Which of the following statement is false? The cost of an internally generated patent is confined to legal and registration fees only An intangible asset with definite life is amortized Goodwill is an intangible asset but not under PAS 38 The cost of modification of a product to conform with customer's demand is an R&D expense

Q: спу на tuty is managed by Tara Perkins. Show the journal entries that would be recorded in the…

A: Date Account  Debit  Credit            General Fund A/C Dr  $100,000     To Electric…

Q: The composite life (in years) for these assets is

A: Depreciation refers to a decrease in the value of a tangible asset over a period of time. The cause…

Q: How much is the business tax if the business is radio station Narcissus owns a non-VAT registered…

A: As per National Internal Revenue Code of Phillipines and Republic act following is the correct…

Q: The composite life (in years) for these assets is

A: cost - depreciation machine A = 260000-20000=240000 depreciation = 240000/12=20000 machine B =…

Q: March Issued 3,000 share of Common Stock, $2 par for $15 per share.

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Another name…

Q: The interim period is viewed as an integral part of the annual accounting period. b. The interim…

A: The correct option is (a) The interim period is viewed as an integral part of the annual accounting…

Q: 14. Why does the need for an accounting period cause problems?

A: Answer:-  Meaning of accounting period:- An accounting period, for example a calendar year or fiscal…

Q: Item a. Rent received in advance for the first quarter of 2021. b. At December 31, bonds payable of…

A: Introduction: Current liabilities: The phrase current liabilities refers to a company's short-term…

Q: An attestation engagement is one in which a CPA is engaged to: A. Issue a written communication…

A: CPA is certified public accountant who is experienced, educated and have license. Attestation means…

Q: Ali Mamat Enterprise Trial Balance as at 31 December 2019 Particulars Sales Purchases Salaries Motor…

A: Introduction: Balance sheet: All the Assets and liabilities are shown in Balance sheet. It tells the…

Q: Factors affecting investment decisions

A: Introduction: The Investment decision is the decision taken by shareholders or top-level management…

Q: h of the following statements is inapplicable to qualified tuition programs? Up to $10,000 per year…

A: Qualified Tuition Programme : Its refers to the schedule 529 plan, which is established and…

Q: Assume the company has 300 units left over from last year which have small defects. These units will…

A: Relevant costs are those costs which are relevant for the purpose of decision making. Irrelevant…

Q: Pro-Builders Corporation has 242,000 shares of $45 par common stock outstanding. On September 2,…

A: Stock dividend: Stock dividend means a payment given to the shareholders in shares instead of a cash…

Q: From the following data, you are required to calculate 1) p/v ratio 2) break even sale with the…

A: Marginal Costing - Marginal Costing is the method of computing operating profit by bifurcating…

Q: Amortization entries Instructions Chart of Accounts First Question Journal Instructions Kleen…

A: >Intangible assets are the assets that do not have any physical existence and cannot be seen,…

Q: What would be the entries for the purchase, evaluation, impairment and sale of the asset

A: 2-Dec-1998   Land A/c Dr.                                                   45,00,000…

Q: Goods from Head Office 55,800 Purchases 114,000 Sales 145,500 90,600 Stated capital 25,500 31,500…

A: The term profit and loss (P&L) statement refers to a financial statement that summarizes the…

Q: Explain briefly any three decisions involved in the financial management

A: Introduction: The organizing, directing, as well as attempting to control an enterprise's financial…

Q: Capital balances and profit and loss sharing ratios of the partners in the Small Entertainment…

A: Partnership is not dissolved when a partner assigns his or her interest in the partnership to a…

Q: At the beginning of the current year, WELL Co. had 200,000 ordinary shares and 100,000, 4% par value…

A: Dividend to preference shares = 100,000 shares x P100 per share x 4% = P400,000 Calculation of…

Q: A publishing company is planning on developing an SPSS Manual for graduate students in doctoral…

A: Introduction: Break even point: It tells the level of sales where there is no profit nor loss to the…

Q: The mobility of international capital flows is causing emerging market nations to choose between a…

A: International capital mobility refers to the degree of mobility to which the financial markets are…

Q: 1. Why does the need for an accounting period cause problems?

