Please answer quickly: How do the objectives of evaluating financial condition differ between internal managers and credit analysts? How are their objectives similar

Q: On January 1, 2021, a business paid $6.400,000 for land with mineral deposits. Over the following…

A: The process of defining, assessing, and reporting transactions to regulatory authorities, tax…

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: 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: Is a transaction that has the effect of lowering an asset recorded as a debit or as a credit? Is the…

A: A transaction is a business engagement that has an economic effect on a financial statement and is…

Q: On January 1, 2021, Robin Company received a grant of P1,500,000 from the government to subsidize…

A: Solution This question relates to standard accounting for government grants Whenever the grant is…

Q: Maurice, single, has wages of $215,114 and net investment income of $40,000 in 2021. His AGI (MAGI)…

A: Net investment income tax is the tax on net investment income and is charged by Internal Revenue…

Q: A temporary difference that would not result in a deferred tax asset but not a permanent difference?…

A: Solution: A temporary difference that would not result in a deferred tax asset but not a permanent…

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows:   April 3…

A: Under FIFO method the oldest products in inventory have been sold first.

Q: A Ltd purchased four motor vehicles for $50000 each on 1/1/2015. The company depreciates motor…

A: A deferred tax liability is a tax which is liable to be paid but not yet due to be paid in the…

Q: Mark Company quarries limestone, crushes it and sells it to be used in road building. Mark paid…

A: Formula: Depletion rate per ton = (Cost of the Quarry - Residual value) / Estimated total reserves…

Q: narket value of is 80 million pon

A: Duration of security tells us that how much will be change in value of security with change in…

Q: On January 1, 2023, the city government provided Swerte Company a zero interest, P6,000,000 loan…

A: In this Question, this is a zero-coupon bond having no interest. Therefore in this, we will…

Q: e takeover strategy that can be made by an entity when there is a high chance that current holders…

A: Introduction An anti-takeover measure is any move that is initiated on a ceaseless or irregular…

Q: The firm with the largest ratio of fixed costs to total costs automatically gets the greatest…

A: Lets understand the basics. Fixed cost is a cost which is fixed over a period of time. It includes…

Q: What is preferred stock and common stock?

A: The term "stock" refers to a company's ownership or equity. Common stock and preferred stock are the…

Q: vanhoe Variety Store unes the LIFO retal inventory method. Information relating to the computation…

A: Inventory is the current asset reported on the balance sheet of the company. It is used in the…

Q: The trial balance of MINGYU SERVICES shows an accounts receivable balance of P275,500 and P7,850,000…

A: Given information: Accounts Receivable balance  = P275,500 Amount collected = P50,000 Service…

Q: ssuming a 35% statutory tax rate applies to all years involved, which of the following situations…

A: Solution Concept Deferred tax asset or deferred tax liabilities shall be recognized when there is…

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: the year when payment is made in advanced shall be: O Lease liability at inception of the lease…

A: lease is a contract that outline the term under which one party agree to when can a asset to another…

Q: C Corporation sold $55,000,000, 8%, 10-year bonds on January 1, 2022. The bonds apply interest on…

A: The bonds are the financial instruments for the business. These instruments are useful to raise…

Q: Your manager has asked you to advise your client Kofi Gyato, owner and director of Kofi Gyato…

A: Depreciation means the amount of expenses due to usage of fixed assets due to normal wear and tear…

Q: Identify the natural balance of each of the following accounts (DR = Debit, CR = Credit) - Inventory…

A: As per the Golden rules of accounting:     • For Real Accounts, the rule follows as: debit what…

Q: true or false? Costs that clearly benefit the entire year should be allocated over the interim…

A: Cost: It implies to the expense incurred by a business in generating sales revenue. It includes both…

Q: 3. RJ Coley visited Malcolm Variety Store to purchase the following items: These prices are…

A: Introduction General Consumption Tax (GCT) is tax applicable on purchase and sale of goods and…

