On January 1, 2021, Familia purchased 1,600 ordinary shares of another entity for P2,000,000. At December 31, 2021, the investee’s shares were selling for P1,400 per share. Familia irrevocably designated to classify equity investment at FVOCI. On October 1, 2022, Familia sold half of its shares at P1,800 per share. At December 31, 2022, the shares were selling at P1,900 per share.  The unrealized gain is recognized in the statement of comprehensive income for the year end December 31, 2022 is

Q: risk over the cash disbursement function, the auditor notes a delay in recording disbursements. This…

A: when talking about control risk it is the risk that a material misstatement could occur this may be…

Q: Sonimad Sawmill, Inc. (SSI), purchases logs from independent timber contractors and processesthem…

A: Introduction : Joint Processing cost describes that cost which has been incurred in the processing…

Q: Wynn Farms reported a net operating loss of $280,000 for financial reporting and tax purposes in…

A: Solution 1: Net Operating loss carryback Amount Rate of Tax Tax Recorded as Carried back - 2017…

Q: that she is 67 years old, how much of the annuity will be taxable?

A: The taxable portion out from the annuity which has been received is the portion which is in excess…

Q: Bentiey Corporation received cash from issuing 12,000 shares of common stock at par on January 1,…

A: Cash received  by issuing  shared at par = 12000 shares ×$0.02 =$240

Q: Kiko bought a smart TV with Php 135,000. Assuming that there is no downpayment, Kiko needs to pay…

A: a) Interest for the first semi annual payment       = Principal * Rate * Time      = 135000 * 6%…

Q: Project Size of Project Project IRR Project V P1.0 million 12.0% Project W 1.2 million 11.5 Project…

A: The plow back ratio is a fundamental analysis metric that determines how much profit is kept after…

Q: Peter's Tasty Chip Company Ltd manufactures potato chips. Suppose the company's January records…

A: Manufacturing overheads are all indirect costs incurred to manufacture a product. Example- Factory…

Q: ialize transactions and adjusting P16.3 (LO 2, 3) On December 31, 2019, Ogallala Associates owned…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Skysong Inc, a greeting card company, had the following statements prepared as of December 31, 2020.…

A: A cash flow statement indicates cash inflow and cash outflow information of a particular time…

Q: journal entries

A: A bond is an acknowledgment by the borrower to pay a certain sum of money to the lender of money.…

Q: entity issued 1 500 debentures with face value of R20 000 each. The coupon rate on the debentures is…

A: Here Debenture is issued on discount, but for interest calculations it doesn't make any difference…

Q: for comparative financial statements at the end of 2022? 2. What is the weighted.average number of…

A: The shares outstanding do not include the treasury stock shares.

Q: Use the following information for the Exercises 3-7 below. (Algo) [The following information applies…

A: Value of ending inventory Under FIFO method using periodic inventory system, Value of ending…

Q: The following is the statement of financial position of MEC Partnership as of June 30,2020: MEC…

A: Loss is the amount of money that each partner has to recompense in a partnership firm.

Q: 4.  Prepare all possible journal entries. For a compound transaction, if an amount box does not…

A: Solution:- Introduction:- Journal entry is the first stage of accounting process. Journal entries…

Q: Total Assets for Wendy's Pumpkins on 1 January 2020 was $650,000 and on 31 December 2020 was…

A: The ratio analysis helps to analyse the financial statements of the business on the basis of various…

Q: Rianna is 60 years old. She purchased a deferred annuity for $40,000. The annuity will begin paying…

A: The correct answer for the above question is given in the following steps for your reference.

Q: Bay Plumbing's balance sheet shows operating current assets of $6,300. Its current liabilities…

A: Formula used: Net operating working capital = Current Assets - Current liabilities. Deduction of…

Q: Imperial Jewelers manufactures and sells a gold bracelet for $407.00. The company's accounting…

A: When management must decide whether to accept unusual client requests, special-order choices are…

Q: Doc Company has also determined that the fair value less cost to sell of the building is P4,500,00…

A: impairment for equipment and building  = total BV - value use - building  =…

Q: The following is a summary of information presented on the financial statements of a company on 31…

A: Current liabilities are a company short term financial obligation that are due within one year.

