Understanding of accounting and its importance
Q: Which of the following would best explain an increase in receivables turnover? The company adopt...
A: Receivables turnover is a financial ratio that helps in identifying the ability of the company in co...
Q: A partnership began its first year of operations with the following capital balances: Young, Capita...
A: Profit and Loss Appropriation Account is a nominal account prepared for the purpose of distributing ...
Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well ...
A: 1 ) Jamaican Tax Resident PEOPLE WITH MORE THAN OR EQUAL TO 65 YEARS OLD ARE GIVEN AN EXEMPTION ON ...
Q: Panel Corp. owns 75% of the voting ordinary shares of Saturated Corp. acquired at book value during ...
A: Cost of Sales: The cost of goods sold as displayed on the consolidated financial statements of the B...
Q: Parent Company acquired 15% of Subsidiary Company's common stock for P500,000 cash and carried the i...
A: Calculation of the amount of goodwill to be recognized.
Q: On January 3, 2022, P Company acquired 70% interest in S Company for P4,200,000. Consideration inclu...
A: A non-controlling interest, also known as a minority interest, is an ownership position whereby a sh...
Q: 4 The performance obligation is satisfied over time. However, performance obligation but expects to ...
A: As it cannot be reasonably measure the outcome of the performance obligation but expects to recover ...
Q: What should be reported as total shareholders’ equity on December 31, 2020?
A: Total Shareholders' equity computation includes: a) Outstanding shares b) additional paid up capita...
Q: i need question 33 answered
A: MACRS depreciable amount= Purchase amount- Sec 179 expense = $ 510000- $ 500000 = $ 10000
Q: Which of the following is correct with regards to cash discounts offering? * Investment in accounts ...
A: Cash discount is given to customers for making instant payments while they purchase goods or avail s...
Q: Of Peterson Enterprises’ $1.4 billion in assets, $150 million of those assets are in cash or can be ...
A: Lets understand the basics. When company having a higher cash in the books in compare to the industr...
Q: Brian Industries has been producing two ingredients, components G1 and G2, for use in manufacturing ...
A: The maximum price of a producer will be willing to pay to purchase that component from outside will ...
Q: On July 01, 2021, Parent, Inc. acquired most of the outstanding common stock of Subsidiary Company f...
A: Goodwill is an intangible asset for a company. It can either be build overtime or can be purchased f...
Q: How many are the ordinary shares outstanding after reflecting the foregoing transactions for the yea...
A: Preference share capital refers to the portion of the share capital whose holders are paid dividends...
Q: How should negative goodwill be shown on the consolidated financial statements of the acquirer? Grou...
A: Introduction:- Negative goodwill arises, where one company (Acquirer company) purchases or acquires ...
Q: a long dispute, AA, BB, and CC decided to liquidate their partnership. Their capital balances as of ...
A: The last preferred options in case of partnership phase liquidation which is considered to be most p...
Q: NEKO Inc., a corporation that issues ordinary shares with par value, completed a 2-for-1 stock split...
A: New par value per share = Current par value per share x 1/ stock split ratio where, Current par valu...
Q: Preferred stocks are characterized by all the following, except voting rights are generally not pres...
A: Preferred stocks are components of share capital. Preferred stocks have preferential rights of divid...
Q: Which of the following is correct with regards to cash discounts offering? Bad debts expense wil...
A: Solution: Cash discounts are offered by business for collection of receivables in timely manner and ...
Q: Novi purchased ABC bonds on 1/1/22 Data regarding these available-for-sale securities follow Cost MV...
A: The Fair Value Adjustment account represents the difference between cost and market value of availab...
Q: Items 19 to 20 are based on the following information: You have been assigned to audit the financial...
A: Given accounts receivable balance before adjustment = P9,190,000 Allowance for doubtful debts is 5% ...
Q: If a company is a multiproduct firm. a. can only utilize CVP analysis if the contribution margin pe...
A: c) a multiproduct firm can earn a lower than expected profit though the total number of units sold ...
Q: NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a dep...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: The shareholder's equity of ABC Company at December 31,2018 is presented below: 12% Preference share...
A: The shareholder's equity is the claim of the shareholders on the business' assets. But the claim can...
Q: On January 1, 2021, Mama Company purchased a machine for P2.750,000. The machine was depreciated usi...
A: Depreciation: Depreciation means the reduction in the value of an asset over the useful life of the ...
Q: Don Adams Breweries is considering an expansion project with an investment of P1,500,000. The equipm...
