Define Liabilities and Equity

Q: March 31, 1998. the Cash Book of Henry showed a Bank balance of $ 4,850. While verifying with the…

A: Normal balance of cash book is debit balance so balance of cash book is $4850dr. 1) cheque of $845…

Q: June 30, 2015, Patya Co. prepaid a 1,000,000 premium on an annual insurance policy. The premium…

A: Deferred tax liability is created when taxable income per books of accounts is higher than the…

Q: A company has three product lines, one of which has the following results: Sales $214000 Variable…

A: Income statement shows the net income or net loss calculated by deducting the expenses from the…

Q: Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company:…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Prepare a depreciation schedule for the tax purposes (Annual depreciation and Book value) by…

A: In the Declining Balance method, LN calculates each year's total depreciation by applying a constant…

Q: Bonita Industries reported the following information for 2022:   October November December…

A: A cash budget is prepared to estimate the total cash received and total cash disbursement. It is…

Q: O 0 o o CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL Capital stock is stated at par value of the…

A: Capital stock is the common stock issued by the corporation.  Every organization raise funds for its…

Q: FIFO met

A: Given as, Material 3600 Labour 3400 Overheads 1000

Q: Direct materials are placed into production at the beginning of the process. All spoilage is normal…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Harper Corporation recently sold a used machine for $50,000. The machine had a book value of $75,000…

A: Formula: Cash flow from the sale after tax = Sale value of the machine + Savings in tax where,…

Q: Sanjay Company has monthly fixed costs of $112,000. The variable costs are $5.00 per unit. The sales…

A: Formula: Sales revenue = Sales price per unit x Number of units sold

Q: ABC Company has sales of $500,000, COGS of $250,000, operating expenses of $200,000, net income of…

A: Formula: Times Interest ratio = ( Operating income / Interest expense )

Q: What is the taxable compensation income of an employee who received the following: Gross…

A: Taxable Income: - Taxable Income is the adjusted gross income upon which income tax is imposed. It…

Q: X Corporation opted to deduct OSD.  The following are the results of its operation: Net sales…

A: An OSD or Optional Standard Deduction  is a standard deduction at the rate of 40% which taxpayers…

Q: 2. MSS Company sells Japanese comics books. On 1 January 2021, a customer, Jupiter Co., owed MSS…

A:

Q: The financial statement reporting "filter" is Multiple Choice SEC reporting regulations that vary…

A: Financial reporting Financial reporting is mainly done to track, analyze, and report business income…

Q: Required: Calculate the Fringe Benefits Tax that Solarcity Pty Ltd is liable to pay on this loan…

A: Fringe benefit is the benefit which has been given by the employer to the employee which are given…

Q: Maurice, single, has wages of $215,114 and net investment income of $40,000 in 2021. His AGI (MAGI)…

A: As per Internal Revenue Service, the net investment tax rate on the net investment income for…

Q: On November 1, 2022, Dayrit Corporation purchased P800,000 face value, 10-year, 8% term bonds dated…

A: The bonds are issued by a company in order to fulfill its financial needs. These are classified as…

Q: Choice $3,400 F

A: Answer: The Correct Answer is d.($3,400 U)

Q: Below is a list of selected account balances at the end of the accounting period in 2019, but before…

A: Trial balance:  It implies to a statement or worksheet that shows all the ledger postings in a…

Q: The company is a registered VAT Vendor and use a periodic system  The following transactions took…

A: Under the Periodic inventory system of accounting, the inventories are not calculated on daily basis…

Q: When computing diluted earnings per share, which of the following will not be considered in the…

A: Diluted earnings per share are calculated considering the potential common shares or convertible…

Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw…

A: Raw materials used = Beginning inventory + Purchases - Ending inventory.

