(BUSINESS LAW) Provide a very clear and detailed introduction on the meaning of “REAL PROPERTY” and “SALE AND PURCHASE AGREEMENT” by referring to the relevant Acts.
Q: Compute the ending inventory using the dollar value LIF0 method for 2019, 2020, and 2021. Do not rou...
A: Inventory valuation refers to the methods used by the company to determine the value of its inventor...
Q: There are two types of ac
A: Adjustments are required in the financial statements so that correct profit and loss and financial ...
Q: beginning of the process. How much is the materials cost per unit if ending work in process was 30% ...
A: Process costing refers to an accounting system which is used by manufacturing companies who are prod...
Q: Novak Corp. began the year with 8 units of marine floats at a cost of $11 each. During the year, it ...
A: Lets understand the basics. For determining average unit cost, we need to use below formula. Average...
Q: An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000....
A: Answer- Working Note : I. Bonds' carrying value = face value + unamortized premium = $800,000 + ...
Q: Stephanie's Bridal Shoppe sells wedding dresses. The average selling price of each dress is $1,000, ...
A: Operating income = Sales - Variable cost - fixed cost
Q: E13-1 Characteristics of a partnership [5–10 min] Theresa Thayer, a friend from university, asks you...
A: Partnership means where two or more person comes together to do some common business activity and ea...
Q: C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis...
A: The question is based on the concept of Financial Accounting.
Q: Determine the balance in PASTEL Company's finished goods inventory account at the end of August — us...
A: Cost of goods available for sale - Ending finished goods inventory = Cost of goods sold Ending finis...
Q: Cash Effective Decrease in Outstanding Date interest interest balance balance 1/1/2021 $ 207,020 6/3...
A: Formula: Effective Int rate = Interest / Outstanding balance x 100
Q: Discounting of note receivable with recourse A P1,800,000, 6-month, 10% note dated March 1 i...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Choose the letter of the correct answer: 1. What amount of allocated excess/purchase differential ...
A: Acquisition Differential is excess the fair value of acquisition entity over its recorded equity.
Q: Grace Corporation's pretax financial income is $600,000 and taxable income is $550,000 for year 2020...
A: The temporary differences arises when the tax is charged on the transaction at different point of ti...
Q: Jack and Jill are owners of UpAHill, an S Corporation. They own 25 and 75 percent, respectively. UpA...
A: Solution:- step2 in solution.
Q: XYZ Ltd acquires 100 per cent of Red-X Ltd on 1 July 2021. XYZ Ltd pays the shareholders of Red-X Lt...
A: An intangible asset related to the acquisition of one business by another is goodwill. Goodwill is d...
Q: On December 1, 2021, Carlos entered into a lease on a building for use in his business for $1,500 pe...
A: According to the 12-month rule, the expenses paid in advance (in our case rent expense $18,000) can ...
Q: standing Date interest interest balance balance 1/1/2021 $ 207,020 6/30/2021 $ 7,000 6,211 $4 789 20...
A: Solution: Annual Stated interest rate on bonds is the rate of interest which is actually paid to the...
Q: Prepare the journal entries to record the foregoing transactions, including authorized share capital...
A: Journal entry is made at the time when the company issues the shares to the public which means eithe...
Q: Thomas Corporation presented the following data : Net Income: $2,500,000 Preferred stock (1/1)...
A:
Q: Explain the hedging arrangement and how does it reduce foreign currency risk exposure? Explain the t...
A: Hedging: Hedging is a risk management approach that involves holding an opposing position in a compa...
Q: Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August 10...
A: Note: 5/10, n/30: Here, 5 represents the discount rate if payment is made within ten days. And if pa...
Q: Plum Ltd. entered into four separate contracts to lease new equipment to Grape Co. during the year e...
A: Classification of leases from the Lessor's perspective Lease Number 1 2 3 4 Classifi...
Q: Which of the following types of income is subject to the self-employment tax? a.Dividends from stock...
A: First of all we need to understand what is self emploment- In simple words we can say self employmen...
Q: 21, and
A: The gross profit is calculated as, Sales revenue- Cost of good sold The gross profit rate as, Gross ...
Q: Property taxes on a factory building would normally be classified as an overhead. Glue used in the m...
A: Any expense required to sustain the business that is not directly tied to a certain product or servi...
Q: Given the following information calculate: A. The closing book inventory at cost: B. The gross cost ...
A: Retail inventory method refers to an accounting method which is used by the companies to compute the...
Q: Complete the following table: (Do not round net price equivalent rate and single equivalent discount...
A: solution the given chain discount of 8/5/3 means that the discount is in a series of 8% , then 5% an...
Q: At the beginning of its 2013 financial year, Rueda Corporation purchased equipment for $100,000. The...
A: Revaluation of assets means measurement of assets at its fair value. Revaluation can be upward reval...
Q: PREPARE AN INCOME STATEMENT MARIE SWIFT Company reported the given information for the month of Octo...
