What total amount should be included as related party disclosures in Janess’ financial statements?
Q: Chapter 24 discusses various methods of analyzing financial statements in terms of calculating…
A: Financial statements and the position of business can be understood at a glance through financial…
Q: A company manufactures a single product for which the following data based on a budgeted capacity of…
A: Sales in Unit can be calculated as Sales in Unit = Opening Stock + Production during the period -…
Q: Foris Company's product sells for P16 and has a variable cost per unit of P12. Fixed costs are…
A: Working :- 1) Calculation of contribution margin ratio :- [(Selling price - variable cost per…
Q: You purchased a share of ASX Limited at a price of $75.75 one year ago today. If you sell the share…
A: The total gain on selling the stock is: $89.00 - $75.75 i.e $13.25 The rate of return for the same…
Q: On July 1, 2018, Ecolleague Co. purchased $3,000,000 of Swan Inc. 8% bonds, due on January 1,2020.…
A: Answer:- Income statement meaning:- An income statement, is one of a company's financial statements…
Q: Which of the following is not an item deducted from salary expense to arrive at net pay? Multiple…
A: Tax liability is the amount of money in the form of tax debt you owe to tax authorities . In other…
Q: Tally Company paid cash to purchase a long-term operational asset. The cost of the asset will be…
A:
Q: Farmer Company purchased machine on January 1, Year 1 for $51,000. The machine is estimated to have…
A:
Q: A share of ordinary shares just paid a dividend of $3.25 per share. The expected long-run growth…
A: We will use the dividend discount model here. Essentially the dividend discount model is based on…
Q: In 2022, Elaine paid $2,800 of tuition and $600 for books for her dependent son to attend State…
A: Answer:- American opportunity tax credit:- The American opportunity tax credit is a credit for…
Q: increase total assets and stockholders' equity. have no effect on total assets or stockholders'…
A: Some of the debts are not collected and that means there is no chance that there would be recovery…
Q: Coors Company expects sales of $340,000 (4,000 units at $85 per unit). The company's total fixed…
A: Introduction:- Break-even point point means, where no profit or loss At Break-even point point,…
Q: per unit 101 Direct materials (30 pounds @ $5.50 per pound) Direct labor (7 hours @ $14 per hour)…
A: AVR = Actual overheads incurred / Actual direct labor hours As per the requirement, I have done part…
Q: The records of Pelletier Inc. show the following data for the years ended July 31: Income statement:…
A:
Q: dit card company charges a fee of 3% for handling a credit card transaction. of the following…
A: The credit card fee is 3% of $600 So it is $18 Therefore the journal entry is Cash A/C dr. $582…
Q: The graph was not completed, For each of the depreciation schedules shown on the Patterson Planning…
A: Formulas Used Schedule Used Depreciation rate = Depreciation expense year 1 - Depreciation Expense…
Q: Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an…
A: Payroll: It implies to the list that reflects the total number of company's employees and the amount…
Q: Mc Cufad Trucking In its first year of operation, the Mc Cufad Trucking has the following summarized…
A: Trial balance means the statement prepared from ledger account where all debit and credit balance…
Q: rlich Corporation is authorized to issue 20,000,000 shares of $10 par value common stock and…
A: Stockholder's Equity Stockholder equity, often known as shareholders' equity or owners' equity, is…
Q: On January 1, Year 2 Grande Company had a $21,000 balance in the Accounts Receivable account and a…
A:
Q: Given the following information for ABB Ltd: Risk free rate = 5% p.a. Mark risk premium = 12% Beta…
A: The capital asset pricing model, often known as CAPM, is a kind of financial model that determines…
Q: A company has beginning inventory of $10,500, purchases of $5,500, and ending inventory of $2,500.…
A: Cost of goods sold is the actual cost incurred to sell the products. Hence cost of goods sold is…
Q: Moon Company produces baseball bats and cricket paddles. It has two departments that process all…
A: Total cost refer to the cost that includes both variable and fixed costs incurred on producing and…
Q: Trini Company set the following standard costs per unit for its single product Direct materials (30…
A: The variance is the difference between actual and standard data of production. Materials price…
Q: preciation by two methods A storage tank acquired at the beginning of the fiscal year at a cost of…
A: In the straight line method of depreciation there is uniform depreciation over the period of…
Q: During Year 1, its first year of operations, Benitez Company reported sales of $580,000. At the end…
A: Working :- 1) Calculation of warranty expense for year 1 :- Sales * estimated warranty obligation…
Q: What's the journal entry for sold services for $41,400 in cash and $4,600 on credit?
