ds for the next 3 months. She badly needed P30,000,000 in cash because of an emergency. Pielago looked for the list
Q: On January 1, 2016, Madison Company signed a four-year lease requiring annual payments of $15,000 wi...
A: Lease is a form of contract or arrangement between two parties under which one party provides it's a...
Q: have a 5-year useful life and a $500 salvage valu December 31, Year 1 to recognize expense relate A)
A: A decrease in the value of assets with time is known as depreciation. There are different methods in...
Q: on CorporatIon is a manufacturing company that makes small electric motors it sells for $40 per unit...
A:
Q: Prepare the journal entries required in 2021, if any, to record construction costs, revenues, and bi...
A: The percentage of completion method is a method of recognizing revenues for contracts that span over...
Q: Capital balances in Sheridan Co. are Lango $42,200, Oslo $31,100, and Fernetti $14,700. Fernetti has...
A: Total amount payable to Fernetti = $14, 900×2 partners = $29, 800
Q: bba Company accounted for noncurrent assets using the revakuation model. On June 30,2021, the entity...
A: Solution Concept When the fair value exceeds the carrying amount The asset is revalued and the amoun...
Q: artinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and ...
A: calculation of total amounts of direct and indirect manufacturing costs incurred are as follows
Q: Abba Company accounted for noncurrent assets using the revaluation model. On June 30, 2021, the enti...
A: Given information, •On June 30,2021: Fair value =P3,300,000 Cost of disposal=P200,000 •On decemb...
Q: Reporting Net Cash Flow from Operating Activities The following information is available for Cornel...
A: Net Cash Flow from Operating Activities: When a company's cash flow statement is prepared, the part ...
Q: Position (S
A: 1. Any excess of the purchase consideration over the net assets acquired of an entity, is first allo...
Q: Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct la...
A:
Q: Sokolov Company purchased a computer for $3,000 on January 1, Year 1. The computer is estimated to h...
A: Depreciation is an expense which is calculated on the asset. It is the amount which shows the decrea...
Q: Ivanhoe Company reported net income of $93,300. The partnership agreement provides for salaries of $...
A: Partnership Business: A partnership business is comprised of two or more individuals who pool their ...
Q: What is the purpose of thestatement of cash flows?
A: The statement of cash flows is a statement that summarizes the movement of cash and cash equivalents...
Q: Rory and Stan established a partnership with USD180,000 and USD220,000 in capital contributions, res...
A: Partnership means where two or more person comes together to do some common business activity and ea...
Q: Manila Company purchased equipment on January 1, 2012 under the following terms: a. P200, 000 downpa...
A: The fixed assets are recorded at the cost which is paid to acquire it by the business.
Q: Denber Co. acquired 60% of the common stock of Kailey Corp. on September 30, 2019. For 2019, Kailey ...
A: The acquisition means that the the company acquires the other company by acquiring more than 50% int...
Q: 1. Disposal of an asset. From pages 7-7 and 7-8 of the VLN, the company sold the mower after using i...
A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage , ...
Q: The converted daily compensation rate of Anna is P2,000. On top of her salary, she receives a daily ...
A: Compensation is a systematic approach to providing monetary value to employees in exchange of work p...
Q: Whirly Corporation's contribution format income statement for the most recent month is shown below: ...
A: Formula: Sales revenue = Sales units x Each unit sales price
Q: Required information (The following information applies to the questions displayed below.] The follo...
A: Net Accounts receivables = Total accounts receivables - Allowance for un-collectible accounts Accoun...
Q: Why should a company prepare a bank reconciliation for each account every period? What types of issu...
A: Bank reconciliation is process to check and assure that entity's bank statement matches bank account...
Q: Total Per Unit Sales (7,200 units) Variable expenses $ 230,400 136,800 93,600 $ 32.00 19.00 Contribu...
A: The total fixed cost and variable cost per unit remains constant for each level of production.
Q: 1. According to PAS 7, which of the following statement is incorrect? * a. Statement of Cash Flows...
A: The statement of cash flow analyses changes in cash and its equivalents over a period of time. Cash ...
Q: A six-year operating lease requires annual rent payments of $15,000 for years 1, 2, and 3, and annua...
A: Lets understand the basics. As per IFRS 16 "Leases", when there is operating lease then lessor shoul...
Q: (LG 7.3) Which of the following is a capital cost? a. Anew printer. b. Paper for a new printer. c. C...
A: Capital costs seem to be funds used by an organization to acquire, enhance, or maintain long-term as...
Q: Listed below are six transactions for TUV Company during its first month of operations: 1. Owner inv...
A: Accounting Equation of the business says that total assets in the business must be equal to total li...
Q: A bond issued by Ford on May 15, 1997 is scheduled to mature on May 15, 2097. If today is November 1...
A: The remaining time until the bond matures or expires is referred to as the time to maturity.
