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Q: 2. Summer Company is regional music media reseller. As a promotion, it offered P50 cash rebate on sp...
A: 20000 cds sold during the year 50 per CD discount
Q: Which of the following types of interest cost incurred in connection with the purchase or manufactur...
A: The costs incurred to acquire an asset can be capitalised or expensed depending on the nature of cos...
Q: A company is in its first month of operations. Supplies worth $4,000 were purchased on January 5. At...
A: Adjusting entries are required to be prepared at the end of each accounting period.it helps to ensur...
Q: Calculate the incremental profit/loss after tax. (5) INFORMATION: Lubners Traders is considering ext...
A:
Q: Miller Co. discovered that in the prior year, it failed to report $40,000 of depreciation related to...
A: Prior Period Error: A previous period mistake is an omission from or a misrepresentation in prior-pe...
Q: Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process I...
A: A journal entry is a means of recording all of a company's individual financial transactions in its ...
Q: Revenues and expenses may be transferred to the ________ account before their final transfer into t...
A: Journal entry for transfer of Revenues and expenses: Date Accounts Debit Credit Revenue xxxx ...
Q: B, Senior citizen, is engaged in business of selling product B. For 2017, Lolo B has a total sales o...
A: B is a proprietor and in proprietorship the owner and business are same. There is no separate legal ...
Q: he financial controller is considering the use of the Capital Asset Pricing Model as a surrogate dis...
A: CAPM: Capital asset pricing model Under this model ris free return is used along with Beta and marke...
Q: Due to adverse economic circumtances and poor management, Bontoc Company has negotiated a restructur...
A: Working note: Computation of fair value of note payable on the date of restructuring:
Q: Nona Co. purchased land worth P20,000,000 on January 1, 2021. The company uses the revaluation model...
A: Under revaluation model, Property plant and equipment is measured at an estimated fair value of the ...
Q: The lessor expenses initial direct costs in the year of incurrence in a(n) direct-financing lease....
A: Lease - It is type of contractual arrangement under which one party agree to rent assets to another ...
Q: During 20X1 the following transactions occurred: Sold 1,000 shares of common stock for $25 each on J...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: QUESTION 4 Exxarro Llimited is considering pricing and costing for the year ahead. The following dat...
A:
Q: On Jan. 1, 2020, Evan Co. acquired a unit of equipment for a total cost of P15,000,000. The entity e...
A: Depreciation per working hour = (Cost of the assets - Residual value ) / Estimated working hours = (...
Q: On Jan. 1, 2020, Evan Co. acquired a unit of equipment for a total cost of P15,000,000. The entity e...
A: Expected Working Life of the Equipment = 30000 hours Cost Of the Machine = P 15000000 Scrap Value = ...
Q: King Company operates in 4 different industries, each of which is appropriately regarded as a report...
A: Segment Reporting: Segment reporting divides a company's operations into digestible chunks or segmen...
Q: 29. Which statement is false? a. The balance sheet of an entity purports to show the true value of t...
A: The balance sheet is known as the vital part of the income statement that indicates the summary of a...
Q: 3. Sunshine Company is ready to begin its third quarter, in which peak sales occur. The company requ...
A: Here in this case we are required to calculate cash collection and cash budget for quarter July to ...
Q: What is the income tax payable to BIR?
A: Under the preferential tax rate system for a corporation registered under PEZA, tax is calculated at...
Q: Salaries Payable, Accounts Payable, and Unearned Revenue are examples of ________. A. short−te...
A: The balance sheet represents the financial position of the business.
Q: Question You want to take out a $125,000 mortgage. The interest rate on the mortgage is 5%, and the ...
A: Solution: Monthly periods = 30*12 = 360 Monthly interest rate = 5% / 12 = 0.41666666% Mortgage amoun...
Q: 3 types of misstatements
A: Misstatements are the under or over-statements of account balances or class of transactions committe...
Q: An engineer wants to purchase a used car for $15,000. The dealer offered to finance the deal at 6.45...
A:
Q: would have to undergo to become a neworks before choosing the best would be most suitable to the org...
A: Since you have asked multiple question as my honor we will first question for you, if you want spec...
