The pro-rata payment to stockholders on the peso is
Q: M10-4 (Algo) Computing the Times Interest Earned Ratio LO10-3 Oak Corporation's financial statements…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Required a. Write up the General Journal for the month b. Write yup the Respective Ledger accounts…
A: Record Keeping is an important part of the Business. Journal is used to record the transactions at…
Q: es es Lopez Company is considering replacing one of its old manufacturing machines. The old machine…
A: Lets understand the basics. When more than one alternatives is available, management choose…
Q: If Kevin works off the clock, then he will sacrifice family time and responsibilities. This is an…
A: Answer:- Ethical reasoning meaning:- Ethical reasoning is a sort of critical thinking that involves…
Q: Question 5 Emma Co manufactures electric motors. The company expects to sell 440 units in June and…
A: Manufacturing Overheads are indirectly incurred cost which could not be directly traced to…
Q: invoice may 15 date goods are received june 05 terms 3/10,n/30,ROG last day of discount…
A: It has been given in the question that the terms to start the days of the discount is the ROG which…
Q: On July 27, 2011, Panda, Inc. sold goods to Small Company for P1,850,000 in exchange for a 4-year…
A: The notes receivables means a document in which the borrower issues a note to the lender that he…
Q: The Stake Technology Inc. company has the following purchases and sales during the year ended…
A: Perpetual inventory system is that inventory system under which all transactions related to purchase…
Q: At December 31, Hawke Company reports the following results for its calendar year. Cash sales $…
A: Introduction: Adjusting entries are made at the books of accounts to more accurately reflect your…
Q: Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of…
A: Cash flow statement is a financial statement that records all the cash transactions, cash inflows…
Q: Ivy Corp declared a share capital dividend entitling its shareholders to one additional share for…
A: >Share Capital dividend or Stock dividend is the dividend given to stockholders in form of new…
Q: Jan5, 2018 business bought $2250 of inventory from penny inc money will be paid in future
A: The journal entries are prepared to record the transactions in debit and credit form. If one account…
Q: b. Prepare journal entries for the following selected transactions of the Eastern Kidney…
A: Capital Fund :- Type of Charitable Activities which gives long term benefits. Operating Fund :- it…
Q: Ellen, made a cash contribution to a local homeless shelter (a 501(c)(3) charity) in 2022. If Ellen…
A: The annual gross income means the total of the all the incomes that is earned by the taxpayer. The…
Q: Ina Corp. sold equipment costing P1,200,000 for P2,500,000. Old equipment was accepted as down…
A: Here discuss about the details of realized gross profit which are incurred to the sale of the…
Q: Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land…
A: Introduction: A journal entry records a business transaction in the accounting system of an…
Q: 1. Determine the fixed and variable portions of the utility cost using the high-low method. 2.…
A: Mixed Cost refer to those costs which are variable as well as fixed in nature. Contribution is the…
Q: PROBLEM I - UPSTREAM AND DOWNSTREAM SALES OF INVENTORY AND FIXED ASSETS On January 1, 2014, P…
A: In consolidation of financial statements, inter company inventory transfered at above the cost of…
Q: How to calculate the gross profit for merchandise business? A. Total Sales minus all the operating…
A: The Gross profit is the excess of revenue over the cost of goods sold. It is the amount available…
Q: The Smith Company is proposing to spend $3,195,400 on a project that has estimated net cash flows of…
A: Net present value (NPV) is the value of all the cash flow of the investment (positive and negative)…
Q: Pinnacle Corp. budgeted $253,730 of overhead cost for the current year. Actual overhead costs for…
A: The overhead is applied to the production on the basis of predetermined overhead rate. The…
Q: I understand how they got the answer. In the text book it listed:…
A: Return on Asset = Net income/Average asset Net income = Income - expenses Average asset = (Opening…
Q: REQUIRED: For the year ended 31 December 2019 show the following: 1. The Statement of…
A: As per the IFRS 'Borrowing Cost', Borrowing costs incurred to acquire the Qualifying Asset shall be…
Q: In 20x1, ABC Co. enters into a contract to construct a building for a customer. ABC identifies its…
A: The profit for contract is calculated as revenue recognized during the year and costs incurred…
Q: Amy rented her apartment to Ben for $5,000 per month in January 2015. However, they both agreed to…
A: Ben pays a rent of 5,000 but entered into the agreement of $10,000 rent to claim deduction.
