Q10.9 Management reports: a. Must follow a set of rules specified by Generally Accepted Accounting Principles b. Must follow the rules specified by the Internal Revenue Service c. Must follow the rules specified by vendors d. Do not have to follow a specified set of rules

Q: At 31 March 2012, Dalian Limited had in issue NS4m in equity share capital of 50 cent each and N$1m…

A: Basic EPS = Income available to shareholders/Weighted average number of shares Income available to…

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A: 1. A target market is a specific group of people with shared characteristics to whom a business…

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A: Share dividend means when some shares of the company are being distributed as dividend to the…

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A: Date Account Titles and Explanation Debit Credit Mar. 1, 2018 Share Subscriptions Receivable…

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A: The sales budget is prepared to record the sales revenue earned during the period.

Q: nstruction:Prepare an income statement Presented is information related to DON CO. for the month of…

A: Income statement is one of the important financial statement which shows all incomes and all…

Q: TRI began the year, 2021 with 132,000 shares of common stock and 30,000 shares of 7%, $100 par…

A: Weighted average shares of common stock = [132000 + 132000x10% - 20000x3/12] x 2 = 280,400 shares…

Q: Western Wear Clothing issues 1,000 shares of its $0.01 par value common stock to provide funds for…

A: Lets understand the basics. Journal entry is make to record event and transaction that occur during…

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A: Amount received on first installment (ie, 40% of subscription) = $446,400 Therefore, the total…

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A: Cost allocation is a method of delivering relief to the cost centers of a shared service…

Q: cal Mixing Department (De acking Department (Depart tober

A: Concept of Process Costing

Q: Required Prepare a vertical analysis of both the balance sheets and income statements for Year 4 and…

A: The Statement of Financial Position - The statement of financial position is the position of the…

Q: mpensation expense for the current year

A: The shares given to the employees of the company, keeping their good performance in mind or due to…

Q: med annual salaries $65,000, $70,000, $75,000, $80,000, and $85,000, pectively. Under Harris 's…

A: The retirement benefits depends on the number of years in service and some percentage of salary of…

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A: For calculating weighted average number of shares, we need to use below formula. Weighted average…

Q: QUESTION TWO Hendry Limited produces a mini-kitchen called Town Cook, which is enjoying extensive…

A: The cost of goods sold under absorption costing is calculated as sum of variable and fixed…

Q: Before starting to render his service, Paolo collected an advance payment of P2,000 for the…

A: Gross service income is the sum of remuneration received from delivery of service. In the given…

Q: Which of the following statements is not correct?

A: Leave monetization is actually the leave encashment which means the if there is any earned leaves…

Q: A restaurant owner who had yet to earn a monthly profit said, “The busier we are, the morewe lose.”…

A: Contribution margin is the difference of total sales and total variable costs.

Q: What is the compensation expense for 2020? *see attached a. 150,000 b. 100,500 c. 300,000 d.…

A: The compensation expense is recorded at fair value of share which is amortized over the vesting…

Q: Compute the Quick ratio if Current Assets: 10.354; Current Liabilities: 6.615; Inventory: 5.767;…

A: Formula used: Quick ratio = Quick Assets / Current liabilities Division of Current liabilities with…

Q: Assume that Shoreline Hotel Inc., (SHI) decides to make the following entry on December 31, 2018.…

A: Lets understand the basics. When current tax expense is same as income tax payable then accounting…

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A: Depletion cost per ton = (Cost of the Coal mine - Residual value) / Estimated quantity of coal…

Q: B-Marts' large proportion of merchandise held on consignment from suppliers. Which account balance…

A: Audit is the process of checking and verifying books of account of the business in order to ensure…

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A: As per IAS 21 The effects of changes in  foreign exchange rates, Every organization on reporting…

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A: In the context of the given question, we compute the tax on the initial public offer. First, we need…

Q: For calendar 2020, Marvel Corporation, Inc., reported depreciation expense of $900,000 on its income…

A: Deferred tax liability is a tax obligation that accumulated in one year but is due to be adjusted in…

Q: 8. Carleigh, Inc., is a pork processor. Its plants, located in the Midwest, produce several products…

A: Gross profit earned: - Gross profit is the difference between the sales revenue and the cost of…

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A: Shareholder's Equity: Shareholders' equity (also known as corporate net worth) is a measure of how…

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A: Internal variable costs of manufacturing the component: Details Amount ($) Direct…

Q: Using the following information, prepare the journal entries to reconcile the bank statement. • Bank…

A: Deposit in Transit ,Outstanding checks and error from bank side, the entries for these transaction…

Q: A 20-year maturity bond with par value of $1,000 makes semiannual coupon payments at a coupon rate…

A: Bond is a debt instrument used to raise funds. It carries fixed interest charges that the issuer of…

Q: Eugene Company decided to issue 1,000 share options to an employee in lieu of many years' service.…

A:

Q: 1. The PowerPoint Corporation has two classes of share capital outstanding: 9% (dividend rate), P20…

A: A share split is a situation in which the management of the company increases the number of shares…

Q: An electric car company purchases machinery for $700 000 on January 1st. The machinery is expected…

A: Depreciation is the allocation of cost of asset over the useful life of the asset. Under straight…

Q: It means income (in the broad sense) excluding income which is by statutory provisions or otherwise…

A: Exempted Income: When it comes to taxation, exempt incomes are incomes that are not taxable under…

Q: Describe in detail the general requirements of IFRS

A: The International Accounting Standards Board (IASB) felt the need to publish IFRS for a creation of…

Q: Question 5 If an individual performs services for a creditor who in consideration therefor cancels…

A: Creditor is the person to whom payment for goods and services is yet to be made, although goods and…

Q: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the…

A: Lets understand the basics. Journal entry is required to make to record event and transaction happen…

Q: Baxter Ltd recorded sales of $480 000 during the year with $350 000 being on credit. Ba debts in the…

A: The bad debt expense is estimated on the basis of past year experiences and sales revenue earned or…

Q: Darrel exchanged his stocks in Queen Corporation for the stocks of Queendom Corporation pursuant to…

A: Tax basis as per the tax laws is generally its cost basis. The tax basis of shares is generally…

Q: 4. Should the management of a company purposely alter its Depreciation estimates for the sole…

A: financial statement are considered to be statements that produce and present the companies current…

Q: On January 1, 2021, Parks Co. has the following balances:  Projected benefit obligation $5,600,000…

A: Benefit refers to profit.Obligation is Zn important part of accounting which is also called as…

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A: Introduction: Debt to equity ratio = Total Liabilities / Total shareholders equity. Division of…

Q: [The following information applies to the questions displayed below.] The following data pertain to…

A: Selling price is calculated by using various methods. These depends on the recoverable value and the…

Q: Given the following information, compute the current ratio Cash $ 120,000 Accounts receivable…

A: Current Ratio - Current Ratio indicates organization liquidity to repay its short-term obligation.…

Q: The wood used to make furniture is a variable cost to an enterprise that manufactures and sells…

A: Cost are divided into three parts which are, (1) Variable cost (2) Fixed cost (3) Semi variable cost…

Q: At the end of the current year, $18,540 of fees have been earned but have not been billed to…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: y cheque £40. dit from: S Hood £145; D Main £206; W T to: J Wilson £112; T Cole £164; F Syme £25…

A: A journal entry is an entry that is entered in the company's record book. Every business transaction…