Q: Calculate the trade discount and net price (in $) to the nearest cent. List Price Trade Discount Rat...
A: Trade discount is calculated on list price. It is some percentage of list price. Net price is the di...
Q: 6. Table values are Present value of 1 for 8 periods at 6% . .627 Present value of 1 for 8 periods a...
A: Price of bond is sum of the present value of annual interest payment and present value of the par va...
Q: SELECTION OF DESIGN A company manufactures 1,000,000 units of a product yearly. A new design of the ...
A: Here we can say that the amount that can be paid is the cost that is saved for production. Any incre...
Q: d) Suppose you begin making a monthly payment of $75.00. Fill in the table. Current Month Interest P...
A: Month Current Balance Interest Payment Amount applied to the Principal 1 $2750.00 $45.38 $75 ...
Q: Blossom Express Co. produces wooden crates used for shipping products by ocean liner. In 2022, Bloss...
A: Absorption Costing- Absorption costing is a way of managerial accounting. The absorption costing met...
Q: FORMAT TO BE USED: Deposits in transit, beginning of the month Add: Deposit made per books Tot...
A: Amount Deposits in transit, beginning of the month (Working note-2) 60000 Add: Deposit made...
Q: How do the major provisionsof the Sarbanes–Oxley Actaffect a public company’s auditprocedures?
A: Auditing involves an independent examination of financial records of the entity with a view to provi...
Q: Compute and determine Maris's ending capital balance
A: To know Maris Ending Capital balance we have to prepare partners Capital Account. Capital Account of...
Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and...
A: Prime cost means the addition of direct material and direct labor and other direct expenses. Manufac...
Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful life of 10 years a...
A: We know that Impairment loss can be calculated as follow = Carrying value - Recoverable amount. Reco...
Q: 17. Complete the following balance sheet. Cash $30,000 Accounts Receivable $2,000 Inventory $5,000 F...
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net...
Q: Total Per Unit Sales (7,200 units) Variable expenses $ 230,400 136, 800 $ 32.00 19.00 Contribution m...
A: Formula: Sales revenue = Sales units x sales price per unit
Q: Requirements: Compute the total liabilities after formation
A: 1 Provide 2% allowance for doubtful accounts P Q Accounts Receiv...
Q: Old People Racquets manufactures pickleball racquets in four different models. For the year, the Anc...
A: Decision making process has to look into short-term as well as long-term perspectives. On deciding w...
Q: On December 31, 2015, Yuna Inc., a publicly traded company, that manufactures and sells equipment, s...
A: A .Journal Entries for the years 2015 - 2017
Q: Dibiasky Corporation is a trading company based in Laguna. The auditor in charge for 2020 audit is e...
A: Accounts Payable Balance ad on Dec. 31, 2020 600000 C) Goods shipped FOB shipping point and ar...
Q: Vlad died on October 20, 2018. During his lifetime, upon knowing that he had Stage 4 cancer, sold hi...
A: Introduction:- A good or service's economic value is a measure of the advantage it provides to an ec...
Q: of the VLN, acquisition cost would NOT include: A. Purchase price. B. Transportation cost to get the...
A: operating assets are the assets which are used in the day to day activities of the business. the acq...
Q: A corporation borrowed money through an 9-month, 8% note for $120,000 on September 1, 2020. The note...
A: Note payable is a form of liability for the business, on which interest payments needs to be made ou...
Q: Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. o T...
A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit th...
Q: Basie bond valuation Conples Systems has anuandng e o .00 parva bondwa 1 pon rerest rate. The issu p...
A: Bond Valuation It is important in the bond valuation in the calculation of Yield to maturity interes...
Q: Following the depreciation example on page 7-6 of the VLN, determine 150% declining balance year 2 d...
A: Solution Concept Under the 150% declining balance method Depreciation rate =1/ useful li...
