Explain
Q: Problem 1 East Company reported the following current assets at year end: Cash 3,200,000.00 Acccount...
A: Current assets are those form of assets which are either in cash or can be converted into cash into ...
Q: The earbuds are sold in cases, with each case containing a pair of earbuds. The last quarter (Octo...
A: SOLUTION A JOURNALIS A COMPANYS OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN CH...
Q: displayed below.] The transactions of Belle Company's appear below. 1. D. Belle created a new busine...
A: The T-accounts are prepared as posting the transactions from journal to specific T-accounts of the b...
Q: BC and XYZ Inc hahow much is the Goodwill arising from this Business Combination? *d the following b...
A: solution given Purchase price 40000 Fair value of current assets of XYZ 26000 Fair v...
Q: 2. Suppose by the end of November that the remaining inventory is estimated to have a net realizable...
A: Adjustment entries are those journal entries which are recorded in order to correct the account bala...
Q: Jane Corporation produces model toy cars. Each sells for $25.75. Its variable cost per unit is $12.4...
A: The Break-even point indicates that total units are to be sold by the business entity to recover its...
Q: You were able to gather the following from the December 31, 2020 trial balance of Should Corporation...
A: Cash and cash equivalent are shown as a line item on the balance sheet of the entity. Cash and cash ...
Q: Common Shares for P40,000 in cash. On that date, XYZ’s Current Assets and Fixed Assets were worth P2...
A: Dfrttt
Q: [The following information applies to the questions displayed below.] Carmen Camry operates a consul...
A: Shareholder's Equity: It is important to understand that shareholders' equity (also known as corpora...
Q: 6. ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On Janua...
A: Solution Requirements how much is the Goodwill arising from this Business Combination how much is th...
Q: Shalika puts $650 into a savings account that pays 3.2% interest per year, compounded annually. What...
A: The amount of money after 10 years can be calculated as future value of annuity
Q: Allan has a gross income of P400,000 in 2020. His employer deducted P5,000 SSS, P4,000 PHIC, P3,000 ...
A: Answer: The final tax due is calculated on the net income of the person. The deductions is allowed f...
Q: The transactions of Belle Company's appear below. 1. D. Belle created a new business and invested $6...
A: Cash Reference Number Amount Amount Reference Number 1 $ 6,400 $ 5,300 2 5 ...
Q: Age of Customer Debt Amounts owed Estimate of % that (including GST) will not be collected. 1-30 day...
A: Answer a Journal Entry Account Titles and Explanations Debit Credit Bad Debts Expense...
Q: 5. Dapitan, Inc. has the following receipts during 2021: From service billings to clients Advances f...
A: cash basis income is calculated in the year in which it is received regardless of its earning actual...
Q: Saladin lists the ff possible items of gross income: Compensation Income – 200K Winnings from gambli...
A: 1)Increase in value of investment, Appreciation in the value of land, Debt of saladi cancelled by cr...
Q: Grouper had in beginning inventory 2,320 CDs with a unit cost of $7. During March, Grouper made the ...
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell ou...
Q: What does the balance sheet measure? What is the “ Accounting Equation” used in a balance sheet?
A: The financial statements of the business include the balance sheet and income statement.
Q: During 2014, Search Company which uses the allowance method of accounting for doubtful accounts, rec...
A: Cash flows from operating activities is one of the important section of cash flows statement which s...
Q: Give examples of differences in corporate governance in different countries ( Continental Europe &am...
A: A set of rules, policies, regulations, processes, and practices used to control, regulate, and direc...
Q: Required: a) Compute prime cost, manufacturing cost and cost of goods manufactured. b) Compute cost ...
A: Prime costs is the cost of raw materials used and direct labour costs. Manufacturing costs includes ...
Q: Phillips Corporation’s fiscal year ends on November 30. The following accounts are found in its job ...
A: A ledger is a log or list of accounts that keep track of account transfers.
Q: The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivab...
A: Solution: bank reconciliation is prepared to reconcile the balance of cash as per bank statement and...
Q: Charade Company uses the direct method to prepare its statement of cash flows. Charade had the follo...
A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating Acti...
Q: Determine the fair value of consideration transferred on the business combination? How many shares w...
A: solution given Number of ABC co’s share 60000 Par value per share 40 Fair value of i...
Q: The Golden Petting Zoo operates a drive-through tourist attraction in Colorado. The company adjusts ...
A: An adjusted trial balance is a list of the ending balances of all accounts after adjusting entries h...
Q: ABC paid finder's fees of P80,000, legal fees of P26,000, audit fees related to stock issuance of P2...
A: Acquisitions method refers to a industry dominant company acquiring another company. In order to acq...
Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...
A: solution given Number of ABC co’s share 60000 Par value per share 40 Fair value of i...
Q: estion 3. A company has peting one another under consideration and provides you the following inform...
