Choose the letter of the correct answer:  1. What amount of allocated excess/purchase differential amortization is recognized in the consolidated financial statements subsequent to the subsidiary’s acquisition? A.  The noncontrolling interest percentage ownership in the subsidiary B. 100 percent of the purchase differential amortization   C. Allocated excess/purchase differentials are not amortized   D. The parent percentage ownership in the subsidiary

Q: At the end of 2021, Magilke is evaluating the results of the instructional business. Due to fierce c...

A: Impairment: A impairment loss happens while the conveying measure of a resource is more prominent th...

Q: Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcomi...

A: Predetermined overhead rates are used to allocate indirect costs. Alternatively, activity-based cost...

Q: Di Ka Mahal Company reported total purchases of P2,500,000 in its cash basis financial statements on...

A: Total Purchases = Cash paid + Ending Accounts payable - Beginning Accounts payable

Q: percentage tax? *

A: Percentage tax is applicable to any message or call transmitted from the philliphines to abroad cons...

Q: losing entries prepare the general ledger for use during the next accounting period.   Select one: T...

A: Solution Concept Ledger is a book of accounting where the transaction balance are posted on debit an...

Q: Question 4  What is the value of direct labor allocated to Job 1? Question 4 options:   $160,000...

A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and ...

Q: E-25 (L08) (Bank Reconciliation and Adiusting Entries) Logan Bruno Company has just bank statement, ...

A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with ...

Q: s: rchased a cash register (to be used for the business) on account for $8 ny received $3,070 from c...

A: Tre Tech Corp sells technology products and provides services . All the transactions are business re...

Q: The firm is formed to purchase and operate a vehicle.  The purpose of the vehicle is to operate a ta...

A: If the Asset having life of only one year then whole cost is eligible for depreciation. If the new b...

Q: .Mala-Prohibita Company has annual credit purchase of ₱720,000 with a usual term of 3/10, net 35. Th...

A:   Credit terms of 3/10,net 35 means that the customer is eligible for discount of 3%,if payment is m...

Q: Journalize the entries to record the following selected transactions

A: The chart of accounts as mentioned in the question is not provided herewith. Journal entries are the...

Q: heese). Each unit produced will require 0.50 direct labor hours at a cost of $10.00 per hour. Variab...

A: Standard costs are estimates of the cost of goods sold, or the cost of producing your items. They ar...

Q: The following worksheet with information extracted from a financial statement of XYZ Company: 2020 A...

A: Debt to Assets Ratio: This form of total debt measures the relationship between a company's debt com...

Q: Wages Payable were P3,500 at the end of September and P2,800 at the end of October. Wages Expense fo...

A: Wages expense is the amount of expense incurred for the payment of labor.

Q: All of the following are requirements unique to a government entity. Which is not?  Group of answer...

A: Government entity refers to any nation or any government who is serving for societal benefit. It als...

Q: Prepare the stockholders' equity section of the Fremantle Corporation's balance sheet. 8 Percent pr...

A: The stockholders equity section consist the detail of the shares, excess over par value and retained...

Q: Problem 3-1 – Audit of various investments Ace Holding Co. shows the following investments in its ac...

A: Solution Royalty income  is income  received from allowing someone to use your property.

Q: The trial balance section of the work sheet provides the information used in preparing the income st...

A: Solution: A worksheet is a multi-column spreadsheet that contains the ending balances of all general...

Q: Make a General Ledger for the following selected transactions completed by the SPC Laundry Shop duri...

A: T accounts are the general ledger accounts that are being prepared for the purpose of posting of rec...

Q: 9. Hong Kong Clothiers reported revenue of $5,150,000 for its year ended December 31, 2021. Accounts...

A: Solution We are provided with the following information Revenue = $ 5,150,000 Opening balance of acc...

Q: AB Company had 11,000, par P20 shares issued and outstanding on January 1, 2021. On March 15, the en...

A: A Stock Split takes place  when the Companies want their shares to be more tradeable as well as affo...

Q: Mr Zoo is planning to set up a mini Zoo in Howick.   The following relates to different pricing pl...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: Goodman Company has recently tried to improve its analysis for its manufacturing process. Units star...

A: Answer) Calculation of Material cost per unit Material cost per unit = Total materials cost/ Number ...

Q: The capital accounts for the partnership of Luke and Mark at October 31, 2022 are as follows: Luke, ...

A: Answer) Under Bonus Method, total capital of the firm post admission of new partner will be equal to...

Q: Additional information: • Materials inventory (ending) - $2,800 • Work in process (ending) - $3,200 ...

