Required information Exercise 5-19 (Algo) Prepaid expenses—insurance LO 10 Skip to question   [The following information applies to the questions displayed below.]    A company makes the payment of a one-year insurance premium of $4,440 on March 1, 2019.   Exercise 5-19 (Algo

Q: XYZ Company prepares monthly interim financial statements, The company needs to estimate the month-e...

A: Sales on account = Accounts receivables month end + Collections made in month - Accounts receivables...

Q: On July 1, 2020, FDN Company purchased an equipment for P47,100,000. After 5 years of its estimated ...

A: Carrying Value = Original Value of the asset - Accumulated depreciation Depreciation = ( Cost of the...

Q: FDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable P13...

A: Estimated uncollectible accounts = accounts receivable x uncollectible % Doubtful accounts expense f...

Q: Introduction to Basics, Inc. sells products with reusable and expensive containers. The customer is ...

A: Container Account In the Container Accounting the treatment are made for held for container with the...

Q: Prepare the necessary adjusting general journal entry for December 31, 2021, to reflect the investme...

A: Journal entries refers to the official book of a company which is used to record the day to day tran...

Q: health insurance plan is also available. b.Long-term care premiums may not be deducted within specif...

A: In a nutshell, the self-employed health insurance deduction allows self-employed people to deduct 10...

Q: A temporary difference arises when a revenue item is reported for tax purposes in a period   After...

A:   Reason:  This temporary differences occur because financial accounting and tax accounting rules ar...

Q: 6.6 Problem HYZEL Manufacturing Company presents the following: Statement of Comprehensive Income De...

A: As only sub-parts 4, 5 and 6 are asked, therefore answering them accordingly. Retained earnings refe...

Q: Colors Company purchased a piece of machinery for $4,000. The company paid $1,500 at the time of the...

A: Journal entries recording is one of the initial step of accounting process, under which atleast one ...

Q: Interest Receivable at 1/1/20x1 was $7,000. During 20x1, Cash received from borrowers for Interest (...

A: Adjusting entries are those journal entries which are passed at the end of accounting period for the...

Q: Vincent deposited $1,300 at the end of every month into an RRSP for 9 years. The interest rate earne...

A: Future Value: Using an expected rate of growth, future value (FV) is defined as the worth of a prese...

Q: FDN Company shows the following amounts in its Statement of Cash Flows for the year ended December 3...

A: Net cash used in operating activities = 4,000,000. It means cash outflow is more than cash inflow in...

Q: Cash inflow—2021 20,000 Cash inflow—2022 8,000   Cash inflow—2022 30,000 Cash inflow—2023 8,...

A: “Since you have asked multiple question, we will solve the first question for you. If you want any s...

Q: Adjusting entries are required O yearly. O quarterly. O monthly. O every time financial statements a...

A:

Q: Various types of accounting changes can affect the financial statements of a business enterprise dif...

A: The common types of changes are as follows 1. Change in accounting method 2. Change in accounting es...

Q: Principles

A: Answer: Accounting is the subject that is more concerned with the treatment of the numbers so that i...

Q: *P6.11 (LO 6), AP Rayre Books uses the retail inventory method to estimate its monthly ending invent...

A: The cost to retail ratio is calculated as ratio of cost of goods available for sale at cost and cost...

Q: Exercise 5-11 (Algo) Bad debts analysis—Allowance account LO 5 On January 1, 2019, the balance in Ta...

A: Bad debt expenses are expenses related to those accounts receivables to whom credit sales has been m...

Q: Alternative methods exist for the measurement of the pension obligation (liability). Which measure r...

A: Answer: The pension obligation is liability and it is to be paid once the employees retire.

Q: (2) Bank Reconciliation of Company ABCDEFU Balances as of December 31, 2022 Bank balance : Php 1,020...

A: Ideally cash balance as per cashbook and bank balance as per bank statement must reconcile with each...

Q: Listed below are items that are commonly accounted for differently for financial reporting purposes ...

A: (a) The MACRS depreciation system is used for tax purposes, and the straight-line depreciation metho...

Q: the principal difference between depreciation and most other types of expenses is that

A: FIXED asset is a tangible asset that is owned by the business and have life more than one year .This...

Q: Operating expenses are comprised of the following: General and Administrative Expense, Cost of Good...

A: Solution Concept Cost of goods sold includes the direct material and direct labor and shall be prese...

Q: On January 1, 20x1, ABC Co leased equipment to XYZ, on the lease is shown below. Inc. Information Co...

A: First of all, we have to calculate the Present value of lease liability using 12% Present value of l...