Q: Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid…
A: Fixed asset is required to record at acquisition cost. Acquisition cost of asset include all…
Q: Outline the responsibilities of the compliance officer or partner for income tax purposes in a…
A: Introduction: A limited liability partnership (LLP) is a form of business partnership in which the…
Q: Create a spreadsheet with an output section that: (i) determines the six overhead application rates…
A: ABC costing stand for Activity Based Costing which is used to allocate overhead cost on the basis of…
Q: Yoshi Company completed the following transactions and events involving its delivery trucks. Year…
A: Depreciation is the non-cash expense which is reported in the books to record the regular usage of…
Q: Answer the followings If Company uses FIFO for Food Material and LIFO for Chemicals: Total COGS on…
A: Under FIFO method of inventory accounting, it is assumed that materials purchased first are sold…
Q: Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first…
A: Journal entry is the primary step to record transactions in the books of accounts. The total of…
Q: Bulls Corporation was incorporated on January 2, 2018. The following information pertains to Bulls’…
A: No of Outstanding shares of Bull's Corporation on December 31, 2018 is 120,000 Explanation :…
Q: Compute Payroll An employee earns $20 per hour and 1.75 times that rate for all hours in excess of…
A:
Q: on 4 Obinson Corp., which operates on a calendar year, expects to sell 1380 units in October, and…
A: In the given question, sales are increases in the number units, by 130 units every month and the…
Q: B, C D are partners in a firm. Their Balance Sheet as on 31/12/2021 is as follows: Liabilities R.O…
A: Working note :- Share of profit based on average profits:- Average profits :- =30,000+40,000−20,000…
Q: The Department of Education called the attention of LBC (Luzon Brokerage Movement) management for…
A: Here discuss about the social responsibility of the Entrepreneur or the advertiser who are…
Q: During Year 1, China Enterprises experienced the following events. (1) Earned $13,400 of revenue on…
A: We will use the concept of accounting equation here. The accounting equation states that a company’s…
Q: (Comprehensive problem) You would like to have $58,000 in 15 years. To accumulate this amount, you…
A: a. FV = Future value of annuity = $58,000 C = Periodic Cash flows r = Rate per period = 8% or 0.08…
Q: Suppose that the following milestones apply to a hypothetical based on Brodgen v Metro Railway.…
A: Comment - Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Daley Company prepared the following aging of receivables analysis at December 31. Total Days…
A: Note: Under Direct write off method, bad debts expense are recorded when company is sure that amount…
Q: Prepare journal entries for the following selected transactions of the Marvel Cares Foundation,…
A: Operating Fund :— Expenses or income which is made or received by the organisation and taking the…
Q: On January 1, Moran Inc. entered into a noncancelable 10 -year lease for computer equipment with a…
A: Answer : Value of computer equipment = $120 million Rate = 6%
Q: Anazi Leather Company manufactures leather handbags and moccasins. The company has been using the…
A: Compute the total factory overhead to be allocated to each product using direct labor hours as the…
Q: Required information [The following information applies to the questions displayed below.] Following…
A: >Net Present value or NPV analysis takes into account the present value of future cash flows to…
Q: What amount of unrealized gain or (loss) should be reported in the statement of comprehensive income…
A: The statement of the comprehensive income is the statement that records all the unrealized revenge,…
Q: Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240…
A: Bad debts are the amounts that are uncollectible from the debtor. Allowance for doubtful debts…
