net present value o...
Q: and financlal statements LO P1, Individuals who pay tultion directly to s prepald expenses and unear...
A: Income statement shows the revenue earned and expenses incurred . It calculated the profit or loss o...
Q: Hache Corporation uses the weighted-average method in its process costing system. The first processi...
A: Lets understand the basics. In weighted average costing, costs are average out and applied evenly on...
Q: How do I prepare a schedule of cash collected from customers for the quarter ended March 31, 20X1?
A: Cash collected from customer is the amount received from sale made to customer through both cash and...
Q: Internal Rate of Return Method The internal rate of return (IRR) method uses present value concepts ...
A:
Q: Required 1 Required 2 Required 3 Enter the actual overhead costs incurred and the amount of overhead...
A: The question is related to the Overhead Rate. Pre-determined Overhead rate is determined in advance ...
Q: Total Hôme Nursing wheels keeping $ 919,000 461,000 458,000 $ 261,000 112,000 149,000 $ 256,000 156,...
A: Solution 1-a: Computation of Financial Advantage (Disadvantage) of discontinuing House-keeping Pr...
Q: Aracel Engineering completed the following transactions in the month of June. Using the following tr...
A: Journal entries shows the recording of the transactions during an accounting year and every transact...
Q: Ey Freezer accepts a ote is for 180 days a 30 at 9%. Find the pr
A: To compute the net proceeds it is required to compute the maturity value.
Q: Reported income taxes on its recently ended year (2021), income statement. Its balance sheet reporte...
A: Cash payments are shown in cash flow statements as outflows. It shows how much cash is being used in...
Q: Crunch Craft, a catering company, provides catering services to its customers. Customers normally pa...
A: The balance sheet represents the financial position of the business with assets and liabilities on a...
Q: In 2014, Nana Company purchased property with natural resources for P12,400,000. The property was re...
A: Answer - Step 1 - Computation of depletion rate - 2015 Particulars Amount Cost of land P 1...
Q: An employee with an annual salary of $77278 is paid every month. What is the gross pay per pay perio...
A: Gross pay is the total amount that is receive for their work done. So it is the total amount that...
Q: ed with a minus sign.) b. C. d. a. 이 $ 이 $ of the year-Equity stments (loss) 이 $ 0 $ rear-Equity %24...
A: Solution Given Assets Liabilities Beginning of the year 119000 51015 End of th...
Q: Adam, Eve and Abel are partners in Suave Swimsuits. Profits and losses are shared in the ratio of 5:...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: 1. Use the accounting equation to compute the missing financial statement amounts (a), (b), and (c)....
A: The accounting equation is written as: Assets = Liabilities + equity Equity = Capital - withdrawals ...
Q: Use the following information for exercise 15 to 18 LO P2 [The following information applies to the ...
A: Net income = Consulting revenue - Rent expense - Salaries expense - Telephone expense - Miscellaneou...
Q: Peter Corp acquired the net identifiable assets of Simon Corp by issuing its own 5,000 ordinary shar...
A: While incurred the Acqusition cost of the equity legal charges, due diligence charges and other rela...
Q: Davis Corporation reported the following for the month of November: Total hourly wages of plant wor...
A: Note: Administrative and Advertising expenses are not included in the cost of inventory. These expen...
Q: For a defined benefit pension plan, pension expense consists of five components, for which the formu...
A: Defined Benefit Pension Plan: As opposed to directly relying on individual investment performance, a...
Q: Standard direct labor hours 30,000 Actual direct labor hours 29,000 Direct labor efficie...
A: Working notes
Q: The following standards for variable overhead have been established for a company that makes only on...
A: Variable overhead efficiency variance = (standard hours allowed - actual hours worked) x standard Va...
Q: In the separate Financial Statement of Parent Company, they recognized or account investment in subs...
A: Parent company is that company which invest or control other entity. Subsidiary company is the compa...
Q: Lebron Co. manufactures product X with the following standard costs: Direct materials, 20 yards @ ₱...
A: Direct Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked
Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,...
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred to manufactured g...
Q: Mrs. Camelia owns a cake business and employs five employees at a monthly salary of RM2,000 per empl...
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: The shareholders’ equity section of Corporation’s statement of financial position as of December 31,...
A: Share Premium Share premium is the additional amount which are raised by the entity after issuing th...
Q: PROBLEM 4-8 On January 1, 2020, P Company acquired 80% of S Company for P2,000,000. The fair value o...
A:
Q: The following information pertains to Splash Brothers’ Corporation: Sales margin 25% Cap...
A: Sales margin = 25% Income = P80,000 Sales = Income/Sales margin = 80000/0.25 = P32...
Q: Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it b...
A: Job cost sheet is the journey of raw material purchase to sales
Q: For a liability to exist a. There must be a past transaction or event b. The exact amount must be k...
A: Solution: A liability is a present obligation as a result of past event that requires outflow of eco...
Q: Rosie is a dentist. She is working at a Dental office which is owned by another dentist and her frie...
A: Classifying the working status is important in the Dentist industry which can be the chances of misr...
do you think the investment in digital assets impact the CPA profession? risk factors?
Digital assets include Cryptocurrency and other digital assets which have no physical existence and are operated through blockchain.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- what are risks associated with Digital transformation in financial services? State how it relates.what type of MIS tools are currently being used in Financial management? What MIS Application are you certainly able to use?How do you think that information, such as CSR-related information, could be used to manage an organization’s relationships with its powerful stakeholders?
- As a CPA do you advise your clients to stay away from digital investments or do you encourage them to invest in digital assets?What is the significance of science and technology to accountancy? What is the relationship of science and accountancy?Which employability skill equips an individual to analyze complicated financial data and presentit effectively using computers and software?
- What are the computer ethical issues regarding equity in access?Since information systems often involve advanced technologies that are beyond the knowledge level of typical users, should users play an active role in the SDLC? If so, how should they be involved? How can the accountant be involved?External user group, often referred to as financial intermediaries. What does they include in their group?