Q: favorable tax status
A: Favorable tax status is an advantage of getting reduced tax rates or taxable income or exemption fro...
Q: 5. Protic Company employs a standard cost system in which direct materials inventory is carried at s...
A: Total direct labor cost = Total factory wages x 90% = $3200000*90% = $2880000 Direct labor cost per ...
Q: Stan Corp uses standard absorption costing, basing its standard fixed cost on 300,000 units of produ...
A: Under Variable costing income statement firstly all variable expenses are deducted from revenue to a...
Q: debit to Work in Process of $660 credit to Work in Process of $660 debit to Work in Process of $31,9...
A: The amount of actual factory overhead expenses that are not assigned to production units is referred...
Q: If receivables are hypothecated against borrowings, the amount of receivables involved should be A...
A: Receivables are the amount due to be received from other parties. These can be internal parties or e...
Q: A company pays $1,600 cash to employees for work performed during the month. Record the payment usin...
A: Basis of accounting: It includes the methodology that is used by the business whilst recording the ...
Q: The following costs were incurred in May: Direct materials $ 47,900 $ 36,000 $30,200 $ 20,800 $32,30...
A: Conversion cost includes total manufacturing costs that are required to convert the direct material ...
Q: X Partnership is a General Professional Partnership. X was owned by Partner A and Partner B. In 201...
A: Solution: Here services were provided by X Partnership to Client Y Therefore X partnership is servic...
Q: 4. Moonwalk Company produces dancing shoes known as MJ Moves. The direct material and direct labor s...
A: Material Variance = ( standard quantity * Standard price ) - ( actual quantity * actual price) La...
Q: The book of accounts of San Jose Corporation showed the following data: Fringe benefits tax expen...
A: Fringe Benefits: Fringe benefits are additional benefits provided by the employer to employee. Gener...
Q: Cheffing Corp. has estimated that total depreciation expense for the year ending December 31, 2017 w...
A: The question is based on the concept of Depreciation Accounting.
Q: ABC Corporation is experiencing rapid growth. Dividends are expected to grow at 25% per year for the...
A: The question is based on the concept of Financial Accounting.
Q: Prior to adjustment at April 30, the end of the current fiscal year, Salary Expense has a debit bala...
A: Adjusting entry means where some adjustment need to be made at the end of specified period for outst...
Q: What is accounting
A: Accounting is the practice of keeping track of a company's financial activities.
Q: CP3 Corp. formalized an agreement with the government on January 1, 2021. The agreement states that ...
A: Under the deduction from asset approach, the grant received concerning the asset is deducted from th...
Q: y fee of $500 was included in the expense. The company expects the vehicle to be operational for 4 y...
A: Answer: Vehicle Cost $ 21,000.00 Upgrade $ 3,000.00 Deliver...
Q: The following information has been extracted from the financial statements of Greenstar Limited. Sta...
A: If Account receivable is based on sales, then we need to first calculate the rate of account receiva...
Q: Ex. 193 Prepare journal entries to record the following transactions entered into by Valente Company...
A: Journal- It is the initial step within the process of recording the transactions which shows dual as...
Q: The following data are taken from the cash-basis accounting records of Myerson Company for the year ...
A: A major accounting method that recognizes revenues and expenses at the time cash is received or paid...
Q: During the first quarter, Francum Company incurs the following direct labor costs: January $ 40,000,...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Brief Exercises Identify the order of the five steps in the revenue recognition process. BE3.1 (LO 1...
A: Revenue recognition is the process of recognising the revenue from the sale of goods and services in...
Q: 1. Delight Corporation, which has only one product, has provided the following data concerning its m...
A: Solution c: Computation of Unit Product Cost - Variable Costing Particulars Unit Cost Unit Pr...
Q: At the beginning of the period, a company reports a balance in office supplies of $450. During the p...
A: Journal entry shows the recording of the transactions during an accounting year. Every transaction h...
Q: P Ltd acquired 80% of S Ltd in January 20x1. In December 20x8, S Ltd sold a piece of machinery to P ...
A: Consolidated statements are those statements on which two entities separate financial statements are...
Q: How can adjustments to the standardized financial statements be made in order to undo these distorti...
A: Accounting distortions are differences between the data shown in financial statements and actual num...
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