these are the current set of GAAP or Generally Accepted Accounting Principles. what is it?
Q: 0. Presented below is a list of items that may or may not be reported as inventory in a company’s De...
A: Solution Concept Goods on consignment is included in the inventory of the consignor Goods sold on in...
Q: OrioleCompany sells tablet PCs combined with Internet service, which permits the tablet to connect t...
A: Revenue Recognition Here revenue recognition which was used to find from stand alone price of the pr...
Q: The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows: Beg...
A: Under FIFO method the oldest products in inventory have been sold first.
Q: Last year Minden Company Introduced a new product and sold 25100 units of It at a price of $95 per u...
A: Note: Since we only answer up to 3 sub parts, first three subparts will be answered. Please resubmit...
Q: Rifle Co. is a distributing company selling toy guns to retailers at 10/15, 5/20, n/30 and it provid...
A: Answer) Under ageing of receivables method, the allowance for uncollectible accounts is calculated b...
Q: Required information Problem 10-55 (LO 10-1, LO 10-6) (Algo) [The following information applies to t...
A: The question says Michelle pays an amount of $ 177000 for Brittany's one-third interest in Westlake ...
Q: The perpetual inventory records of Penny Co. indicate that $415,000 of merchandise should be on hand...
A: Inventory as per books = $415,000 Physical actual inventory $370,000 Shrinkage amount = 415000-3700...
Q: View Policies Current Attempt in Progress Presented here are the components in Bradley Company's inc...
A: The income statement is prepared to record the revenues and expenses of the current period. Gross p...
Q: Your rich uncle named you beneficiary of his life insurance policy. The insurance company gives you ...
A: Amount today = 100,000 Annual payment = P12,000 Period = 12 Years
Q: On January 2, 2020, P Company purchased 80% of the outstanding shares of S Company by paying P300,00...
A: The net income attributable to the shareholders of the parent entity is determined by deducting the ...
Q: On January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker's commis...
A: Bonds are priced by discounting future cash flows. Future cash flows include coupons and par value o...
Q: 2F Company owned a building on January 01, 2019, with historical cost of P52,000,000. The property i...
A: Solution Given Historical cost 52000000 Life 40 years Method Straight line Fai...
Q: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...
Q: C Inc. and D Co. have an exchange with no commercial substance. The asset given up by C Inc. has a b...
A: If exchange has no commercial substance, there will be no profit or loss and exchange will be record...
Q: lex Company reported an impairment loss of P5,200,000 in its income statement for the year 2016. Thi...
A: Solution Given Impairment loss on 2016 5200000 Cost of building acquired 80000000 Da...
Q: Raw materials on hand: 85,000 Raw materials used (including indirect materials of 35,000) : 258,000...
A: Inventory:Raw materials utilized in the production of commodities, as well as the finished items tha...
Q: Fight Company is a wholesaler of office supplies. The FIFO periodic inventory is used. The entity re...
A: Solution: Under FIFO method of inventory, inventory purchased first is considered as sold first. Und...
Q: Caren Rodriguez borrows P1,500 with simple interest at 3% per month. What payment at the end of 10 ...
A: Borrowed amount = P1500 Interest rate = 3% per month Period = 10 Months
Q: P company bought 60% of common stock of S company on January 1, 20x4. On January 1 20x5, there was a...
A: Calcualtion of NCI share in net income of S in year 20x6: Net income of S in year 20X6 ...
Q: The following is the balance sheet and income statement for Metro Eagle Outfitters, in condensed for...
A: Solution Formulas Inventory turnover ratio = cost of sales / Average inventory. Current ratio = curr...
Q: A decedent has the following properties at the time of death: Community Exclusive Personal Property ...
A: Estate tax liability Estate tax liability which was incurred between the decedent and the heir after...
Q: Production Report, Weighted Average Mino Inc. manufactures chocolate syrup in three departments: Co...
A: Cost per equivalent unit = Total cost / Total Equivalent units Transferred out Cost of goods = Cost...
Q: RM Inc. had the following bank reconciliation on August 31, 2021: Balance per bank statement, 8/31 A...
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...
Q: Escalera Company reported an impairment loss of P5,200,000 in its income statement for the year 2016...
A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...
Q: Lucena Products provided the following information: ...
A: Solution: Amount of inventory should be reported in statement of financial position = Raw materials ...