A: Incremental Cash Flows: It the cash flow because of taking a new project. It can be positive or nega...
Q: Inventory Prepaid Insurance Non Current Assets 6,300 5,200 800 38,761 260 26.217 Office Furniture 3,...
A: The ratio analysis helps to analyze the financial statements of the business with respect to assets,...
Q: a) Fair value of the net assets acquired b) amount of goodwill or gain from acquisition
A: Acquisition cost refers to those total costs which a company paid to another company at the time of ...
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: In a consolidated financial statement, the current asset of subsidiary company is recorded at fair v...
Q: rs are the allocation base. Carter is considering switching to an ABC system by splitting its manufa...
A: A.The indirect manufacturing costs assigned to Product A under the traditional costing system =1,00,...
Q: Assume (1) estimated fixed manufacturing overhead for the coming period of $217,000, (2) estimated v...
A: >Predetermined overhead rate is the overhead allocation rate, used to 'apply' or 'allocate' the o...
Q: company's designers have discovered a market for a new clear plastic covering with college logos for...
A: manufacturing cost is all the cost that is needed to make a product . IT include: direct material, ...
Q: Need help for the closing entries and financial statements of this one.
A: Closing entries are those journal entries which are prepared for the closing of all temporary accoun...
Q: On June 10, 20X1, an employee of Williams Corporation mistakenly debited Telephone Expense rather th...
A: A rectification entry is a journal entry which is passed in the books of accounts to correct a error...
Q: Pedro Corp. currently has sales of P2,000,000, and its days sales outstanding is 2 week. The financi...
A: Given data, Sales =P2,000,000 Days sales outstanding = 2 weeks New sales =50% increase Bad debts =...
Q: XYZ Company prepares monthly interim financial statements. The company needs to estimate the month-e...
A: Solution: Sales made during June = collection made in June + ending accounts receivable - beginning ...
Q: On December 31, 2014, Zeus Company showed shareholders' equity of P4,000,000. During the current yea...
A: Retained Earnings: Retained earnings are the amount of profit that a firm has left over after paying...
Q: On January 1, 2020, Skysong Corporation issued $660,000 of 9% bonds, due in 8 years. The bonds were ...
A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is ...
Q: Prepaid insurance 50 Retained earnings (beginning) 1,600 Salaries and wages expense 600 265 Salaries...
A: Net income (NI), also known as net earnings, is calculated by subtracting sales from the cost of goo...
Q: Discuss ROPs and to tal costs.
A: Answer: ROP is defined as reorder point. This is the inventory level that is to be maintained at the...
Q: What major items are included in the Retained Earnings Statement?
A: Retained earnings statement is financial statements that states firm income after every payment. Th...
Q: Explain: Understanding the intentions of accounting students to pursue career as a professional acco...
A: Answer: There are wide variety of scope for accounting field. Accounting field students have career...
Q: Vilo Company has estimated that total depreciation expense for 2014 will amount to P600,000 and that...
A: The expenses and revenue are recognised and recorded in the period they are actually incurred.
Q: Diamond Platinum Silver RM RM RM 8,200.00 Selling price per unit Variable costs per unit: 6,500.00 6...
A:
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: Cost of acquisition means total expenses incurred by entity to purchase other entity or assets.
Q: Kebi Corp is a vat-registered dealer of appliances. The following data are for the last quarter of t...
A: In this problem there is no mention of country of Kebi Corp nor men...
Q: SUPREME, a private not-for-profit fraternal organization, should prepare a statement of finandal pos...
A: Financial statements are those statements and reports which are prepared at the end of accounting pe...
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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- This characteristic explains why partners have a right to choose or refuse who they want to be associated with in the partnership. O Contractual relationship Based on contract O Mutual agency O Voluntary associationCan partners limit the right of a partner to commit their partnership to contracts? Would such an agreement be binding (a) on the partners and (b) on outsiders?Why is it regarded advantageous to have a written partnership agreement?
- Why an outstanding weakness of a limited partnership interest as an investment is its lack of liquidity or marketability?In participation/partnership based contracts, __ is always subject to the ratio of investment while ___ distribution is based on pre-agreed ratio. Profit, Loss Loss, Loss Loss, Profit Profit, Profit A Mudaraba is a non-binding contract. It means that Rab-ul-Maal or Mudarib, cannot terminate the partnership. True False In Mudaraba profit is shared according to the pre-agreed proportion, while the loss has to be borne exclusively by the: Rabbul Maal Either Rabb ul Maal or Mudharib As per the agreed ratio between Rabbul Maal and Mudharib MudharibWhich one of the following would not be considered in the development of a partnership agreement? A. profit and loss levels B. processing disputes C. stock options D. asset contributions
- What is the legal provision of Profit sharing ratio if nothing is given in ‘Partnership Deed”?In a partnership, what are the effects of a partnership contract ONLY appearing in a private document?Which of the following methods of partnership admission will not result in a change in partnership capital?