Step by step
Solved in 2 steps
- I. Pielago is in need of funds for the next 3 months. She badly needed P30,000,000 in cash because of an emergency. Pielago looked for the list of her family’s property and found a land which costs P50,000,000 and has a fair market value of P65,000,000. What do you think is the best money market security that suits Pielago’s case? II. If Pielago on the other hand is not a user of the fund but a surplus unit, what do you think is the most suitable money market security she must invest in, considering the fact that she has P55 Trillion excess funds.Khanyisile owns a fabric store and offers a curtain-making service to her customers. The industrial machine used to sew the curtains has broken down and Khanyisile needs to decide if it is worth it to replace the machine right now. A new machine is worth R50 000, but she does not really have the capital now to replace the machine. Her brother owns such a machine and has indicated that he will give it to her now with payment only due in three years. He is willing to let her take the machine for R75 000 at an interest rate of 15% per year. She has approached you to assist her and you advise her that she will need to look at the present value of the machine before deciding. Given the high decrease of the discounting factors along with the high interest rates offered on the machine and the long time period she will require to pay off the machines, the following is correct: Select one: a. The lower the interest rate is, the smaller the present value of a given future amount will…Kayla Gordan plans to borrow $300,000 from ANZ bank to set up a Nail Salon.She currently has $10,000 in savings and she will use her house as security for the loan.Which of the following best represents a risk associated with this financing method? A.Kayla's proportion of business ownership will be diluted B.Interest payments are tax deductible C.Bank will repossess her house if she defaults on the loan D.Kayla is required to pay dividends to the bank
- The Petersik family is considering purchasing a second home to use for short term rentals near the beach. If it purchases the house, they will place a down payment of $64,000 on the house. They estimate they will get an annual net rental profit of $8,500 after their mortgage and expenses are paid. After 18 years, they plan to pass the rental home along to their children, so assume the home has negligible salvage value. What would be the ERŘ if the Petersik family decides to invest in a rental home, assuming they keep the home for 18 years? Assume their MARR is 13%. Should the Petersik family invest in the rental home?We have Finch Dexter, a 42-year-old head of the family, married with 3 kids. Finch Dexter has a P50, 000.00 loan and P35, 000.00 cash set aside. If Finch passes away, his money might be taken away by his creditors. Since he is the only one with an income, this leaves his family to nothing to survive monetarily. Where would they get money for the expenses for his wake and burial? His kids might also be studying and will be rundown of the needed funds for education. Can all these problems be avoided?Eva Stone's home in Chicago was recently gutted in a fire. Her living and dining rooms were destroyed completely, and the damaged personal property had a replacement price of $19,000. The average age of the damaged personal property was 8 years, and its useful life was estimated to be 18 years. What is the maximum amount the insurance company would pay Eva, assuming that it reimburses losses on an actual cash-value basis? Round the answer to the nearest cent.
- Lileth Adriano, who plans to go abroad, is selling her mini-donut business. Her friend, Benita Solido is interested to buy it but can only afford to pay P350,000. The following are the assets of Adriano’s business: a. How much is the net worth assuming there is a mortgage note of P150,000 attached to the equipment? b. Will Benita Solido be able to afford to buy the business? c. Make the entry in the books of Benita. Book Value Market Value Equipment (net of accumulated depreciation of P25,000) P350,000 P300,000 Furniture and Fixtures (net of accumulated depreciation of P5,000) 75,000 50,000 Raw Materials 35,000 25,000 Franchise Right 150,000 100,000 Total P610,000 P475,Jane died with $1,000,000 in cash and a house worth $ 400,000. The house has a mortgage of $200, 000 on it . Which of these might happen? Group of answer choices Jane's house cannot be left to the children because of the mortgage. The children will have to pay the mortgage even if they don't get the house, because their mom did not pay it off before she died. Jane can leave the house to her children in her will. The children won't have to pay their mom's mortgage. Jane can leave the house to her children in her will. They will have to pay the mortgage or sell the house.Edna is a 62-year-old widow living in Quebec. She meets with Yolanda, her insurance agent. Edna worked part-time her whole life as a seamstress and has no savings. Her husband Donald had been working as a greeter at the local box store until his death 2 months ago at the age of 67. Since his passing, Edna has been struggling financially. She would like to know which of the following organizations will immediately pay her a benefit? Select one correct answer from the list 1. Workers' Compensation. 2 Old Age Security (OAS) allowance for surviving spouse 3. Canada Pension Plan (CPP) survivor benefits. 4. She will not receive any benefit. ΟΟΟ
- Becky Scholes has $150,000 to invest. She wants to be able to withdraw $12,500 every year forever without using up any of her principal. What interest rate would her investment have to earn in order for her to be able to so?I hire Susan to sell my house. I tell her that I'm hoping to get $200,000 for the house. She tells me she needs $2,000 to make repairs on the house before it is listed for sale. I give her the $2,000. She takes my money but never makes the repairs. The house sells for $220,000. If Susan is ordered to pay restitution, she will have to pay $ 2000Rebecca is moving away from New York City for her new job, so she must buy a car rather than rely on public transit. The new car she is considering will cost $ 18,000 to buy, $ 1,500 per year to insure, and $ 500 per year for maintenance after the 3-year warranty expires. She would keep the car for 7 years when it will have a salvage value of $ 7,000. She has found a 2-year-old car that is the same model for $ 13,000. The 3-year warranty is transferrable, so the annual maintenance cost of $500 starts in year 2. Because the car is less valuable, insurance is $300 per year less than for the new car. After 5 years, the vehicle will be 7 years old and will have the same salvage value of $ 7,000.Rebecca is ignoring costs for fuel, oil, tires and registration, because the two vehicles will have the same costs. If her interest rate is 9%, how much cheaper is the used car (difference of EAC of two vehicles)