What do you focus on most when evaluating the relevance of information or audit evidence? Whether the information is obtained directly or indirectly. Whether the information comes from a reputable source. The completeness and accuracy of the information. The relationship of the information to the objective of the procedure being performed.

Q: On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $4 million cash to…

A: The question is based on the concept of Financial Accounting. A promissory note is an unconditional…

Q: Explain the main objectives of the audit of an entity’s financial statements and the importance of…

A: Standards on Auditing(SA) are principles and procedures that are required to be followed for the…

Q: cial ratios of Spinneys in 2022 and 2021.  Analyze the change between the years 2022 and 2021 in…

A: Current ratio refers to the one of the financial ratio which is computed in order to evaluate the…

Q: PLEASE ANSWER IT NOW, I NEED THE ASNWER. A hardware store purchased a tool at P20,000 per unit. At…

A: Providing a discount to the customer is a very efficient way to improve sales revenue and referrals…

Q: B) Can the government revoke the real property and income tax exemptions enjoyed by non-stock,…

A: Answer:-  Non-stock, non-profit educational institutions and religious organization:- A Non-stock,…

Q: How much is the amount due at the end of 5 years if the proceeds are $12,000 and the discount rate…

A: Time value of money :— According to this concept, value of money in present day is greater than the…

Q: e system was estimated to require a complete upgrade in five years to avoid obsolescenc ncurred for…

A: Allocation cost refers to the complete process of determining the expenses involve din identifying,…

Q: On July 1, 2021, Wildflower Corp. contracted to build an office for Heart, Inc. for a total contract…

A: Gross Profit  An approach to calculating total product is called gross profit. The technique can be…

Q: A company paid a $50,000 cash dividend to its shareholders. How should this transaction be recorded?…

A: The dividend is a method of distributing profits among shareholders. The preference shareholders…

Q: For the year ended December 31, 2021, White Company reported pretax financial income of P5,000,000,…

A: Deferred tax: It refers to the estimate that is accounted in the company's financial records as a…

Q: Abel, Ben, and Carol form New General Partnership at the beginning of the current year. Abel and Ben…

A: Calculation of net partnership income for the year end: Particulars Amount Sales Revenue…

Q: Assume the following information:   Milling Department Units Percent Complete Materials Conversion…

A: Solution Weighted average method is an inventory costing method that is assign average cost to each…

Q: On October 1, 2020, Geri, Elma and Philip who share earnings 5:3:2, respectively, decided to…

A: Introduction: According to the realization principle, revenue may only be recognized once the…

Q: Whipporwill, Incorporated’s, net income for the most recent year was $24,020. The tax rate was 24…

A: Introduction:- Cash coverage ratio is useful for identifying the amount of cash available to pay for…

Q: Dawson Hair Stylists Adjusted Trial Balance December 31, 2024 Account Title Cash Accounts Receivable…

A: The financial statements of the business are prepared using the adjusted trial balance.  The income…

Q: Katarina works in Québec and earns $723.85 per week. She also pays $18.00 per pay period for union…

A: Introduction: The federal income tax is the principal source of revenue for the federal government…

Q: X Company collected P12350 in interest during 2019 X showed P1,850 in interest on its December 31,…

A: Accrual Basis of Accounting: A technique of accounting known as accrual accounting involves…

Q: What roles are played by the American Institute of Certified Public Accountants for its members?

A: American Certified Public Accountants (CPAs) are members of something like the non-profit American…

Q: Red Company acquired a building on January 1, 2021 for P20,000,000.  At that date, the building had…

A: Investment property: It implies to a property that is purchased or bought by the investor for the…

Q: prepare an Income Statement (multi-step), Statement of Comprehensive Income and Statement of…

A: A multi step income statement is the statement which is just like the normal income statement but…

Q: em is normally reported as a current asset, NCA if non- current. If not an asset, write NA.  9.…

A: Non current assets refers to the those assets which the company made for long term time frame and…

Q: The Home Office in Manila shipped merchandise costing P30,000 to Baguio Branch and paid for the…

A: Home office is the head office which controls and direct the activities of the branch. Largely, the…

Q: Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some…

A: The key points of the above case are: 1. Prepaid rent related to next one year is classified as…

Q: Required information [The following information applies to the questions displayed below.] Vitamix…

