The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: A. conservatism principle B. going concern principle C. monetary principle D. cost principle

Q: first column to the last column in the lowest total cost. The number in each column represents the c...

A: The program is given as,

Q: 1. Harry potter invested a capital of 15,000 into his business. 2. Acquired an equipment for 5,000 c...

A: solution working note let us first journalize the transactions Harry potter invested a capital of 1...

Q: Redlands Inc. sells one product for $5. The variable cost per item is $3, and the fixed costs for th...

A: Hi student Since there are multiple questions, we will answer only first question. Since first quest...

Q: The general ledger of Zips Storage at January 1, 2021, includes the following account balances:   ...

A: GIVEN     Accounts Debits   Credits Cash $ 26,600           Accounts Receivable   17,400     ...

Q: Cadii enuanTATn ISD 18,350 Consulting revenue 4,480 19,360 Salaries expense 46,040 Telephone expense...

A: In Acounting financial statement is prepared. the financial statement include balance sheet in which...

Q: Lin Corporation has a single product whose selling price is $135 per unit and whose variable expense...

A: Lets understand the basics. For calculating units for the target profit, we need to use below formul...

Q: Larkspur, Inc. has entered an agreement to lease an old warehouse with a useful life of 5 years and ...

A: given     Rental payments of $4,954 are to be made at the start of each year of the 5-year lease...

Q: On June 1, Maxwell Corporation (a U.S.-based company) sold goods to a foreign customer at a price of...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: Bulgasal Company provided the following data: 2020 2021 Share capital (P100 par value) 5,000,000 5,8...

A: Retained earnings is the amount of earnings which is accumulated and collected over the period of ti...

Q: Statement 1: Under the single entry method, the owner maintains a cash book and separate list of rec...

A: Single entry system: the single entry system is an accounting system used by small companies to reco...

Q: In no fewer than 300 words, Do you think technical writing important in our everyday lives?

A:  Technical Writing: Written technical communication is used in technical and vocational domains such...

Q: Required: 1a. What is the amount of equity at the beginning of the year for Company A? 1b. What is t...

A: In accounting, the term "equity" refers to a company's book value, which is the difference between s...

Q: Muskoko Inc. purchased a property for $1.800,000 in 2022. The carrying value of property was $1,500,...

A: Correct option: B. Impairment loss of $ 250,000 Incorrect options: A. Impairment gain of $ 550,000 C...

Q: A customer purchased P5,000 of goods on credit

A: The sale revenue is recognized when right to receive payment in respect of the sale is established.

Q: Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princes...

A: At the time of acquisition of assets, sometimes old asset needs to be exchanged and some amount of c...

Q: Sage Hill, Inc. leases a piece of equipment to Bucks Company on January 1, 2020. The contract stipul...

A: Lease is a form of agreement between two parties, under which one party provides its asset for use t...

Q: Which of the following expenses is usually listed last on the income statement?  a. Advertising expe...

A: The income statement is one of the financial statements of the business. It tells about the profitab...

Q: An analysis of the cash book and other records of Byle Corporation shows the following data: Account...

A: Purchase on credit = Ending accounts payable + Payment on the accounts payable - Ending accounts pay...

Q: FINANCIAL ACCOUNTING ONE CAT I QUESTION ONE Juan Cruz began professional practice as a system ana...

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is kno...

Q: Question 1: What is the correct amount of accounts payable to be presented in the statement of finan...

A: The question pertains to determining the correct current and non current liabilities of the BeCarefu...

Q: Shine received a promissory note of Php. 90,000, representing payment for her services as a legal of...

A:                            A promissory note is a written promise for a certain sum of money by the ...

Q: Mr. Ravi Kumar keeps his books on single entry. His position on 31st December,  2019 was as follows:...

A: Single-entry accounting techniques only note down one side of each transaction. This really is due t...

Q: What is the difference between tangible and intangible assets?

