Which of the following statement is correct?

Q: Which of the following statements is TRUE? O The acquirer shall measure the identifiable assets acqu...

A: As per IFRS 3 Acquisition Method shall be used for accounting businees combination. As per the IFRS ...

Q: non-controlling interest in net assets of a partially owned subsidiary is: a. Decreased by amortizat...

A: NCI also known as Minority interest which refers to the equity ownership share in the subsidiary's e...

Q: Calculate the fixed cost per unit Production Fixed costs Fixes cost per unit 40 100,000 (1- .) 50 10...

A: Fixed cost per unit = Total fixed cost Number of units produced 

Q: Anya Company disclosed the following accounts on December 31, 2020.                          12% Bo...

A: Journal entries refer to the process of systematic documentation of the financial transactions of a ...

Q: Which of the following statements is most correct?

A: Companies or government require funds and for that sometimes they issue the bonds or debentures inst...

Q: Given the ledger accounts of Devrij Company as of January 31, 2020: Cash $26,400 Accounts Payable $9...

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are tran...

Q: I need the answer as soon as possible

A: There are different methods for forecasting population. Some of the methods are  1. Arithmetic Incre...

Q: e data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimate...

A: Budget will help to find any mistakes in planning, hence a business can take corrective measures and...

Q: How much is the increase in retained earnings that will contribute to cover the increase in asset?

A: In this case, total assets, net profit and spontaneous liabilities all would increase by the percent...

Q: Before preparing financial statements for the current year, the chief accountant for Crane Ltd. prov...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: Dow Deep Mining Co acquired mineral rights for $56,000,000. The mineral deposit is estimated at 70,0...

A: Given that cost of the mineral rights = $56,000,000 Estimated mineral deposit = 70,000,000 tons  

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume t...

A: Income statement: The income statement shows the company's revenues and expenses earned during the p...

Q: A proposed relaxation of credit standards of Bulldogs Inc. will increase the balance of accounts rec...

A: Solution..   Increase in accounts receivable = P95,000  Increase in collection period  = 3 * 7 days ...

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

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

Q: ABC Company's bonds have a provision which stipulates that the ratio of senior debt to total assets ...

A: As specified in the question, the company is at the limit of 45%. So in order to maintain the ratio ...

Q: Paul Corporation acquired 80 percent of Saul Company on January 1, 2019, by issuing 118,000 shares o...

A: Acqusition Cost It may be incurred several cost which are related with the Acqusition cost while car...

Q: After taking business classes, Jake, an avid dog-lover, decided to start selling unique pet supplies...

A: The expenses amount which remains stagnant with changing level of production are called fixed expens...

Q: Kim Locke and Mary Leigh Coker have capital accounts of $430,000 and $484,000, respectively. Jeff Do...

A: Note: Consideration paid to Locke and Coker for purchasing the share in partnership is not relevant ...

Q: 2. During 20x1, Cord Builders, Inc. started work on a P9,000.000 fixed-price construction contract. ...

A: Under the percentage-of-completion method, revenue is recognized periodically on the basis of the pe...

Q: When share appreciation rights are granted to employees

A: Stock appreciation rights :  It's a type of incentive which is provided by a company to It's employe...

Q: Bulldogs Inc. wants to analyze its variances in its actual and budgeted operation. There is no diffe...

A: Sale price variance = (Actual sales price per unit - Budgeted sales price per unit) x Actual no. of ...

Q: How many are the ordinary shares outstanding after reflecting the foregoing transactions for the yea...

A: Ordinary shares refer to the equity shares of the company. Ordinary or common shareholders are techn...

Q: The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on Ma...

A: Financial statements are those statements or the records which are prepared by companies during fisc...

Q: 2. Assuming that the conditions for treatment as a sale are met, prepare Samson's journal entry to r...

A: Journal entries refer to the recording of all the monetary events occurring in a particular organiza...

Q: The change in accounting estimate should be treated currently and prospectively. True or false

A: A change in accounting estimate is a current change that affects the carrying value of Assets and Li...

Q: Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceed...

A: Interest = Loan amount x rate of interest x no. of months in calendar year /12 months Loan Payment =...

Q: FCB Industries is evaluating two projects based on the discounted payback method. The company’s cost...

A: Calculation of Discounted Payback period Discounted Payback period = X + Y/Z Where, X is the last ye...

Q: Mama inc. offered a one-year loan to a customer client. The instrument is a discounted note with a n...

A: Discount rate (D) = 15%

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...

Q: Gladstone Company issues 114,000 shares of preferred stock for $38 a share. The stock has fixed annu...

A: Solution..   Number of preferred shares = 114,000  Par value per share = $9  Rate of dividend = 9% 

Q: Provided the specified vesting conditions, if any, are met, share-base payment arrangement is an arr...

A: share best payment in generally transaction in which the entity receives goods or services for consi...

Q: NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a dep...

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

Q: The stock of Payout Corp. will go ex-dividend tomorrow. The dividend will be $1 per share, and there...

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

Q: Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on Decemb...

A: A journal entry refers to the act of making/keeping records of monetary events occurring in a partic...

Q: Pharoah Ltd. had the following share transactions during its first year of operations: Jan.   6   I...

A: Journal entry shows the recording of transactions during an accounting year and every transaction ha...

Q: Which is false about long-term sources of a firm's capital? * , O All types of corporations may issu...

A: Who can issue equity securities to public:- Only large publicly-held corporation can issue equity se...

Q: Case 6

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

Q: The shareholders' equity of Garnet Corporation on December 31, 2021 showed the following items: 8% P...

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for yo...

Q: Subsidiary Company was merged with Parent Corporation on December 31, 2021. In the business combinat...

A: Retained earning after combination i.e. merger of the companies is the total of the retained earning...

Q: Which one of the following variables is not explicitly considered in the computation of the Economic...

A: Economic Order Quantity is entity's optimal order quantity to minimize total costs retated to orderi...

Q: munication moving in a specific C cilitates task accomplishments. munication

A: Casual communication with another person is known as informal communication.

Q: Bulldogs Inc. uses Additional Funds Needed as a plug item. If the company had forecast its additiona...

A: Lets understand the basics. Retention ratio is a ratio which shows how much percentage income is lef...

Q: Charleston, Inc. had the following information:     Year 2 Year 1 Net Sales 210,000 194,800 ...

A: The Vertical analysis is also known as common size analysis. All the percentage ls are calculated of...

Q: What reduction in average collection time would be needed to justify the lock-box system? (Use a 360...

A: Average collection period is number of days it takes for company to collect its receivable from cust...

Q: Mr. Edgar EspaAgueca is a professional accountant. He ventured in a milling business to serve the ne...

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...

Q: Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per unit of P...

A: Lets understand the basics. Sales volume variance is a variance in which actual sales in units gets ...

Q: If a company is a multiproduct firm. a. can only utilize CVP analysis if the contribution margin pe...

A: c)  a multiproduct firm can earn a lower than expected profit though the total number of units sold ...

Q: FIU Inc granted 25,000 stock options to its top management team on January 1, 2022. The options vest...

A: An employee stock option that grants specified employees of a company the right to buy a certain amo...

Q: ABC Corporation declared 25% bonus issue to its ordinary shareholders on December 31,2021. As

A: Bonus Shares : Bonus shares means additional shares which are given to existing shareholders without...

Q: Page 4 of 4 12. Mr. Bean receives a monthly basic salary of P38,000. He also receives P2,000 monthly...

A: Total Compensation = 38000 +2000 +2000 +500                                    = php 42,500

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.