Define corporation and explain the effects of the continuous inoperation of a corporation.
Q: Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princes...
A: Where the exchange of Assets have a commercial substance (sufficient cash flow can be generated in f...
Q: Flounder Skateshop Ltd. reports the following inventory transactions for its skateboards for the mon...
A: Perpetual inventory is a method for accounting inventory that records the sale and purchases immedia...
Q: When an entity changed at the end of the reporting period longer or shorter than one year, an entity...
A: As per IFRS provisions, When an entity changed at the end of the reporting period longer or shorter ...
Q: Auditing Debt and Equity The following is attached to the company's financial statements, pay atten...
A: Introduction:- A debt/equity swap is a refinancing deal in which a debt holder gets an equity positi...
Q: National Co. has P5 million in inventory and P2 million in accounts receivable. Its average daily sa...
A: The inventory conversion period means, in how many days the inventory is converted into sales by the...
Q: Select the assumption, principle or constraint that most appropriately justifies these procedures an...
A: The accounting principle represents the rules and guidelines that are needed to be followed by the c...
Q: Distinguish between the liability of incoming partner for debts arising before his admission and tho...
A: A partnership is a legally enforceable agreement between two or more people to manage and operate a ...
Q: Edguy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares of P...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: 3
A: Bureau of Internal Revenue (BIR): The Bureau of Internal Revenue is an organization within the Depar...
Q: he beginning of current year, Cash Company reported the following shareholders' e re capital, P5 par...
A: Solution Concept When share dividend is issued the retained earnings is debited When cash dividend i...
Q: On 1-1-2011, the company REGAL purchased 30% of the outstanding voting shares of company ARON for $6...
A: Working Note:- Particulars Amount $ Amount $ Net value of assets of Aron on the date of purchas...
Q: High Step Shoes had annual revenues of $198,000, expenses of $110,200, and dividends of $23,200 duri...
A: Closing entries are used to close the temporary accounts. The differences between revenue and expend...
Q: Problem 1: A construction company has/ had the following record during a year. The company has 76 fu...
A: Introduction:- The incidence rate is the number of times a new event occurs in a given time period. ...
Q: Year 12 (in 000s) Income Statement Data Net Revenues from Footwear Sales Cost of Pairs Sold Warehous...
A: Formula. Operating Profit Margin =Operating Profit Margin/Net Revenue x 100 Formula: EPS = Net Pro...
Q: 2. Mala-Inse Company sells its products on account payable in 30 days from the date of sale. Custome...
A: The Average amount of Receivables is calculated with the help of following formula Receivables = Cr...
Q: Operating segments Total revenue Profit Identifiable assets 1,000,000 200,000 4,000,000 500,000 120,...
A: Operating segment is the component of entity, which has its own revenue, expenses, assets, liabiliti...
Q: The following are the business transactions of Reyes Broiler farm for the month of March 2019. Mar...
A: Subsidiary books are special journals made due to voluminous tran...
Q: In Worldcom and Enron accounting scandal, they classified operating expenses as capital investments ...
A: Capital investments: It refers to the investments of funds in the capital assets that have an estima...
Q: Case scenario: You are a newly hired accountant for Sushi Beeber, Inc., a retail company specializin...
A: (A) (B) (A x B) (C) (A x C) Date Purchase/ Sale Units Purchase unit cost Purchase price ...
Q: ted in your firm's completion documentation: (i) You have heard rumours that Birham Ltd i...
A: A management representation letter is a standard letter produced by an organization's external audit...
Q: Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production cos...
A: Process costing refers to an accounting system which is used by manufacturing companies who are prod...
Q: 20. Record the entry for write-off $ By the end of the year (December 31st); total accounts written ...
A: Solution:- Given, MB inc., allowances for uncollectible accounts has a beginning balance of $6,500. ...
Q: t new customers and A company offers 0% credit for new purchases as a result increased or sales but ...
A: Companies provide the credit to customers this credit increase the sales of the company and but this...
Q: ENOLA HOLMES Company provided the following information at year end: Share premium Accounts payable ...
A: Shareholders Equity: It is important to understand that shareholders' equity (also known as corporat...