Q: As manager of the St. Cloud Theatre Company, you have decided that concession sales will support…
A: Contribution margin ratio = Selling price per unit - Variable cost per unit Selling price per unit…
Q: The general ledger of Grumpy Corporation as of December 31, 2021, includes the following accounts:…
A: The balance sheet is one of the financial statements of a company, that determines its net worth at…
Q: ntegrity Company leased equipment to a lessee on July 1, 2021. The lease is for 8 years. The first…
A: A corporation tracks the financial effects of its leasing activities through a method called lease…
Q: Maria Am Corporation uses the weighted-average method in its process costing system. The Baking…
A: The total cost to be accounted is the sum of cost in beginning work in process inventory and the…
33. Integrity, Inc is insolvent and its statement of affairs show:
Estimated gain on realization of assets P2,000,000
Estimated loss on realization of assets 2,560,000
Additional assets, 1,200,000
Additional liabilities 960,000
Ordinary shares 12,000,000
Deficit 11,200,000
The pro-rata payment to stockholders on the peso is
Step by step
Solved in 3 steps
- 10. The January 31, 2022 Statement of Financial Position of Pink Corporation follows: Cash 800,000 Accounts receivable ( net of P2,000 allowance for bad debts) 3,800,000 Inventory 1,600,000 Property, plant and equipment (net of P6,000,000 accumulated dep'n) 4,000,000 Total assets 10,200,000 Accounts payable 8,250,000 Ordinary shares 5,000,000 Retained earnings (Deficit) (3,050,000) Total Liabilities and Shareholders' equity…Will Inc. provided the following information at year-end: Cash and cash equivalents..... Accounts receivable, net of P 1000,000 allowance. .P 500,000 2,000,000 Inventory.. Property, plant and equipment, net. Accounts payable. Wages payable. Share capital.. Share premium. • The only asset not listed is its short-term investments of P 500,000. • The only liabilities not listed are a P 3,000,000 notes payable due in 2 years and the 6,000,000 12,000,000 4,400,000 1,500,000 6,000,000 4,000,000 related accrued interest of P 100,000 due in 4 months. How much is the current liabilities as of December 31, 2021?9.The January 31, 2022 Statement of Financial Position of Pink Corporation follows: Cash 800,000 Accounts receivable ( net of P2,000 allowance for bad debts) 3,800,000 Inventory 1,600,000 Property, plant and equipment (net of P6,000,000 accumulated dep'n) 4,000,000 Total assets 10,200,000 Accounts payable 8,250,000 Ordinary shares 5,000,000 Retained earnings (Deficit) (3,050,000) Total Liabilities and Shareholders' equity…
- 19. Ebasan Company have the following account balances: Cash (net of overdraft of P100,000) Accounts receivable Accounts payable Notes payable Loans payable Income tax payable Warranty obligations Deferred revenue Cumulative, redeemable preference shares at the option of the holder Non-cumulative, non-redeemable preference shares What is the total amount considered as financial liabilities? A. 4,620,000 B. 3,620,000 C. 4,600,000 D. 4,500,000 P300,0000 450,000 1,200,000 500,000 1,800,000 120,000 180,000 240,000 1,000,000 2,000,00010. Rock Co.'s financial statements had the following balances at December 31, 2020: Infrequently occurring gain Foreign currency translation gain Net income $ 50,000 100,000 400,000 60,000 Unrealized holding gain on available-for-sale debt securities Unrecognized pension costs 30,000 Income tax rate is 25 %. What amount should Rock report as comprehensive income for the year ended December 31, 2020? A. $535,000 B. $520,000 C. $422,500 D. $497,500The statement of financial position of L, M, and N just before liquidation shows the following: Cash P 20,000 240,000 Non-cash Assets Accounts Payable N, Loan 40,000 40,000 L, Capital 62,000 M, Capital 88,000 30,000 N, Capital L, M, and N share profits and losses in the ratio of 3:2:5, respectively. The non-cash assets were sold for P160,000. 10. How much cash is available for distribution to partners in settlement of their capital balances?