A: The tangible assets are those types of assets that are physically present, hence they can be seen or...

Q: importance

A: Answer: Source documents is the document that is used as the reference to look for the details of th...

Q: What temporary capital records are found in the income statement? Revenue and Expenses Revenue and A...

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

Q: What is the net benefit (in rate or percent) of paying on the 35th day instead of obtained a loan th...

A: Credit term refers to a method used by the firms to encourage buyer or debtor to pay the amount of t...

Q: On January 1, 2017, Persephone Company sold a piece of transportation equipment with a historical co...

A: Cost of equipment : P1,000,000 Accumulated depreciation : P300,000 Note receivable : P800,000 , 12%

Q: Under the cash basis of accounting, revenue is recorded       When earned       When realized       ...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: Accounts payable subsidiary ledger. Purchase journal 15 days before and 15 days after report date. ...

A: Assertions are claims made by the management of the company which are further verified by the audito...

Q: 3,000,000 Dividends declared                                                1,000,000 Sales       ...

A: Expenses refer to the costs bear by a company while producing or selling its products or services.

Q: Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-a...

A: Solution:- Given, On January 1, 2019, the balance in Tabor Co.'s allowance for Bad debts account was...

Q: P19.8 (LO 1, 2, 4) (Two Differences, 2 Years, Compute Taxable Income and Pretax Financial Income) Th...

A: Income Tax It is the part of the income of an individual that is given to the government for develop...

Q: V Corp. owns 70% of F Corp’s ordinary shares. On August 1, 2020, F Corp. sold a machine to V Corp. f...

A: solution concept The non controlling interest refers to the interest of the minority shareholders In...

Q: A taxpayer filed his income tax return in October 28, 2018. The deadline for the return was April 15...

A: solution concept as per the income tax provision stated by BIR In case if a person fails to file ret...

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inven...

A: Manufacturing overhead costs seem to be the total of all indirect expenses involved during the produ...

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: Amber sold her personal property in 2019, with details as follows: Cost                            ...

A: Contract Price is the agreed price of asset sold/purchase. Here  it is important to know that Mortga...

Q: . Landscape, Inc. includes an estimate of warranty expense in the year in which it sells its lawn mo...

A: The principle of recognizing expenses and liabilities as soon as possible when there is uncertainty ...

Q: Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash 3...

A: The transactions in the business effects two or more accounts.  The accounting equation states that ...

Q: Coca Cola Corp. received an order from a customer on October 1. The toys were shipped on October 15....

A: The income statement is prepared to record the revenues and expenses of the current period. 

Q: Required information (The following information applies to the questions displayed below.] The follo...

A: The accounting equation is written as: Assets = liabilities + equity Equity = Stock issuance + net i...

Q: gift from a company that wanted to increase its business. Why must taxpayer have a fmv basis in the ...

A: Gifts are exempt from tax up to a certain limit. Beyond this limit the taxpayer has to pay tax on th...

Q: hat is the accounts receivable cycle? Why is this task especially important for healthcare organizat...

A: Solution Concept Account receivable                 Account receivable is  a current asset and prese...

Q: The Avett Brothers had net income of $225,000 for the year just ended. The following information was...

A: CASH FLOW STATEMENT: It is a statement that shows details of the flow of cash from the business.  Th...

Q: 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of...

A: First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is so...

Q: A company purchased a delivery van on October 1 of the current year at a cost of $40,000.  The van i...

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...

Q: Miranda Company reported the following amounts on its 2017 income statement: Purchases, P100,000; Be...

A: Cost of goods sold is actual cost of goods that are being sold to the customers. It includes beginni...

Q: For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation's liabili...

A: Number of outstanding ordinary shares = 800000

Q: . What is the amount of depreciation under cash basis?

A: Cash basis of accounting is one of the basis of accounting, under which all cash receipts are treate...

Q: On January 1 of the current year, a company purchased and placed in service a machine with a cost of...

A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of th...