Jen Company had a 10% P1,000,000 specific construction loan and 12% P20,000,000 general loan outstanding during 2021. The entity began the self-construction of a building on January 1, 2021 and was completed on December 31, 2021. The following expenditures were made during 2021: January 1, 2021 1,000,000 April 1, 2021 2,000,000 December 1, 2021 3,000,000

Q: Account Titles Debit Credit Cash 11,400 5,620 1,050 Accounts Receivable Supplies Prepaid Insurance E...

A: The adjustment entries are prepared to adjust the revenue and expenses for the current period.  

Q: Purchases S250,000 Cost of goods sold 250,000 Beginning balance 30,000 Ending balance ?

A: Formula: Ending balance = Beginning balance + Net purchases - Cost of goods sold

Q: . Great Products, Inc. reported the following on the company’s income statement in two recent years:...

A: Time Interest Earned Ratio: When a company's current revenue exceeds its debt commitments, the time ...

Q: Retained earnings

A: Retained earnings are the profit accumulated over a period of time. The closing retained earnings ar...

Q: 31)  outline and discuss the six major phases of litigation and indicate the phases where the forens...

A: Forensic Accountant Forensic Accountant which is otherwise called as investigative Accountant which ...

Q: roblem 8: The following information was extracted from the first vear of absorption-based

A:                               In Variable costing fixed costs are considered as period costs and not...

Q: orporation? he property received is full payment in exchange for the shareholder's transferred sto h...

A: Solution A liquidation distribution considered to be full payment in exchange of shareholder's stock...

Q: Consider the following situation for Junkee Corporation for the prior year. The company produced 1,0...

A:   Under variable costing Sales( 900x 100)   90000 Less: variable cost     Direct Material (30...

Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire o...

A: Lets understand the basics. Risk assessment procedure is performed by the auditor to obtain understa...

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A: Exceptional Balance - Exceptional Balance is the balance other than the actual account balance of th...

Q: Table 7. Twenty leading principal reasons for outpatient department visits: the United States, 2009 ...

A: Reasons for rapid growth are:-   1) Modification in number and kind of health care services offering...

Q: Sonya Jared opened a law office on July 1.2022. On July 31. the balance sheet showed Cash $5.000, Ac...

A: A balance sheet is a representation of an individual's personal or corporation's financial balances ...

Q: Nicanor, resident citizen, sold his shares of stock from ABC Corporation, a foreign corporation base...

A: a. Only S1 is true

Q: Presented below is information related to Hanshew Real Estate Agency: 1. Oct. 1: Hanshew begins busi...

A: Lets understand the basics. Journal entry is required to make to record financial event or transacti...

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A: Expenses like rent, professional fees, sub-contracted services are subject to withholding tax in Phi...

Q: STAR Corporation, a domestic corporation, had the following data: YEAR GROSS INCOME DEDUCTIONS 2...

A: Operating loss incurred in a tax year may be carried over as a deduction from gross income for 3 con...

Q: M. Gonzales has the following transactions during August of the current year. Aug 1 Opens an office ...

A: Increase in assets should be debited and decrease in assets should be credited. Increase in expenses...

Q: Which of the following would most likely be considered as a separate performance obligation in a fra...

A: Lets understand the basics. As per IAS 115,  one of the criteria is to identify performance obligati...

Q: Financial Statement data for the years ended December 31st for the Top Corporation follow: 2018 2017...

A: Earnings per share = (Net income - preferred dividend)/ number of shares 

Q: Jarvix Company, which has only one product, has provided the following data concerning its most rece...

A:   Absorption costing includes anything that is a direct cost in producing a good in its cost basis. ...

Q: An auditor suspects that a client's cashier is misappropriating cash receipts for personal use by la...

A: Lets understand the basics. Lapping is a method in which payment received from the account receivabl...

Q: After 10 years, the estimated price of an apartment of 20 pyeong is 200 million won. If you save a c...

A: PRESENT VALUE = FUTURE VALUE / PVAF(10%, 10 YEARS) = 200/ 6.1446 = 32.55 Million   Postion of Cumula...

Q: In 2021, a company is considering alternative organizational forms. The gross business earnings are ...

