bank is generally valued at face amount b.Cash in foreign currency is valued at Philippine peso using the current exchange rate that is favorably to the company during the current reporting period. c.Cash in finan
Q: Draw up W Pentecost's complete Statement of financial Position from the following incomplete data at...
A: Financial statements are the set of records of the financial transactions and position of a business...
Q: 11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership i...
A: Let's understand the basics Partnership is an agreement between two or people to run and monitor bu...
Q: Discuss the differences in the evaluation methods for PP&E permitted under IFRS and under US GAAP. W...
A: US GAAP and IFRS are accounting standards used for preparation and presentation of financial stateme...
Q: On January 1,2019, an entity granted to an officer the right to choose either - 5,000, P 25 par ordi...
A: Fair value of share alternative as on January 1,2019 = P45 per share Fair value of cash alternative ...
Q: On December 31, 2021, Andy Inc. has a debit balance of $1,500 for the Allowance for Uncollectible Ac...
A: * As per Bartleby policy, if multiple questions are asked then answer first only. Calculation of est...
Q: Name the Sub-headings under which Shareholder's Funds shall be classified in a Company's Balance She...
A: Shareholders fund shall be classified in Following sub headings
Q: Silver Products has presented the following information for the past eight months operations: Month ...
A: There are three forms of cost : 1. Variable cost 2. Fixed cost 3. Semi-variable cost The high-low...
Q: Norfolk Engineering uses the weighted-average method in its process costing system. This month, the ...
A:
Q: oyCo acquired equipment on April 1, 2022, at a cost of $90,000 and with an estimated useful life of ...
A: Depreciation is the decrease in the value of asset over the useful life of asset. In double declinin...
Q: On January 1,2019, an entity granted to a senior officer the right to choose either - 10,000, P 24...
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts fo...
Q: What total amount should be recognized in profit or loss of Sushi Inc. for the year ended December 3...
A: Adjusting events are those events that arise after the end of reporting period but the conditions fo...
Q: A pharmaceutical company has been able to generate a capital of $5 million from a generous investor....
A: Introduction:- Capital is a wide phrase that can refer to anything that provides value or advantage ...
Q: ABC Corporation has the following information about its single product: Selling Price per unit ₱ 20 ...
A: Lets understand the basics. Degree of operative leverage indicates the change in net income if chang...
Q: Instructions: Identify each of the following accounts as an asset, Liability or Equity. DESCRIPTION ...
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net...
Q: A medium-sized manufacturing firm seeks to expand its operation in Mindanao. With a loan amounting t...
A: Amortization is the average amount that would be paid off in a loan arrangement over the period of t...
Q: Agrico Inc. accepted a 10-month, 13% (annual rate), $5,350 note from one of its customers on May 15,...
A: Face value of note = $5,350 Interest Rate = 13% Period (May 15, 2019 to December 31, 2019) = 7.5 mon...
Q: xpand its operation in Mindanao. With a loan amounting to Php5M payable in 12 periods and with inter...
A: Amortization refers to the concept of systematically and timely declining the principal amount of an...
Q: Roquan, a single taxpayer, is an attorney and practices as a sole proprietor. This year, Roquan had ...
A: Solution Explanation- The deduction is amount determined with respect to any qualified Trade or busi...
Q: ABC Bank granted a loan to a borrower on Jan. 1, 2019. The interest on the loan is 10% payable annua...
A: Interest income is the sum of money given by an organization which has raise money in any sort of in...
Q: Direction: Journalize the given transactions below of BAM General Merchandise on the month of May 20...
A: Journal is a book in which all business transactions are recorded in the order in which they occur, ...
Q: Star, Inc. used Excel to run a least-squares regression analysis, which resulted in the following ou...
A: % of variation in cost is not explained by production=(1-R square)×100
Q: A company's normal selling price for its product is $25 per unit. However, due to market competition...
A: Introduction: First in, first out (FIFO) is an accounting approach in which assets purchased or acqu...