A: Solution: Initial investment = P1,500,000 Annual cash inflows = P450,000 Period = 5 Years
Q: er 30, 2022, AA decides to retire from the partnership. Net income of the partnership from January 1...
A: ln case of partnership there is agreement between two or more partner to share profit and losses in ...
Q: On February 28, 2022, P Corp. purchased 80% of S Co's P10 par ordinary shares for P986,000. On this ...
A: Given information, Net income =P354,000 Dividends=P112,000 Inventory overvalued =P15,000 Increase in...
Q: anther Inc common stock is selling for $58.77 per share. The company pays a constant annual ividend ...
A: Solution: Dividend is the amount of profits that is paid by the company to its shareholders. In th...
Q: Dell Company is selling sounds and lights equipment. The company’s fiscal year ends on March 31. The...
A:
Q: P Company acquired 4,000 shares of the outstanding stock of S Company for P1,200,000 on January 1, 2...
A: Consolidation is the preparation of books of accounts of two entities where one entity has a substan...
Q: oumalize all necessary entries for 2019 and 2020 for CBD Co from the following
A: As per IRS rules if a corporation's estimated tax for the year is $ 50...
Q: Pledged Assets : Plant, property, and equipment (PPE) Merchandise inventory Free assets Total assets...
A: Estimated recovery value is also written as ERV. It is the amount which is to be recovered by realis...
Q: It is assumed that the Cost of equity and rate of return are both constant under Walter’s Model of D...
A: Since you have asked multiple questions, we will solve only one question for you as per Bartleby's g...
Q: Golf Corporation estimates that its production for the coming year will be 25,000 units, which is 90...
A: GIVEN Golf Corporation estimates that its production for the coming year will be 25,000 units, which...
Q: After the issuance of the 2021 financial statements, Pine Company discovered a computational error o...
A: Due to error, there is overstatement of COGS, this has resulted in less profit reporting. In order t...
Q: Statement I: When a Partnership's operations resulted to a net loss, a partner who contributed legal...
A: In case if nothing is mentioned or absence of agreement then the partner who contributed purely his ...
Q: • ABC completes the construction in 20x3. The actual total uses the 'cost-to-cost' method in measuri...
A: Calculation of revenue to be recognized till 2002 POC% in 2002= (2.45+1)/4.6 = 75% POC% in 2003= 100...
Q: Which of the following should financial information not be? Group of answer choices Unsubstantiated ...
A: Lets understand the meaning of the financial information and how it should be. Financial information...
Q: On January 02, 2021, Parent Corporation purchased 80% of SUBSIDIARY Company’s ordinary shares for P6...
A: Acquisition Date = 02.01.2021 Parent Company acquired 80% of the Subsidiary company's ordinary share...
Q: Coby is plumber who engages Peter to buy materials on his behalf. Peter is given a limit of $1,500 o...
A: Agency is simply an agreement by one person (the principal) in terms of which they transfer authorit...
Q: While checking the cash accounts of Ruler Company on December 31, 2016, you find the following info...
A: Solution Bank reconciliation statement is a summary of banking and business activity that reconciles...
Q: Yuanne Sipp and Letitia Grimes share partnership income on a 3:2 basis. They have capital balances o...
A: Total capital of existing partnership after admission of Tammy tuck = 550,000 + 284,000 + 240,000 = ...
Q: On January 1, 2020, Davao Company issued 6% bonds with 3. What is the carrying amount of the bonds p...
A: Introduction Dear student as per guideline we will solve first three subparts for you please ask ano...
Q: How can the separate entity concept benefit the owner and the business
A: Separate entity concept: It refers to the practice of Recording separately the transactions of the B...
Q: Statements: I. An internal rate of return that is greater than the cost of capital ensures that...
A: Internal Rate of Return is the Return that the project or the firm is earning and the cost of capita...
Q: 8. Goodheart Corp's stock has a required rate of return of 11.50% on its equity, and it sells for P...
A: Solution... Growth rate (g) = 7% Rate of return (Ke) = 11.50% Price (P0) = P25
Q: Which of the following is correct when the company is deciding if it will undertake an additional fu...
A: Additional Fund Needed (AFN) The purpose of calculating the Additional Fund needed (AFN) which can b...
Q: How much is the goodwill on the business combination, assuming both companies qualified as SME?
A: Pearls corporation has acquired net identifiable assets of Start up Company. The net assets and net ...
Q: Which of the statements below is false? If the net income of prior period is overstated because of t...
A: 1. True. The effect would be deducted from the beginning retained earnings. 2. True. Prior period ad...
Understanding of accounting and its importance
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