- 4.Assume the following independent cases: (a) At the beginning of the year, a check was issued for P400,000 as payment for a piece of land and the buyer assumed the liability for unpaid taxes in arrears for the previous year, P10,000 and those assessed for the current year, P9,000.(b) A company issued 14,000 ordinary shares (P50 par) with a market value of P60 per share (based upon a recent sale of 100 shares) for the land. The land was recently appraised at P800,000 by independent and professional appraisers.(c) A company rejected an offer to purchase the land for P8,000,000 cash two years ago. Instead, the company issued 100,000 ordinary shares for the land (market value of the ordinary share, P78 each based on several recent large transactions and normal weekly stock trading volume).How much is the cost of land acquired in (a), (b), and (c), respectively? a. 419,000; 800,000; 7,800,000 b. 410,000; 800,000; 7,800,000 c. 410,000; 840,000; 7,800,000 d. 419,000; 840,000;…2. On January 11, 2021, BERRY Company declared and distributed its trading securities as dividend. At the time of declaration, the investment has a carrying value of ₱500,000 and a related unrealized loss of ₱100,000. By what amount should BERRY Company charge its Retained Earnings as a result of the dividend declaration? a. ₱ 500,000 b. ₱ 400,000 c. ₱ 600,000 d. ₱ 100,0005. PSA Inc. prepared a draft of its 2021 Statement of Financial Position. The draft statement reported total assets of P4.375,000. The total assets included the following items. Treasury shares of PSA Inc. at cost, which approximates market value on December 31 P120,000 Unamortized patent 56,000 Cash surrender value of life insurance 68,500 Cumulative translation loss 42,000 At what amount should total assets be correctly reported in the December 31,2010 Statement of Financial Position?
- Assume the following independent cases:A. At the beginning of the year, a check was issued for P400,000 as payment for a piece of land, and the buyer assumed the liability for the unpaid taxes at the end of the year, P10,000 and those assessed for the current year at P9,000.B. A company issued 14,000 ordinary shares (P10 par) with a market value of P60 per share (based upon a recent sale of 100 shares) for the land. The land was recently appraised at P800,000 by independent and competent appraisers.C. A company rejected an offer to purchase the land for P8,000,000 cash two years ago. Instead, the company issued 100,000 ordinary shares for the land (market value of the ordinary share, P78 each based on several recent large transactions and normal weekly stock trading volume).D. A company purchased land by signing a note with the seller, requiring P100,000 down payment, payment of P120,000 one year from purchase, and P80,000 three years from purchase. The note is non-interest bearing,…2. On January 11, 2021, BERRY Company declared and distributed its trading securities as dividend. At the time of declaration, the investment has a carrying value of ₱500,000 and a related unrealized loss of ₱100,000. By what amount should BERRY Company charge its Retained Earnings as a result of the dividend declaration? ₱ 600,000 ₱ 500,000 ₱ 400,000 ₱ 100,000Company S has no long-term marketable securities. Assume the following scenarios:Case AAssume that P Company paid $128,640 cash for 100% of the net assets of S Company. S COMPANY Assets Current Assets Long-lived Assets Liabilities Net Assets Book Value $13,850 $87,400 $18,520 $82,730 Fair Value 19,030 118,200 29,860 107,370 Case BAssume that P Company paid $112,410 cash for 100% of the net assets of S Company. S COMPANY Assets Current Assets Long-lived Assets Liabilities Net Assets Book Value $13,850 $87,400 $18,520 $82,730 Fair Value 29,490 84,700 20,640 93,550 Case CAssume that P Company paid $15,750 cash for 100% of the net assets of S Company. S COMPANY Assets Current Assets Long-lived Assets Liabilities Net Assets Book Value $13,850 $87,400 $18,520 $82,730 Fair Value 19,440 39,110 37,280 21,270 Complete the following schedule by listing the amount…