Q: Prepare journal entries relating to the stock option plan for the years 2020, 2021, and 2022. Assume...
A: Introduction: Shares are units of equity ownership in a firm. For certain businesses, shares exist a...
Q: Mark Javier is an active partner in the Javier & Dela Rosa partnership, receives an annual bonus of ...
A: Lets understand the basics. Partnership is a agreement between two or more person who works together...
Q: Prepare journal entries for the following transactions.
A: Face Value of Bond = $500,000 Price of the Bond = $500,000 x 108 / 100 = $540,000 As the Price of th...
Q: A. The trend for cost of goods sold is increasing as a percentage of sales and the trend for total m...
A: Cost of goods sold are the direct allocated cost to the goods manufactured, which have been solved b...
Q: How much money was originally invested?
A: Simple interest is a method for calculating the interest for loans and other borrowings. It identify...
Q: cost of Ph 30,000. If the fixtures are ld be sold for Ph 18,000. Alternately, the ,000 to a jobber l...
A: Opportunity cost is the profit or income foregone when one decision is selected over another . Nova ...
Q: A , B and C bind themselves to pay D P30,000. Only A received the money as per agreement between A, ...
A: Contract refers to those legally enforceable obligations in which two or more parties either individ...
Q: On February 3, Smart Company sold merchandise in the amount of $4,800 to Truman Company, with credit...
A: Note: I have provide you the correct Journal entry, but I guess the correct option is not uploaded. ...
Q: The Vogelson Company accumulates the following cost and net realizable value data at December 31. In...
A: Inventories should be valued at cost or net realizable value whichever is lower. The cost or Net rea...
Q: is used to spread the cost of an asset across its useful life rather than recognizing it all at once...
A: Let's understand the basics, Asset is an item of property owned by a person or company, regarded as ...
Q: The partnership business of John Estrada and Peter Arroyo was formed on January 2, 2020. At that dat...
A: Adjusted capital contribution is a term defined in partnership accounting which means Total contribu...
Q: Hailstorm Company sells a single product for $22 per unit. Variable costs are $14 per unit and fixed...
A: Break even is the situation at which the company is neither earning profits nor incurring losses.
Q: Abbott Company's manufacturing overhead is 20% of its total conversion costs. If direct labor is P38...
A: Formula: Total conversion cost = Direct labor + Manufacturing overhead
Q: Crimson Inc. recorded credit sales of $750,000, of which $600,000 is not yet due, $100,000 is past d...
A: Allowance for Doubtful Accounts - Allowance Account is a contra assets prepare to record provision m...
Q: Lynwood, Inc. produces two different products (Product A and Product X) using two different activiti...
A: Machining cost assigned to product X = No. of machine hours x Machining cost per hour
Q: . A debit to Sales Discount for P500 b. A credit to Sales Returns and Allowances for P500 c. A credi...
A: This is a loss to the vendor ( me) . So, it will be debited. Deduction in the invoice price will be ...
Q: Inč. iš čomplêting the preparation of the draft finančiål štatement för thể year ended December 31, ...
A: In the above question Financial loss of P2,500,000 will be an adjusting event P2,500,000 Cust...
Q: Notes Receivable Discounting Marienau Suppliers had the following transactions: Mar. 1 Sold merchand...
A: Introduction:- The act of recording or keeping track of any financial or non-financial action is ref...
Q: [ CLO 3] In accounting analysis, the following is NOT among the criteria for recognizing assets. O R...
A: Recognition of assets and liabilities is essential to preparation and presentation of financial stat...
Q: Allen Bikes Ltd. has a year-end of December 31, 20x9. During the year, the company wrote off account...
A: Answer :- calculation of the dollar amount of the bad debt expense when making the adjusting journa...
Q: Dean and Ellen Price are married and have a manufacturing business. They bought a piece of business ...
A: Given, Business equipment (7-year personal property) on 4/1/2018 for $50,000. For a 7-year prop...