Q: "As of today, Americans live on average 20 more years after retiring, which calls for well-designed ...
A: Answer) The engineer is investing $ 10,000 each year for next 15 years Amount accumulated = Amount i...
Q: a. Define the audit evidence. b.Provide an example of proof derived from accounting records and othe...
A: Auditing is a logical process. Where an auditor is called upon to review the statements of account, ...
Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The ...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Bramble Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock...
A: Treasury stock refers to such shares which were previously outstanding which have been bought back f...
Q: Stork Enterprises delivers care packages for special occasions. They charge $50 for a small package,...
A: The sales tax is a type of indirect tax. The seller col...
Q: HELL'S KITCHEN Company has the following accounts information for the year ended December 31, 2021. ...
A: Total assets includes both Current assets and Non current assets. Current assets: Current assets are...
Q: ccounts payable 500,000 400,000 ccounts receivable ccumulated depreciation - Property and equipment ...
A: Solution: Total assets included All current and non current assets. It includes Cash, accounts recei...
Q: Use the following to answer questions 26 – 27 The company invested $250,000 on October 1, 20X. 3.75%...
A: Simple interest is the interest without compounding and it is calculated based on the period and int...
Q: JFC Corporation values its inventory by using retail method: 1. How much is the ending inventory...
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts f...
Q: Core Company reported the following increases (decreases) in the accounts for the current year: Cash...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: What amount should be reported as total assets at the end of the pe
A: Solution Concept Total asset includes current assets , property plant and equipment , intangible ass...
Q: Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Depa...
A: Solution: Cost reconciliation is statement that provides reconciliation of assignment of total cost ...
Q: EM owns 30% of MOCK's share capital. During the year to 31 December 2011, MOCK sold inventories at t...
A: As per the provision of IAS 28 Investment in associates, unrealised profit from the transaction betw...
Q: Chuzzle Company used the direct method to prepare the statement of cash flows. The e had the followi...
A: Solution: Cash balance is reported as a current asset on Balance sheet. It is computed by adding beg...
Q: Determine the net income of a company for which the following information is available for the month...
A: Salaries expenses = $198,000 Interest expenses = $28,000 Rent expenses = $38,000 Revenue = $472,000
Q: Carla Vista Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selec...
A: Journal entry: A Journal entry is the records of any transactions either economic or non-economic. A...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: Share dividend does not include outflow of cash however it requires capitalization of retained earni...
Q: The following information is for ChiSox corporation DM 100 DL 80 Insurance - Factory 24 Insurance - ...
A: Conversion cost is the sum of all direct labor and manufacturing overheads. In the problem above, ...
Q: Oscar Wylee Women Glass Ltd is a supplier of fashion women sunglasses. The audit report for the year...
A: For subsequent event audit, the main condition is whether the conditions existed as on the balance s...
Q: Samra Ltd has 2 000 000 ordinary shares on issue at the beginning of the year, 1 July 2014. These sh...
A: 1. Weighted-average number of shares calculated in accordance with AASB 133 Period Shares Wei...
Q: An associate is an entity in which an investor has significant influence over the investee. Which th...
A: As per the provision contained in IAS 28 Investment in associates Associates define as an entity in ...
Q: An oil-drilling company must choose between two mutually exclusive extraction projects, and each req...
A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows) IRR is a rate at wh...
Q: SHADOW BONE Company reported net income of P7,500,000 for the current year: The auditor raised quest...
A: Adjusted net income for the current year = Reported net income for the year + Debit adjustment of pr...
Q: Martinez Shoe Sales has a January 31 fiscal year-end. At the start of the year, Martinez had 250 pai...
A: The journal entries are prepared to keep the record of day to day transactions of the business. The...
Q: A firm has daily cash receipts of P100,000. A bank has offered to reduce the collection time on the ...
A: In order to accept the bank offer, the business organizations firstly determines the net annual expe...
Q: On September 1, 2021, Evansville Lumber Company issued $80 million in 20-year, 10 percent bonds paya...
A: Discount Amortization=Amount of bonds issued×Rate of interest×Number of monthPeriod of issuance Prem...
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