Q: 7. AHR Company has provided the following data: Inventory and prepaid expenses, P35,000; Current…

A: Assets and liabilities are the two components of the balance sheet. Assets can be long-term or…

Q: Prepare the Following Journal Entries Ledger Trial Balance Income Statement Balance Sheet…

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

Q: Peter's Records purchases a new Record-Pressing Machine for $77,000, on the 1st January 2020 The…

A: Depreciation means the amount of expenses written off from the value of fixed assets used in…

Q: The average price of a gallon of gas In 2018 Increased $0.30 (12.4 percent) from $242 in 2017 to…

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

Q: the end of 2020, Payne Industries had a deferred tax asset account with a balance of $65 million…

A: Solution 1: Payne Industries Journal Entries Event Particulars Debit (In Million) Credit (In…

Q: A company's December 31 work sheet for the current period appears below. Based on the information…

A: Lets understand the basics. Management calculate net income to know result of the working of the…

Q: Which of the following types of messages might the Active Auditor display? Question 9 options:…

A: Audit is a process wherein the auditor ascertain the reliability and validity of the financial…

Q: Johanna resides in Saskatchewan and has taxable income of $85,000 for the current year. Determine…

A: Saskatchewan is a prairie and boreal province in Western Canada.`     We are assuming tax period…

Q: Discuss with examples, what are substantive audit procedures.

A: Audit procedures are the steps that auditors take to gather all information about the quality of…

Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…

A: A bank statement is a  document sent by a bank to its customers about transactions affecting a…

Q: Wage and Tax Statement Data on Efipioyel FICA Ehrlich Co. began business on January 2, 20Y8.…

A: A tax is a governmental organization's mandatory financial obligation or other form of levy enforced…

Q: Which of the following statements regarding accounting information systems is false? Multiple Choice…

A: Accounting is the process of recording, classifying, summarising and analysing financial information…

Q: A project requires an initial investment of $70,000 and has a project profitability index of 0.932.…

A: The investment can be valued using profitability index for the present value or future value of…

Q: What is the initial cost of the machine on July 31, 2022?

A: A new machine was acquired on July 31, 2022 by Harian Company. Now the cost of a Property, Plant…

Q: On June 30, 2021, ABC Company acquired 50,000 representing 25% ownership interest in Arthur…

A: Introduction: A share is a unit of equity ownership of a company. Dividends are paid to shareholders…

Q: l plans for the coming year (2021). Information related to financial projections for the year 2021…

A: The answer has been mentioned below.

Q: A compound journal entry is Multiple Choice A journal entry that has three or more debits and three…

A: Introduction: Writing a general journal entry is another technique of visualizing business…

Q: In considering whether the firm has the capabilities, competence, time and resources to undertake a…

A: The Correct Answer is B i.e. Whether the client is aggressively concerned with maintaining the firms…

Q: Calculate the increase (decrease) in net position displayed in the go activities for governmental…

A:

Q: hich methods of evaluating a capital investment project ignore the time value of Multiple Choice Net…

A: A Capital Investment project refers to the expenses involved in a project which will eventually help…

Q: A debt of 20,000 with 12% interest compounded semi-annually is to be amortized by semi-annual…

A: Semi-annual payment is the amount of money that is to be received or deposited every six months.

Q: Sales: January 5, 2022; 4,500 balls January 20, 2022; 5,200 balls   If Wrecking Ball uses a…

A: Valuation of inventory may be based on : LIFO  FIFO Average cost

Q: Laker Company reported the following January purchases and sales data for its only product. The…

A: Under Specific Identification Method, Cost of goods sold and value of ending inventory is calculated…

Q: i! I would just like to a

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: Brianna (resident citizen), earning compensation income and from self-employment, provided the…

A: Here discuss about the details of business tax due and its total amount of tax which are payable…

Q: Thomas Company is issuing 4 000 ordinary shares, payable by instalments. Investors must pay $10 per…

A: option c Debit cash, Credit Ordinary Share Capital

Q: Futura Company purchases the 50,000 starters that it installs in its standard line of farm tractors…

A: Financial advantage (disadvantage) of making the starters = (Purchase price per unit - Relevant…

Q: A 50-dollar bill falls out of the pocket of a billionaire and is found by a homeless person. From a…

A: Pareto Improvement is Way of Allocating good that harm no one and atleast Benefit Someone

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.