Q: Importance of Balance Sheet in understanding Financial statements

A: A balance sheet is a financial statement that details the assets and liabilities of a corporation as…

Q: Which of the following causes a change in cash? O Accrual of interest payable. O Recording of…

A: Accrual of interest payable. Interest expense and interest payable increases   Recording of…

Q: 5. The accounts receivable for PEA Company was P140,000 at the beginning of the year and P180,000 at…

A: solution note dear student as per the Q&A guideline we are required to answer the first question…

Q: X Corporation opted to deduct OSD.  The following are the results of its operation: Net sales…

A: An OSD or Optional Standard Deduction  is a standard deduction at the rate of 40% which taxpayers…

Q: Total amount of depreciation of an asset cannot exceed its: None of these Scrap value Depreciation…

A: 1 Total amount of depreciation of an asset cannot exceed its: Answer Option c: Depreciation value…

Q: n December 31, 2021, Sad Inc. had a P3,000,000 balance in advertising expense account before any…

A: The prepaid expenses are the expenses incurred in cash in advance but not yet due for payment.

Q: Provide a 150 words reflection/key takeways about Cost and Performance Monitoring in Distribution…

A:

Q: On 1 July 2019 Mary acquired a little boat for $12524. It was for her personal use. Mary borrowed…

A: Capital Gain or Loss on sale of asset arises on sale of qualified capital assets.   Capital Gain/…

Q: What is the amount of fringe benefits subject to the fringe benefit tax if a supervisory employee…

A: Additional benefits offered to employees without pay are minimal benefits.

Q: n April 1, year 1, Cricket Corporation issues $56 million of 8%, 14-year bonds payable at par.…

A: An interest expense refers to the cost of borrowing money. Interest expense is a non-operating item…

Q: On December 31, 2021, Sad Inc. had a P3,000,000 balance in advertising expense account before any…

A: The accrual basis accounting records the revenue and expenses in the period they are incurred.

Q: Whispering Winds Company has developed the following standard costs for its product for 2022:…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Sanjay Company has monthly fixed costs of $112,000. The variable costs are $5.00 per unit. The sales…

A: Total sales revenue = Number of Units sold × selling price per unit

Q: How much should BC report as taxable gross income?

A: Gross income is the income which a company has earned by selling the products or services during the…

Q: Which is FALSE? S1 – A Notice of Discrepancy needs to be settled within 30 days from receipt of…

A: Notice of discrepancy refers to the written notice which is issued through BIR informing the…

Q: 3- Implementation of planned decisions and evaluating performance is classified as: a. Evaluation…

A: Planning is very important and initial step of business process. This shows what needs to be done,…

Q: C Corporation sold $55,000,000, 8%, 10-year bonds on January 1, 2022. The bonds apply interest on…

A: The bonds are the financial instruments for the business. These instruments are useful to raise…

Q: Green Company overstated its inventory by $50 million at the end of 2021. The discovery of this…

A: As per IAS 8, Accounting policies, changes in accounting estimates and errors  If material error…

Q: he answer choices are listed as follows: A. 12.91%  B. 12.88%  C. 11.38%  D.

A: Bond is that debt instrument which is used by the organization to finance its long term fund needs,…

Q: Short-term borrowing and investing transactions A local government operates on a calendar-year…

A: Borrowing by issue of notes will increase cash balance and increase liability

Q: Calculate the gross profit and the sales figures using the income statement approach.

A: Income statement approach refers to the approach which is used to determine the gross profit and it…

Q: Which of the following is a legal person? Note that it could be several. A State A dog A Limited…

A: A company is a voluntary group of persons formed through the process of law.  Types of company:…

Q: How much was the gain or loss on sale of investment on January 1, 2020? a. P1,575 loss b. P1,575…

A: Company can control another company by having the control which is significant to control and…

Q: Pension benefits contributed by the employer affects both the projected benefit obligation and…

A: A projected benefit obligation (PBO) is an actuarial measurement of what a company will need at…

Q: Accounting The procedure that best reveals the existence of contingent debts is

A: Contingent liability is a liability that may or may happen on a future date that is based on an…

Q: 7. The following is the total profit earned by 2 individuals for a period of 4 months. Months Profit…

A: calculation of above requirement are as follows