Q: Company P acquired 90% of the common stock of Company S on 1/1/2020. On the date of acquisition , Co...
A: Entry for amortization are as follows.
Q: A. The company will undergo Lump - sum liquidation . Other assets of the company was realized for 20...
A: Lumpsum Liquidation of the assets realised in the partnership firm
Q: Tala Co. owns an 80% interest in Kilometro Inc., acquired several years ago. Kilometro regularly sel...
A: The question basically requires eliminating the effect of unrealised profit from inventory balance p...
Q: If the donor is a shareholder, a revenue or gain is recognized at an amount equal to the value of th...
A: We know that when any asset acquired through donation the same is recorded at fair value on the date...
Q: RUE OR FALSE? In computing for the comprehensive income, the translation loss on foreign operation w...
A: solution concept Other comprehensive income The following shall form part of other comprehensive inc...
Q: Complete Cash Flow Summ
A: Cash flow statement refers to the statements which reflect all the cash that comes and goes out of t...
Q: Question 10 of 10 <* View Policies Current Attempt in Progress Given the following information, dete...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: On January 01, 2022, TGIF Company sold equipment costing P10,000,000 with accumulated depreciation o...
A: No. of installment to be received = Face value of notes / annual installments Carrying amount of the...
Q: Complete the Inventory and Overhead T-Accounts For Job 1 and Job 2 and Job 3
A: Job costing is the method of costing applied when each job is different from the other. These method...
Q: On March 10, 2020, Wildhorse Company sold to Barr Hardware 230 tool sets at a price of $53 each (cos...
A: A balance sheet is a financial statement that illustrates the assets, liabilities, and shareholder e...
Q: December 3T Cash 7,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated D...
A: Trial Balance: Trial balance is a statement in which the closing balance of all ledger accounts are ...
Q: Lincon Company owned a building on January 01, 2019, with historical cost of P52,000,000. The proper...
A: A revaluation excess is a type of equity account that records any gains in the value of capital asse...
Q: Which constitutes a taxable item of gross income? * Compensation for personal injuries Gain from sal...
A: gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms o...
Q: If you deposit money today in an account that pays 6.5% annual interest, how long will it take to do...
A: Future value factor required (FVF) = 2 Times Interest rate (r) = 6.5% Period = t
Q: In all cases, an entity shall measure agricultural produce at the point of harvest at fair value les...
A: Agriculture Product: The term "agricultural products" refers to crops, livestock, and livestock prod...
Q: bonds were issued, the prevailing market interest rate for similar debt without the conversion optio...
A: Financial statements refer to the final documents prepared at the end of the year by the business re...
Q: dentify the term being referred to: A theory that states that shareholders will encourage the board...
A: Solution Concept Dividend irrelevance theory The term Dividend irrelevance theory pr...
Q: Question 7 of 10 -/3 View Policies Current Attempt in Progress On October 1, Head and Heart Company...
A: The petty cash fund is established to maintain the cash balance for smaller cash transactions of the...
Q: A piece of equipment is acquired by an entity by issuing 10,000 shares of 10 par ordinary shares. Th...
A: Cost of the equipment =List price - Trade discount - Cash discount where, Cash discount = (List pric...
Q: Presented below is a list of items that may or may not be reported as inventory in a company’s Decem...
A: Inventory means the goods in which the business deals. Inventory should be valued correctly as it i...
Q: Determine the benefit-cost ratios for each option Determine whether the additional initial cost of s...
A: Solution Formula for benefit cost ratio =present value or the benefit / present value of cost Discou...
Q: BolaBola uses different kinds of machines in its manufacturing process. The following information re...
A: There are two type of expenses which are being incurred by the business. One type of expenses needs ...
Q: compute for the total amount of items that meet the definition of financial asse
A: Financial assets refer to those liquid assets of the company on which company have ownership right a...
Q: &G Co. has an equity multiplier of 2.4, and its assets are financed with some combination of long-te...
A: Equity multiplier = Total Assets/ Equity 2.40 = (Equity + Debt)/ Equity 2.40 x Equity = Equity+ Debt...
Q: On January 01, 2022, Legit Company sold equipment costing P10,000,000 with accumulated depreciation ...
A: No. of installment to be received = Face value of notes / annual installments Carrying amount of the...
Step by step
Solved in 2 steps
