-2. Use the horizontal model to show the effect of signing the note and the receipt of the cash proceeds on April 15, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)

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A: Solution Non-controlling asset is an ownership position wherein a shareholder owns less than 50% of ...

Q: her sales reports and records for the months of January through August of the current year.

A: 1. sales calculation Jan = 60000+10%=60000+60000=66000 Feb =50000+10%=50000+5000=55000 March=55000+1...

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Q: ($) ('$) Unit Total Balance Cost in Units 50 Date Explanation Units Cost Jun-01Beginning inventory 5...

A: FIFO: COGS = 50 units x $1 + 10 units x $1.2 + 40 units x $1.2 + 110 units x $1.4 = $50 + $12 + $48 ...

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Q: $55 000 and saves $17 000 per year? After-tax interest is 10 percent. Assume the device will be sold...

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Q: Parent corporation issued on March 31, 2021 500,000 shares of its P10 par ordinary shares, P40 marke...

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Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant n...

A: When liability is created we credit liability account and debit the expense account 

Q: On January 1, 2018,Coley Corporation purchased $400,000 par value 4% bonds that mature on December 3...

A:

Q: Pharoah has 21,200, $4 noncumulative preferred shares issued. It paid the preferred shareholders the...

A: Error in accounting entry can be corrected by either reversing entry which is incorrect and entering...

Q: On April 1, a company provides services to one of its customers for $13,000. As payment for the serv...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: 2. XYM Store recorded the following information for the first quarter of its operations for 2008: Ca...

A: Current assets are assets that are readily converted into cash in less than a year. It includes cash...

Q: Case 6

A: As per protocol, allowed to answer first three subpart and post the remaining in the next submission...

Q: Catalina Corporation begins the year with a $195 balance in Retained Earnings and a $320 balance in ...

A: Whole shareholders' equity shows either the source of a company's assets, the owners' residual claim...

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Q: On July 1, 2016, Rotan Corporation paid $72,000 cash for a three year insurance premium. What adjust...

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Q: What is the journal entry to record issuance of the bonds on January 1, 2019? Dr. Cash, P500,000 an...

A: If the Bonds are issued at less then face value the the bonds are discount bonds.

Q: On January 1,2020, an equipment of ABC Company with a carrying value of P 1,500,000 was sold at P 2,...

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Q: The shareholder's equity of ABC Company at December 31,2018 is presented below: 12% Preference share...

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Q: Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following infor...

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A: Direct material purchase budget is a statement which is prepared in order to estimated the number of...

Q: Raha company had 420,000 ordinary shares authorized and 180,000 shares outstanding at the beginning ...

A: Shares purchased by the company are not included in the shares outstanding.

Q: Advise the college on the weakness in its systems and procedures due to payroll fraud.

A:   List of some actions to be taken by college on the weakness in its systems and procedures due to p...

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A: The right of use asset is measured at the present value of annual lease payments.

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A: Dividend is the amount of return on the shares of an entity.

Q: interest bearing note requiring payment of P300,000 annually for seven years. The first p was made o...

A: Annual payment are made for the machine they carry payment of principal amount and interest and pres...

Q: Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net meth...

A: The methodical recording of financial transactions in a certain format in a company's accounting rec...

Q: Indicate the effect that each transaction/event listed here will have on the financial ratio listed ...

A: There are many financial ratios used by businesses to analyze their performance in the current year....

Q: (b) Assume the same facts as part (a), except that the warrants had a fair value of $23. Prepare the...

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Q: Current and Noncurrent Transactions Wishbone, Inc., is preparing its year-end balance sheet and nee...

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Q: pare sary urnals for 1. Cash paid to Sara BD 600 2. Sold Furniture BD 15000 3 Salary Paid B D 6000 S...

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

Q: e of th

A: Given: Jordan Company for P120,000 Trademark totaling P30,000 

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

Q: all employee contributions with employer contributions on a two-to-one basis. That is if an employee...

A: Given as, Monthly expense, after 25 yrs – 9000 Yearly withdrawal after 26 yrs – 35000 Effective retu...

Q: Suppose that with the advent of ATMs, a person withdraws money once every two days. Further, suppose...

A: Given information, A person withdraws money once every two days. Person spends $10 per day.   Theref...

Q: Crane Electric sold $6,240,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January ...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Magic Realm, Incorporated, has developed a new fantasy board game. The company sold 52,200 games las...

A: Answer 1-a) Contribution Margin Income Statement Sales Revenue (52,200 units X $ 68 per unit...

Q: CASE 1 (22 points: 4 problem solving; 1 journal entry) On May 1, 20x1, the statement of financial po...

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A: Bond is a financial instrument which is issued to raise for by the large organizations. Bond offers ...

Q: What is the after tax annul cost if the soldering machine?

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Q: Prince Corporation holds 75 percent of the common stock of Sword Distributors Inc., purchased on Dec...

A: Journal entry refer to recording of transactions into the day book of the company and it is vital st...

Q: Jason is a 50% partner in Shadow Lake Partnership. Jason's tax basis in Shadow Lake on January 1 was...

A: A partnership firm seems to be a type of business wherein two or even more partners agreed to split ...

Q: Trade receivables are preferably presented on the face of the statement of financial position Select...

A: Solution: Trade receivables are the receivables arises from sales of goods or Sales of services. Tra...

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A: Cash budgets are being made for periods to estimate the amount of cash outflow and inflow. This help...

Q: Question 10 of 18 Which of the following increases the reported receivables in the financial stateme...

A: Financial Statements are the statements presented to provide the information about the company’s fin...