A: Introduction: An accounting period is the time span during which a company compiles its financial…

Q: On November 30, accounts receivable in the amount of P900,000 were assigned to Turon Finance Co. by…

A: Accounts Receivable (AR) are the profits or revenues that a business expects to receive from…

Q: You would like to invest in ABC Corporation stocks. According to the stock broker, now is the best…

A: A rational person invests in shares when it is undervalued. But due to pandemics, the intrinsic…

Q: a.) In January 2021, NBDB incurred the following expenses for the salaries of its regular employees…

A:

Q: On January 1, 2014, Heart Company signed an agreement to operate as a franchisee of Ace Company for…

A: Acquisition cost of franchise  = cash paid + Present value of future 4 annual payments discounted at…

Q: ABC Company store raw material of inventory for its product Boomerang. The following information…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Using…

Q: AB Division for National Company has a rate of return on investment of 28% and an investment…

A: Profit margin can be calculated by dividing return on investment by investment turnover ratio.

Q: Reporting Bad Debt Expense and Accounts Receivable At the end of the prior year, Durney's Outdoor…

A: A T-accpunt is a log or list of accounts that keep track of account transfers.

Q: Prepare the journal entry for the following transactions (1) Geysler Company sold some old equipment…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: Which is not within the definition of an intangible asset? A resource from which future economic…

A: Unlike tangible  Assets  these Intangible Assets  are difficult  to valuate

Q: Packed Corporation owns 70 percent of Snowball Enterprises' stock. On January 1, 20X1, Packed sold…

A: A record is often kept in the general ledger, but it can also be kept in a single account,…

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: Introduction: Ending inventory is the worth of products still offered for purchase and held by a…

Q: Special Order Pete's Pizza makes the best pizzas in town. Based on Pete's current volume, the price…

A: At the time of analyzing the offer of the new order, the entity should consider the variable cost…

Q: Record the following transactions directly in the T-accounts without using a journal. Use the…

A: A T-account is the account which is in-fact looks like the t shaped and from there it got the name…

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: Solution:- Given, Trent Co. uses the retail inventory method and we have the information of cost and…

Q: The Cable TV Co., an accrual basis taxpayer, allows its customers to pay by the month ($10 each…

A: Lets understand the basics. In accruals basis, revenue is recorded when earned and not when it is…

Q: ABC Company provided the following information for the year ended December 31, 2020: Share Capital…

A: Statement of changes in shareholders' equity represents the transactions during the year that has…

Q: On June 1, Rogers Company purchased $2,990 of supplies on account and debited Supplies. At the end…

A: Lets understand the basics. Adjustment entry is required to pass to record correct amount of revenue…

Q: - Taxpayer has just accepted a job as chief counselor at a large daycare camp operated by a local…

A: As per federal income tax,  the value of meal that  provide by employer to employee in addition to…

Q: PROBLEM 2 Fleming Sign Company uses the allowance method in accounting for uncollectible accounts.…

A:

Q: comparing the cash balances on its bank statement with the cash balances in the accounting records…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Engineering Economics: Clin Corporation has an overhead crane that has an estimated remaining life…

A: The investment alternative will be choose which gives less present value of cost.  Here in given…

Q: The AASC is an independent organization responsible for the creation and integration of the 10…

A: The AASC is an independent organization responsible for the creation and integration of the 10…

Q: QUESTION 2 a. Electric Ltd is a wholly owned company of Power Ltd. Power Ltd treats Electric Ltd as…

A:

Q: On September 30, 22, Choco Lanay Company discounted at the bank a customer's P1,750,000 6 month 12%…

A: Note receivable can be converted into cash by selling them to a financial institution at a discount.…

Q: On June 1, 20x10, HEAD and ACHE decided to form a partnership contributing their existing…

A: A partnership is the form of ownership of an entity in which two or more persons jointly run the…

Q: Dividends Per Share Imaging Inc., a developer of radiology equipment, has stock outstanding as…

A: Dividends is the part or share of profits that is being distributed to the shareholders of the…