A: In account there is need of entry to journal so that later on when you prepare statement of account…
Q: Which of the following is not an accurate description of the Allowance for Doubtful Accounts?…
A: Introduction:- The allowance for doubtful accounts is a reduction of the total amount of accounts…
Q: quired: sper Company has sales of $182,000 and a break-even sales point of mpute Jasper's margin of…
A: The difference between the actual sales and break-even sales is considered as a margin of safety.…
Q: acquired 60% of the voting shares of the Mashele Ltd on 31 January 2014 for R65 000 when the items…
A: The companies acquires the other companies due to the fact that there are many benefits due to…
Q: Trini Company set the following standard costs per unit for its single product Direct materials (30…
A: Overhead variance refers to the difference between actual overhead and applied overhead. You can…
Q: Sparks Corporation has a cash balance of $17,700 on April 1. The company must maintain a minimum…
A: Cash Budget - Cash Budget is the statement that shows the receipts and disbursements during the…
Q: Sweet Dates Company offers a premium to its customers—a glass bowl (cost to Sweet Dates is $0.90)…
A: Balance sheet represents the assets, liabilities, and stockholders' equity which shows the…
Q: Rothchild Furnishings, Inc., has three partners-Axle, Brandt, and Conrad. At the beginning of the…
A: Interest on Capital is an appropriation of profit and it is not an expense. Therefore, it is…
Q: Production Budget Healthy Measures Inc. produces a Bath and Gym version of its popular electronic…
A: The production budget provides the details of units to be produced. It requires estimated sales,…
Q: Please help me
A:
Q: Mission Foods produces two flavors of tacos-chicken and fish - with the following characteristics.…
A: A fixed cost is one that does not change no matter how many units of a good or service are produced…
Q: On January 1, Crane Corporation has 99,000 shares of no-per common stocked and outstanding. The…
A: The journal entries are the base for the preparation of the various ledger accounts. The…
Q: Corporation Ltd is considering raisng additional equiry via a rights issue, in the amount of…
A: Existing shareholders are extended an opportunity to acquire extra new shares of the firm via the…
Q: The following information is available for the two production departments, machining and assembly,…
A: COST ALLOCATION Cost allocation is the Process of identifying, Aggregating & Assigning Cost to…
Q: All of Pocast Corporation's sales are on account. Sixty percent of the credit sales are collected in…
A: Introduction: While preparing cash budget, all cash receipts and all cash expenses are needed to be…
Q: - Prepare the following variance analyses for both chocolates and the total, based on the actual…
A:
Q: Yang Company sold merchandise for $4,000. The event is subject to a state sales tax of 9%. Based on…
A: Given, Sale of merchandise = $4,000 Sales tax = 9% Record the sale entry as shown below:
Q: labor (7 hours @ $14 per hour) e overhead (7 hours @ $6 per hour) verhead (7 hours @ $12 per hour) d…
A: Fixed Overhead volume variance refers to the concept of determining the gap between the estimated…
Q: A machine that cost $120,000 has an estimated residual value of $12,000 and an estimated useful life…
A: Double declining balance depreciation is a form of accelerated depreciation. In this form of…
Q: Verge, Inc. has two products—LeCadre and La Bougie. Financial data for both the products follow:…
A: Solution: Computation of Contribution margin for each product Particulars Le Cadre Le Bougie…
Q: The Zakchari Company has six processing departments for refining sugar—Affination, Carbonation,…
A: A production report is prepared by the company to determine, how many units they are producing and…
Q: An approved prospectus was issued which carries misleading information on a rights issue for 20…
A: Prospectus means any advertisement, circular, invitation or notice inviting offers or applications…
Q: Distinguish between common stock and preferred stock.
A: Answer:- Common stock:- Common stock represents the ownership in the company. Common stockholders…
Q: Hoyle Company owns a manufacturing plant with a fair value of $4,600,000, a recorded cost of…
A: In the books of Hoyle Particulars Debit Credit Warehouse $44,00,000.00 Cash…
#19
During 20B, Janess company engaged in the following transactions:
Key management personnel compensation 2,400,000
Sales to affiliated entities 3,600,000
What total amount should be included as related party disclosures in Janess’ financial statements?
PLS provide solution and explanation for the answer above
Philippines Accounting standard
Step by step
Solved in 2 steps
- 20 From the options given below, who is/are responsible for overseeing the financial reporting process of the company? a. Auditor b. TCWG c. All the options d. Directors26 Who among the following is responsible for the preparation of financial statements of a company? a. TCWG b. None of the options c. Management d. EmployeeWhich of the following standards set the required disclosures forconsolidated financial statements? a. IFRS 3 – Business Combinationb. IFRS 10 – Consolidated Financial Statementsc. IFRS 12 – Disclosure of Interest in Other Entitiesd. IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
- 21. Which of the following describes the purpose of a management accounting system?a) Recording the historical financial transactions of a businessb) Preparation of annual financial statementc) Record statements for external stakeholdersd) Preparation of plans for the future direction of a businessC204 Corporate Accounting and Reporting T321 tion 4 Which of the following statements is correct? red Select one d eut of O a. All joint arrangements are accounted for under AASB 128/IAS 28. Ob. Joint arrangements classified as joint ventures are accounted for under AASB 11. ag tion OG. Joint arrangements classified as joint operations are accounted for under AASB 128AAS 28 Od. Joint arrangements classified as joint ventures are accounted for under AASB 128/AS 28. vious pageQuestion 1 Segment disclosures are widely regarded as some of the most useful disclosures in financial reports because of the extent to which they disaggregate financial information into meaningful and often revealing groups. Discuss the objectives of segmental information and the requirements for the disclosure of segmental information in annual reports.
- 42. Which of the following is the most important document of the company? A. O Memorandum of association B. O Articles of association C. O Annual report D. O Prospectusanalyze company disclosures of signifi cant accounting policiesRead and summarise the following standards in not more than 2 pages for each standard. 1. IFRS 3 Business Combinations2. IFRS 10 Consolidated Financial Statements 3. IAS 27 Separate Financial Statements 4. IAS 28 Investment in Associates 5. IFRS 11 Joint Arrangements
- 1. Explain the regulatory framework that governsfinancial reportinginAustraliawithemphasisontheConceptual Framework for financialreporting3.Applyaccountingprinciplesandstandardswhenaccounting for non-current assets, revenue and liabilitiesand recognise the judgements required in a range ofdiverse business contexts5. Differentiate between shares and debentures andapply appropriate accountingproceduresMatch the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or months14. Financial statements are a structured representation of the financial position and financial performance of an entity. The main objective of financial statements is a. to show the results of the management’s stewardship of the resources entrusted to it. b. to provide information essential in making buy or sell decisions c. to provide information about the products of the entity, its achievements during the year, and its plans for the following year(s). d. to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions.