Q: he Blaine Company is a highly automated manufacturer. At an activity level of 6,000 machine setups, ...
A: solution Concept High low method Formula Variable cost using high low method =(cost at high point ...
Q: age of time B. Completion of percentage of a project C. Performan
A: Revenue refers to the sum value of money gained by a business by selling its goods or services in th...
Q: A time deposit with a bank or a fixed deposit with an original maturity of 4 months would not qualif...
A: Solution Concept Cash and cash equivalent is present in the balance sheet as a current assets Cash a...
Q: Give any three types of examples in each of operating activities, financing activities and investing...
A: Cash Flow statement has been used to identify amount of cash which was earned and spent on activitie...
Q: If estimated production overhead in the printing department is $120,000 and actual overhead is $116,...
A: Predetermined overhead rate: Predetermined overhead rate is calculated before the period begins. Thi...
Q: How can data analysis be used to identify stakeholders?
A: Stakeholder analysis involves the study of identifying, collecting, and analyzing data on different ...
Q: c. Use Figure 9.5 to determine the achieved upper deviation rate and the above table to determine th...
A: Solution:- Given, Manual approval limit = purchases over $25,000 Purchases made during the year = $1...
Step by step
Solved in 2 steps
- Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.Which one of the following is classified as a cash or cash equivalent? Select one: a. Prepaid insurance b. Restricted bank account that cannot be used for operations c. Bank overdraft d. Government debt investment with 30 days to maturity e. Post-dated chequePer US GAAP, receiving interest payments from a loan that a bank made to its customer would be included in the investing activity section of the bank statement of cash flows TRUE False
- Bank Reconciliation Activity The accounting records and bank statement of Entity A shows the following information: (The attached picture) Additional Information:a. The payments of P2,000 and P50,000 shown on the bank statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan,respectively. The loan payment includes payment for interest of P8,000. b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable. Requirements:1. Prepare the bank reconciliation.2. Prepare the journal entries to record the adjusting entries on the books of Entity A.Identify the term/s being asked in the following statements: part 2 4. The practice of realizing cash from accounts receivable before its maturity date is widespread. Defalcation is one of them. True or False? 5. This is the criterion to determine whether the transfer is accounted for as borrowing. 6. What account to debit if the company pays a delinquent notes receivable that was previously discounted. 7. On January 1, an entity received a one-year note receivable bearing interest at the market rate. The face value of the note receivable and the entire interest are due in one year. When the note receivable was recorded on January 1, the Interest receivable is debited. True or False? 8. A 120-day, 10% interest-bearing note receivable is sold to a bank with recourse after being held for 60 days. The proceeds are calculated using an 8% interest rate. In this situation, what happened to the notes receivable?Use the following to answer questions 1-4 Determine whether the firm reports each of the following items as part of cash, cash equivalents, or neither in the balance sheet. Item 1 Supplies 2. Currency 3 60-day US Treasury Bill 4. 6-month Certificate of deposit Use the following to answer questions 5-8 Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number (1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1. 1. Added to bank statement balance 2. Subtracted from bank statement balance 3. Added to company cash balance 4. Subtracted from company cash balance 5 6 7 8 Cash, Cash equivalent, or neither. Item Bank error, cleared the same deposit twice NSF Checks outstanding Interest earned Use the following to answer questions 9-11 On February 28th, the general ledger of the company shows a balance for cash of $100,000. Cash receipts yet to be…