Q: FDN Company reported Accounts Receivable of P10,000,000 on December 31, 2021. Allowance for Doubtful...

A: Total estimated uncollectible accounts = Accounts receivable x Percent uncollectible Allowance for d...

Q: HONGTIST Co. have segment C and segment U. During the past years, 50,000 and 20, 000 were produced ...

A: The differential analysis is performed to compare the different alternatives available with the busi...

Q: Sage Corporation has pretax financial income (or loss) from 2015 through 2021 as follows.     Inco...

A: Step 2 in solution

Q: Type of CASH FLOW Cash involved? Operating, Investing, Financing, or (Yes or No) Transaction None Us...

A: Sno. Transaction Cash Involved Type of Cash Flow 12 Customers paid the amount they owed from servi...

Q: Journalize the March transactions. Pronghorn's records golf fees as service revenue. (Credit account...

A: Journal entries recording is the initial step of accounting cycle process, under which atleast one a...

Q: ____1. Initial amount recognized as right of use asset ____________2. Initial amount recognized as ...

A: A Lease agreement is a contract between the lessor and the lessee whereby the lessor who is the owne...

Q: Instructions: Determine the participation of the partners in the profit of P1,000,000 if profit is d...

A: Solution Given Capital balances of : Bong 350000 Bueno 250000 Bunny 200000 Tot...

Q: The chart of accounts must be tailorod to an organizations spocific needs. Discuss how the chart of ...

A: Answer: Chart of accounts is the set of the financial accounts that is generally used by any organiz...

Q: McGill and Smyth have capital balances on January 1 of $53,000 and $34,000, respectively. The partne...

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

Q: Shear Co.'s Year 1 financial statements included profit from an installment sale of $2,600 that was ...

A: Answer -  “Deferred Tax Expense” is created due to the difference in the timing of book profit and t...

Q: Below are some of the account balances of FDN Company. Advertising expense P161,000 Depreciation exp...

A: Marketing & Selling are two key business processes in promotion and execution of sale. These tar...

Q: ABC Company experienced a decline in the value of its inventory in 2020 which resulted in a write-do...

A: Allowance method: It  is also known as loss method because a loss on inventory write down is debited...

Q: how do I journalize the entry to record the cash receipts and cash sales on March 1st?   Refer to th...

A: Dear student, since you asked only for cash receipt and cash sales transaction,  The journal entry i...

Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and s...

A: Solution Given Date Particular Unit March 1 Beginning inventory 80 March 5 Pur...

Q: Below are some of the account balances of FDN Company. Purchases 1,213,500 Purchase returns and allo...

A: Total cost of goods available for sale=Beginning inventory + net purchases +  freight in   Net purch...

Q: 19. After the posting of the accounts payable ledger and general ledger is completed, the total of t...

A: 19 .  The general ledger includes account payable ledger . The accounts payable is the creditor for ...

Q: he worksheet consisted of five pairs of debit and credit columns. The amount of one item appeared in...

A: Answer: There is always double entry effect and one single entry can be reflected on both income sta...

Q: Hearts Company has various cash generating units. One cash generating unit has the following carryin...

A: Lets understand the basics. As per IAS 36 "Impairment loss", when carrying value of the asset cash g...

Q: The following information from Jumbo Company's first year of operations is to be used in treating th...

A: >Account receivables are the balances of customers or borrowers who owe the business certain amou...

Q: Describe the five steps of stakeholder prioritization by giving examples of a fictitious firm.

A: A stakeholder is a person or entity with an interest in a company and the ability to influence or be...

Q: instruction: Encircie the letter of your choice. 1. A journal designed for entering only sales on ac...

A: Invoice - It is the written documentary evidence issued by the seller to the buyer. Sales Journal - ...

Q: Q1: If prepaid costs are initially recorded as an asset, no adjusting entries will be required in th...

A: 1| Prepaid expenses are those expenses incurred in advance which are supposed to be made in near fut...

Q: 7. RM Company provided the following data for the current year: Cash sales Sales on account Cash pur...

A: Trading and Profit and loss a/c Particulars Amount Particulars Amount To Opening Inventory 50000...

Q: 24 Paid the shop assistant for the one week salary, P3,600. 25 Cash service income for the week, P8,...

A: Income Statement - This statement shows the income earned and loss incurred by the organization in t...

Q: On January 1, 2001, XDR Bank extended a P900,000 loan to SRN, Inc. Principal is due on December 31, ...

A: Impairment loss means amount which will not be recovered from whom the loan was given. It is require...

Q: In the Statement of Changes in Equity, the result from the Statement of Profit or Loss is always add...

A: The income statement is prepared to find the profit or net loss incurred during the period. 

Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.