Compare and contrast the different types of accounting regulation that exist.

Q: Crane Electric sold $6,240,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January ...

A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds. 

Q: Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cash sales. ...

A: Accounts Receivable Accounts receivable is considered to be one of the main sources of revenue which...

Q: Since its incorporation in 2010, Park Inc. has qualifed as a CCPC. During the period since incor-por...

A: 1. Sale proceeds from sale of property   $275000 Less : book value on the date of sale ($129600...

Q: Bulldogs inc. will least likely experience which of the following if the firm shifts its credit term...

A: Given information, Existing credit term = n/25 New credit term = 3/10, n/25 Currently, company offer...

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: Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capit...

A: Brislin agrees to pay Watkins $188,000 for one-half of his capital interest and Humphreys agrees to ...

Q: X Company Y Company Amount Percent Amount Percent Sales s 148,000 100.00 S 148,000 100.00 Variable c...

A: Margin of safety (MOS)=Actual Sales-Break even point in sales dollars

Q: Bulldogs Inc. currently fills mail orders from all over the country and receipts were received in it...

A: Estimated net annual savings in implementing the lockbox system = Savings in interest - Annual cost ...

Q: While checking the cash accounts of Ruler Company on December 31, 2016, you find the following  info...

A: Solution Bank reconciliation statement is a summary of banking and business activity that reconciles...

Q: You were assigned to audit the Property, plant and equipment account of your continuing audit client...

A: Office Equipment was acquired at the beginning of 2019. Depreciation on Straight-line method with no...

Q: Which of the following should financial information not be? Group of answer choices Unsubstantiated ...

A: Lets understand the meaning of the financial information and how it should be. Financial information...

Q: P Company acquired 4,000 shares of the outstanding stock of S Company for P1,200,000 on January 1, 2...

A: Consolidation is the preparation of books of accounts of two entities where one entity has a substan...

Q: The change in the credit policy would result to increase (decrease) in incremental profit of (Use 36...

A: Profits without Incremental Sales:        Sales :    P30,00,000 (-) Cost of products (P30,00,000 X 4...

Q: pany discovered a computational error of P150,000 in the calculation of the December 31, 2021 invent...

A: Retained earnings refers to the amount which company remained from profit after paying all the divid...

Q: 10,000 ordinary shares of P10 par value.  The options call for a price of P25 per share and are exer...

A: Compensatory share options are the shares given to the employee's or other with the option to buy at...

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: Questions 4-9 refer to the following balance sheet of a hypothetical private bank called Bank A. You...

A: In the above question, bank A has sold all of its loan worth 100 to bank B at a loss of 20 for which...

Q: Bulldogs Inc., a corporation that can only legally issue ordinary shares with par value, recently co...

A: New par value per share = Current par value per share x 1/ stock split ratio where, Current par valu...

Q: Which of the following statements is incorrect?

A: In order to authenticate the financial statements which has been prepared by the company and in orde...

Q: Exercise 8-48 (Static) Operation Costing (LO 8-8) Coastal Cycles makes three models of electric bicy...

A: The cost per unit is calculated as total cost divided by number of units. 

Q: On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amo...

A: Solution: Face amount of note = $255,400 Interest rate = 5% Period  = 6 months

Q: Amortization schedule. Principal Repayment [4=2-3] 88,768.32 95,869.79 103,539.37 Beginning Book End...

A: In this question answer is already given but student want to know that how beginning book value is c...

Q: Which of the following statement is correct?

A: Promissory note is the note which is received by the giver of the asset or received by the lender of...

Q: Panel Corp. owns 75% of the voting ordinary shares of Saturated Corp. acquired at book value during ...

A: Cost of Sales: The cost of goods sold as displayed on the consolidated financial statements of the B...

Q: The condensed balance sheet of C Company as of December 31, 2020 is shown below:   On January 1, 2...

A: Business combination refers to the combination of transaction or event under which the investor enti...

Q: Statement I: In lumpsum liquidation, the remaining cash available after realization and payment of  ...

A: Solution:- Given, Under Lumpsum Liquidation all the assets are realized or sold and the available ca...

Q: Parent Corporation issued on March 31, 2021 500,000 shares of its P10 par ordinary shares, P40 marke...

A: Calculation of Consideration paid: a Number of shares outstanding of A Company 220,000.00 =550000...

Q: -2. Use the horizontal model to show the effect of signing the note and the receipt of the cash proc...

A: Solution The notes payable is issued at the discounted price When the note is issued at the discount...

Q: Bulldogs Inc. had credit sales last year amounted to P18,600,000. The firm also had an average accou...

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

Q: Clay Company has three lines of business, each of which was determined to be reportable segment. Sal...

A: Operating profit is the amount of profit earned from its main operations or business. It is calculat...

Q: Parent Company acquires Subsidiary Company on September 1, 2020. Parent seeks an independent valuati...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: arent Corporation issued on March 31, 2021 500,000 shares of its P10 par ordinary shares, P40 market...

A: Purchase consideration paid to subsidiary A = Number of shares issued by parent x Fair market value ...

Q: business transactions. Determine the effect on assets, liabilities, and owner's equity of the follow...

A: Accounting refers to recording, analysing, communicating as well as interpreting the results to end ...

Q: Bulldogs inc. will least likely experience which of the following if the firm shifts its credit term...

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

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: Statements: I.      An internal rate of return that is greater than the cost of capital ensures that...

A: Internal Rate of Return is the Return that the project or the firm is earning and the cost of capita...

Q: Which of the statements below is false? If the net income of prior period is overstated because of t...

A: 1. True. The effect would be deducted from the beginning retained earnings. 2. True. Prior period ad...

Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant n...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: Wilma Company experienced a P500,000 decline in the market value of inventory at the end of the firs...

A: ANSWER The correct option is d.) first quarter 0 , Second quarter 0 EXPLANATION Interim periods are ...

Q: Cabrera Enterprises, a company that produces and sells a single product has provided its contributio...

A: Solution: Contribution margin per unit = Contribution margin / Nos of units = $813,750 / 52500  = $1...

Q: Carla Vista Hardware Store completed the following merchandising transactions in the month of May. A...

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...

Q: Fasy, Average and Difficult formed a joint operation. The following were their contributions: Easy, ...

A: Easy, Average, and difficult form a Joint Operation. Contribution is as follows: Easy = 100 Average ...

Q: e effect of financial distress and taxation on​ gearing?   A. Both constrain gearing   B. The ...

A: Gearing in accounting means how much is the debt against the equity in the capital structure of the ...

Q: Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of ...

A: Interest payable: It refers to the interest that is charged on the loan for the related period of ac...

Q: Bulldogs Inc. has sales of P3,000,000. Its credit period and average collection period are both 30 d...

A: Note : while computing incremental profit it has exclusive investment cost on receivables such as op...

Q: Dell Company is selling sounds and lights equipment. The company’s fiscal year ends on March 31. The...

A:

Q: Given that the $400,000 loan with a 8% interest rate over 4 years. Show how to get the beginning boo...

A: Monthly payment= Loan/(PVA, 8%,4 years) = 400000/3.31212 = $ 120768

Q: Danner Inc. has projected sales to be $100,000 in June, $90,000 in July, and $70,000 in August. Dann...

A:  Month Projected Sales Amount June $100000 July $90000 August $70000

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: Vaasa Chemicals makes a product by way of two processes – Mixing & Refining. Its process costing sys...

A: Cost of the units completed and transferred out = completed and transferred out*total unit cost  = 3...