What is the main advantage of an object classification budget? What are its limitations? How do performance budgets overcome these limitations?

Q: Bucao, Basco, and Blanco share profits and losses in the ratio of 2:3:5, respectively. Their  partne...

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

Q: An online seller bought 100 boxes of face mask for RM5 each. The operating expenses incurred was 15%...

A: Given Information: Purchase price per Box = RM 5 Number of boxes purchased = 100 Operating Expenses ...

Q: The Clarke Chemical Company produces a special kind of body oil that is widely used by professional ...

A:                                               In process costing to calculate the cost of semifinish...

Q: The town council of Riverside estimated revenues for 2020 to be $685,000 from property taxes and $16...

A: Budget: A budget is an expectation of income and costs for a defined future period of time that is o...

Q: On January 1, 2019, Dhaka Company issued $1,000,000 of 6% bonds due on January 1, 2025. Interest on ...

A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable. 

Q: For each of the following cases, indicate why management and the auditors determined that the contro...

A: Control deficiencies It refers to a defect in the controls that limits management's ability to detec...

Q: Listed below are items that are treated differently for accounting purposes than they are for tax pu...

A: The question is based on the concept of Accounting Standards.

Q: E5-2 (L02,3) (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk Co...

A: Solution We are required to classify the given items to the respective heads of the balance sheet Th...

Q: Determine whether the firm reports each of the following items as part of cash and cash equivalents ...

A:   Item Cash or Cash equivalent? (Yes or No) 1 Accounts receivable No 2 30 day treasury bill Yes ...

Q: 3. How much is the monthly payment (repayment R)? 4. How much money is paid in total? (A. including ...

A: Here a car is purchased by making a downpayment and paying the balance amount in equal installments....

Q: FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumula...

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result...

Q: Answer this please and also how does the salary for the 12thmonth in number 3 is 96000. Explain also...

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

Q: Changes in accounting policy are Permitted if the change will result in a more reliable and more re...

A: Change in accounting policy refers to change in the method of accounting principles or rules followe...

Q: The company recorded a net loss of P175,000 for the year just ended. Total operating expenses was P3...

A: Gross sales are the total of sale transactions before discount, sales return and sales allowance.

Q: In the world of specialized industries, identify some specialized transactions in hotels. Provide br...

A: Accounting in the Hotel industry normally pertains to providing accommodation and food. Although, th...

Q: n October 1, 2021, FDN Company paid an insurance premium covering the period from October 1, 2021 to...

A: Solution Given  insurance premium paid on October 1, 2021 Period covering  October 1, 20...

Q: Answer Is not complete. St Retained Earnings General Income Statement Impact on Equity General Requi...

A: Income Statement refers to the statement which is prepared in order to determine the net profit or l...

Q: Suppose you deposit $5,000 into an account at the end of 2021, $4,500 at the end of 2022, $4000 at t...

A: Here in this question, we are required to calculate how much amount will be accumulated after last p...

Q: QUESTION 1 a) ABC Company Sdn. Bhd. received an invoice of RM35,000 dated 24 May 2020 with trade dis...

A:

Q: Answer and explain Problem #2 Lester and Stephen formed a partnership with capital contributions o...

A: When partnership deed is silent for profit sharing ratio, the profits and losses are distributed equ...

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

A: To determine the total interest earned over the lease term, we will prepare amortization schedule. A...

Q: uring the quarter the business completed the following transactions relating to the “TOZO T6” earbud...

A: The required perpetual inventory record on FIFO as,

Q: The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial B...

A: Net income = Total Revenue - Total expenses Retained earnings , Ending balance= Retained earnings , ...

Q: FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumula...

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result...

Q: Problem 11 The accounts of DMCI Holdings, Inc. revealed the following facts on August 31,2019. 1,200...

A: Bank Balance as per Statement  12,00,000   We need to find the cash balance as on 31 august

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

A: As given , we need to determine amount of impairment loss . Value in use as determined by management...

Q: CC, DD, and EE, doctors, agree to form a partnership and to share profits in the ratio 5:3:2.  They ...

A: The partnership capital account contains all of the transactions that occur between the partners and...

Q: Which of the following income is subject to capital gains taxation? *

A: Answer: Capital gain tax is applicable for capital asset.  Capital asset are those assets which are ...

Q: How much is the net profit of the joint arrangement? D253 500

A: Net profit is the profit which a company earns after all the expenses and cost of goods sold has bee...

Q: ABC is inclined to take a bank loan that has a face amount of P5,000,000, a term of 6 months, intere...

A: Particulars Amount Face Value         50,00,000 Interest Rate 10% term   6 months Interest 2...

Q: On January 1, 2021, FDN Company has a cash balance of P43,600. The following financial information a...

A: Investing Activities: In the cash flow statement, one of the most important types of net cash activi...

Q: Marty works for M & K Enterprises, making $13.50 per hour. Marty normally works 40 hours per week, b...

A: Net pay: It implies to the payment that is given to an employee by the employer after providing for ...

Q: January                     180 units      February                   270 units                  M...

A:

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: Fleetwood Ltd commenced operations on 1 July 2020 and had 420 employees. Average salaries were $70,0...

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

Q: Please explain the tax implications of compensation in the form of salary and wages from the perspec...

A: SOLUTION COMPENSATION IN THE FORM OF SALARY AND WAGES : COMPENSATION REFER TO THE CASH PRIZES THAT A...

Q: Bonita Company sells tablet PCs combined with Internet service, which permits the tablet to connect ...

A: Standalone Selling Price- The standalone selling price is the value at which an entity would retail ...

Q: QUESTION 2 a) Amirah received a 130-day promissory note at 5% simple interest rate on 10 May 2021. S...

A:  A promissory note is referred to as the financial instrument which is exchanged between two parties...

Q: Alfredo Company purchased a new 3-D printer for $877,000. Although this printer is expected to last ...

A: Depreciation is used to denote decrease in value of asset but in accounting term is used to denote d...

Q: FDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable P11...

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

Q: iness. For example, Coca‐Cola has announced that it wants to buy China Huiyuan Juice Gr

A: The details are discussed as follows 

Q: QUESTION 24 The U.S. Labor Department filed a complaint against Swatch Group alleging that the Swiss...

A: The U.S. labour Department filled a complaint against swatch group alleging. Following is answer.

Q: Net Carrying Amount of machineries are part of the net operating working capital     True False

A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question...

Q: On 17 June 2020, RM7,000 was saved in a bank that offered 6.6% simple interest per annum. Find the a...

A: Solution Concept Under exact simple interest number of days taken in a year is 365 days Given Da...

Q: FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid...

A: The accrued wages are the wages that are due to be paid but not paid during the period. 

Q: The following are selected accounts and balances for Mergaronite Company and H, Inc, as of December ...

A: Consolidation is technical analysis means an asset. It is used to describe a stock price movement fo...

Q: The company recorded a net loss of P245,000 for the year just ended. Total operating expenses was P3...

A: Formula: Net Profit = Gross Sales – Sales Discounts – Cost of Sales – Operating Expenses  

Q: The following information is available for the pension plan of Vaughn Company for the year 2020. Ac...

A: When computing  pension expense for the year it considers service cost, interest cost and gain / los...

Q: Question 19-20

A: Cash flow is categorized into three categories  Operating - cash generated from business activities...