If the sale price executes at the price you specified, what would be the total loss, excluding commission and taxes?

Q: what is the effect of purchase supples on accout on current ratio?

A: Current ratio is the one that shows the current assets as numerator and current liabilities…

Q: Why Sales revenue does not include the residual value?

A: The residual value, also known as salvage value, is the estimated value of a fixed asset at the end…

Q: Companies that use OSD can deduct the cost of sales or the cost of services. Is it true or false

A: Business activities in every country are governed by certain Business laws that have direct…

Q: Depreciation Inflation Taxation

A: Definition of each of these financial terms along with an example each are provided below:

Q: Explain what effect will an upward asset revaluation have on subsequent periods’ profits

A: The revaluation of assets means the change in the value of assets over a period of time this made…

Q: (R) The balance sheet elimination for an intercompany profit in land involves the deduction of the…

A: The Balance sheet, also known as the statement of financial position, is one of the three primary…

Q: hat are two motivations to sell an asset, even if the current value is less than what you paid for…

A: The Asset help to create product and sale in the market and these assets can be either in terms of…

Q: If inventory is being valued at cost and the price level is steadily rising, which of the three…

A: Inventory can be defined as a form of asset which is held by a business firm for resale purposes.…

Q: Net sales minus cost of good sold is equal to cost of ending inventory.   T/F

A: The ending inventory is the amount of inventory left with business at year end.

Q: Gross selling price includes: I. the amount of the seller's debt assumed by the buyer. II. the fair…

A: Selling price means the rate at which the goods are sold or services are provided by the…

Q: Utilizing bonus depreciation will result in an increase in after-tax present worth. a. True b. False

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: According to the historical cost principle, assets are measured at the exchange price at the time…

A: Introduction: As per the historical cost principle is one of basic accounting principle, is a…

Q: During a period of steadily rising prices, which of the methods of measuring the cost of goods is…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. The…

Q: Which of the following is not a disadvantage of using the FIFO cost flow assumption? includes all…

A: Lets understand the basics.There are various methods follow to calculate inventory balance. It…

Q: From the following identify the cost that is not a cost of PPE? Professional fees Nonrefundable…

A: Property plant and machinery are the fixed assets of the company which helps in production process.…

Q: Under the lower of cost or market inventory valuation rule, market value of inventory is defined as:…

A: Market value is the price of an item/product prevailing in the market on the given date.

Q: In a wash sale, a loss is not deductible. Group of answer choices True False

A: The question is related Wash Sale loss. As per Internal Service Revenue (IRS)  the wash sale rule is…

Q: Will some of the parties receive a preferred return? Will the preferred return be paid from annual…

A: The preferred return is a distribution of profit earned by the organization to their elite class of…

Q: What is the fair market value of an item? a)the amount that a buyer would pay for the item under a…

A: The Fair Market Value (FMV) refers to the current price that an interested buyer in the open market…

Q: The cost of PPE includes which of the following : Its invoice price, less any cash discount for…

A: The cost of PPE includes all those expenses which are incurred directly on the PPE for making that…

Q: Which of the following is the correct calculation of selling price? O a. Cost + Mark-up O b.…

A: Selling price is price at which goods and services are sold to customer. This selling price includes…

Q: Why does the depreciation included in computing the annual cost of annual worth method but not in…

A: Depreciation is a separate provision for fixed assets. Fixed amount is charged out of profit during…

Q: Which of the following is the correct calculation of rate of mark-up on selling price? a.…

A: Rate of Markup on Selling Price:-Sales price minus the unit cost that divides that number of unit…

Q: tion of goods may be taxed based on?   A.Gross Se

A: Importation of goods refers to the process when an entity brings back some goods from another…

Q: Depreciation is needed only for computing income taxes. True or false?

A:

Q: Where non-current assets are held for sale, they are required to be measured using: the…

A: Non-current assets are held for sale - Non Current Assets are part of the assets in the balance…

Q: What is the formula for calculating sales tax? A. Amount of Purchase x Sales Tax Rate = Sales Tax B.…

A: Sales tax : Sales tax is the amount that the merchant must charge to customers who purchase the…

Q: When might a reduction in operating expense as a percentage of sale denote a short term gain or the…

A: Operating expenses are those expenses which are related to the operations of the business. It…

Q: Compare and contrast Walmart and Target's accounting depreciation policies. Do they differ markedly?

A: The United States is home to two renowned retail giants, namely Walmart and Target. These companies…

Q: net income

A: Net income is stated in the income statement of the company that is calculated by deducting the…

Q: In a period of falling prices, which inventory method would result in the lowest tax burden? a.…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: Which of the following would calculate Net Income or Net Loss? O Gross Profit - Operating Expenses O…

A: Net income is calculated as the Sales-Cost of goods sold-Operating expense Where Gross profit is…

Q: Following IFRS, which statement is false? Group of answer choices The revaluation surplus account…

A: The objective of the question is to identify the false statement among the given options related to…

Q: Companies that use OSD can deduct the cost of goods sold or the cost of services provided. Is it…

A: Business activities in every country are governed by certain Business laws that have direct…

Q: If inventory is being valued at cost and the price level is steadily rising, which of the three…

A: Introduction:

Q: Describe differences between gross profit, EBIT, and net profit. Also, what is the possibility of…

A: Gross profit, EBIT and Net profit are all important financial line items that can be found in a…

Q: Which inventory valuation model serves as a middle-of-the-road approach for taxes and income?…

A: When a corporation values its inventory using FIFO, it reports reduced COGS, which boosts its gross…

Q: Which U.S. GAAP principle or rule would apply if the net realizable value of acompany’s inventory is…

A: Net realizable value: Net realizable value is the net amount of receivables which a business expects…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.