A: Adjusted gross income is gross income minus deductions. AGI concept is used to find the amount of in...

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A: Risk assessment procedures is also written as RAP, is the audit procedures performed by auditor for ...

Q: ProTech began business at the start of the current year. The company planned to produce 40,000 units...

A: Absorption costing income can be calculated by deducting the cost of goods sold and other expenses f...

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A: Total earnings are the sum total of all the earnings made by an individual during a particular time.

Q: Congratulations on your appointment as a Tax Trainee at a recognized audit firm in  Jamaica. On your...

A: Solution Capital Allowance  is an Expenditure your business may claim against its taxable profit . C...

Q: Foxtrot reported $55,000 of income for the year by using absorption costing. The company had no begi...

A: As per the variable costing system, the product cost includes only variable manufacturing costs such...

Q: The following information is from Princeton Company's comparative balance sheets. Current At Decembe...

A: The T-accounts are prepared to post the journal entries to the specific accounts of the business. 

Q: (refundable) for the quarter ending 30 June 2018 if the business reports GST on: ii) Accrual basis?

A:     Purchase Invoice Date Payment Date Suppliers Amount ( GST Inclusive) 12-Nov-17 10-Jan-18 Wa...

Q: What is leasing? Explain the process of leasing’s Underwriting process of Tenants.

A: Lease can be defined as a right to use equipment or capital goods on payment of periodical amount kn...

Q: Marvel Parts, Incorporated, manufactures auto accessories. One of the company’s products is a set of...

A: Solution 1:                         Direct Material Cost Variance Actual Cost     Standard cost ...

Q: The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited p...

A: Introduction Partners basis is the partners interest in partner ship, partnership tax law often refe...

Q: PROBLEM 3: Effects of errors to retained earnings. While preparing the 2019 financial statements, Am...

A: Lets understand the basics. When any error is made in reporting any expense and because of that, net...

Q: How much withholding tax on compensation will Near Eastern University. withhold on the salary of Nic...

A: Withholding tax is the amount of tax which has been deducted by the company during the period and wh...

Q: Garcia Co. owns equipment that cost $76,800, with accumulated depreciation of $40,800. Record the sa...

A: Cost of Equipment = $76800 Accumulated Depreciation = $40800 Book Value of Equipment = $76800 - $408...

Q: Exercise 19-19 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares s...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: Below are four asset purchases made in 2018.              Asset                         Cost        ...

A: Amortization: An amortization is a bookkeeping method used to intermittently bring down the book val...

Q: Please solve d, e1,e2,f,g   Oriole Industries and Waterway Inc. enter into an agreement that require...

A:   Annual lease payment PVF @7%   Present value of lease payments 3,62,863 7.02358 2,548,598

Q: How are food cost percentages and beverage cost percentages calculated?

A: Food cost percentage is the ratio of the amount of money your restaurant spends on food and beverage...

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A: Inventory: Inventories are the items of raw materials, WIP, and Finished goods which are used for pr...

Q: Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning D...

A: Interest Cost: An interest cost is the expense caused by an element of acquired reserves. The intere...

Q: As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: What is a tax consequence for a noncorporate shareholder who receives a liquidating distribution fro...

A: Under Sec. 331, a liquidating distribution is considered to be full payment in exchange for the shar...

Q: 52. Nicanor sold his rest house in Pangasinan for P 8,000,000. The Fair market value of the rest hou...

A:

Q: The equity section of the December 31, 2019, balance sheet for Delicious Alternative Desserts Inc. s...

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...

Q: Hook Bait Incorporated processes king salmon for various distributors. Two departments are involved ...

A: Given, Work in process inventory-June 1 = 2,700 Started processing during June = 8,900 Work in proce...

Q: What are the purpose and financial reporting requirements for the General and Special Revenue Funds?...

A: The general fund is the primary operating fund of a government, and it is responsible for anything t...

Q: The partners' proht and los sharing ratio is 2:35, respectively 8, V. AND S PARTNERSHIP Balance Shee...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: Power Co.'s labor information for June is as follows: Direct labor hours worked 69,300   Standard l...

A: Direct labor rate variance = (Actual labor rate - Standard labor rate)*Actual hours worked Direct la...

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.