A: Net sale is a combination of cash sales and credit sales.  The net credit sales can be calculated by…

Q: The Home Office in Albay shipped merchandise costing P30,000 to Legazpi Branch and paid for the…

A: Amount debited to sorsogon branch in home office books includes the amount of goods sent to sorsogon…

Q: On 1 July 2019, Christina Ltd acquired all the issued shares of Adeline Ltd, paying $120 000 cash…

A: acquisition analysis at 1 July 2019 A-Consideration transferred            Shares $120,000…

Q: Required information [The following information applies to the questions displayed below.] Listed…

A: Manufacturing Cost :— It is the cost that is incurred by company in the manufacturing of product.…

Q: Whispering Co. prepares monthly financial statements from a worksheet. Selected portions of the…

A: Adjusted trial balance is prepared after adjusting additional information. The adjusting and trees…

Q: A company has two service departments (S1 and S2) and two production departments (P1 and P2).…

A: Cost allocation means to allocate the cost of one department to the other departments based on the…

Q: Yukon Bike Corp. manufactures mountain bikes and distributes them through retail outlets in Canada,…

A: Preference shares have preference in receiving dividend it means if any dividend is declared then…

Q: East Coast West Coast   $Sales $Sales   Variable cost of goods sold Variable cost of goods sold…

A: Computation of the contribution margin ratio for each territory as a whole Please fallow the below…

Q: During 2019, Namnama Company introduced a new product carrying a two-year warranty against defects…

A: Lets understand the basics. In Accrual basis, warranty cost is needed to be recorded in the period…

Q: Directions Before beginning the discussion, compute for each year Costco's: gross margin percentage…

A: FINANCIAL RATIOS  Financial Ratio is help to Analysis the Performance of the Company.  It help to…

Q: S Corporation, a 75% owned subsidiary, of P Corporation, sells inventory items to its parent company…

A: Subsidiary revenues include any earnings, receivables, receipts, revenues, cash, profits, fees for…

Q: A statement of realization and liquidation has been prepared for the RESTLESS Corporation. The…

A: Stockholder's equity is calculated using the formula of ending cash balance. The ending cash balance…

Q: Explain how a strategic understanding of a client’s business may increase the value of the audit…

A:

Q: 2 Wonder Company purchased 35,000 of the 100,000 outstanding shares of Elton Company common stock on…

A: Elton Company is an associate of Wonder Company since Wonder Company holds 35% equity interest in…

Q: Power Company's ending inventory is understated by P7,000. The effects of this error in the current…

A: Rectification of entry :—  When the error or mistakes is discovered then suddenly rectification…

Q: adx:

A: In South Africa ,  South African Revenue Service [SARS] , a reveue…

Q: The cash flows in the table below represent the potential annual savings associated with two…

A: Annual Equivalent worth is used to determine the value of an investment by determining equal amounts…

Q: ntegrity Company uses standard costing for each specialized product. The following information is…

A: Direct materials are those materials which are used directly for production and manufacturing of…

Q: Integrity CORP uses job order costing. At Jan 31, only Job 101 was the only job in process with…

A: As per question We have to calculate the adjusted Cost of good sold where over - under applied…

Q: How much is the cost of goods sold?

A: Direct material + Direct labour + Direct expense  Prime cost  + Manufacturing overhead  Cost of…

Q: Prepare the acquisition analysis at 1 July 2019. Prepare the consolidation worksheet entries for…

A:

Q: Break-even point of the new product is 12,000 units a month. Fixed cost is 800,000 dollars a month…

A: A Break even point or BEP  is a financial calculation that determines which point in the production…

Q: Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for…

A: Overhead cost is applied on an estimated basis, based on the direct labor cost.

Q: pectancy is 20.8 years from the annuity starting date. Assuming that she receives $7,000 this year,…

A: Exclusion percentage: = Purchase value of annuity / (Monthly payment × Life expectancy × 12) =…

Q: What does The Securities and Exchange Commission do?

A: Financial market refers to the system where the trading of financial instruments between buyers and…

Q: On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT…

A: FOB Shipping Point Free on Board up to the shipping point is referred to as FOB Shipping Point.…

Q: Mattress Comfort Corporation manufactures two types of mattresses, Dreamer and Sleeper. Dreamer has…

A: Cost accounting is one of the important field of accounting being used. This is used for recording…