Q: 3. Maricel borrows P 10 000 with interest at 15% compounded monthly. How much should she pay at the…

A: Given data, Initial amount (p) = 10000 interest rate = 15% it is compounded monthly , so monthly…

Q: on

A: Yes, cultural influences are likely to have an impact on accounting measurement or disclosure…

Q: Devon Corp. is trying to decide whether to lease or purchase a piece of equipment. The total cost…

A: While making the decision between purchasing or leasing the Equipment, net present value between…

Q: 8. How much interest income should Edward recognized in its December 31, 2022 statement of…

A: 8. ) The fair value of the leased asset on day of lease i.e. January 1, 2022 (This is the value at…

Q: Coke Company had 2 million shares of common stock outstanding all through 2020. On April 1, 2021, an…

A: Formula: Earnings per share = (Net income - Preferred dividend) / Weighted average outstanding…

Q: Problem-solving Admission by Purchase of Interest or Investment of Assets Angeles. Bondoc and Campos…

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

Q: On January 1, 2021, Raffy Company took out a loan of P24,000,000 in order to finance specifically…

A: Borrowing costs are capitalized on the assets when its directly attributable to the acquisition,…

Q: Dex Corporation, part of banking industry but performing quasi - banking function had the following…

A: Banks and non-bank financial intermediaries performing quasi-banking functions Interest,…

Q: BUDGETING JULY AUGUST SEPTEMBER ОСТОВER NOVEMBER DECEMBER RM185,000 RM200,000 RM360,000 RM320,000…

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…

Q: On January 1, 2018, Joel Company purchased a patent for P7,140,000. The patent is being amortized…

A: As per IAS 8, Accounting policies,Changes in accounting estimates and errors A change in legal life…

Q: Maurice, single, has wages of $215,114 and net investment income of $40,000 in 2021. His AGI (MAGI)…

A: Net investment tax is calculated by applying 3.8% on the net investment income of an individual. It…

Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: LIFO is the inventory valuation method as per which the goods that are bought at last are to be sold…

Q: Mr. A loved to go to horse racing. He bought a ticket amounting to P 500. Luckily, he won from the P…

A: Mr. A should received from the operator of horse racing will be winning amount.

Q: EM Co.'s budgeted sales and budgeted cost of sales for the coming year are P212,000,000 and…

A: Solution Concept Inventory turnover ratio means the frequency company replaces its inventory…

Q: Compute the taxable income. A. Zero B. P4,000,000 C. P5,000,000 D. P29,000,000

A: The taxability of income of the nonstock nonprofit educational institutions depends upon whether the…

Q: An engineering study performed in 2021 indicated that on January 1, 2021, 7,500,000 tons of…

A: Depletion refers to the reducing in the value of natural resources of the earth from extraction of…

Q: Required: Present the operating activities section of the statement of cash flows for Guy's Gear…

A: Introduction:- A cash flow statement denotes total amount cash is inflows and cash outflows your…

Q: Correcting the Trial Balance: Near the end of the year, Alpha received $2,000 cash in advance from a…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

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

A:

Q: 3,274,000 58,126,000 196,719,000 354,959,000

A: Given as,

Q: Bed & Bath, a retailing company, has two departments-Hardware and Linens. The company's most recent…

A: Unavoidable fixed cost are not relevant for decision making, because they remain constant Even…

Q: Statement 1: The lessor will recognized the same gross profit whether the residual value is…

A: Lease Accounting In the lease account which are involved both the parties like lessor and the lessee…

Q: Sales Cost of Sales Gross Profit Operating Expenses (b) Net Income P75,000 (a) P40,000 P17,000

A: Formula used for Cost of sales: Cost of sales = Sales - Gross profit.

Q: Required: i. Identify book of prime entries. Prepare the specialized journal Prepare the…

A: i)Journal is called a book of prime entry because all the business transactions are recorded first…