- Prepare a bank reconciliation on 30 June 2022 based on the information provided below. Show all your calculations. The following information relates to the cash position of Canada Ltd. 1. Cash at Bank account balance on 30 June 2022: $45 351 debit. 2. Bank statement balance on 30 June 2022: $47 512 credit. 3. On 30 June receipts amounting to $1 420 have not been deposited. 4. Cheques issued but not presented total $3 268. 5. A $212 cheque was returned marked ‘dishonored’ (NSF). The cheque had been received from B Simpson, a new customer. 6. A $550 deposit made by L. Rich was incorrectly credited to the bank account of Canada. 7. The bank statement shows that the bank has charged the business’s account with fees and charges of $25.The Cash account in the general ledger of Hendry Corporation shows a balance of $96,990 at December 31, year 1 (prior to performing a bank reconciliation). The company's bank statement shows a balance of $100,560 at the same date. An examination of the bank statement reveals the following. 1. Deposits in transit amount to $24,600. 2. Bank service charges total $200. 3. Outstanding checks total $31,700. 4. A $3,600 check marked NSF from Kent Company (one of Hendry Corporation's customers) was returned to Hendry Corporation by the bank. This was the only NSF check that Hendry Corporation received during year 1. 5. A canceled check (no. 244) written by Hendry Corporation in the amount of $1,250 for office equipment was incorrectly recorded in the general ledger as a debit to Office Equipment of $1,520, and a credit to Cash of $1,520. In addition to the above information, Hendry Corporation owns the following assets at December 31, year 1: (1) money market accounts totaling $75,000, (2)…Read and understand the transaction. Prepare a Bank Reconciliation Statement using the following methods: Adjusted Method Book-to-bank Method Bank-to-book Method Use the space provided for each method for you answer. Moonlight Company maintains cash in ODB Bank. The following information was made available for the month of October 2021: The bank statement at the of the month shows ₱10,000. Deposits not yet reflected in the bank statement, ₱84,000. Checks issued but not yet encashed by the payees, ₱65,000. The bank made an error of debiting the account of Moonlight Company, which was actually a debit for Crescent Company, ₱4,000. The ledger shows a cash-in-bank balance of ₱12,000. Notes receivable collected by the bank for Moonlight Company amounted to ₱16,000. Interest earned by Moonlight Company from keeping their cash at ODB Bank is ₱5,000. ODB Bank charged Moonlight Company ₱1,000 service charges directly debited to their account as seen in the…
- Incorporate the following data into Bank X's revenue statement. Each item should be labelled and placed in the proper category and order. Commission ,exchange and brokerage received.Income on InvestmentsInterest paid on depositsPayments to and provisions for employeesInterest paid on BBI/ interbank borrowingsInterest/discount received on advances/billsIncome from leasing/hire purchaseInterest paid-othersProfit on exchange transactionsRent, taxes, lightingInsuranceLaw chargesProfit on sale of land, buildings and other assetsMiscellaneous incomeAuditor’s fees and expensesPrinting and stationaryProfit on sale of investmentsDepreciation on bank’s propertyIncome by way of dividends and subsidiariesAdvertisement and PublicityInterest earned – othersDirector’s fees, allowances and expensesMiscellaneous incomeRepairs and maintenanceOther expensesPostage, telegram, telephone and other communication expensesInterest received on balances with RBI and interbank funds.Read and understand the transaction. Prepare a Bank Reconciliation Statement using the following methods: a. Adjusted Method b. Book-to-bank Method c. Bank-to-book Method Use the space provided for each method for you answer. Moonlight Company maintains cash in ODB Bank. The following information was made available for the month of October 2021: • The bank statement at the of the month shows P10,000. • Deposits not yet reflected in the bank statement, P84,000. • Checks issued but not yet encashed by the payees, P65,000. The bank made an error of debiting the account of Moonlight Company, which was actually a debit for Crescent Company, P4,000. • The ledger shows a cash-in-bank balance of P12,000. Notes receivable collected by the bank for Moonlight Company amounted to P16,000. • Interest earned by Moonlight Company from keeping their cash at ODB Bank is P5,000. • ODB Bank charged Moonlight Company P1,000 service charges directly debited to their account as seen in the bank statement. •…Which of the following adjusts the company’s balance of cash in a bank reconciliation? a. Interest earned. b. Checks outstanding. c. Deposits outstanding. d. An error by the bank.