A: 1. Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred to manufacture...
Q: Ms. B, spouse of the decedent who died in a bus accident, received P2,500,000 broken down as follows...
A: P900,000 From a life insurance taken out by the decedent designating his wife as revocable beneficia...
Q: Maturity value Discount Discount period Net proceeds from discounting Carrying amount of the notes r...
A: Maturity Value = 2,500,000 + 10% of 2500000 x 180 days /365 days = 2,623,287 Discount = 12% of 26232...
Q: Expense approach. Required: Prepare the journal entries required for 2020 using the Expense approach...
A: Journal entries refer to the process of collecting and documenting all the data of a company in its ...
Q: Kanye West needs cash so he sells $100,000 of Accounts Receivable with recourse. He is charged a 5 p...
A: Total expense 1) 5% commission = 5% x 100000 5000 2)fair value of recourse liability. 6000
Q: What are the types of Businesses according to Nature and differentiate each?
A: Solution Concept Types of business There are various types of business ,such as ...
Q: Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse seve...
A: Answer to question a. Purchase cost of warehouse $65,000 Less: Depreciation claimed till year 0...
Q: 1. Which of the following is true about the self-employed health insurance deduction? a.The cost of ...
A: As per the bartleby guidelines, in case of different question answer first 3 only You may be able ...
Q: A depreciation schedule for semi-trucks of JIN Manufacturing Company was requested by your auditor s...
A: Truck No. Cost Depreciation in 2015 Depreciation in 2016 Depreciation in 2017 Total Accumulated Depr...
Q: Given the following information, what journal entry does Lil Wayne's company make to COGS if they us...
A: The inventory valuation method is used to calculate the cost of goods sold and ending inventory. It ...
Q: The following information is collected for Hilarious Ltd, a listed company in ...
A: Current Share Price: The current price of a stock that is traded on a stock exchange is the most rec...
Q: A manufacturer has been shipping his product (moderately heavy machines), mounted only on skids with...
A: Every manufacturing or trading organization has to maintain some stock for ease of operations and to...
Q: westerville company reported the following results from last year's operations: sales $1,600,000 ...
A: An investment property is a piece of real estate purchased with the intention of generating a profit...
Q: Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandi...
A: To create a journal entry, you enter transaction details into your company's books. Your journal en...
Q: Sheridan Corporation's capital structure consists of 50,000 shares of common stock. At December 31, ...
A: An income statement is a financial statement which shows a company's income and expenses. It also in...
Q: Win Corporation is considering replacing a machine with a book value of P400,000, a remaining useful...
A: The net investment required to replace the existing machine will be difference of value of new machi...
Q: A taxpayer would be required to pay Social Security and Medicare taxes for a domestic employee in al...
A: In general, payments of salaries for services done as an employee in the United States are subject t...
Q: r could be acquired with 10% down payment and the balance to be paid with 12 monthly installments of...
A: Here, Interest Rate is 15% Compounded Semi-annually Details of First Option: Down Payment is P150,00...
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: ll business decisions have a on people. Oapplication O risk O effect recourse
A: Solution Concept Every business is operated on the society and it largely is affected by the society...
Q: amination - Trimester 3 2021 Trimester 3 2021 Final Onlf The auditor decides to increase the calcula...
A: In audits, the materiality level relates to the baseline utilized to establish reasonable assurance ...
Q: 1. True or false: For the following items, identify if the statements are true or false. Choose the ...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
(BUSINESS LAW)
Provide a very clear and detailed introduction on the meaning of “REAL PROPERTY” and “SALE AND PURCHASE AGREEMENT” by referring to the relevant Acts.
Step by step
Solved in 2 steps
- Explain how to Determining Whether a Contract Exists for Revenue Recognition Purposes.Real estate appraisal formats are designed to give credit analysts and account managers... a. Key information about stakeholder credentials and previous sale/transaction history b. Detailed insights on property-specific value and comparable properties c. Guidance with regards to deal structure and underwritingA legal obligation is an obligation that derives from: O a. Ordinary course of action. O b. Business Practices. O CA contract, legislation/law, other legal act. O d. A verbal agreement.
- Briefly Discuss the basis for Revenue Recognition of the FranchiseT/F 1.Sale is a mode that gives rise to a title 2. Nominate which means that it has been given a particular name by law. A certain set of provisions will be applicable In trying to construe issues related to the contract.Describe ONE (1) substantive procedure that could be used to verify the existence andrights and obligations of each asset and liability.
- In accordance with AASB 9, the recognition of a financial asset or financial liability will be influenced by considerations as to whether there is a contractual right to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable, or potentially unfavourable, to the entity. Explain what this requirement means.When assets are exchanged in a transaction involving commercial substance, how is the gain or loss on disposal computed? Provide proper explanationwhich of the basic accounting principles in the Accounting Act is particularly relevant for depreciation of property, plant and equipment. Your answer is substantiated and you must state which section of the Accounting Act is relevant
