xternal auditors take a big picture, macro view of the books and records of a company. Forensic accountants take a micro view of a business.

Q: On January 1, 2020, Chamberlain Corporation pays $586,800 for a 60 percent ownership in Neville.…

A: As a result, the combined net income represents the sum of these companies' revenue and costs. The…

Q: 4. OHW Company's debt to equity ratio is 0.6. Current liabilities are P120,000, long term…

A: Solution Concept Mathematically Working capital               = current assets – current liabilities…

Q: Which of the following problems can be most ea client's year-end sales cutoff?

A: Sales revenue represents the revenue of the company by selling the products produced by the company.…

Q: GIVEN: • Taxpayer is a PEZA-registered enterprise Taxable year is 2021 • Financial data Related…

A: hilippine Economic Zone Authority (PEZA) registered entities are given tax incentives such as in the…

Q: In audits of state and local government units which of the following sections are not required in…

A: Audit report is the final conclusion of the audit which is based on the audit evidence obtained…

Q: The following is the trial balance of J. Jamieson as on 31 October 2021. You are to draw up a…

A: Financial statements are those statements which are prepared at the end of accounting period in…

Q: Sean was negotiating his salary and benefit package with South Beach Hospital. First, South Beach…

A: In this question, the First offer is when sean has been offered a salary of $75,000 per year, but…

Q: 7. The following is the total profit earned by 2 individuals for a period of 4 months. Months Profit…

A: calculation of above requirement are as follows

Q: QUESTION 1-(COMPULSORY) 1(a)        Nairobi Ltd…

A: Calculation of depreciation on machinery = 122,000 * 10% = 12,200 Calculation of depreciation on…

Q: Red Co. has a patent on a communication process. The company has amortized the patent on a…

A:

Q: Statement 1: When the residual value is guaranteed by the lessee, the lessor shall include the same…

A: As per IFRS 16, Leases A Gross investment in the lease is  = lease payments receivable by lessor in…

Q: can you explain how to get the opening balances

A: Opening balances of the account is the balance of an account which it is having at the beginning of…

Q: The general ledger of JEONGCHEOL INDUSTRIES showed the following balances: Dr Cr Cash Accounts…

A: Cash balance: It implies to the cash including coins, paper notes, cheques, money order, etc, that…

Q: It is the initial cost of acquiring an asset, plus sales tax, transportation and normal costs of…

A: Cost of the asset is the cost which has been paid by the company in order to buy the asset and on…

Q: During the year, cash increased by $300 million. Investing and financing activities created positive…

A: Cash flow from operations = Total increase in cash - Cash flow from investing and financing…

Q: PROBLEM NO 1 Watusi Inc. began operations in January 2021 and reported the following results for…

A: Ordinary shares are shares in a company with individual owners who can vote at company events and…

Q: he answer choices are listed as follows: A. 12.91%  B. 12.88%  C. 11.38%  D.

A: Bond is that debt instrument which is used by the organization to finance its long term fund needs,…

Q: V. Prepare the Trial Balance

A: Trial balance means the statement prepared from ledger account where all debit and credit balance…

Q: GST is called as consumption based tax. Discuss and verify this statement with the help of a…

A: Goods and services tax (GST) is also called consumption based tax, as we consume goods like food…

Q: Blue Inc. acquired some manufacturing equipment in January 2018 for $400,000 and depreciated it…

A: Depreciation is the non-cash expense which is to be reported in the books of an entity in order to…

Q: Which is FALSE? S1 – A Notice of Discrepancy needs to be settled within 30 days from receipt of…

A: Notice of discrepancy refers to the written notice which is issued through BIR informing the…

Q: At 31 October 2006 Zaid owed his suppliers $13,856. During the year to 31 October 2007, his payments…

A: Formula: Credit purchases for the year 31 October = October 2007 owed + payments in the year -…

Q: The rent expense of the lessee maybe composed of the following: I.      Straight-line amortization…

A: Here discuss about the details of rent expenses which are incurred at the time of inception of lease…

Q: Time let Freddy runs a business selling clocks. He buys 894 clocks for $44 each (including GST) and…

A: GST Rate in Australia Goods and services tax (GST) is a tax of 10% on most goods, services and other…

Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of…

A: Time period from April 1,2018 to December 31,2019 = 9 months

Q: Unger has the following third party and intersegment revenue for its 10 operating segments Third…

A: If total external revenue reported by reportable segments is less than 75% of entities total revenue…

Q: Exercise 3 -7 1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Exercise 3 -7 1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Which of the following is not one of the approaches for reporting accounting changes? The change…

A: accounting change is a change that takes place in the accounting principles, accounting estimate or…

Q: Year end inventory is valued at £215,000. However, there are several items included within year end…

A: Inventory:  It includes all the finished goods available for sale to the ultimate customers and raw…

Q: Caine Company exchanged a car from inventory for a computer to be used as a long-term asset. The…

A: The answer is stated below:

Q: A company is the real estate business and rents offices to clients. On the first day of their…

A: The accrual basis accounting records the revenue and expenses of the period when they are incurred.

Q: How much should BC report as taxable gross income?

A: Gross income is the income which a company has earned by selling the products or services during the…

Q: Hamrick Company employs a standard cost system in which direct materials inventory is carried at…

A: Formulas: Direct Materials Spending Variance = Standard material cost - Actual material cost Direct…

Q: One of the products manufactured by Cooper Company is a plastic tray. The information below relates…

A: Process productivity in the Tray Production Department= Units started in production/ Value added…

Q: 2. MSS Company sells Japanese comics books. On 1 January 2021, a customer, Jupiter Co., owed MSS…

A:

Q: Freeman Company's accounting records include the following information: Payments to suppliers $…

A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…

Q: Daniel Manufacturing Company uses the FIFO costing method to account for their inventories.  The…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Scare-2-B-U (S2BU) specializes in costumes for all occasions. The average price of each of its…

A: a Expected Revenues for S2BU for Each Month     April May June July August September   Number of…

Q: Jeremiah Wood wants to set up a fund to pay for his daughter's education. In order to pay her…

A: We will find present value of the future requirement of funds to know what amount we must invest to…

Q: logo Motors, Inc., has several divisions that often purchase component parts from each othe ompany…

A: A transfer price is based on market prices when charging another division, subsidiary, or holding…

Q: The Textile Division of Electrotech Corporation reported the following results for a recent year…

A: Formulas: Profit margin = Net income / Sales where, Net income = Sales - Expenses

Q: What does liabilities mean for the balance sheet of any bank? Explain briefly.

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: Blossom Company reported the following information for November and December 2022. November December…

A: Ending inventory is the price of factors handy there at cease of a reporting period. For a company…

Q: Shipments of inventory to the branch may be billed at other than cost. When billing prices are above…

A: Introduction:- Branch Accounting is the different type of bookkeeping or accounting.…

Q: Ms. Ganda bought residential house for P4

A: VAT VAT i.e. Value Added Tax is an indirect form of tax. It majorly eliminates cascading effect of…

Q: The financial statement reporting "filter" is Multiple Choice SEC reporting regulations that vary…

A: Financial reporting Financial reporting is mainly done to track, analyze, and report business income…

Q: OFIA had investments in equity securities costing P1,000,000 that were classifies as investment in…

A: When Investments are reclassified at fair value through profit and loss which were earlier…

Q: Major Co. exchanged equipment with Minor, Inc. Pertinent data are shown below:   Major Co.Minor,…

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

Q: WHICH IS TRUE OR FALSE? I. Play account is the account used to purchase expensive items for…

A: Disclaimer: "Since you have asked multiple questions in one question so we have solve first question…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.