A: Financial statements are those statements and reports which are prepared at the end of accounting pe...

Q: Pearson Ltd is an Australian listed company. Its results for the financial year ending 30 June 2023 ...

A: Basic earning par share can be calculated by dividing the net profit available for ordinary sharehol...

Q: Which of the following accounts should not appear on the post-closing trial balance?   Select one: a...

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

Q: What if the company actually spent $95,000 on overhead costs? What causes a company to have overappl...

A: Solution Overhead refers to the ongoing cost to operate a business but excludes the direct cost asso...

Q: 9.Hong Kong Clothiers reported revenue of $5,150,000 for its year ended December 31, 2021. Accounts ...

A: Cash Flow Statement - It is the statement showing the cash and cash equivalent which is flow to the ...

Q: ABC Ltd enters into a five-year lease agreement with Legal Ltd on 1 July 2023 for an item of machine...

A: Amount to be paid as insurance and maintenance of the equipment shall be accounted separately and sh...

Q: Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful acco...

A: Sales discount = Net sales * discount rate Credit Sales net of return = Total credit sales - Sales r...

Q: Assume the following year 2 income statement for Johnstone Corporation, which was a C corporation in...

A: Information given in the given case are as follows: Sales Revenue for year 2 of S Corporation is $17...

Q: 9.Hong Kong Clothiers reported revenue of $5,150,000 for its year ended December 31, 2021. Accounts ...

A: Answer -  Cash collected from customers = Sales Revenue + Opening Account Receivable - Closing Accou...

Q: (a) Determine the present value of minimum lease rental payment

A: Lease liability refers to obligation of the company requires to pay periodic lease payment on the le...

Q: ncancelable and requires equal rental payments to be made at the end of each year. 2. The cost of th...

A:  calculation of annual rentals Desired Rate of return = 10% Lease Term= 8 years Salvage value = 0 A...

Q: Use the following to answer questions 8 – 11 The following information pertains to RC, Inc. for the ...

A: Estimated uncollectible accounts = Accounts receivable x % uncollectible accounts Bad debts expense ...

Q: Using Excel spreadsheet / worksheet, determine Anna's profit. Attach excel solution.

A: Operating income refers to the income or gross profit generated by the company from its operations o...

Q: The underlying evidences for intangibles which includes purchase agreements, patent certificates, fr...

A: A permanent file is a set of records used in future as a reference for an organization's external au...

Q: 167. Pearce CompanyPearce Company uses a standard cost system for its production process. Pearce Com...

A: Solution: Variable overhead spending variance = (SR - AR) * AH Standard rate of variable overhead = ...

Q: Magsaysay Company reported the following revenues in the last 5 years. Year 3 2,320,000 Year 4 2,700...

A: Compound annual growth rate (CAGR) = Ending valueStarting value1n-1 Ending value = 3,100,000 Startin...

Q: Lopez Plastics Co. (LPC) issued callable bonds on January 1, 2021. LPC's accountant has projected th...

A: Solution: Stated rate of interest is the rate of interest which is actually paid to the bondholders....

Q: equipment this month is $300. The necessary adjusting entry will include

A: Solution: Adjusting entries are those entries which are made to match the revenues or expenses to th...

Q: Teal Leasing Company agrees to lease equipment to Flint Corporation on January 1, 2020. The followin...

A: The question is based on the concept of Lease Accounting.

Q: The following worksheet with information extracted from a financial statement of XYZ Company: 2020 ...

A: Solution Formula - Debt to Asset ratio = Total debt / Total assets.    

Q: ys operated it as a C corporation. However, at the beginning of this year, Connor made a qualifyin o...

A: b. It is required to compute the amount and nature gain that C would recognize if he received $60,00...

Q: Safety Hospital purchased a new MRI equipment. The cost is $450,000.00. Charges to install the equi...

A: Cost = $450,000 Installment cost = $50,000 Useful life = 5 Years

Q: $1,000 Accounts Receivable 100 Accounts Payable (4,000) Accumulated Depreciation 8,000 Cost of Goods...

A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization i...

Q: rty classifed as held for sale are presented separately as current asset. True or False?

A: Solution: Assets held for sale are those assets which the company intends to sell. These held for sa...

Q: Gill Company calculated equipment depreciation for the month of $500. The necessary adjusting entry ...

A: Adjusting entry includes the adjustments with regard to the accruals and prepaids. These are recorde...

Q: Presented below is an income statement for Kinder Company for the year ended December 31, 2022. Kind...

A: The question is based on the concept of Financial Accounting.

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.